Elevator and Escalator Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

What combination of drivers is leading to accelerated growth in the elevator and escalator market?
The anticipated surge in infrastructure development is projected to fuel the rise in the elevator and escalator industry. Here, infrastructure pertains to the creation of tangible assets like bridges, buildings, and roads. With buildings growing taller over time, the need for escalators and elevators is also rising, as they save time and enhance efficiency for individuals. For example, in September 2024, the US Census Bureau - a governmental body of the US, reported that construction spending had reached an annually adjusted rate of $2,162.7 billion in July 2024. This represents a 6.7 percent increase (±1.8 percent) relative to July 2023's expenditure of $2,027.4 billion. Furthermore, total public construction expenditure in July 2024 stood at $270,803 million, a rise from $243,948 million in 2023. Consequently, the augmented investment in infrastructure is steering the upward trend in the elevator and escalator industry.

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What is the projected compound annual growth rate (CAGR) of the elevator and escalator market from 2025 to 2034, and what factors influence it?
Over recent years, the market size for elevators and escalators has seen a significant rise. The market is projected to expand from $117.58 billion in 2024 to $126.73 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The boost in growth during the historical period can be credited to the supportive measures taken by the government, a heightened emphasis on energy-efficient elevators, and a surge in investment in infrastructure.

Expectations are high for the elevator and escalator sector as it is projected to experience significant growth in the coming years. The market is forecasted to expand to a total value of $175.42 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. The anticipated growth during this period can be attributed to factors such as the surge in skyscrape*r construction, increased investment in construction, the rise of urban environments, and the steady spread of smart cities. Trends to watch over this forecast period include a focus on integrating Internet of Things (IoT) technology, the adoption of gearless technology in elevators, emphasis on eco-friendly home lifts, product innovation and development, as well as forging partnerships to expand geographical reach and adoption of advanced technologies.

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How are the latest trends influencing the growth of the elevator and escalator market?
Leading enterprises within the elevator and escalator market are prioritizing technological advancements, such as digital connectivity, to heighten user experiences and boost operational effectiveness in contemporary structures. Digitally integrated elevators incorporate state-of-the-art digital technologies, like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing, to enrich their functionalities, safety measures, and overall efficiency. For example, Kone Oyj, an engineering firm based in Finland, in April 2022, unveiled their revolutionary digitally integrated KONE DX Class elevator line, making use of the latest in Application Programming Interface (API) technology. The KONE DX Class elevators come with progressive digital characteristics that permit a smooth connection with building management systems, advancing real-time supervision, and data analysis, thereby enhancing maintenance and operational effectiveness.

What are the major segments of the elevator and escalator market and their role in driving growth?
The elevator and escalator market covered in this report is segmented -

1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users

Subsegments:
1) By Elevators: Passenger Elevators, Freight Elevators, Service Elevators, Dumbwaiters
2) By Escalators: Commercial Escalators, Industrial Escalators, Escalators for Public Transport
3) By Moving Walkways: Parallel Moving Walkways, Inclined Moving Walkways, Automated Walkways

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Which regions are key players in the growth of the elevator and escalator market?
Asia-Pacific was the largest region in the elevator and escalator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the elevator and escalator market?
Major companies operating in the elevator and escalator market include Schindler Group, Otis Worldwide Corporation, Kone Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fijutec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Volkslift, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators CO. LTD, Expert Lift ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, MAS Industries, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, Thyssenkrupp AG, GMV Poland, Schmitt + Sohn, United Technologies, Nu-Line, Delta Elevator Co Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering

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What Is Covered In The Elevator and Escalator Global Market Report?

• Market Size Forecast: Examine the elevator and escalator market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the elevator and escalator market for a structured understanding.
• Key Players Overview: Analyze major players in the elevator and escalator market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the elevator and escalator market.
• Segment Contributions: Evaluate how different segments drive overall growth in the elevator and escalator market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the elevator and escalator market.
• Industry Challenges: Identify potential risks and obstacles affecting the elevator and escalator market.
• Competitive Landscape: Review strategic developments in the elevator and escalator market, including expansions, agreements, and new product launches.

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