Elevators and Escalators Market to Reach USD 1,57,359.9 Million by 2035, Growing at a 7.1% CAGR

The global elevators and escalators market is projected to experience substantial growth, with its industry size expected to expand from USD 79,250 million in 2025 to USD 1,57,359.9 million by 2035 at a CAGR of 7.1%. This growth is primarily fueled by rapid urbanization, increasing investments in infrastructure, and the demand for smart and energy-efficient mobility solutions.

Expanding Urban Areas Propel Demand for Vertical Transportation

The increasing population in urban areas has led to a surge in the construction of high-rise residential and commercial buildings. With space limitations in cities, vertical expansion is the only viable option, driving the demand for elevators and escalators.

Developing economies are witnessing a boom in smart cities and megaprojects, further contributing to market expansion. Governments across the world are focusing on urban development plans, creating a strong demand for advanced mobility solutions in both public and private spaces.

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Infrastructure Investments Boost the Market

The infrastructure sector plays a crucial role in the rising demand for Home elevators and escalators. Investments in airports, metro stations, shopping malls, hospitals, and commercial spaces are accelerating market growth.

Several government initiatives in emerging economies are pushing forward infrastructure projects, particularly in India, China, and Southeast Asia, where rapid economic growth fuels the need for better public and private infrastructure. The expansion of railway and metro networks in metropolitan cities is another significant driver, leading to increased adoption of escalators and elevators in public transit hubs.

The Rise of Smart and Energy-Efficient Elevators
One of the most notable trends in the elevators and escalators industry is the growing adoption of smart technologies. The demand for smart elevators equipped with AI-based predictive maintenance, IoT integration, and energy-saving mechanisms is rising.

• IoT-enabled elevators provide real-time data and predictive analytics, reducing downtime and enhancing operational efficiency.

• Touchless technology and voice-activated controls have gained popularity post-pandemic, improving safety and hygiene.

• Energy-efficient models, such as regenerative drive systems and solar-powered elevators, are witnessing higher adoption to meet sustainability goals.

These advancements help improve passenger convenience, enhance safety, and reduce energy consumption, making them a preferred choice for modern buildings.

Modernization and Replacement Demand Surge

With aging infrastructure in developed countries, there is a growing need for elevator and escalator modernization and replacement services. Many old buildings require system upgrades to improve efficiency, safety, and energy savings.

Countries such as the United States, Germany, and Japan are seeing rising investments in modernization projects, particularly in commercial spaces and high-rise residential complexes. The demand for retrofitting existing elevators with advanced technology is expected to boost the market significantly.

Residential Sector: A Key Growth Driver

The residential sector remains a significant contributor to market expansion. Increasing real estate development and rising disposable income levels, especially in Asia-Pacific and the Middle East, are driving the installation of elevators in luxury apartments, condominiums, and mixed-use buildings.
In developed countries, a rising aging population is influencing the demand for home elevators, stairlifts, and mobility solutions to enhance accessibility and independent living.

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Future Growth Prospects in the Elevators and Escalators Market

The future of the elevators and escalators market looks promising, with continuous advancements in smart mobility solutions, energy efficiency, and safety enhancements. As more cities shift toward sustainable development and high-rise construction, the demand for advanced vertical transportation systems will continue to surge.

Companies investing in AI-based maintenance solutions, IoT integration, and modernization services are well-positioned to capitalize on this growing market. With rapid urbanization, government investments in infrastructure, and a focus on smart cities, the global elevators and escalators industry is set for strong and sustained growth.

Key Takeaways from the Elevators and Escalators Market Report

• Market Growth: The global elevators and escalators market is projected to grow from USD 79,250 million in 2025 to USD 1,57,359.9 million by 2035, at a 7.1% CAGR.

• Urbanization & Infrastructure Boom: Rising urban populations and high-rise developments are fueling demand for new installations in residential and commercial buildings.

• Smart Technology Integration: Increased adoption of IoT-enabled elevators, AI-based predictive maintenance, energy-efficient models, and touchless solutions is reshaping the industry.

• Modernization Demand: Aging infrastructure in developed economies is driving demand for retrofitting, upgrading, and modernization services.

• Residential Sector Growth: Expanding real estate markets and rising demand for home elevators due to an aging population are boosting market expansion.

"The elevators and escalators market is expanding due to urbanization and infrastructure growth. Smart and energy-efficient technologies are driving modernization trends. Emerging economies present strong opportunities for new installations. Innovation and regulatory compliance will be crucial for market success." - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Green Building Initiatives Driving Adoption of Energy-Efficient Elevators and Escalators

Green building certifications, such as LEED and BREEAM, have become essential benchmarks for modern construction. Energy-efficient elevators and escalators equipped with regenerative drives and LED lighting are gaining widespread adoption.

These systems not only reduce energy consumption but also align with broader global goals for sustainable urban development. This trend is particularly prominent in regions with stringent environmental regulations, such as Western Europe and North America.

Retail and Commercial Expansion Accelerating Demand for Vertical Transportation Solutions

The retail and commercial sectors are witnessing significant growth globally, leading to increased demand for elevators and escalators. Shopping malls, office complexes, and mixed-use developments require efficient vertical transportation to enhance customer and employee convenience.

Additionally, the expansion of e-commerce has driven the need for logistics centers equipped with material handling solutions like vertical conveyors. This dual demand is a key contributor to market expansion.

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Key Players in Elevators and Escalators Market

• Mitsubishi Electric Corporation
• Orona Group
• Otis Elevator Company
• Sanyo Elevator (Zhuhai) Co. Ltd.
• Schindler Holding Ltd.
• Schumacher Elevator Company
• Sigma Elevator Company
• Stannah Lifts Holdings Ltd.
• Thyssenkrupp AG
• Toshiba Corporation
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.

Regional Outlook: Fastest-Growing Markets

United States
The U.S. market is projected to grow at a 6.4% CAGR from 2025 to 2035, driven by infrastructure upgrades, urban expansion, and sustainability goals. The demand for modernization and retrofitting is particularly high in commercial buildings.

United Kingdom
The UK is expected to witness strong growth at an 11.0% CAGR, fueled by increased investments in commercial real estate and smart building technologies.

Germany
Germany's market is set to grow at a 6.6% CAGR, backed by stringent safety regulations, energy-efficient solutions, and retrofitting of outdated infrastructure.

Japan
With a 5.7% CAGR, Japan's market is being driven by aging infrastructure and an elderly population, leading to higher demand for modernization and barrier-free mobility solutions.

ASEAN (Southeast Asia)
The fastest-growing region, ASEAN, is expected to grow at a 12.9% CAGR due to rapid urbanization, infrastructure development, and government-backed smart city initiatives. Countries like Indonesia, Vietnam, and the Philippines are leading this growth.

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Key Segments

By Product Type:
According to the product type the elevators and escalators market is categorized into Hydraulic Elevators, Traction Elevators, Machine Elevators, Room Less Elevators, Step Type Elevators, Belt Type Elevators, Cleat Type Elevators, Spiral Elevators, Vacuums.

By Load:
According to the load type, the elevators and escalators market is categorized into Passenger, Freight and Observation

By Installation:
According to the installation the elevators and escalators market is categorized into New System & Installation, Retrofit.

By End Use:
According to the end use the elevators and escalation market is categorized into Residential, Commercial, Hostels, Hospitals, Infrastructure & Construction, Transportation & Logistics.

By Region:
On the basis of region, the traction motors market is categorized into North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia and Pacific, and Middle east and Africa.

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