Global Elevator and Escalator Market Projected to Grow at 8.5% CAGR, Reaching $175.42 Billion by 2029

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Elevator and Escalator Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for elevators and escalators has seen significant growth in the past few years. It is projected to increase from $117.58 billion in 2024 to $126.73 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%. The historical growth trend is due to beneficial government policies, a heightened emphasis on energy-saving elevators, and a surge in infrastructure investments.

Elevator and Escalator Market Size Forecast: What's the Projected Valuation by 2029?
The market size for elevators and escalators is predicted to experience robust expansion in the forthcoming years, blossoming to $175.42 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%. This anticipated progression during the projection period can be ascribed to the surge in cra*per construction, amplified expenditure in the construction sector, escalating urbanization, and the proliferation of smart cities. Key trends to look out for during the forecast period encompass the prioritization of Internet of Things (IoT) technology, an emphasis on elevators powered by gearless technology, a spotlight on environmentally friendly home elevators, attention towards product innovation and the development of new products, and engaging in partnerships to infiltrate new regions and integrate cutting-edge technologies.

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What Are the Drivers Transforming the Elevator and Escalator Market?
The elevator and escalator market is anticipated to flourish due to the rise in infrastructure investment. Infrastructure, which consists of tangible assets like buildings, roads, and bridges, invariably necessitates the use of elevators and escalators as buildings are being constructed at greater heights. These installations not only save time but also ensure efficiency. The US Census Bureau, a government agency, reported that construction expenditure in July 2024 reached a seasonally adjusted annual rate of $2,162.7 billion. This figure indicates a growth of 6.7 percent (±1.8 percent) compared to the $2,027.4 billion expended in July 2023. Total public construction also saw an increase to $270,803 million in July 2024, up from $243,948 million in 2023. Consequently, the augmentation in infrastructure investments is serving as a catalyst for the expansion of the elevator and escalator market.

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What Long-Term Trends Will Define the Future of the Elevator and Escalator Market?
Major corporations active in the elevator and escalator market are prioritizing technological advancements like digital integration to heighten user experiences and optimize operational productivity in modern structures. Digital integration in elevators implies the incorporation of state-of-the-art digital technologies like the Internet of Things (IoT), cloud-based computing, and artificial intelligence (AI) to boost their competence, safety, and efficacy. For instance, in April 2022, Kone Oyj, an engineering firm based in Finland, revealed the revolutionary digital integration of the KONE DX Class elevator series, employing the latest API (Application Programming Interface) technology. The KONE DX Class elevators feature cutting-edge digital capabilities that enables smooth coordination with building management systems. This connectivity results in real-time supervision and data analysis, enhancing upkeep and operational effectiveness.

Which Segments in the Elevator and Escalator Market Offer the Most Profit Potential?
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 Firms Dominate the Elevator and Escalator Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in 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.

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