Elevators and Escalators Market Size & Share | Trends 2034

According to the report by Expert Market Research (EMR), the global escalators and elevators market attained a value of nearly USD 135.79 billion in 2024. Driven by the increasing demand for urban infrastructure, growing residential and commercial developments, and the rising focus on vertical mobility solutions in densely populated areas, the market is projected to grow at a CAGR of 5.80% during the forecast period of 2025-2034, reaching approximately USD 227.21 billion by 2034.

Escalators and elevators are crucial components in modern infrastructure, especially in high-rise buildings, shopping complexes, transportation hubs, and industrial facilities. These systems are primarily used for the safe and efficient vertical movement of people and goods. The global expansion of smart cities and urbanisation trends, coupled with rising disposable incomes, are supporting market expansion. Technological innovations, such as touchless control panels, energy-efficient motors, and predictive maintenance features, are also contributing to the increased adoption of escalators and elevators.

The escalators and elevators market is further supported by the growing awareness surrounding accessibility and mobility for the elderly and differently-abled populations. Moreover, the demand for modernisation and upgradation of ageing lift systems in developed countries is fostering market growth. With governments and private players focusing on infrastructure development, particularly in Asia Pacific and the Middle East regions, the market is anticipated to witness steady long-term growth.

Download a Complimentary Sample Report: https://bit.ly/3UvHrVY

Market Size

The market size of the global escalators and elevators sector stood at USD 135.79 billion in 2024. This valuation reflects the substantial demand generated from ongoing urbanisation, infrastructural investments, and the shift toward high-rise living and working spaces across major economies. As the construction of residential towers, commercial office complexes, airports, metro rail stations, and retail malls accelerates, the demand for reliable vertical transport solutions continues to rise.

Technological advancements and consumer expectations for smooth, fast, and secure mobility solutions are also influencing market size positively. Furthermore, a growing focus on sustainable and smart buildings that integrate automated and energy-efficient vertical transport systems is adding to the market volume.

Check out the Complete Report and its Table of Contents: https://bit.ly/3J6XF5q

Market Share

Asia Pacific dominates the global escalators and elevators market, holding a significant share due to rapid urban development, large-scale infrastructure projects, and expanding population bases in countries like China, India, and Southeast Asia. China is a major contributor, accounting for a significant proportion of global elevator installations each year.

Europe and North America are also prominent regions, especially in terms of modernisation and retrofitting of existing systems. The Middle East and Africa are witnessing fast-paced growth owing to increasing investments in tourism, hospitality, and real estate sectors, particularly in the Gulf Cooperation Council (GCC) countries.

Market Trends

Smart Elevators and Escalators
A rising trend in the market is the adoption of smart elevators and escalators integrated with IoT, artificial intelligence, and advanced sensors. These systems offer real-time monitoring, energy efficiency, predictive maintenance, and personalised user experiences.

Green and Energy-Efficient Solutions
With sustainability becoming a key concern, manufacturers are focusing on developing energy-efficient systems. Regenerative drives, LED lighting, and standby modes are some of the features gaining popularity in new installations and modernisation projects.

Touchless and Voice-Controlled Systems
The COVID-19 pandemic accelerated the demand for contactless elevator systems. Touchless buttons, smartphone-based control panels, and voice command interfaces are being increasingly adopted in commercial and residential buildings.

Retrofitting and Modernisation Projects
Developed economies are witnessing a surge in retrofitting of old elevators and escalators. Modernisation projects aim to improve energy efficiency, safety standards, and aesthetic appeal, thereby extending equipment lifespan.

Expansion of Transit Infrastructure
The construction of new airports, metro stations, and railway terminals is driving demand for escalators and elevators. These systems are integral to managing passenger movement efficiently and safely in crowded public spaces.

Drivers of Growth

Urbanisation and Infrastructure Development
As urban populations swell globally, cities are expanding vertically. This urban shift is fuelling the demand for elevators and escalators in residential buildings, offices, and shopping malls.

Aging Population and Accessibility Requirements
The increasing number of elderly and physically challenged individuals worldwide is prompting the inclusion of elevators in low-rise buildings and older residential properties to improve accessibility.

Government Investments and Smart City Initiatives
Large-scale investments in infrastructure, particularly under government-backed smart city and housing schemes, are creating substantial growth opportunities for market players.

Real Estate Expansion
Rapid growth in commercial and residential real estate sectors, particularly in emerging markets, is catalysing the need for advanced mobility solutions like elevators and escalators.

Technological Advancements
Innovations such as AI-based predictive maintenance, cloud connectivity, and energy-saving features are making escalators and elevators more reliable and cost-effective, driving their adoption.

Market Key Players

Key players operating in the global escalators and elevators market are focusing on innovation, strategic partnerships, and regional expansion to enhance their market presence. Some of the leading companies include:

Mitsubishi Electric Corporation
Toshiba Corporation
Schindler Group
Thyssenkrupp AG
Hyundai elevator Co.,Ltd
Fujitec Co., Ltd.
KONE Elevator India Private Limited
Others

Challenges and Opportunities

Challenges

High Installation and Maintenance Costs
The initial cost of installing escalators and elevators, particularly in low-rise or remote areas, can be a significant barrier to adoption. Maintenance and operational costs also add financial pressure.

Regulatory Compliance and Safety Standards
Manufacturers must comply with stringent safety regulations and building codes, which may differ from region to region. This can complicate international operations and increase product development costs.

Technical Complexity and Skilled Labour Shortage
The increasing complexity of elevator systems, particularly smart and AI-enabled solutions, necessitates specialised skills for installation and servicing, leading to labour shortages and training challenges.

Supply Chain Disruptions
The global supply chain for elevator and escalator components can be affected by geopolitical tensions, raw material shortages, or global crises, impacting production timelines.

Opportunities

Smart Cities and Digital Infrastructure
With governments pushing smart city agendas, the demand for intelligent vertical transport solutions is expected to surge, providing ample growth avenues for innovation-driven players.

Modernisation and Retrofitting Demand
Aging infrastructure in developed countries presents significant opportunities for upgrading outdated elevator and escalator systems with modern, efficient alternatives.

Growing Hospitality and Healthcare Sectors
The rising number of hotels, resorts, and hospitals globally is creating sustained demand for escalators and elevators that meet both functional and aesthetic requirements.

Increased Real Estate Developments in Emerging Economies
Countries like India, Indonesia, Vietnam, and Brazil are witnessing massive construction activities in the real estate sector, which is expected to create consistent demand for vertical mobility solutions.

Market Forecast

The global escalators and elevators market is expected to expand significantly over the forecast period from 2025 to 2034. By 2034, the market is projected to reach USD 227.21 billion, growing at a CAGR of 5.80%. This growth trajectory is expected to be driven by continuous technological advancements, urban expansion, and strong investments in infrastructure worldwide.

Emerging trends such as the integration of artificial intelligence, enhanced user safety features, predictive maintenance, and energy-efficient systems are likely to further accelerate the market. Additionally, the growing emphasis on accessibility, sustainability, and urban comfort will continue to shape demand across residential, commercial, and industrial segments, creating long-term growth potential for both existing and new players in the industry.

Read More Insightful Reports

Battery Recycling Market: https://bit.ly/43BXzcD

Latin America Paints and Coatings Market: https://bit.ly/4e5y4UO

Latin America Roofing Materials Market: https://bit.ly/3AJniFk

Vietnam Warehousing Market: https://bit.ly/3HvEW2I

South Korea Organic Food Market: https://bit.ly/3HxAmB1

South Korea Coffee Market: https://bit.ly/43E6t9E

Pyrite Market: https://bit.ly/459zhcJ

POS Machines Market: https://bit.ly/3Zz6gnd

Mexico Cheese Market: https://bit.ly/455om3A

India Animal Feed Market: https://bit.ly/4mJ63aQ

Media Contact

Company Name: Claight Corporation
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

This release was published on openPR.