Elevator and Escalator Market Set to Grow at 6.4% CAGR Through 2031, Says Persistence Market Research

Market Overview

The global elevator and escalator market has emerged as one of the key pillars of modern urban infrastructure. With rapid urbanization and the construction of high-rise residential, commercial, and industrial structures, the demand for vertical transportation systems has surged. Elevators and escalators have become indispensable for improving mobility, accessibility, and convenience across multiple sectors. According to Persistence Market Research, the global market was valued at US$97.6 billion in 2024 and is projected to reach US$150.7 billion by 2031, expanding at a CAGR of 6.4% during 2024-2031.

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Among the different segments, the elevator category dominates market revenues, fueled by rising installations in both residential and commercial high-rises. On the regional front, the Asia Pacific market leads globally, anticipated to grow at a striking CAGR of 7.8%, thanks to accelerated urbanization in China, India, and Southeast Asia. High-rise developments, smart city projects, and large-scale public infrastructure initiatives are major contributors to this regional dominance.

✦ Key Highlights from the Report

✦ Market valued at US$97.6 billion in 2024, projected to reach US$150.7 billion by 2031.
✦ Elevator segment expected to account for maximum revenue share.
✦ Residential sector emerging as a strong driver for market growth.
✦ Asia Pacific market to expand at 7.8% CAGR, led by China and India.
✦ Integration of IoT and smart technologies reshaping market dynamics.
✦ Rapid modernization of existing buildings fueling replacement demand.

Market Segmentation ⛓

The elevator and escalator market is broadly segmented based on product type, technology, end-user industry, and service offerings.

⛓ By Product Type: The market includes elevators, escalators, and moving walkways. Elevators dominate due to their critical role in high-rise buildings and infrastructure projects, while escalators and moving walkways are widely used in commercial hubs such as malls, airports, and transit stations.

⛓ By Technology: Innovations have led to diverse technologies, including traction elevators, machine-room-less (MRL) traction systems, and hydraulic elevators. Among these, traction elevators lead in adoption for high-rise buildings due to their efficiency and capacity.

⛓ By End-Use Industry: The market caters to residential, commercial, institutional, and infrastructure projects. The residential sector is expected to experience the highest growth, while commercial complexes, shopping malls, and airports continue to generate significant demand.

⛓ By Service: The industry not only thrives on new installations but also on maintenance, repair, and modernization services. Maintenance remains a critical revenue stream as property owners emphasize safety, compliance, and operational efficiency.

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Regional Insights

The market demonstrates strong regional diversity, with growth patterns influenced by construction activity, infrastructure investments, and regulatory frameworks.

Asia Pacific: This region is the clear leader, with a projected 7.8% CAGR through 2031. China remains the largest market, driven by rapid urban expansion and smart city initiatives. India is also witnessing strong growth fueled by government-backed housing schemes and metro projects.

North America: Growth here is supported by the modernization of existing building stock and a strong focus on energy-efficient, smart elevators in urban developments.

Europe: With a mature market, Europe sees demand primarily from modernization and replacement projects. Regulations around energy efficiency and safety compliance drive technological upgrades.

Middle East & Africa: Mega projects, particularly in the UAE and Saudi Arabia, such as high-rise towers, luxury hotels, and transport hubs, are stimulating market growth.

South America: Urban development and metro projects, especially in Brazil, are increasing installations, although growth is relatively slower compared to Asia Pacific.

Market Drivers

The elevator and escalator market is propelled by multiple factors. First, rapid urbanization continues to drive demand as cities expand vertically. Rising populations and land constraints in urban areas are pushing construction of high-rise residential and commercial properties. Second, government infrastructure projects-airports, metros, and public transit stations-necessitate large-scale deployment of elevators and escalators. Third, technological innovations, including IoT-based systems, energy-efficient motors, and predictive maintenance solutions, are enhancing system efficiency, safety, and convenience, making adoption more attractive.

Market Restraints

Despite its robust growth trajectory, the market faces challenges. The high initial cost of installation and maintenance remains a barrier, particularly in emerging economies. Additionally, compliance with stringent regulatory and safety standards increases costs for manufacturers and developers alike. Regional variations in building codes also create hurdles for multinational suppliers. These restraints slow adoption rates and pose profitability challenges for market players.

Market Opportunities

Opportunities lie in the integration of smart technologies into elevators and escalators. IoT-enabled devices allow real-time performance tracking and predictive maintenance, reducing downtime and improving safety. Rising demand for energy-efficient systems aligned with sustainability goals presents further growth potential. Moreover, the modernization of aging infrastructure across Europe and North America opens up a significant replacement market. Emerging technologies such as touchless interfaces, AI-driven systems, and robotic maintenance tools promise to revolutionize the industry landscape.

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✔ Gain a comprehensive understanding of global market size and growth trends.
✔ Identify key drivers, restraints, and opportunities shaping market demand.
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✔ Evaluate strategies of top industry players and their competitive positioning.
✔ Stay ahead with updates on technological advancements and future innovations.

Company Insights

• KONE Corporation
• Hitachi Ltd.
• Schindler Group
• Otis Worldwide Corporation
• Toshiba Elevators and Building Systems Corporation
• Mitsubishi Electric Corporation
• TK Elevator
• Hyundai Elevator Co. Ltd.
• Fujitec Co., Ltd.
• SJEC Corporation

Recent Developments

March 2024: Otis Worldwide Corporation won a landmark project to modernize 34 elevators at the iconic Burj Khalifa in Dubai, UAE, with a long-term maintenance and modernization agreement.

July 2023: Schindler entered into a strategic partnership with Umm Al Qura in Saudi Arabia, securing an order for 150 elevators, including high-capacity Schindler 5000 and 7000 series units, for projects in Makkah.

Conclusion

The global elevator and escalator market is entering a period of accelerated growth, underpinned by urbanization, smart infrastructure projects, and technological advancements. With its market size expected to rise from US$97.6 billion in 2024 to US$150.7 billion by 2031, the sector offers immense opportunities for manufacturers, developers, and investors alike. While high costs and regulatory challenges persist, the shift toward IoT-enabled smart systems, sustainability, and modernization will drive sustained momentum. Asia Pacific will continue to dominate, setting benchmarks for the future of vertical mobility worldwide.

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

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