Emerging Trends to Reshape the Elevator and Escalator Market: KONE DX Class Elevators Pioneering the Future of Smart Building Technology as a Key Influencer

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Elevator and Escalator Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the past few years, the elevator and escalator market has seen significant growth. The market, valued at $117.58 billion in 2024, is projected to increase to $124.87 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%. The historic growth in this sector can be accredited to various factors including government support, a heightened emphasis on energy-efficient elevators, and an upsurge in infrastructure investments.

Elevator and Escalator Market Size Forecast: What's the Projected Valuation by 2029?
Robust expansion is anticipated in the elevator and escalator market in the upcoming years with its size projected to reach $169.76 billion in 2029, growing at a compound annual growth rate (CAGR) of 8.0%. The growth drivers in the forecasted period include the burgeoning construction of high-rises, enhanced expenditure in the construction sector, the surge in urbanization, and the development of smart cities. During the forecast period, prominent trends are projected to be the adoption of Internet of Things (IoT) technology in this sector, the rising use of gearless technology elevators, the emphasis on environmentally friendly smart home elevators, the focus on innovative products and launching new products, and establishing partnerships for gaining access to new markets and integrating advanced technologies.

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What Are the Drivers Transforming the Elevator and Escalator Market?
Growth in the elevator and escalator market is predicted to be fuelled by a surge in infrastructure investments. Infrastructure encompasses the development of tangible assets like buildings, roads, and bridges. As buildings continue to rise in height, the demand for elevators and escalators is concurrent, to ensure efficiency and time saving for individuals. For example, in September 2024, construction expenditure was calculated at an annual rate of $2,162.7 billion in July 2024, signaling a 6.7 percent ascent (±1.8 percent) from the expenditure of $2,027.4 billion in July 2023, as per the US Census Bureau, a governmental agency in the US. Furthermore, total public construction in July 2024 increased to $270,803 million relative to $243,948 in 2023. Consequently, the escalating investments in infrastructure are propelling the growth of the elevator and escalator sectors.

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What Are the Key Trends Driving Elevator and Escalator Market Growth?
Leading firms in the elevator and escalator market are centering their efforts on technological advancements like digitally connected elevators to improve user interaction and boost operational performance in contemporary buildings. Digitally connected elevators employ cutting-edge digital technologies such as Internet of Things (IoT), cloud computing, and artificial intelligence (AI), which enhance their functionality, safety, and efficiency. For example, Kone Oyj, an engineering firm from Finland, introduced its revolutionary digitally connected KONE DX Class elevator line using the most sophisticated API (Application Programming Interface) technology in April 2022. These KONE DX Class elevators boast cutting-edge digital attributes that permit effortless integration with building management systems, allowing for real-time monitoring and data analytics, thus enhancing maintenance and operational efficiencies.

Which Segments in the Elevator and Escalator Market Offer the Most Profit Potential?
The elevator and escalatormarket 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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