Press release
Global Elevators and Escalators Market to Double by 2035 as Smart Urban Infrastructure Accelerates Growth
Elevators and Escalators Market
Market Overview
• Market Size (2025): USD 79.25 billion
• Forecast Value (2035): USD 157.36 billion
• CAGR (2025-2035): 7.1%
• Primary Growth Drivers: Urbanization, infrastructure modernization, and demand for energy-efficient smart elevators
• Dominant End-Use Sector: Commercial real estate (office towers, malls, transport hubs)
• Key Growth Regions: Asia-Pacific, North America, Europe, and the Middle East
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Smart Urbanization Driving Vertical Mobility Demand
The surge in smart city projects and urban infrastructure development is fueling demand for advanced elevators and escalators. From high-rise offices in Asia-Pacific to metro stations and airports in Europe, vertical mobility systems are now critical to modern urban planning.
Innovations such as AI-based traffic management, IoT-enabled diagnostics, and energy-regenerative drives are redefining system performance. These technologies allow real-time monitoring, predictive maintenance, and energy savings-enhancing both safety and sustainability.
Segment Insights: Traction Elevators Lead the Market
The traction elevator segment dominates global installations due to its energy efficiency, high-speed operation, and load-handling capacity-ideal for tall structures and commercial buildings. With integrated smart controls and counterweight-based design, traction elevators are the go-to choice for eco-conscious developments.
The commercial sector, holding over 45% of global demand, remains the largest end user. Office towers, hospitals, and retail complexes are increasingly adopting AI-powered elevators and regenerative escalators to reduce energy costs and improve operational uptime. The rise of green building certifications such as LEED and BREEAM further supports this adoption.
Regulations and Standards Strengthening Safety and Sustainability
The elevators and escalators market operates under stringent safety and environmental standards, including ASME A17.1, ISO 25745, and the EU Machinery Directive 2006/42/EC. These frameworks ensure adherence to quality, efficiency, and accessibility benchmarks.
Growing regulatory emphasis on carbon reduction and energy performance is compelling manufacturers to introduce smart regenerative systems, contactless controls, and low-emission materials across product lines.
Regional Highlights
• United States: Infrastructure modernization and smart building certifications are driving upgrades, particularly in metro systems and commercial properties. The market is forecast to grow at a CAGR of 6.4% through 2035.
• United Kingdom: Rapid urban verticalization and carbon-neutral mobility initiatives are boosting demand for energy-regenerative lifts and touchless escalators, expanding at 11.0% CAGR.
• Germany: Green building directives and transit hub upgrades are fostering adoption of AI-powered elevators, supporting 6.6% CAGR growth.
• Japan: With an aging population and high-rise expansion, Japan leads in AI-integrated, earthquake-resistant, and machine-room-less elevators, growing at 5.7% CAGR.
• India: Rapid urbanization and the Smart Cities Mission are propelling the market at 9.4% CAGR, making it one of the fastest-growing elevator markets globally.
Competitive Landscape
The industry is led by KONE Corporation, Otis Elevator Company, Schindler Group, TK Elevator, and Mitsubishi Electric, all focusing on AI integration, eco-efficient drives, and contactless technology. Regional manufacturers such as Orona Group and Sigma Elevator are also expanding through strategic partnerships and acquisitions.
Market leaders are investing heavily in R&D for predictive maintenance, IoT-based control systems, and recyclable materials to align with global sustainability targets.
Future Outlook
Between 2025 and 2035, modernization will outpace new installations as property owners upgrade aging systems for efficiency and compliance. Smart elevators, equipped with remote monitoring and energy recovery systems, will become standard in high-rise construction.
As global cities continue to build upward, the elevators and escalators market will remain an essential pillar of sustainable infrastructure-linking innovation, safety, and green mobility at the heart of the urban transformation.
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