Press release
Global Elevator and Escalator Market Outlook 2026-2036: Strategic Trends, Innovation Drivers & Growth Opportunities
Elevator and Escalator Market
According to Future Market Insights (FMI), the market is valued at USD 79.25 billion in 2025 and is projected to reach USD 157.36 billion by 2035, expanding at a compound annual growth rate (CAGR) of 7.1%.
The FMI report, "Elevator and Escalator Market Size, Share, and Forecast 2025-2035," indicates global revenues will surge by nearly USD 78.11 billion over the decade, propelled by demand for traction-based systems, predictive maintenance tech, and sustainable upgrades in high-rise and commercial infrastructure.
A Decade of Growth Anchored by Urbanization and Smart Integration:
The shift toward AI-optimized, regenerative-drive elevators and escalators is redefining urban mobility. Between 2025 and 2030, the market will grow by USD 31.5 billion, spearheaded by infrastructure booms in Asia-Pacific and Europe.
Between 2030 and 2035, FMI projects an additional USD 46.61 billion in expansion, highlighting deeper adoption of IoT diagnostics, touchless controls, and eco-friendly designs amid aging building retrofits.
"Smart elevators aren't just lifting people-they're optimizing flows with AI and slashing energy costs by up to 30%," said an FMI research analyst. "As cities densify, these innovations will be the backbone of efficient, accessible vertical transport."
Elevator and Escalator Key Market Insights at a Glance:
- Metric: Global Estimate
- Market Value (2025): USD 79.25 billion
- Forecast Value (2035): USD 157.36 billion
- CAGR: 7.1%
- Top Product: Traction Elevators (40% share)
- Dominant End-Use: Commercial (45% share)
- Fastest-Growing Region: United Kingdom (11.0% CAGR)
The Fastest-Growing Elevator and Escalator Market:
FMI's analysis spotlights the United Kingdom as a pivotal growth engine. Valued at a robust base in 2025, the UK market is forecasted to surge at a 11.0% CAGR through 2035, driven by vertical urban expansion, smart metro upgrades, and BREEAM-compliant sustainable systems.
This boom stems from government-backed smart city pushes, high-speed residential towers, and retrofits in airports and rail hubs. Traction elevators already dominate 50% of installations, with IoT-enabled escalators gaining traction for seamless foot traffic in mixed-use developments.
Online procurement and digital service platforms are accelerating access, enabling real-time bids and maintenance scheduling via specialized marketplaces.
Elevator and Escalator Five Forces Driving Market Expansion:
Urbanization Surge: High-rise booms and space optimization in megacities demand efficient vertical solutions.
Smart Tech Adoption: IoT, AI traffic management, and predictive analytics boost uptime and cut downtime by 25%.
Sustainability Imperative: Regenerative drives and low-emission materials align with green building standards like LEED.
Modernization Momentum: Retrofitting legacy systems extends lifespans and complies with accessibility regs.
Emerging Market Demand: Infrastructure investments in India and the Middle East fuel 9%+ regional CAGRs.
Elevator and Escalator Market Segment Overview:
By Product Type: Traction elevators lead with 40% of 2025 revenues, prized for high-rise efficiency, followed by hydraulic for low-rises and escalators in transit hubs.
By Technology: Traction systems hold sway with 60% share, evolving via regenerative braking and contactless interfaces; hydraulic trails for cost-sensitive apps.
By End-Use: Commercial dominates at 45%, powering offices, malls, and hotels with high-capacity, AI-optimized units; residential and infrastructure follow.
By Application: Passenger transport claims 70% globally, bolstered by observation and freight variants for diverse needs.
Elevator and Escalator Market Regional Overview:
North America: 6.4% CAGR, led by U.S. high-rise revamps and LEED-driven smart retrofits, from USD 18.2 billion in 2025 to USD 32.1 billion by 2035.
Europe: UK at 11.0% CAGR; Germany at 6.6%, rising from USD 15.4 billion to USD 26.8 billion amid energy directive compliance.
Asia Pacific: Fastest overall at 8.2%-India's 9.4% CAGR via Smart Cities Mission; Japan at 5.7% with quake-resilient designs.
Middle East & Africa: 7.8% growth, propelled by UAE/Saudi skyscrapers and airport expansions.
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Elevator and Escalator Market Competitive Landscape:
* Otis Elevator Company
* Schindler Holding Ltd.
* KONE Corporation
* Thyssenkrupp AG
* Mitsubishi Electric Corporation
* Hitachi Ltd.
* Hyundai Elevator Co. Ltd.
* Toshiba Corporation
* Fujitec Co. Ltd.
* Sigma Elevator Company
Collectively, Otis, Schindler, and KONE command about 35% of global share. Their R&D in touchless tech, energy recovery, and modular designs signals a maturing push toward service-led, digitally native ecosystems.
Elevator and Escalator Market Outlook: Elevating Urban Futures:
Through 2035, the market will transcend mechanics to embrace AI diagnostics, zero-emission ops, and seamless integrations in smart ecosystems. Retrofit revenues could hit 40% of totals, as owners prioritize longevity and compliance.
"Elevators and escalators are evolving into intelligent urban arteries," the FMI analyst noted. "Firms mastering digital twins and sustainable mobility will not only lift structures but propel entire cities forward."
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About Future Market Insights (FMI)
Future Market Insights, Inc. (FMI) is an ESOMAR-certified, ISO 9001:2015 market research and consulting organization, trusted by Fortune 500 clients and global enterprises. With operations in the U.S., UK, India, and Dubai, FMI provides data-backed insights and strategic intelligence across 30+ industries and 1200 markets worldwide.
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