In-Depth Examination of Segments, Industry Developments, and Key Players in the Elevator and Escalator Market

The elevator and escalator industry is poised for substantial expansion over the coming years, driven by advancements in technology and increasing urban development projects. As cities grow smarter and infrastructure modernizes, this sector is set to play a crucial role in enhancing mobility and building efficiency worldwide. Let's explore the current market size, influential factors, key players, and emerging trends shaping this dynamic field.

Market Expansion Projections for the Elevator and Escalator Industry by 2030
The elevator and escalator market is forecasted to reach a value of $183.24 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.0%. This surge is largely propelled by the rise of smart city initiatives and a growing preference for touchless elevator technologies. Additional factors contributing to growth include the expansion of green building projects, heightened use of remote monitoring systems, and ongoing modernization efforts for outdated infrastructure. Key trends predicted to influence the market over the forecast period involve the widespread adoption of smart elevators with predictive maintenance capabilities, increasing demand for energy-efficient escalators, enhanced integration of destination control systems, and a focus on retrofitting and upgrading existing installations. Passenger safety enhancements also remain a significant area of focus.

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Primary Factors Contributing to Growth in the Elevator and Escalator Sector
Smart city development is a major driver behind the market's expansion, as urban centers aim to improve connectivity and efficiency through advanced vertical transportation solutions. Incorporating smart technologies helps buildings become more responsive and convenient for users.
Simultaneously, the demand for touchless systems is rising sharply due to hygiene concerns, especially in public and commercial spaces. This shift toward contactless controls aligns with broader trends in building automation and health safety standards.

Leading Corporations Steering the Elevator and Escalator Market Forward
The industry features several prominent players recognized globally for their technological innovations and extensive reach. These include Schindler Group, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitec Co. Ltd, and Hyundai Elevator Ltd. Other notable companies include Canny Elevator Co. Ltd, WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, and Nantong Fuji Elevator Co. Ltd. The competitive landscape also involves 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, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, Thyssenkrupp AG, Schmitt + Sohn, 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, and Trent Park Engineering.

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Strategic Acquisition Strengthening Mitsubishi Electric's Elevator Business
In April 2025, Mitsubishi Electric Corporation, a multinational electronics and electrical equipment firm based in Japan, acquired Ascension Lifts, an Ireland-based elevator company, for an undisclosed sum. This acquisition aims to enhance Mitsubishi Electric's global footprint in the elevator and escalator market, boost its technological capabilities in vertical transportation, and improve service offerings throughout Europe. Additionally, Mitsubishi Electric intends to accelerate the innovation and development of energy-efficient lift systems, leveraging Ascension Lifts' expertise in design, manufacturing, and installation.

Emerging Technological Trends and Market Opportunities in Elevator and Escalator Solutions
Industry leaders are focusing on integrating cutting-edge technologies to deliver superior user experiences and optimize operational performance. Digitally connected elevators, which incorporate the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), are becoming increasingly prevalent. These advancements enhance safety, efficiency, and functionality in modern buildings.
For instance, in December 2024, KONE India unveiled its KONE I MonoSpace SMART, KONE I MiniSpace SMART, and KONE A MonoSpace SMART elevators. These products comply fully with the latest Indian safety standard, IS 17900, and feature advanced PESSRAL safety controllers with dual-channel redundancy and tamper-proof modules for increased reliability. They also promote energy efficiency through optional regenerative drives capable of recycling up to 30% of energy, combined with LED lighting and standby modes that can reduce energy consumption by up to 90% during idle periods.

Dominant Segments Within the Elevator and Escalator Market
This market is analyzed across several segments, beginning with product categories that include elevators, escalators, and moving walkways. Business activities are divided into new equipment sales, maintenance services, and modernization projects. Elevator technologies are categorized into traction elevators, machine room-less traction elevators, and hydraulic systems. The end-user classification covers residential, commercial, institutional, infrastructure, and various other sectors.
Further subsegments refine these categories: elevators are broken down into passenger, freight, service elevators, and dumbwaiters; escalators are grouped as commercial, industrial, and those used in public transport; moving walkways include parallel, inclined, and automated varieties.

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This release was published on openPR.