Europe Elevator and Escalator Market Size to Reach 164.03 Thousand Units by 2031 | Arizton

Arizton estimates that Europe elevator and escalator market by new installations is projected to grow from 140.37 thousand units in 2024 to 164.03 thousand units by 2030, at a CAGR of 2.63%. The market opportunity is shifting toward infrastructure investment and the replacement of aging vertical transportation systems. Airport and railway expansion projects are creating demand for high-capacity installations, while energy-efficiency requirements are strengthening the case for upgrading existing equipment. The tourism and hospitality sector adds another source of demand, with travel and tourism expected to contribute USD 2.1 trillion to EU GDP in 2025, supporting activity across hotels, airports, and commercial properties.

For manufacturers, the commercial challenge is converting these investments into profitable project wins amid elevated material costs, labor shortages, and construction delays. Competitive positioning will increasingly depend on securing large infrastructure contracts, meeting energy-performance requirements, and balancing installation costs with long-term service opportunities. With new housing supply constrained in several European markets, infrastructure-led projects and modernization demand are becoming important areas for suppliers to prioritize.

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Europe Elevator and Escalator Market Report Scope
Market Size by New Installations (2030): 164.03 Thousand Units
Market Size by New Installations (2024): 140.37 Thousand Units
CAGR - New Installations (2024-2030): 2.63%
Market Size by Installed Base (2030): 7.94 Million Units
Market Size by Modernization (2030): USD 2.97 Billion
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030

Europe Elevator and Escalator Market: Key Highlights
• Installed base: Europe's elevator installed base is projected to reach 7.7 million units by 2030, creating a substantial market for maintenance, component replacement, and modernization.

• Residential demand: Residential elevators led the market in 2024. A recovery in construction activity and government-backed housing investment could support new installations.

• Technology preference: Machine-room-less traction elevators held the largest market share, highlighting demand for space-efficient equipment.

• Escalator demand: Europe's installed escalator base is expected to reach 169.2 thousand units by 2030, with commercial applications and parallel escalators leading their respective segments in 2024.

• Modernization opportunity: The modernization market is projected to reach USD 2.97 billion by 2030, creating opportunities to upgrade aging equipment and improve energy efficiency.

• Housing renovation: Housing Europe's ambition to renovate 4 million affordable homes by 2030 could support elevator upgrades across public, cooperative, and social housing.

• Rail infrastructure: The EU's April 2025 plan for a 22,000-km high-speed rail network connecting 39 stations could generate opportunities for station elevators and escalators.

• Tourism and leisure: The planned Universal theme park and resort in the UK, including a hotel and retail complex, highlights demand potential from large-scale leisure developments.

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Market Drivers & Growth Opportunities
AI Integration Creates Opportunities in Digital Elevators and Installation Automation
AI integration is creating opportunities for elevator manufacturers to improve equipment performance, predictive maintenance, safety, and installation productivity. In August 2024, Otis launched its Gen3 digitally connected elevator, while Schindler's Robotic Installation System for Elevators (R.I.S.E.) is being deployed in European markets. These developments highlight opportunities for manufacturers to differentiate through connected equipment, automation, and reduced dependence on labor-intensive installation processes.

Aging Population Strengthens Demand for Accessibility Upgrades
Europe's aging population is creating a stronger need for accessible residential buildings and elevator modernization. Germany's population aged 80 and above is projected to increase from approximately 6 million currently to 8-10 million by 2050. In Spain, older buildings without elevators continue to create mobility challenges, while the Spanish National Accessibility Plan 2018-2026 reinforces the need for improved accessibility. According to IMSERSO, approximately 9% of Spain's population lives with disabilities. These conditions create opportunities for elevator retrofits, accessibility upgrades, and modernization across existing housing stock.

Public Infrastructure Investment Expands Large-Scale Project Opportunities
Germany launched a USD 567.5 billion infrastructure fund in March 2025 to support transport, healthcare, education, and energy. In Spain, the European Investment Bank committed more than USD 51 billion in 2025, with significant investment directed toward railway projects. These initiatives could generate demand for elevators and escalators in new transport facilities and station rehabilitation projects, giving manufacturers opportunities to compete for large infrastructure contracts.

Housing Investment Supports Residential Elevator Installations
Government initiatives to expand housing supply could strengthen residential elevator demand across Europe. In April 2025, Germany announced measures to accelerate housebuilding, including plans involving high-rise development at Berlin's Tempelhofer Feld. The UK aims to deliver 1.3 million new homes between 2029 and 2030, while France has introduced measures to support real estate activity, including tax-free transfers of funds into housing schemes and greater use of zero-interest loans for new and existing homes. For manufacturers, these initiatives provide potential opportunities across new installations and residential projects, although actual demand will depend on construction delivery and building specifications.

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Industry Restraints
Housing Affordability Crisis Delays Residential Construction
• Higher housing costs constrain new installation demand: By 2024, EU house prices had increased by 47% and rents by 18% since 2010, outpacing inflation. Persistent affordability pressures can delay residential development, limiting opportunities for elevator manufacturers dependent on new housing projects.
• Housing shortages create uneven market conditions: In April 2025, France's Housing Foundation warned of a deteriorating crisis, with 4 million people homeless or living in poor-quality housing. The homeless population reached 350,000 in 2024, more than double the 2012 figure. In the UK, house prices have risen at twice the rate of wages over the past two decades, further challenging housing affordability and project viability.

Skilled Labor Shortages Increase Installation Costs and Project Delays
• Labor constraints threaten project execution: In March 2025, the EU reported shortages across 42 professions, particularly in construction, transport, and healthcare. The region is also projected to lose approximately 1 million workers annually until 2050 due to population aging and declining birth rates. For elevator and escalator suppliers, these shortages can increase installation costs, extend project timelines, and constrain service capacity.
• Germany faces significant recruitment challenges: The country reported approximately 1.34 million job vacancies in 2024, alongside severe shortages across more than 70 professions as of March 2025. Persistent labor gaps could delay construction and infrastructure projects, making installation automation, workforce productivity, and efficient project execution increasingly important for market participants.

Vendor Landscape
1. KONE, Schindler, TK Elevators, OTIS, and Mitsubishi Electric are the top five vendors in the Europe elevator and escalator market.

2. Other prominent players in the Europe elevator and escalator market are Fujitec Co., Ltd, Hyundai Elevator Co., Ltd., Hitachi Ltd., Titan New Lifts, Köhler Elevator Gmbh, Kleemann, Alimak, Stannah Lifts Holdings Ltd, Gmv Lifts, Cibes Lift Group, Doppler Lifts, Ascensores Excelsior, Ascensores Carbonell, and others. These leading players continuously innovate to provide state-of-the-art technology, ensuring safety, efficiency, and sustainability.

3. In February 2025, KONE won an order to provide a suite of People Flow® solutions for TRIBECA. KONE's order comprises 27 KONE MonoSpace® 700 DX machine room-less elevators and one KONE MonoSpace® 500 DX high-performance elevator.

4. In September 2024, TK Elevator secured a contract to modernize escalators in Cologne's subway stations. The project involved installing 23 new Victoria-type escalators equipped with the MAX Smart Maintenance and Monitoring system.

5. In June 2024, TK Elevator achieved a milestone by securing the largest service tender ever awarded in Europe. The contract was granted by Denmark's State and Municipalities' Procurement Service (SKI).

Key Questions Answered in the Europe Elevator & Escalator Market Report
• What will be the growth rate of the Europe elevator and escalator market?
• How big is the Europe elevator and escalator market?
• What is the number of installed bases in the Europe elevator and escalator market in 2024?
• What are the key Europe elevator and escalator market players?

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