The global elevator and escalator market size was valued at USD 161.73 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 244.27 Billion by 2033
Last updated
Market Overview:
The elevator and escalator market is experiencing rapid growth, driven by urbanization & infrastructure, digitalization & smart solutions, and modernization & retrofitting. According to IMARC Group’s latest research publication, “Elevator and Escalator Market Size, Share, Trends and Forecast by Type, Service, End Use and Region, 2025-2033“, The global size was valued at USD 161.73 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 244.27 Billion by 2033, exhibiting a CAGR of 4.64% from 2025-2033.
This detailed analysis primarily encompasses industry size, business trends, market share, key growth factors, and regional forecasts. The report offers a comprehensive overview and integrates research findings, market assessments, and data from different sources. It also includes pivotal market dynamics like drivers and challenges, while also highlighting growth opportunities, financial insights, technological improvements, emerging trends, and innovations. Besides this, the report provides regional market evaluation, along with a competitive landscape analysis.
Grab a sample PDF of this report:
Our report includes:
Market Dynamics
Market Trends And Market Outlook
Competitive Analysis
Industry Segmentation
Strategic Recommendations
Factors Affecting the Growth of the Elevator and Escalator Industry:
Urbanization & Infrastructure:
The most important market is dynamic urbanization and continuous increase in the development of infrastructure, especially in emerging economies. Rapid population growth in cities is running highly growing residential and commercial buildings, requiring efficient vertical transport solutions. In addition, the development of smart cities and transit infrastructure, including airports, metro stations and railway terminals, creates sufficient demand for lifts and escalators. The need for accessible and efficient transport in public places also operates the installation of these systems in existing buildings and infrastructure. Increasing attention to permanent urban development also affects the market with demand for energy -efficient and environmentally friendly lifts and escalators. The growth of the middle class population in development areas increases the demand for modern and reliable vertical transport solutions. It will be a primary driver for continuous urbanization and infrastructure boom elevator and growth of the escalator market.
Digitalization & Smart Solutions:
The elevator and escalator market is undergoing a rapid digital change, inspired by the integration of smart technologies and IoT solutions. Digitization is capable of monitoring real -time, future maintenance and external diagnosis, improves the reliability of the equipment and reduces downtime. Cloud -based platforms and buildings for mobile apps allow owners and convenience managers to reach performance data, manage the maintenance program and optimize energy consumption. In addition, the integration of AI and machine learning enables the development of intelligent lifting systems that can adapt to traffic flows and adapt passenger experiences. The use of touchless technologies and advanced safety facilities also gain traction, which increases safety and hygiene. The integration of building information modeling (BIM) and digital twin technologies improve the design, installation and maintenance of the elevator and escalator. This digitization trend not only improves operating efficiency, but also increases passenger comfort and safety, and changes vertical transport experience.
Modernization & Retrofitting:
An important market is the increasing emphasis on modernization and retrofitting of dynamically existing elevator and escalators. As a building age, there is a need to upgrade old equipment to meet modern safety standards, improve energy efficiency and increase passenger comfort. In addition, the increasing focus is on availability retrofitting old buildings to follow accessibility rules. Modernization projects often include changed old control systems, upgrading stations and motors and installing new safety features. The demand for energy-capable solutions also runs replacement of older units with new, more efficient models. The trend towards smart buildings improves the modernization of the elevator and escalators further, and the building owners have tried to integrate these systems into their total smart building control platforms. There is a need to expand the life of existing buildings and improve performance, which is an important part of the elevator and escalator market, which provides opportunities for service providers and equipment manufacturers. This trend will continue to grow as the existing building time.
Leading Companies Operating in the Global Elevator and Escalator Industry:
Canny Elevator Co. Ltd.
Electra Elevators
Fujitec Co. Ltd.
Gulf Elevators & Escalators Co. Ltd.
Hitachi Ltd.
Hyundai Elevator Co. Ltd.
Johnson Lifts Private Limited
Kleemann Group
KONE Corporation
Mitsubishi Electric Corporation
Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
Schindler Holding Ltd.
Sigma Elevator Company
Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)
Elevator and Escalator Market Report Segmentation:
By Type:
Elevators
Escalators
Moving Walkways
Elevators represented the largest segment due to the rising number of high-end residential spaces.
By Service:
New Installation
Maintenance and Repair
Modernization
New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.
By End Use:
Residential
Commercial
Offices
Hospitality
Mixed Block
Others
Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.
Research Methodology:
The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.
Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
