Author: Swarup Sahu - Senior Consultant, Report ID - DS2101010, Published - January 2025
Segmented in Product Type (Residential Elevators, Commercial Elevators, Freight Elevators, Moving Walkways), Technology (Hydraulic Elevators, Traction Elevators, Machine Room-Less Elevators), End-use, Service and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034
The elevator and escalator industry is transforming infrastructure and real estate on a global scale by enhancing mobility within tall buildings and supporting sustainable development in crowded cities worldwide. The market, for Elevator and escalator was estimated at $110.5 billion in 2024. It is anticipated to increase to $154.1 billion by 2030 with projections indicating a growth to around $203.4 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 5.7% over the forecast period. These advancements showcase the impact of elevators and escalators in meeting the increasing need, for efficient and eco friendly vertical transportation driven by urban expansion.
Elevators and escalators are well known for being efficient and versatile while also promoting traffic flow within buildings and enhancing their overall look and feel. The current market shows a growing interest in elevators and escalators that come with advanced features such, as remote monitoring and touchless operation to address the rising safety and environmental awareness concerns.
Absolute Growth Opportunity = $81.9B
•The Elevator And Escalator market is projected to grow from $110.5 billion in 2024 to $192 billion in 2034. This represents a CAGR of 5.7%, reflecting rising demand across Commercial Building Use, Residential Infrastructure and Public Transport Terminals.
•The Elevator And Escalator market is set to add $81.9 billion between 2024 and 2034, with manufacturer targeting Commercial Elevators & Freight Elevators Product Type projected to gain a larger market share.
•With Urbanization and infrastructure development, and Technological advancements and innovation, Elevator And Escalator market to expand 74% between 2024 and 2034.
The market for elevators and escalators is experiencing an increase in interest towards friendly options. Integrating eco technology like regenerative drives that save and recycle energy presents a promising avenue, for growth. Improving the energy efficiency of lifts and elevators not reduces expenses but also boosts a companys sustainability reputation. A factor that matters more to modern consumers.
The elevator and escalator industry is mainly influenced by urbanization trends and the growth in construction projects that require better accessibility in tall buildings. With more individuals flock to cities. The demand for living and working spaces rises steadily the necessity for elevators and escalators to enable smooth mobility within these complexes also increases. Moreover the aging infrastructure, in developed regions calls for the upgrading and refurbishment of elevator and escalator systems, which serves as another important factor driving the market forward.
December 2024
October 2024
July 2024
The Elevator and Escalator industry has undergone advancements due to urbanization and technological progress in today's fast paced world. The increasing number of buildings being constructed in developing countries has led to a higher need for effective vertical transportation options. Moreover there is a shift towards smart elevators incorporating IoT technology driven by the emphasis, on safety protocols and cost efficient maintenance approaches.
As a core segment of the Lifting Equipment industry, the Elevator And Escalator market develops in line with broader industry shifts. Over recent years, transitions such as Digital Transformation in Elevator Engineering and Growth of Sustainable and Energy-efficient Designs have redefined priorities across the Lifting Equipment sector, influencing how the Elevator And Escalator market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
The elevator and escalator industry has taken strides in embracing technological advancements to keep up with our increasingly digital world. Moving towards digitalization includes using maintenance techniques and IOT devices for remote monitoring. These innovations have enhanced efficiency and improved the overall customer experience. Moreover they have simplified access to performance data, for elevators and escalators allowing for faster problem resolution.
Given the increasing worries about sustainability in recent times there has been a noticeable shift, towards employing energy efficient and environmentally friendly designs in the elevator and escalator industry.
The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Lifting Equipment industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Lifting Equipment industry cascade into the Elevator And Escalator market, setting the stage for its future growth trajectory.
ArcelorMittal
Nucor Corporation
Bosch Rexroth
Eaton Corporation
KONE Corporation
Schindler Group
Otis Elevator Company
ThyssenKrupp Elevator Technology
| Application Area | Industry | LeadingProviders | Provider Strategies |
|---|---|---|---|
Residential Buildings | Construction | Otis Elevator Company | Focus on energy efficiency and cost-effectiveness of products |
Commercial Buildings | Real Estate | KONE Corporation | Investments in R&D for smart elevator solutions |
Transportation hubs | Infrastructure & Transportation | Schindler Group | Integration of advanced technologies for swift movement |
Healthcare Facilities | Healthcare | Thyssenkrupp AG | Designing tailored solutions for better patient mobility |
Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Elevator And Escalator market's present and future growth.
Vertical transportation options such as elevators and escalators offer ways to move between different levels in buildings and public spaces compared to using stairs or ramps, for accessibility and convenience purposes. Their market appeal is distinct as they cater to the growing needs of areas and the expansion of infrastructure projects.
Elevator And Escalator
Stair lifts / Ramp systems / Vertical platform lifts
Vertical transportation options such as elevators and escalators offer ways to move between different levels in buildings and public spaces compared to using stairs or ramps, for accessibility and convenience purposes. Their market appeal is distinct as they cater to the growing needs of areas and the expansion of infrastructure projects.
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This market research methodology defines the Elevator And Escalator market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.
We begin secondary research by defining the targeted market at macro and micro levels. As part of the Lifting Equipment ecosystem, we analyze Elevator And Escalator across Residential Elevators, Commercial Elevators, and Freight Elevators Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.
We benchmark competitors such as Schindler Group, Kone Corporation, and Thyssenkrupp AG by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.
We conduct structured interviews and surveys with industry stakeholders, including Raw Material Acquisition, Component Production, and Assembly & Testing. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.
Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.
Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.
In Top-down approach, we disaggregate global Lifting Equipment revenues to estimate the Elevator And Escalator segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.
We evaluate the supply chain, spanning Raw Material Acquisition (ArcelorMittal, Nucor Corporation), Component Production (Bosch Rexroth, Eaton Corporation), and Assembly & Testing. Our parallel substitute analysis examines Stair lifts, Ramp systems, and Vertical platform lifts, highlighting diversification opportunities and competitive risks.
We benchmark leading companies such as Schindler Group, Kone Corporation, and Thyssenkrupp AG, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.
Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Elevator And Escalator market.
We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.
Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.
| Report Attribute | Details |
|---|---|
| Market Value in 2025 | USD 116 billion |
| Revenue Forecast in 2034 | USD 192 billion |
| Growth Rate | CAGR of 5.7% from 2025 to 2034 |
| Base Year for Estimation | 2024 |
| Industry Revenue 2024 | 110 billion |
| Growth Opportunity | USD 81.9 billion |
| Historical Data | 2019 - 2023 |
| Growth Projection / Forecast Period | 2025 - 2034 |
| Market Size Units | Market Revenue in USD billion and Industry Statistics |
| Market Size 2024 | 110 billion USD |
| Market Size 2027 | 130 billion USD |
| Market Size 2029 | 145 billion USD |
| Market Size 2030 | 154 billion USD |
| Market Size 2034 | 192 billion USD |
| Market Size 2035 | 203 billion USD |
| Report Coverage | Market revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends |
| Segments Covered | Product Type, Technology, End-use, Service |
| Regional scope | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa |
| Companies Profiled | Schindler Group, Kone Corporation, Thyssenkrupp AG, Mitsubishi Electric Corp, United Technologies, Hitachi Ltd, Otis Elevator Company, Canny Elevator, Fujitec Co. Ltd, Hyundai Elevator Co. Ltd, Toshiba Corporation and Sigma Elevator Company |
| Customization | Free customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value |
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