Global Elevator And Escalator Market Outlook
Revenue, 2024
$111B
Forecast, 2034
$192B
CAGR, 2024 - 2034
5.7%
The Elevator And Escalator industry revenue is expected to be around $116.8 billion in 2025 and expected to showcase growth with 5.7% CAGR between 2025 and 2034. 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.
Market Key Insights
- 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 market leaders include Schindler Group, Kone Corporation and Thyssenkrupp AG which determine the competitive dynamics of this sector.
- China and U.S. are the top markets within the Elevator And Escalator market and are expected to observe the growth CAGR of 3.7% to 5.5% between 2024 and 2030.
- Emerging markets including Indonesia, Brazil and Turkey are expected to observe highest growth with CAGR ranging between 6.6% to 7.9%.
- The Elevator And Escalator market will experience $11.2 billion in additional growth through 2030 because of Digital Transformation in Elevator Engineering.
- 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.
Opportunities in the Elevator And Escalator
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.
Growth Opportunities in North America and Europe
North America Outlook
In North America's elevator and escalator industry competition is fierce among leading companies such, as Otis Worldwide and Schindler who provide cutting edge solutions in a market shaped by safety and accessibility regulations well as urbanization trends and real estate expansion opportunities are seen in updating old systems despite the market being well established.
Europe Outlook
Europe has a need for elevators and escalators because of its high urbanization rate and strict safety rules in place there. Those major players like Kone and Thyssenkrupp much run the show in this market. The future looks promising becauseThere'sa push to update infrastructure and move, towards more energy efficient and intelligent elevator solutions.
Market Dynamics and Supply Chain
01
Driver: Urbanization and Infrastructure Development, and Aging Population and Accessibility Needs
The rapid growth of cities and the need for buildings have also driven a significant increase in the elevator and escalatorindustry'sexpansion. The rise in infrastructure projects in developing countries has also led to the construction of shopping centers, train stations, airports, offices and residential buildings that rely on elevators and escalators, for smooth vertical movement. The increasing number of adults around the world has also emphasized the significance of making buildings more accessible to everyone. The presence of elevators and escalators plays a role in addressing the mobility requirements of seniors and people with disabilities. This factor contributes to the expansion of the market, in this sector.
The elevator and escalator market is also moving forward quickly due to technological progressions in recent times. Innovations, like the destination dispatch system enabled elevators and user friendly interface have also transformed elevators and escalators from mere conveniences into essential elements of modern living. These advancements focus on improving safety and efficiency while enhancing ride comfort to meet customer demands and boost market expansion.
The elevator and escalator market is also moving forward quickly due to technological progressions in recent times. Innovations, like the destination dispatch system enabled elevators and user friendly interface have also transformed elevators and escalators from mere conveniences into essential elements of modern living. These advancements focus on improving safety and efficiency while enhancing ride comfort to meet customer demands and boost market expansion.
02
Restraint: High Maintenance Costs
Maintaining and servicing elevators and escalators can be quite a hurdle in the market due to the costs involved in upkeep and repairs of these systems over time which can strain the budgets of building owners with structures that require frequent maintenance and part replacements. This high cost of maintenance is often a concern, for customers and can impact the growth of the market.
03
Opportunity: Smart Elevators and Escalators
Integrating cutting edge technology into elevators and escalators is a rising trend in the industry currently embraced by professionals, for its potential to enhance maintenance efficiency and safety measures while also providing tailored travel experiences tailored to individual preferences of users. The growing adoption of these innovations has the potential to significantly alter the landscape of the market with its array of advantages.
04
Challenge: Strong Regulatory Environment
Safety regulations for elevators and escalators differ across regions and countries. Cover various aspects such as design requirements and installation and maintenance guidelines, for these devices. Adhering to these rules typically involves meeting manufacturing standards that can lead to higher production costs.
Supply Chain Landscape
1
Raw Material Acquisition
ArcelorMittal
Nucor Corporation
2
Component Production
Bosch Rexroth
Eaton Corporation
3
Assembly & Testing
KONE Corporation
Schindler Group
4
Distribution & Retail
Otis Elevator Company
ThyssenKrupp Elevator Technology
1
Raw Material Acquisition
ArcelorMittal
Nucor Corporation
2
Component Production
Bosch Rexroth
Eaton Corporation
3
Assembly & Testing
KONE Corporation
Schindler Group
4
Distribution & Retail
Otis Elevator Company
ThyssenKrupp Elevator Technology
*The illustration highlights the key stakeholders within the supply chain ecosystem.
Applications of Elevator And Escalator in Commercial Building Use, Residential Infrastructure & Public Transport Terminals
Commercial Building Use
In level commercial establishments like shopping malls and office buildings or hospitals elevators and escalators play a crucial role in facilitating smooth vertical movement for individuals and enhancing overall efficiency by minimizing physical exertions to increase productivity levels significantly Their main function includes efficiently managing the influx of people especially during busy periods thereby ensuring seamless traffic flow Market leaders such as Otis KONE and Schindler Group specialize in designing and adapting their elevator and escalator solutions to cater to diverse commercial requirements providing tailored options, for flexibility and customization
Public Transport Terminals
In places such as airports and train stations where people gather for transportation purposes like catching flights or trains and moving from place to place efficiently and safely using elevators and escalators is crucial because they can carry passengers at once while working smoothly even when its busy with lots of people coming and going quickly and in large numbers Mitsubishi Electric and Thyssenkrupp are top companies in this field providing specialized solutions, for public transportation needs.
Residential Infrastructure
High rise apartments and condominium complexes heavily rely upon escalators and elevators to enhance the living experience, for residents of all ages and abilities.
Recent Developments
December 2024
Schindler Group has implemented AI powered maintenance, for their elevators and escalators to enhance safety and minimize operational disruptions.
October 2024
KONE Corporation introduced a groundbreaking carbon elevator design that aligns with the needs of sustainable construction.
July 2024
Otis Worldwide Corporation has introduced a touchless interface, for its elevator systems to improve user experience and reduce the transmission of germs.
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.
Impact of Industry Transitions on the Elevator And Escalator Market
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.
01
Digital Transformation in Elevator Engineering
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. This industry transition is expected to add $11.2 billion in the industry revenue between 2024 and 2030.
02
Growth of Sustainable and Energy-efficient Designs
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.