Elevator and Escalator Market Size, Industry Trends, Demand Forecast 2025-2033

Author: Stanley Huds

Market Overview:

The elevator and escalator market is experiencing rapid growth, driven by smart building integration, modernization & upgrades, and sustainability & efficiency. 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 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, 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.

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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:

  • Smart Building Integration:

The elevator and escalator market is moving towards smart building integration. This shift responds to the need for efficient, connected systems. It aims to optimize traffic flow, improve energy use, and enhance the passenger experience.

New technologies like IoT (Internet of Things) sensors and AI (Artificial Intelligence) algorithms are now included in these systems. They offer real-time data on performance, usage, and maintenance. Smart elevators can predict demand and adjust dispatching to improve passenger flow.

Integrating building management systems (BMS) with elevator controls allows for easy data exchange and centralized monitoring. Touchless technologies and mobile apps boost passenger safety and convenience. This push for smart integration improves operational efficiency and supports sustainable, user-friendly urban spaces.

  • Modernization & Upgrades:

The elevator and escalator market is seeing more demand for modernization. This rise comes from aging infrastructure and new safety standards. There’s also a focus on energy efficiency, accessibility, and passenger safety. Building owners are investing in projects to replace old equipment with advanced, energy-efficient systems.

Upgrades now include new control systems, drive systems, and safety features. Digital technologies, like remote monitoring and predictive maintenance, improve reliability and extend system lifespan.

This push for modernization aims to enhance accessibility for people with disabilities and boost building aesthetics. Overall, these upgrades prolong the life of existing equipment, ensure compliance with regulations, and improve building transportation systems.

  • Sustainability & Efficiency:

The elevator and escalator market is now focused on sustainability and energy efficiency. This change comes from environmental concerns and the need to save costs. New energy-efficient technologies are emerging, including regenerative drives, LED lighting, and smart control systems. Regenerative drives capture energy from braking, which reduces energy use and carbon emissions.

Also, destination dispatch systems and traffic management algorithms optimize elevator usage and cut energy waste. Lightweight materials and new manufacturing methods help create energy-efficient systems. The commitment to sustainability includes using eco-friendly materials and sustainable manufacturing practices.

The demand for green building certifications, like LEED and BREEAM, encourages the use of sustainable elevator and escalator solutions. This focus on sustainability and efficiency lowers the environmental impact of building transport systems. It also enhances their long-term viability and operational performance.

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.

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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.

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