Elevator and Escalator Market
Report ID: SQSG20I2014
Report ID: SQSG20I2014
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Report ID:
SQSG20I2014 |
Region:
Global |
Published Date: September, 2025
Pages:
189
|Tables:
88
|Figures:
71
Global Elevator and Escalator Market size was valued at USD 89.48 Billion in 2024 poised to grow between USD 95.47 Billion in 2025 to USD 160.4 Billion by 2033, growing at a CAGR of 6.7% in the forecast period (2026–2033).
Rapid urbanization, especially in Asia-Pacific and Middle Eastern regions, is fueling large-scale construction of residential, commercial, and public infrastructure projects. With land becoming scarce in urban areas, cities are building vertically to accommodate the influx of people. This vertical expansion necessitates reliable vertical transportation systems like elevators and escalators for accessibility, safety, and convenience. Government investments in smart cities, urban transit networks, and mixed-use developments further drive demand. As urban centers strive for efficiency and connectivity, elevator and escalator installations become integral components of modern architecture, making infrastructure growth a key catalyst in propelling market expansion across the globe.
In developed markets like Europe, North America, and Japan, a significant portion of elevator and escalator systems are over 20–30 years old. These aging units often lack energy efficiency, modern safety features, and compliance with updated building codes. As a result, building owners are increasingly investing in modernization solutions that replace outdated components with advanced technologies, such as smart controls, regenerative drives, and improved aesthetics. This trend creates a consistent aftermarket revenue stream for OEMs and service providers. Moreover, modernization extends equipment life, reduces breakdowns, and improves user experience, making it a critical factor supporting long-term market sustainability and growth.
What are the Benefits of Integrating Elevators with Building Management Systems?
Artificial intelligence (AI) is transforming the global elevator and escalator market by enabling predictive maintenance, traffic flow optimization, and personalized user experiences. AI-powered systems analyze real-time data from sensors to detect anomalies, predict component failures, and schedule maintenance proactively reducing downtime and operational costs. Additionally, AI algorithms manage elevator dispatching more efficiently, reducing wait times in high-traffic buildings. Indirectly, AI supports smart building ecosystems, where elevators integrate with building management systems for seamless functionality. A notable development is Otis’ “Otis ONE” platform, which uses AI and IoT to provide remote monitoring, predictive diagnostics, and improved service planning, enhancing both performance and customer satisfaction.
In 2025, KONE partnered with AWS to deploy a generative AI–powered “Technician Assistant” using Amazon Bedrock. It analyzes IoT data and repair history to guide technicians through maintenance tasks, halving help‑desk calls and accelerating escalator/elevator issue resolution—enhancing operational efficiency across its 1.6 million connected units.
Market snapshot - 2026-2033
Global Market Size
USD 83.86 Billion
Largest Segment
Escalators
Fastest Growth
Elevators
Growth Rate
6.7% CAGR
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The global elevator and escalator market is segmented based on type, services, technology, and region. In terms of type, the market is trifurcated into elevators, escalators, and moving walkways. Based on services, the market is bifurcated into new installation and maintenance & repair. Based on technology, the market is grouped into traction, machine room-less, and hydraulic. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
What Factors are Increasing Investment in Escalator Systems?
Based on the global elevator and escalator market forecast, escalators are dominating the industry through energy-efficient designs, smart sensors, and AI-driven maintenance systems that enhance safety and performance. Their widespread use in transportation hubs, malls, and public infrastructure supports high passenger volumes with continuous movement. Escalators dominate the market due to rising urbanization and increasing investments in mass transit systems, where efficient vertical mobility is crucial. Their ability to handle constant foot traffic makes them indispensable in high-density public environments.
Elevators are projected to be the fastest-growing segment in the elevator and escalator market due to the surge in high-rise residential and commercial buildings, particularly in urbanizing regions. Innovations like AI-based dispatch systems and energy-efficient models enhance performance and appeal. Additionally, smart city initiatives and aging populations drive demand for safer, more accessible vertical transportation solutions.
How are New Installation Services Evolving with Technology?
New installation services lead in the global elevator and escalator market is advancing through modular designs, AI integration, and IoT-enabled systems that streamline setup and enable real-time monitoring from day one. This segment dominates the market due to rapid urbanization, increased construction of high-rise buildings, and expanding infrastructure projects worldwide. Developers prefer modern, pre-engineered solutions that reduce installation time, ensure long-term efficiency, and meet smart building standards, fueling strong demand.
Elevator and escalator maintenance & repair services are expected to be the fastest‑growing segment in the global elevator and escalator market due to expanding urbanization, increasing elevator installations, and aging infrastructure that requires upkeep. As service lifecycles extend, building owners rely on preventive maintenance and emergency repairs to ensure safety and compliance. Advanced AI and IoT‑driven diagnostics further boost demand by reducing downtime and optimizing service schedules.
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What Technology Trends are Prominent in Asia Pacific’s Elevator Sector?
As per the global elevator and escalator market analysis, Asia Pacific dominates the industry due to rapid urbanization, high-rise construction, and massive infrastructure investments in countries like China, India, and Southeast Asia. Government initiatives for smart cities and public transit expansion further fuel demand. The region also sees strong adoption of AI, IoT, and energy-efficient technologies. A growing middle class and rising commercial developments make Asia Pacific the fastest growing and most dynamic market globally.
Japan Elevator and Escalator Market
Japan plays a leading role in the Asia Pacific elevator and escalator market through advanced technology and high safety standards. With a strong focus on modernization, Japan integrates seismic-resistant designs, IoT-based systems, and energy-efficient solutions in both new and existing infrastructure. Major cities like Tokyo drive demand, while homegrown companies such as Mitsubishi Electric, Hitachi, and Toshiba export innovative systems globally, strengthening Japan’s influence in both domestic and international markets.
South Korea Elevator and Escalator Market
South Korea contributes significantly to the Asia pacific elevator and escalator market through rapid urban development and strong adoption of smart technologies. The country's high-rise expansion in cities like Seoul and Busan fuels demand for advanced elevators equipped with AI-based controls and predictive maintenance features. Companies like Hyundai Elevator and LG support innovation, while government emphasis on safety standards and modernization further boosts South Korea’s position as a fast-growing player in the global market.
What are the Key Trends in North America's Vertical Mobility Sector?
North America’s elevator and escalator market is driven by modernization of aging infrastructure, smart building adoption, and stringent safety regulations. The U.S. leads regional demand, with retrofitting projects in commercial and residential high-rises gaining momentum. Technological innovations, such as AI-enabled predictive maintenance and energy-efficient systems, are widely adopted. Additionally, increasing investments in urban redevelopment and transit infrastructure continue to boost the region’s growth prospects in the vertical mobility sector.
US Elevator and Escalator Market
The United States is the largest contributor to North America's elevator and escalator market, driven by a vast base of aging infrastructure and a strong push toward modernization. High-rise buildings in cities like New York and Chicago, along with increased smart building adoption, fuel demand. The country also leads in technological integration, with AI-powered maintenance systems and energy-efficient designs boosting market growth through both new installations and retrofit projects.
Canada Elevator and Escalator Market
Canada elevator and escalator market contributes significantly to the regional market through urban expansion and sustainability initiatives. Major cities such as Toronto and Vancouver are witnessing rising demand for energy-efficient elevators in residential and commercial projects. Government regulations supporting green buildings and accessibility standards further accelerate modernization. Additionally, infrastructure investments and smart city developments enhance Canada’s role in driving elevator and escalator adoption, particularly in mid-rise and high-rise urban construction sectors.
Why is Accessibility Important in European Buildings?
Europe’s elevator and escalator market is driven by stringent safety regulations, sustainability goals, and a strong focus on modernization. Countries like Germany, France, and the UK lead in retrofitting aging infrastructure with smart, energy-efficient systems. The region emphasizes accessibility in public and private buildings, supporting demand. Additionally, the integration of AI and IoT technologies into vertical mobility solutions aligns with Europe’s push toward smarter, greener urban environments and smart city initiatives.
Germany Elevator and Escalator Market
Germany plays a pivotal role in the Europe elevator and escalator market, driven by its advanced engineering, strong regulatory framework, and demand for modernization. The country focuses heavily on upgrading aging infrastructure with energy-efficient and smart mobility solutions. Smart city initiatives and stringent safety standards further support adoption. Germany is also home to global players like TK Elevator, which enhances its contribution through innovation, exports, and maintenance services.
France Elevator and Escalator Market
France elevator and escalator market contributes significantly through modernization projects in urban centers like Paris, supported by strict safety regulations and sustainability goals. The country emphasizes accessibility in public infrastructure, prompting upgrades of older systems. Growth in residential and commercial high-rises drives new installations. Additionally, France supports smart technology integration, including AI-driven maintenance and energy-efficient elevators, aligning with its green building mandates and the broader European objective of low-emission, connected urban environments.
UK Elevator and Escalator Market
The UK’s elevator and escalator market is fueled by strong modernization demand, especially in London’s commercial and residential towers. The country emphasizes compliance with evolving safety and accessibility standards, spurring retrofitting of outdated systems. Post-Brexit infrastructure investments and urban regeneration projects also boost demand. Additionally, the UK is embracing smart building technologies, integrating AI, IoT, and data analytics to enhance elevator performance and operational efficiency across new and existing buildings.
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Elevator And Escalator Market Drivers
Rapid Urbanization and Vertical Expansion
Aging Infrastructure and Modernization Demand
Elevator And Escalator Market Restraints
Regulatory and Safety Compliance Challenges
Supply Chain Disruptions and Component Delays
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The global elevator and escalator market outlook is highly competitive, with key players including Otis, KONE, Schindler, TK Elevator, Mitsubishi Electric, and Hitachi. Companies focus on smart technologies, energy efficiency, and predictive maintenance to differentiate. Otis emphasizes digital platforms like Otis ONE, while KONE invests in AI and eco-efficient solutions. Schindler leverages urban mobility innovations, and TK Elevator targets modernization projects to expand global service portfolios and sustain market leadership.
As per the global elevator and escalator industry, emerging startups in the market focus on AI-driven predictive maintenance and IoT‑based smart monitoring. By offering usage‑based service models, they aim to disrupt traditional OEM-led maintenance and retrofit markets. However, most face hurdles: limited technician networks, lack of integration access to proprietary elevator controllers, and liability constraints. Only a few manage to scale, typically by pivoting into building-wide smart‑infrastructure platforms.
Top Player’s Company Profiles
Recent Developments in Elevator And Escalator Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global elevator and escalator industry is experiencing dynamic transformation driven by rapid urbanization, smart city developments, and a shift toward sustainable, tech-integrated infrastructure. Emerging economies in Asia-Pacific and the Middle East are leading demand through large-scale construction and vertical expansion. Simultaneously, developed regions focus on modernizing aging systems, boosting aftermarket growth.
The integration of AI and IoT is revolutionizing maintenance and operational efficiency, with companies like Otis, KONE, and Schindler leading innovation. Startups are also disrupting traditional models by offering scalable, data-driven solutions. These advancements, coupled with evolving regulatory standards and safety requirements, position the global elevator and escalator market strategy as a critical enabler of modern urban living. Continued investment in technology and infrastructure will shape its future trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 89.48 Billion |
| Market size value in 2033 | USD 160.4 Billion |
| Growth Rate | 6.7% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Elevator and Escalator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Elevator and Escalator Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Elevator and Escalator Market:
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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