Global Elevators and Escalators Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Type, the market is divided into elevators, escalators, and moving walkways. Elevators hold the largest share, driven by their widespread adoption in residential and commercial buildings. As urban populations grow and the demand for high-rise buildings escalates, elevators are essential for efficient vertical transportation. Escalators and moving walkways are gaining traction in high-traffic areas such as shopping malls, airports, and metro stations, thanks to their ability to handle large volumes of passengers. The shift toward automation and improved designs further boosts the market for escalators and moving walkways, with the retail and transportation sectors increasingly investing in these solutions.

By Service, the market is segmented into new installation, maintenance & repair, and modernization. New installations are driven by rapid urban development and construction activities worldwide, particularly in emerging economies. The growing number of commercial spaces, residential buildings, and infrastructure projects like airports and rail stations contribute significantly to this segment. Maintenance and repair services are critical for ensuring the longevity and safety of elevator and escalator systems, which is a growing segment due to the aging infrastructure in many developed countries. Additionally, modernization services are on the rise as building owners seek to upgrade their existing systems to meet modern standards, improve energy efficiency, and incorporate smart technologies.

By Elevator Technology, the market is categorized into traction, machine room-less (MRL) traction, and hydraulic elevators. Traction elevators dominate the market, particularly in high-rise buildings, due to their efficiency and ability to handle heavy loads. Machine room-less (MRL) traction elevators are gaining popularity due to their space-saving benefits, energy efficiency, and reduced installation costs. These elevators are increasingly used in low- to mid-rise buildings, where space optimization is essential. Hydraulic elevators, though less efficient and more commonly used in low-rise buildings, remain a cost-effective solution, particularly in residential applications.

By End-Use Sector, the market is divided into residential, commercial, institutional, infrastructural, and others. The residential sector remains the largest end-user, driven by the growing number of high-rise apartments and multi-story residential buildings. The commercial sector, which includes retail spaces, office buildings, and hotels, follows closely, with escalators and elevators playing a crucial role in facilitating efficient movement of people in large buildings. The institutional sector, encompassing schools, hospitals, and government buildings, is also a significant contributor, with an increasing need for accessibility and compliance with safety regulations. The infrastructural sector, including transportation hubs like airports, metro stations, and malls, is witnessing an uptick in demand for escalators and moving walkways due to the growing need for efficient movement of passengers in these high-traffic environments.

Global Elevators and Escalators Segment Analysis

In this report, the Global Elevators and Escalators Market has been segmented by Type, Service, Elevator Technology, End-Use Sector, and Geography.

Global Elevators and Escalators Market, Segmentation by Type

The Global Elevators and Escalators Market has been segmented by Type into Elevators, Escalators, and Moving Walkways.

The diverse range of vertical transportation solutions available to meet the varied needs of different environments and industries. Elevators, an integral component of modern buildings, provide efficient vertical mobility by transporting passengers and goods between floors. They are essential in high-rise structures, residential buildings, commercial complexes, and institutional facilities, ensuring accessibility and convenience for occupants and visitors alike. Escalators, on the other hand, offer continuous movement between different levels of buildings and public spaces, facilitating passenger flow in areas with high foot traffic such as shopping malls, airports, metro stations, and transit hubs. Moving walkways, another segment of the market, provide a convenient means of transportation for pedestrians over longer distances within large facilities such as airports, convention centers, and exhibition halls. These walkways enhance connectivity and efficiency by enabling pedestrians to cover longer distances quickly and comfortably.

Each segment of the elevators and escalators market caters to specific vertical transportation needs, offering distinct features and benefits tailored to different settings and applications. Elevators provide fast, safe, and reliable transportation within buildings, accommodating various passenger loads and mobility requirements. Escalators offer a seamless and energy-efficient solution for moving people between different floors, enhancing accessibility and passenger experience in busy public areas. Moving walkways, meanwhile, offer a unique form of pedestrian transportation, enabling swift and effortless movement over extended distances. By segmenting the market into Elevators, Escalators, and Moving Walkways, industry stakeholders can address the diverse needs of customers across residential, commercial, institutional, and infrastructural sectors, ensuring optimal vertical transportation solutions for different environments and applications.

Global Elevators and Escalators Market, Segmentation by Service

The Global Elevators and Escalators Market has been segmented by Service into New Installation, Maintenance & Repair, and Modernization.

The comprehensive lifecycle management of vertical transportation systems to ensure their optimal performance, safety, and longevity. New Installation services encompass the planning, design, engineering, and installation of elevators, escalators, and moving walkways in various settings, including new construction projects, building renovations, and infrastructure developments. Manufacturers and service providers collaborate with architects, developers, and building owners to customize vertical transportation solutions according to specific requirements, such as passenger capacity, speed, and space constraints. Through New Installation services, stakeholders deliver state-of-the-art vertical transportation systems that meet the evolving needs of modern buildings and infrastructure projects, enhancing accessibility, efficiency, and user experience.

Maintenance & Repair services play a critical role in the ongoing upkeep and operation of elevators and escalators, ensuring their reliable performance and compliance with safety standards. Maintenance programs typically include routine inspections, preventive maintenance tasks, and timely repairs to address issues and minimize downtime. Skilled technicians and service teams conduct regular checks and diagnostic tests to identify potential problems and implement corrective measures promptly, thereby preventing escalations and ensuring the smooth operation of vertical transportation systems. Maintenance & Repair services encompass emergency response capabilities to address unexpected breakdowns and malfunctions, providing rapid assistance to restore service and minimize disruptions. Modernization services focus on upgrading existing elevator and escalator systems with advanced technologies, energy-efficient components, and enhanced safety features to optimize performance, reliability, and lifespan. By offering a comprehensive range of services, including New Installation, Maintenance & Repair, and Modernization, stakeholders in the elevators and escalators market cater to the diverse needs of customers across residential, commercial, institutional, and infrastructural sectors, ensuring the efficient operation and longevity of vertical transportation systems throughout their lifecycle.

Global Elevators and Escalators Market, Segmentation by Elevator Technology

The Global Elevators and Escalators Market has been segmented by Elevator Technology into Traction, Machine Room-Less (Mrl) Traction, and Hydraulic.

The diverse range of technologies utilized in vertical transportation systems to meet varying performance requirements and space constraints across different applications and industries. Traction elevators, one of the most common types, utilize a system of cables and counterweights driven by an electric motor to move the elevator car up and down. These elevators offer smooth and efficient operation, suitable for medium to high-rise buildings in both residential and commercial settings. Traction elevators are preferred for their reliability, speed, and ability to accommodate heavy loads, making them a versatile choice for a wide range of applications.

Machine Room-Less (MRL) Traction elevators represent a more compact and space-saving alternative to traditional traction elevators, eliminating the need for a separate machine room by integrating the drive and control systems within the elevator shaft. MRL elevators utilize similar traction technology as traditional traction elevators but offer greater flexibility in installation, particularly in buildings with limited space or height restrictions. These elevators are increasingly favored for their efficiency, reduced footprint, and simplified installation process, making them suitable for both new construction projects and retrofit applications. Hydraulic elevators, another segment of the market, utilize a hydraulic system to lift the elevator car by pumping hydraulic fluid into a piston, which raises or lowers the car. Hydraulic elevators are commonly used in low to mid-rise buildings, offering a cost-effective and space-efficient solution for vertical transportation.

By segmenting the market into Traction, Machine Room-Less (MRL) Traction, and Hydraulic elevators, industry stakeholders can address the diverse needs and preferences of customers across different building types, applications, and geographical regions. Each elevator technology offers unique advantages and considerations in terms of performance, space requirements, installation complexity, and cost-effectiveness, enabling stakeholders to select the most appropriate solution based on specific project requirements and constraints.

Global Elevators and Escalators Market, Segmentation by End-Use Sector

The Global Elevators and Escalators Market has been segmented by End-Use Sector into Residential Sector, Commercial Sector, Institutional Sector, Infrastructural Sector, and Others.

The diverse applications and demand drivers across various industries and settings. The Residential Sector constitutes one of the significant segments of the market, where elevators and escalators play a crucial role in providing convenient vertical mobility within apartment buildings, condominiums, and residential complexes. With the increasing trend towards urbanization and the construction of high-rise residential towers, the demand for elevators in residential settings has surged, driven by factors such as demographic shifts, aging populations, and lifestyle preferences. Elevators enhance accessibility and convenience for residents, particularly elderly individuals and individuals with disabilities, making them an essential feature in modern residential developments.

In the Commercial Sector, elevators and escalators are integral components of office buildings, retail centers, hotels, and mixed-use developments, facilitating efficient transportation of people and goods within commercial properties. Elevators provide convenient access to multiple floors, ensuring smooth traffic flow and enhancing the overall efficiency of commercial operations. Escalators are commonly deployed in retail environments, shopping malls, and transportation hubs to facilitate customer movement between different levels, contributing to a seamless and engaging shopping experience. In the Institutional Sector, elevators and escalators are utilized in educational institutions, healthcare facilities, government buildings, and cultural venues to provide accessibility and mobility for students, patients, visitors, and staff. These vertical transportation solutions improve accessibility and inclusivity, enabling individuals to navigate public spaces and facilities with ease.

The Infrastructural Sector encompasses transportation hubs, such as airports, railway stations, and metro systems, where elevators and escalators are essential for facilitating passenger flow and ensuring efficient connectivity within large-scale transportation networks. Elevators and escalators enable passengers to access different levels of terminals, concourses, and platforms, enhancing the overall passenger experience and operational efficiency of transportation facilities. The "Others" category encompasses various niche applications and specialized industries where elevators and escalators are deployed, including industrial facilities, entertainment venues, sports arenas, and exhibition centers. Overall, the segmentation by End-Use Sector reflects the diverse range of applications and demand drivers for elevators and escalators across residential, commercial, institutional, infrastructural, and other sectors, highlighting the significance of vertical transportation solutions in modern society.

Global Elevators and Escalators Market, Segmentation by Geography

In this report, the Global Elevators and Escalators Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Elevators and Escalators Market Share (%), by Geographical Region, 2024

North America, a mature market for elevators and escalators, is characterized by a strong presence of established manufacturers and suppliers, along with stringent safety regulations and building codes driving demand for modernization and replacement projects. The region experiences steady growth in both residential and commercial construction activities, particularly in urban centers, where high-rise buildings and mixed-use developments fuel the demand for vertical transportation solutions. technological advancements and innovations in smart building technologies further contribute to the adoption of elevators and escalators in North America, enhancing energy efficiency, safety, and user experience across various applications.

In contrast, the Asia Pacific region emerges as a key growth market for elevators and escalators, driven by rapid urbanization, population growth, and infrastructure development initiatives in countries such as China, India, and Southeast Asian nations. The Asia Pacific region accounts for a significant share of global construction activities, with a strong emphasis on vertical urbanization and the construction of high-rise buildings and transportation infrastructure. Increasing investments in smart city projects, coupled with rising standards of living and changing lifestyle preferences, propel the demand for elevators and escalators in residential, commercial, and infrastructural sectors across the region. Furthermore, government initiatives aimed at enhancing accessibility, safety, and sustainability in urban environments stimulate market growth, presenting lucrative opportunities for manufacturers and suppliers to expand their presence and capitalize on the burgeoning demand for vertical transportation solutions in the Asia Pacific region.

This report provides an in depth analysis of various factors that impact the dynamics of Global Elevators and Escalators Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers:

• Technology Innovation
• Construction Demand

• Smart Building Trends-Smart building trends encompass a range of innovative technologies and strategies aimed at optimizing building operations, enhancing occupant experience, and improving overall efficiency and sustainability. One prominent trend involves the integration of Internet of Things (IoT) devices and sensors throughout buildings to gather real-time data on various aspects such as occupancy, energy consumption, indoor air quality, and equipment performance. This data is then analyzed using advanced analytics and machine learning algorithms to generate insights that enable proactive maintenance, predictive analytics, and optimization of building systems. Smart building solutions also encompass the implementation of intelligent building management systems (BMS) that enable centralized control and monitoring of building systems, including HVAC, lighting, security, and vertical transportation such as elevators and escalators. By leveraging smart building technologies, property owners and facility managers can improve operational efficiency, reduce energy consumption, and enhance occupant comfort and safety.

  Another key smart building trend is the adoption of automation and connectivity to create more responsive and adaptive environments. Building automation systems enable seamless integration and coordination of various building systems and subsystems, allowing for dynamic adjustments based on changing conditions and user preferences. For example, automated lighting and HVAC controls can adjust settings in real-time based on occupancy levels and ambient conditions, optimizing energy usage while maintaining occupant comfort. Smart elevators and escalators equipped with IoT sensors and predictive maintenance capabilities can anticipate and address potential issues before they occur, minimizing downtime and optimizing performance. As smart building technologies continue to evolve and become more sophisticated, they offer unprecedented opportunities to transform the built environment into more intelligent, efficient, and sustainable spaces that meet the needs of occupants and stakeholders alike.

Restraints:

• Economic Volatility
• High Costs

• Construction Slowdown-Construction slowdown refers to a deceleration in the pace of construction activities within the industry, often influenced by various economic, regulatory, and market factors. One significant factor contributing to construction slowdowns is economic instability, which can stem from factors such as fluctuations in GDP growth, changes in interest rates, or geopolitical tensions. During economic downturns, businesses and individuals may postpone or scale back construction projects due to reduced demand, tightening credit conditions, or concerns about future market conditions. Regulatory challenges, such as changes in building codes, zoning regulations, or permitting processes, can introduce delays and uncertainties into construction projects, leading to slowdowns in activity. Moreover, market saturation or oversupply in certain segments, such as residential or commercial real estate, can dampen investor interest and slow the pace of new construction starts.

  Another factor contributing to construction slowdowns is labor shortages and skill gaps within the industry. As experienced workers retire and younger generations pursue careers in different fields, the construction industry faces challenges in attracting and retaining skilled labor. Labor shortages can result in delays and increased costs for construction projects, as firms struggle to fill critical roles and maintain productivity levels. Supply chain disruptions, such as material shortages, transportation delays, or price fluctuations, can further exacerbate construction slowdowns by impeding project progress and driving up costs. These challenges requires collaboration between industry stakeholders, policymakers, and educational institutions to invest in workforce development, streamline regulatory processes, and strengthen supply chain resilience to support sustained growth and resilience within the construction sector.

Opportunities:

• Retrofitting Opportunities
• Energy Efficiency Focus

• Smart Building Integration-Smart building integration involves the seamless incorporation of various technologies and systems within a building to create a unified and intelligent infrastructure. One key aspect of smart building integration is the convergence of building automation systems (BAS) with emerging technologies such as the Internet of Things (IoT), cloud computing, and data analytics. By connecting sensors, actuators, and other IoT devices throughout the building, stakeholders can gather real-time data on occupancy, temperature, lighting, energy usage, and more. This data is then aggregated and analyzed using advanced analytics platforms to generate actionable insights that drive operational efficiencies, optimize resource allocation, and enhance occupant comfort and safety. Through smart building integration, building owners and facility managers gain centralized control and visibility over building systems, enabling proactive decision-making and responsive adjustments to changing conditions.

  Another crucial aspect of smart building integration is interoperability, which involves the seamless communication and integration of diverse building systems and technologies. By adopting open standards and protocols, such as BACnet, MQTT, or OPC UA, stakeholders can ensure compatibility and interoperability between different devices, platforms, and applications. This interoperability enables data sharing and exchange between disparate systems, allowing for more comprehensive analysis and decision-making. Smart building integration facilitates the development of customized solutions and applications that address specific needs and requirements within the built environment. Whether it's optimizing energy usage, improving indoor air quality, or enhancing security and access control, smart building integration empowers stakeholders to leverage technology to create smarter, more efficient, and more sustainable buildings that meet the evolving needs of occupants and users.

Key players in Global Elevators and Escalators Market include:

• Aaron Industries Ltd.
• Cibes Lift Group Ab
• Eita Elevator
• Electra Elevators
• Escon Elevators
• Expedite Technologies
• Fujitec Co., Ltd.
• Glarie Elevator Group
• Hitachi Ltd.
• Hyundai Elevator
• Hyundaielevator Co., Ltd.
• Johnson Elevator Co., Ltd.

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis