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#Elevator and Escalator Market Size And Revenue Forecast Through 2030
The elevator and escalator market size has demonstrated strong growth in recent years. This market is anticipated to expand from $124.87 billion in 2025 to $134.81 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 8.0%. The expansion observed in the past can be credited to factors such as increasing urbanization and high-rise construction, the development of commercial real estate projects, rising investments in public infrastructure, growing demand for vertical transportation solutions, and the availability of advanced traction technologies.
The elevator and escalator market is projected to experience substantial expansion in the coming years. It is anticipated to reach a valuation of $183.24 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 8.0%. This anticipated growth during the forecast period is primarily driven by factors such as the rise in smart city projects, the escalating need for touchless elevator systems, the proliferation of green building efforts, an increased emphasis on remote monitoring technologies, and the ongoing modernization of outdated infrastructure. Key trends observed within this period encompass the wider adoption of smart elevators featuring predictive maintenance capabilities, an increasing inclination towards energy-efficient escalator systems, the broader integration of destination control technologies, an expansion in modernization and retrofit offerings, and a heightened commitment to passenger safety mechanisms.
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Elevator and Escalator Market Expansion Drivers: What Is Shaping Future Growth?
The future growth of the elevator and escalator market is anticipated to be driven by increased infrastructure investment. Infrastructure pertains to the construction of tangible assets such as buildings, roads, and bridges. As buildings grow taller, the demand for elevators and escalators has risen to ensure efficiency and save time for individuals. For example, in September 2024, the US Census Bureau, a US-based government agency, estimated construction spending at a seasonally adjusted annual rate of $2,162.7 billion in July 2024. This figure represents a 6.7 percent increase (±1.8 percent) compared to the $2,027.4 billion spent in July 2023. Moreover, total public construction expanded to $270,803 million in July 2024, compared to $243,948 in 2023. These growing infrastructure investments are consequently propelling the expansion of the elevator and escalator markets.
Elevator and Escalator Market Categorization By Product Type And Application
The elevator and escalator market covered in this report is segmented –
1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users
Subsegments:
1) By Elevators: Passenger Elevators, Freight Elevators, Service Elevators, Dumbwaiters
2) By Escalators: Commercial Escalators, Industrial Escalators, Escalators for Public Transport
3) By Moving Walkways: Parallel Moving Walkways, Inclined Moving Walkways, Automated Walkways
Elevator and Escalator Market Industry Trends Shaping Future Revenue Growth
Major companies active in the elevator and escalator market are focusing on developing technological innovations, such as digitally connected elevators, to offer improved user experiences and enhance operational efficiency in modern buildings. Digitally connected elevators refer to units integrated with advanced digital technologies like the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), to boost their functionality, safety, and efficiency. For instance, in December 2024, KONE India, an India-based manufacturing company, unveiled the KONE I MonoSpace SMART, KONE I MiniSpace SMART, and KONE A MonoSpace SMART elevators. These new elevators are fully compliant with the latest Indian safety standard, IS 17900, utilizing advanced PESSRAL safety controllers with dual-channel redundancy and tamper-proof modules for heightened user safety. They also ensure energy-efficient operation through optional regenerative drives that can recuperate up to 30% of energy, along with LED lighting and standby modes capable of delivering up to 90% energy savings during idle times.
Elevator and Escalator Market Company Landscape And Strategic Competition
Major companies operating in the elevator and escalator market are Schindler Group, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators Co. Ltd, Expert Lift Ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, Thyssenkrupp AG, Schmitt + Sohn, Delta Elevator Co. Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co. LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering
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Elevator and Escalator Market Global Footprint: Which Region Holds Market Leadership?
Asia-Pacific was the largest region in the elevator and escalator market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
