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Elevator and Escalator Market Forecast: What Value Will The Market Reach By 2030?
The elevator and escalator market has experienced robust expansion over recent years. It is projected to expand significantly, rising from $124.87 billion in 2025 to $134.81 billion by 2026, at a compound annual growth rate (CAGR) of 8.0%. This historical growth can be attributed to urbanization and high-rise construction growth, the expansion of commercial real estate projects, increasing investments in public infrastructure, a rising demand for vertical transportation, and the availability of advanced traction technologies.
The elevator and escalator market is projected to experience substantial expansion over the coming years. Its value is predicted to reach $183.24 billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.0%. This anticipated growth during the forecast period stems from several factors, such as the rise in smart city initiatives, a surging need for touchless elevator systems, broader green building programs, an increased emphasis on remote monitoring solutions, and the ongoing modernization of existing infrastructure. Key developments expected within this period encompass the increasing deployment of smart elevators featuring predictive maintenance, a heightened demand for energy-efficient escalator systems, greater incorporation of destination control technologies, the broadening of modernization and retrofit offerings, and an intensified focus on passenger safety mechanisms.
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Elevator and Escalator Market Demand Drivers: What’s Powering Industry Growth?
The escalating investment in infrastructure is poised to drive the expansion of the elevator and escalator market in the foreseeable future. Infrastructure itself covers the construction of physical assets like bridges, roads, and buildings. As structures continue to rise in height, the necessity for elevators and escalators has also grown, offering people time efficiency and convenience. For example, in September 2024, the US Census Bureau, a US government agency, indicated that construction spending hit an estimated seasonally adjusted annual rate of $2,162.7 billion in July 2024, reflecting a 6.7 percent increase (±1.8 percent) from the $2,027.4 billion recorded in July 2023. Moreover, overall public construction climbed to $270,803 million in July 2024, up from $243,948 in 2023. Thus, heightened infrastructure investments are clearly fostering growth in the elevator and escalator markets.
Elevator and Escalator Market Segment Analysis And Revenue Potential
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 Innovation Trends: What Developments Are Reshaping The Industry?
Leading firms within the elevator and escalator market are concentrating on creating technological breakthroughs, including digitally connected elevators, with the aim of delivering superior user experiences and boosting operational efficiency in contemporary structures. These digitally connected elevators signify lifts that incorporate sophisticated digital technologies like the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), thereby improving their functionality, safety, and overall efficiency. As an illustration, in December 2024, KONE India, a manufacturing company based in India, unveiled the KONE I MonoSpace SMART, KONE I MiniSpace SMART, and KONE A MonoSpace SMART elevators. These newly introduced elevators fully conform to the most recent Indian safety standard, IS 17900, by utilizing advanced PESSRAL safety controllers that feature dual-channel redundancy and tamper-proof modules, ensuring heightened user safety. Furthermore, they provide energy-efficient operation, facilitated by optional regenerative drives capable of recycling up to 30% of energy, alongside LED lighting and standby modes that can achieve up to 90% energy savings when idle.
Elevator and Escalator Market Key Players Shaping Industry Direction
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 Top Region By Revenue And Market Share
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.
