Rising construction of multi-story building and increasing number of shopping malls driving the growth of the market.

Global Elevators and Escalators Market to Reach USD 293.56 Billion by 2035, Exhibiting a CAGR of 8.69% During 2025–2035

Market Research Future (MRFR) has published a cooked research report on the “Global Elevators and Escalators Market” containing information from 2019 to 2035. The market is projected to register a CAGR of 8.69% during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Elevators and Escalators Market — Otis (US), Schindler (CH), Kone (FI), Thyssenkrupp (DE), Mitsubishi Electric (JP), Hitachi (JP), Toshiba (JP), Fujitec (JP), and Hyundai Elevator (KR).

Market Highlights

According to MRFR analysis, the Elevators and Escalators Market Size was estimated at USD 117.36 Billion in 2024 and is projected to grow from USD 127.56 Billion in 2025 to USD 293.56 Billion by 2035, registering a CAGR of 8.69% during the forecast period.

The market’s growth is driven by technological advancements, urbanization, and sustainability initiatives. The integration of smart technologies such as IoT and AI has enhanced energy efficiency and operational safety, transforming vertical transportation solutions across sectors. Additionally, the modernization and retrofitting segment is witnessing increasing investment, particularly in aging infrastructure across North America and Europe.

Urbanization and infrastructure development are major growth catalysts, fueling demand for both new installations and maintenance and repair services globally.

Segment Analysis

The Global Elevators and Escalators Market has been segmented based on Type, Service, Elevator Technology, and Region.

By type, Elevators and Escalators Market is divided into Elevators, Escalators, and Moving Walkways. The Elevators segment holds the largest market share owing to their essential role in high-rise and commercial buildings. Meanwhile, the Escalators segment is rapidly emerging, driven by rising urbanization and infrastructure projects in public transport and commercial spaces.

On the basis of Service, the market is segmented into New Installation and Maintenance & Repair. The New Installation segment dominates the market, propelled by construction of new commercial and residential buildings. However, the Maintenance & Repair segment is gaining strong momentum as building owners focus on operational efficiency and regulatory compliance through predictive maintenance.

The market is categorized into Traction, Machine Room-Less, and Hydraulic.Traction elevators dominate the market due to their high efficiency and suitability for tall structures, while Machine room-less (MRL) elevators are the fastest-growing technology owing to their space-saving design and energy-efficient operation. Hydraulic systems remain relevant for low- to mid-rise applications due to simpler mechanics and cost advantages.

Regional Analysis

The Global Elevators and Escalators Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

The North American market is driven by urbanization, infrastructure renewal, and sustainability initiatives. The U.S. holds approximately 60% of the regional market, followed by Canada at around 25%. Increasing investments in modernization and regulatory initiatives promoting energy-efficient technologies continue to boost market growth.

Europe is experiencing regulatory-driven expansion due to stringent safety and energy efficiency standards. Germany and France hold approximately 35% and 20% of the regional market share, respectively. The region’s modernization programs for aging infrastructure and commitment to sustainability are fueling growth, with key players such as Schindler and Kone leading innovation.

The Asia-Pacific market is the dominating region in this market witnessing rapid growth driven by urbanization and smart city projects. China dominates the region with about 50% share, followed by Japan at approximately 20%. Expanding construction activities and government-led infrastructure investments are major contributors, with Mitsubishi Electric and Hitachi being leading players.

The Middle East and Africa regions show strong potential, propelled by large-scale construction projects and urban development initiatives. The UAE and South Africa hold about 30% and 20% of the regional market, respectively. Strategic partnerships and localized manufacturing are key growth enablers for companies like Fujitec and Hyundai Elevator.

Key Findings of the Study

• The Elevators and Escalators Market Size was estimated at USD 117.36 Billion in 2024 and is projected to reach USD 293.56 Billion by 2035.


• The market is expected to grow at a CAGR of 8.69% during 2025–2035.


• Elevators hold the largest share by type, while Escalators are the fastest-growing subsegment.


• New Installation dominates the services segment, with Maintenance & Repair expanding steadily.


• By technology, Traction leads the market, whereas Machine room-less elevators are the fastest-growing technology.


• Asia-Pacific dominates the global market and is also the fastest-growing region due to urbanization and infrastructure development.


• Key players include Otis (US), Schindler (CH), Kone (FI), Thyssenkrupp (DE), Mitsubishi Electric (JP), Hitachi (JP), Toshiba (JP), Fujitec (JP), and Hyundai Elevator (KR).


• Market growth is fueled by technological innovation, safety regulations, modernization needs, and sustainability initiatives.

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