Elevators and Escalators Market Size was valued at USD 109.60 Billion in 2023. The Elevators and Escalators industry is projected to grow from USD 117.36 Billion in 2024 to USD 231.44 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.76% during the forecast period (2024 - 2032). Rising investment in commercial and residential infrastructure projects in developing and developed economies are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
There has been an increasing migration of a large and widened population base from the rural areas towards the established cities have consequently surged and this has resulted in a sudden need for infrastructure development, that is inclusive of constructing high-rise buildings and infrastructure followed by the need to cater to the accommodation needs of the emerging population. According to the stats belonging to the UN Department of Economic and Social Affairs, by the end of 2030, surpassing the forecast period that ends in 2028, the urban population is likely to comprise 60% of the world population. This tentative number is expected to reach 68% by the end of the futuristic forecast year of 2050 giving rise to the demand for the elevators and escalators market during the forecast period of 2021-2030.
As more money is invested in commercial and residential infrastructure projects, the demand for elevators and escalators increases, leading to growth in the market for these products. Additionally, factors such as urbanization, increasing population, and changing lifestyle patterns are also driving the demand for elevators and escalators. Therefore, such factors related to Elevators and Escalators have enhanced the Elevators and Escalators market CAGR across the globe in recent years.KONE Corporation, a Finnish multinational elevator and escalator corporation, declared the launch of its newest lift technology in 2023, the KONE MonoSpace 600. This advanced state-of-the-art system is designed to be more cost-effective and environmentally friendly.
The Elevators and Escalators market segmentation, based on type, includes Elevators, Escalators, and Moving Walkways. The escalators segment held the majority share in 2021 of the Elevators and Escalators market revenue. This is attributed to the high demand for commercial infrastructures, including shopping malls, commercial parks, and others. Moreover, the rising aerospace infrastructure development results in a rise in demand for escalators and moving walkways.
The Elevators and Escalators market segmentation, based on services, includes New Installation, Maintenance & Repair. The new installation segment held the majority share 2021 of the Elevators and Escalators market revenue. The new installation segment typically includes the installation of new elevators and escalators in commercial and residential buildings, infrastructure projects, and other places. This segment is expected to dominate the market in terms of revenue, as the number of new projects and the construction of new buildings is increasing.
Based on technology, the Elevators and Escalators market segmentation includes Traction, Machine room-Less, and Hydraulic. The Machine room-Less segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. MRL elevators are becoming more popular in the market because they have a smaller footprint than traditional elevators, which reduces the amount of space needed to install them. They are also more energy-efficient and have a higher load-carrying capacity, which makes them suitable for high-rise buildings. Additionally, MRL elevators can be installed in existing buildings, making them a cost-effective option for modernization projects. The Traction and Hydraulic segment will still have a certain market share as it is more suitable for a specific type of building or application. These all factors for Elevators and Escalators positively impact the market growth.In July 2023, The Miami-Dade County Board of County Commissioners approved an agreement to fast-track the Modernization in Action (MIA) Plan at Miami International Airport worth almost USD 12 million for renovating 372 antiqued lifts, escalators and moving walkways at the Floridian Aerodrome equipped with a full refurbishment of 145 units. Under this contract, the airport intends to upgrade or replace at least 30 conveyance units per year over the next five to ten years.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewBy region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The largest market share in the market is likely to be held by the Asia-Pacific region. The main reason behind this is the presence of highly populous countries including China, India Japan, South Korea, and many others that drive the market demand in this region. Moreover increasing commercial and residential growth is another factor that drives the market demand.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilIn March 2023, Sydney Metro West awarded two systems framework contracts to Schindler and Honeywell encompassing a wide range of systems and equipment that will ensure safety, reliability as well as efficiency across metro service. Two contracts are included within the Systems Frameworks package wherein Schindler will provide lift and escalator supply & maintenance while Honeywell shall cover public address systems, CCTV cameras, passenger information displays (PIDs), fire detection systems (FDS), building management control systems (BMCS); electronic access controls systems (EACS).
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewEurope’s Elevators and Escalators market accounts for the third-largest market share. This is because of the presence of well-established technologically advanced infrastructure that requires more elevators and escalators market for its further enhancement and hence creates more growth opportunities in the European region. Moreover, there is an increasing investment coupled with increased expenditure in the infrastructure sector drives the market demand in this region. Further, the Germany Elevators and Escalators market held the largest market share, and the UK Elevators and Escalators market was the fastest-growing market in the European region.
In North America, the Elevators and Escalators market is expected to be the second largest. This is because of the presence of countries like Mexico, Canada, and the US. These countries are expected to have high urbanization rates and hence create more demand in this region. The rise in the prevalence of various major key players is another factor that drives market demand. Moreover, the U.S. Elevators and Escalators market held the largest market share, and the Canada Elevators and Escalators market was the fastest-growing market in the north america region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Elevators and Escalators market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Elevators and Escalators industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Elevators and Escalators. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Elevators and Escalators industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Elevators and Escalators industry to benefit customers and expand the market sector. The Elevators and Escalators market has recently given medicine some of the most important advantages. Major Elevators and Escalators market players, including KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.
KONE Corporation is a Finnish company that designs, manufactures, and installs elevators, escalators, and automatic building doors. KONE is one of the largest elevator and escalator manufacturers in the world and operates in over 60 countries. The company offers a wide range of products and services, including elevators, escalators, automatic building doors, and maintenance and modernization services. KONE's elevators and escalators are used in a variety of buildings, including residential buildings, office buildings, hotels, hospitals, and public transportation hubs. In addition to its core business, KONE also offers digital services, such as remote monitoring and predictive maintenance, to help customers improve the performance and efficiency of their elevators and escalators.
Mitsubishi Electric Corporation is a Japanese multinational corporation that designs, manufactures, and sells a wide range of electrical and electronic equipment and products, including elevators and escalators. The company was founded in 1921 and is headquartered in Tokyo, Japan. Mitsubishi Electric is one of the largest elevator and escalator manufacturers in the world and operates in over 150 countries. The company's elevators and escalators are used in a variety of buildings, including residential buildings, office buildings, hotels, hospitals, and public transportation hubs. Mitsubishi Electric also offers a wide range of services, including maintenance, modernization, and remote monitoring, to help customers improve the performance and efficiency of their elevators and escalators. The company also offers a range of other products, such as air conditioning systems, factory automation equipment, and solar power systems.
December, 2022 Otis China Adds More Than 100 Digitally Connected Elevators to Tianjin Metro - Otis China has been selected to provide more than 120 escalators and Gen3™ elevators for Tianjin Metro’s new Line 4 northern extension.The new Gen3™ elevators will be connected to Otis ONE™, an Internet of Things (IoT)-based platform already delivering real-time monitoring and predictive maintenance for Tianjin Metro. The digital ecosystem supports on-site service engineers to provide around-the-clock service to maximize passenger safety and minimize disruption.With 17 stations along a 22-kilometer route, the Line 4 extension builds on a southern section that opened in December 2021 with 186 Otis elevators and escalators. Overall, the latest addition takes the number of Otis units on the port city’s expanding subway network to more than 1,500.
December, 2022 Athens Selects Otis for Nearly 100 Units on Important Metro Line Extension - New contract builds on success of Lines 2 and 3; brings total number of units installed and maintained by Otis to more than 580 - Athens residents and visitors are now able to travel from Venizelos International Airport to the Port of Piraeus in less than an hour on the 47 km Metro Line 3.That line includes six newly opened stations that complete the journey to Piraeus, including 21 Gen2® elevators and 72 heavy-duty Otis escalators.The six new stations are expected to help Piraeus and the greater area meet sustainability and traffic reduction goals – increasing overall passenger traffic on the metro network by 132,000 commuters daily and reducing the need for 23,000 vehicles on the roads above, cutting CO2 emissions by an estimated 60 tons every day.
January, 2021 Schindler Launches ElevateMe Mobile App Touchless Elevator OperationThe Schindler ElevateMe smartphone app is part of the new touchless solutions in the Schindler CleanMobility range. The app allows passengers to simply call the elevator and select the destination with a swipe of a smartphone.Schindler's ElevateMe App is an innovative mobile app that allows passengers to call an elevator and select the destination floor via smartphone, without having to touch any buttons outside or inside the elevator car.With the new ElevateMe app, Schindler offers an end-to-end solution that provides a high level of security, while being easy to activate. Based on Schindler’s Internet of Elevators and Escalators (IoEE) platform, the app works with Schindler Ahead connected elevators. Installation involves a simple upgrade, after which the service can run instantly. Building owners or managers simply have to place the provided QR code stickers on the elevators and passenger can start operating the elevator via the Schindler ElevateMe app.
July 2021 the subsidiary company of Hitachi Ltd that is Hitachi Elevator Asia has developed an elevator solution that provides a safer and hygienic elevator system.
February 2021 Schindler has signed a partnership agreement with citizenM hotels to provide service and modernization for escalators and elevators in all of the group’s existing buildings.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 109.60 Billion |
| Market Size 2024 | USD 117.36 Billion |
| Market Size 2032 | USD 231.44 Billion |
| Compound Annual Growth Rate (CAGR) | 8.69% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Service, Technology, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd |
| Key Market Opportunities | Increasing supportive regulations from the government Changing lifestyles and high growth in the construction sector |
| Key Market Dynamics | Increasing infrastructure development across the globe Growing demand from the residential as well as the construction sector |
Elevators and Escalators Market Highlights:
Frequently Asked Questions (FAQ) :
The Elevators and Escalators market size was valued at USD 109.60 Billion in 2023.
The market is projected to grow at a CAGR of 8.76% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the Elevators and Escalators market.
The key players in the market are KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd.
The escalators category dominated the market in 2023.
The machine room-less had the largest share in the market for Elevators and Escalators.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
