The Escalator Market size was valued at USD 59.68 billion in 2023. The escalator industry is projected to grow from USD 62.78 Billion in 2024 to USD 97.06 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60 % during the forecast period (2024 - 2032). Major vendors of the escalator market have focused on enhancing escalator efficiency to nurture a green, clean, and sustainable environment. Additionally, to combat issues with traffic congestion, several governments worldwide are concentrating on building effective metro rail systems, which are driving up demand for the industry. Escalators are moving staircases that transport people from one floor to the next in a building or other structure. They are typically made from steps that lock together and are propelled by an electric motor. Steps in an escalator can be moved thanks to a system of chains and gears easily. A series of trusses that connects the floors houses the complete machinery. They are commonly found in various verticals, including residential, industrial, and commercial structures. They are installed in residential complexes, railway stations, metro stations, hospitals, office buildings, shopping malls, and educational institutions. Escalators in high-rise and mid-rise buildings have become vital, supporting the construction sector is gaining traction. The number of shopping malls has also greatly expanded due to the rising spending power of the populace in developing nations. Escalators have lower noise and vibration levels and can be positioned in the same area as stairs. These technical benefits help escalators become more popular. Thus, these factors are anticipated to drive the growth of the market.
Escalator Market COVID-19 Analysis
During the COVID-19 pandemic shutdown, however, numerous escalator manufacturers were forced to halt operations in countries including China, the US, and India. This interruption has a direct influence on the sales of escalator manufacturers. Furthermore, the first lockdowns drastically decreased construction activity in many emerging countries and hampered industry expansion. However, the pandemic has prompted elevator and escalator makers to take novel steps, such as establishing contact-free lift operations via smartphone apps and air filters. Furthermore, stakeholders are boosting the availability of horizontal and inclined moving walkways, allowing consumers to use them in various settings.
As a result of rising investment in commercial and residential infrastructure projects in both developing and mature economies, the escalator business is expanding. The product is expected to grow in popularity as development activity on the largest and tallest commercial structures increases in various places. Furthermore, hydraulic elevators have low civil engineering requirements, great security, and exceptional shaft usage. The rising trend of skyscrapers being used to improve existing and aging infrastructure in response to rising demand is expected to expand the market size. In contrast, high workplace security and safety measures and training to reduce accidents are expected to generate revenue for future market growth, as is a surge in product quality induced by manufacturers. For Instance, Due to approximately 75% of carbon dioxide emissions and consumption of three-quarters of natural resources, various governments have mandated effective and smart utilization, which is expected to expand the market size.
The increased urbanization is increasing the number of modern shops and metro train stations, which is predicted to drive the market escalator growth considerably. The growing purchasing power of the middle-class population is driving demand for more spacious and well-equipped residences. For instance, in November 2021, according to the Indian Brand Equity Foundation, an Indian government organization, the federal government committed $1.89 billion to the union budget for infrastructure development. In addition, the Indian Parliament passed legislation to establish the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, and a 13% share of total FDI inflows worth $ 81.72 billion was designated for infrastructure development. As a result, increased infrastructure investments propel the elevator and escalator sectors forward.
There has been an increase in escalator accidents, generating concerns that will have a detrimental influence on demand for the equipment. This is also expected to limit the expansion of the markets.
Product innovation is a crucial trend that is gaining traction in the elevator and escalator business. To maintain their market position, major businesses are focusing on developing cutting-edge digitally connected technologies
The escalator market segmentation, based on type, is parallel, multi-parallel, walkway, crisscross, and spiral type. The escalator market growth was prominently high under the parallel segment in 2021 due to increased demand from commercial buildings.
The escalator market segmentation, based on application, is residential and commercial. The residential segment dominated the market in 2021 and is also anticipated to rise at a higher CAGR. The rising economic living standards are propelling the worldwide property market. Developing economies such as India, China, the Middle East, and North Africa are experiencing unprecedented urban growth as more people migrate to cities for work. As a result, high-rise building construction — nearly invariably equipped with smart elevators — has become increasingly important in urban expansion. Also, the industry is being pushed significantly by increased demand for commercial space and increased investment in public transportation projects such as metro lines and airports. However, constraints like the need for frequent maintenance and escalators' high energy consumption have the potential to impede market expansion.
By region, the escalator market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
North America accounted for the highest revenue share in the market for escalator in 2021. This is owing to the existence of countries such as Mexico, Canada, and the US. These countries are predicted to have strong urbanization rates, creating a significant demand for the region. Another element driving market demand is the increase in the number of important players. The US will account for the largest revenue share in the market in 2021 as several established market players attempt to boost their performance and customer base in the region by merging the strategies and acquisitions of large local enterprises.
Asia-Pacific had the highest growth rate in the forecast period. Asia-Pacific countries with large population densities, such as India, China, and Japan, contribute, serving as a primary market driving force. Furthermore, due to a growth in public and private infrastructure development projects, Asia-Pacific is predicted to see a major expansion in the construction sector. Furthermore, the collaboration between international and domestic firms has produced a favorable atmosphere for market growth.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., among others, dominate the market due to product differentiation, strategic developments, financial stability, and diversified regional presence. Escalator firms are focusing on developing new and inventive methods to make facility assets and services relevant and necessary for improving customer experience, business administration, occupational physiology, and supporting their core business. Property management services are tailored to property owners' short and long-term financial goals. Service and solution providers develop a strategic property operations plan for their customers based on a zero-based operating budget and capital plan. To expand their market footprint and acquire more clients, these market players are investing in R&D and engaging in marketing strategies such as partnerships & collaborations, mergers & acquisitions, product launches, and developments.
Prominent players in the escalator market research include Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., and others.
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.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the escalator market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the escalator market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the escalator market growth
To find out the factors which are affecting the escalator market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
| Attribute/Metric | Details |
| Market Size 2023 | USD 59.68 billion |
| Market Size 2024 | USD 62.78 billion |
| Market Size 2032 | USD 97.06 billion |
| Compound Annual Growth Rate (CAGR) | 5.60% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, AsiaPacific, 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 | Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd. |
| Key Market Opportunities | Product innovations are a significant opportunity in the escalator business. |
| Key Market Dynamics | The increased urbanization is increasing the number of modern retail and metro train stations. |
Escalator Market Highlights:
Frequently Asked Questions (FAQ) :
The escalator market forecast period is 2024 - 2032
The market is expected to register a CAGR of ~5.60 % over the next 10 years, according to escalator market research.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032
North America held the largest share in 2023
The market size is expected to be USD 97.06 billion by 2032.
Schindler (Switzerland), ThyssenKrupp AG (Germany), KONE Corporation (Finland), United Technologies (US), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Mitsubishi Electric Corporation, Electra Ltd. (Israel), FUJITA (Japan), Hyundai Elevator Co. Ltd., and others are the major companies operating in the market.
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