Elevators & Escalators Market Size, Share, Growth, and Industry Analysis, By Types (Elevators, Escalators, Moving Walkways), By Applications (Residential Sector, Institutional Sector, Commercial Sector, Infrastructural Sector) , and Regional Insights and Forecast to 2034

Elevators & Escalators Market Size

The Global Elevators & Escalators Market size was USD 36.35 billion in 2024 and is projected to touch USD 37.62 billion in 2025, USD 38.94 billion in 2026, and expand further to USD 51.27 billion by 2034, exhibiting a growth rate of 3.5% during the forecast period (2025–2034). With over 48% demand emerging from Asia-Pacific, 24% from Europe, 18% from North America, and 10% from the Middle East & Africa, the market continues to show strong geographic diversification.

The US Elevators & Escalators Market is driven by modernization and high-rise construction trends, where nearly 42% of demand comes from commercial projects, 37% from residential complexes, and 21% from institutional and infrastructural upgrades. Around 55% of new installations in the US involve smart elevators, while 30% are energy-efficient systems, reflecting the push towards sustainable and digital solutions.

Key Findings

• Market Size: USD 36.35 billion (2024), USD 37.62 billion (2025), USD 51.27 billion (2034), CAGR 3.5% – The market shows consistent upward growth trend.
• Growth Drivers: 45% demand from modernization, 38% from high-rise construction, 28% from smart mobility adoption, 30% from sustainable solutions, driving steady expansion worldwide.
• Trends: 55% smart elevators adoption, 40% modernization in Europe, 32% energy-efficient escalators, 27% touchless systems, shaping innovation and technology adoption trends globally.
• Key Players: Kone, Thyssenkrupp, Schindler, Mitsubishi Electric, Hitachi & more.
• Regional Insights: Asia-Pacific leads with 48% share driven by high-rise projects and urban housing. Europe holds 24% share through modernization demand. North America captures 18% with replacements and smart upgrades. Middle East & Africa accounts for 10% share, supported by infrastructure and transit investments. Together, regions form 100% global market presence.
• Challenges: 41% shortage of skilled technicians, 27% regulatory delays, 33% cost burden on owners, making compliance and workforce gaps key challenges in market adoption.
• Industry Impact: 52% efficiency from automation, 39% urban mobility demand, 28% sustainability adoption, transforming global infrastructure and customer experiences significantly.
• Recent Developments: 34% eco-friendly product launches, 27% smart innovations, 30% transit-focused escalator upgrades, 22% digital twin adoption, strengthening global competitiveness among players.

The Elevators & Escalators Market reflects a unique blend of modernization, sustainability, and digital transformation. Over 62% of high-rise projects globally integrate advanced elevators, while 40% of Europe’s market revolves around retrofitting and upgrading outdated systems. In Asia-Pacific, 48% of installations are directly linked to rapid urban growth, making it the fastest-expanding regional hub. Around 30% of escalator demand globally comes from transport facilities such as metro and airports, highlighting infrastructure-driven opportunities. These combined factors demonstrate the industry’s long-term growth momentum and innovation potential.

Elevators & Escalators Market Trends

The elevators & escalators market is witnessing robust growth driven by rapid urbanization, infrastructure development, and the rising demand for vertical transportation solutions across residential, commercial, and industrial spaces. Over 55% of the global population resides in urban areas, and this is projected to grow further, significantly increasing the need for elevators and escalators. Smart elevators account for nearly 28% of new installations due to enhanced safety, energy efficiency, and automation features. Asia-Pacific dominates the market with more than 60% of installations, fueled by large-scale construction projects in China, India, and Southeast Asia. In Europe, modernization projects contribute to nearly 35% of total demand as older buildings upgrade their systems to comply with energy efficiency and safety regulations. Additionally, 40% of escalator installations occur in transportation hubs such as airports, metro stations, and shopping complexes, reflecting the surge in public infrastructure investments. The demand for green and energy-efficient elevators has also increased by 30% in the last few years as sustainability becomes a key factor. Overall, market trends indicate a steady rise in adoption, with digital integration, smart technologies, and modernization efforts shaping future growth.

Elevators & Escalators Market Dynamics

OPPORTUNITY

Expansion of Smart City Projects

Nearly 58% of global smart city projects are incorporating intelligent elevators and escalators as a core infrastructure element. Around 46% of new urban developments prioritize eco-friendly and automated vertical transport systems, creating significant opportunities for market penetration and adoption of energy-efficient technologies.

DRIVERS

Increasing High-Rise Urban Construction

Over 62% of urban infrastructure investment is directed towards high-rise residential and commercial buildings, directly fueling the demand for elevators. Approximately 39% of skyscraper projects globally rely on advanced vertical mobility solutions, positioning elevators and escalators as essential drivers of urban development.

RESTRAINTS

"Rising Maintenance and Compliance Costs"

More than 44% of operating expenses in the elevator industry are tied to ongoing maintenance and safety compliance. Around 31% of property owners face difficulties in modernizing outdated systems, while 27% report delays due to stringent safety standards, which restricts faster adoption of new installations.

CHALLENGE

"Shortage of Skilled Workforce"

Nearly 41% of service providers report shortages of trained technicians, impacting timely installations and repair services. Around 29% of project delays are linked to insufficient skilled labor, while 22% of escalator downtime issues arise due to lack of expertise, creating a significant challenge for market scalability.

Segmentation Analysis

The global elevators & escalators market size was USD 36.35 Billion in 2024 and is projected to reach USD 37.62 Billion in 2025, further expanding to USD 51.27 Billion by 2034, registering a CAGR of 3.5% during the forecast period. By type, elevators dominate the market with the highest share due to increasing high-rise construction projects, while escalators account for a significant portion with heavy adoption in transportation hubs. Moving walkways contribute a smaller yet growing share, particularly in airports and commercial complexes. By application, the residential sector leads due to urbanization and smart housing projects, followed by the commercial and infrastructural sectors. The institutional sector holds a moderate share, driven by education and healthcare facilities upgrading vertical mobility systems. Each type and application showcases varied growth patterns with clear revenue contributions in 2025, unique shares, and projected CAGR trends shaping the market dynamics.

By Type

Elevators

Elevators dominate the market as the most widely adopted vertical transport solution, supported by high-rise construction and modernization of existing infrastructure. More than 65% of total installations are elevators, highlighting their critical role in both residential and commercial sectors.

Elevators held the largest share in the market, accounting for USD 22.57 Billion in 2025, representing 60% of the total market. This segment is expected to grow at a CAGR of 3.8% from 2025 to 2034, driven by urbanization, smart city projects, and rising demand for high-rise buildings.

Top 3 Major Dominant Countries in the Elevators Segment

• China led the elevators segment with a market size of USD 8.20 Billion in 2025, holding a 36% share and expected to grow at a CAGR of 4.1% due to rapid urban development and mega infrastructure projects.
• India accounted for USD 4.65 Billion in 2025, representing a 21% share, and is projected to expand at a CAGR of 4.0% fueled by smart city initiatives and population density in metro cities.
• United States held USD 3.95 Billion in 2025, with a 17% share and is anticipated to grow at a CAGR of 3.2% owing to modernization and replacement of older systems.

Escalators

Escalators play a vital role in enhancing mobility across commercial spaces, metro stations, airports, and shopping complexes. They account for nearly 25% of installations, making them essential for large-scale public infrastructure.

Escalators accounted for USD 9.40 Billion in 2025, representing 25% of the total market, and are projected to grow at a CAGR of 3.3% from 2025 to 2034, driven by increasing investments in public transit hubs and commercial real estate.

Top 3 Major Dominant Countries in the Escalators Segment

• Japan led the escalators segment with a market size of USD 2.65 Billion in 2025, holding a 28% share and expected to grow at a CAGR of 3.5% due to high transit infrastructure density.
• China accounted for USD 2.20 Billion in 2025, representing a 23% share, projected to expand at a CAGR of 3.7% with continued metro and airport expansions.
• Germany held USD 1.70 Billion in 2025, capturing an 18% share, with a CAGR of 2.9% due to modernization of commercial spaces and transport hubs.

Moving Walkways

Moving walkways, though a smaller segment, are becoming increasingly important in airports, shopping malls, and large transit facilities. They represent about 15% of the total market share and continue to grow steadily in high-traffic zones.

Moving walkways were valued at USD 5.65 Billion in 2025, representing 15% of the overall market, and are expected to grow at a CAGR of 2.9% from 2025 to 2034, supported by global airport expansions and tourism-driven infrastructure.

Top 3 Major Dominant Countries in the Moving Walkways Segment

• United States led the moving walkways segment with USD 1.90 Billion in 2025, holding a 34% share, expected to grow at a CAGR of 2.7% due to airport expansions and modernization.
• China accounted for USD 1.60 Billion in 2025, representing 28% share, projected to grow at a CAGR of 3.2% driven by domestic and international airport construction.
• United Arab Emirates held USD 1.15 Billion in 2025, capturing 20% share, with a CAGR of 3.1% due to large-scale tourism and transit infrastructure projects.

By Application

Residential Sector

The residential sector dominates due to rapid urbanization, population growth, and increasing adoption of elevators in high-rise apartments and smart housing projects. Nearly 40% of installations globally are from this sector, showing consistent demand growth.

The residential sector accounted for USD 15.05 Billion in 2025, representing 40% of the total market, and is projected to grow at a CAGR of 3.9% during 2025–2034, driven by smart homes, high-density housing, and modernization trends.

Top 3 Major Dominant Countries in the Residential Sector

• China led the residential segment with USD 5.40 Billion in 2025, holding a 36% share, expected to grow at a CAGR of 4.1% due to high urban density and new housing projects.
• India accounted for USD 3.15 Billion in 2025, representing 21% share, with a CAGR of 4.0% from government-backed smart city projects.
• United States held USD 2.85 Billion in 2025, capturing 19% share, projected to expand at a CAGR of 3.3% driven by urban redevelopment projects.

Institutional Sector

The institutional sector covers hospitals, schools, and public service buildings where accessibility and safety are key priorities. It contributes around 18% of the market demand, showing steady growth with modernization of education and healthcare infrastructure.

The institutional sector accounted for USD 6.77 Billion in 2025, representing 18% of the total market, and is projected to grow at a CAGR of 3.1% from 2025 to 2034, driven by public service investments and safety regulations.

Top 3 Major Dominant Countries in the Institutional Sector

• Germany led the institutional segment with USD 2.15 Billion in 2025, holding a 32% share, expected to grow at a CAGR of 3.0% due to hospital modernization.
• Japan accounted for USD 1.75 Billion in 2025, representing 26% share, with a CAGR of 2.9% due to strong healthcare infrastructure demand.
• United Kingdom held USD 1.35 Billion in 2025, capturing 20% share, with a CAGR of 2.8% supported by school and hospital upgrades.

Commercial Sector

The commercial sector includes offices, malls, hotels, and entertainment complexes, where elevators and escalators are essential for efficient mobility. It represents about 27% of global demand, driven by retail and corporate expansions.

The commercial sector accounted for USD 10.15 Billion in 2025, representing 27% of the total market, and is projected to grow at a CAGR of 3.4% during 2025–2034, supported by rising commercial construction and retail sector growth.

Top 3 Major Dominant Countries in the Commercial Sector

• United States led the commercial segment with USD 3.40 Billion in 2025, holding a 33% share, expected to grow at a CAGR of 3.2% due to mall and office expansion.
• China accounted for USD 2.90 Billion in 2025, representing 29% share, projected to grow at a CAGR of 3.5% with rapid urban retail expansion.
• India held USD 2.10 Billion in 2025, capturing 21% share, with a CAGR of 3.6% driven by hospitality and entertainment complexes.

Infrastructural Sector

The infrastructural sector includes metro stations, airports, and large-scale transport projects where escalators and moving walkways are critical. It makes up about 15% of the market, reflecting massive government investments worldwide.

The infrastructural sector accounted for USD 5.65 Billion in 2025, representing 15% of the total market, and is projected to grow at a CAGR of 3.7% from 2025 to 2034, driven by transit-oriented development and airport expansion.

Top 3 Major Dominant Countries in the Infrastructural Sector

• China led the infrastructural segment with USD 2.30 Billion in 2025, holding a 41% share, expected to grow at a CAGR of 3.9% due to metro and high-speed rail expansion.
• Japan accounted for USD 1.65 Billion in 2025, representing 29% share, projected to grow at a CAGR of 3.4% with ongoing airport and rail upgrades.
• United Arab Emirates held USD 1.10 Billion in 2025, capturing 19% share, with a CAGR of 3.8% supported by large airport and metro infrastructure projects.

Elevators & Escalators Market Regional Outlook

The global elevators & escalators market was valued at USD 36.35 Billion in 2024 and is projected to touch USD 37.62 Billion in 2025, further reaching USD 51.27 Billion by 2034 at a CAGR of 3.5% during the forecast period. Regional distribution highlights Asia-Pacific as the dominant region with 48% market share, followed by Europe at 24%, North America at 18%, and Middle East & Africa at 10%. Each region reflects unique dynamics shaped by construction activity, modernization demand, and infrastructure investment.

North America

North America shows steady growth in the elevators & escalators market, primarily driven by modernization and replacement demand across commercial and residential sectors. Around 52% of installations in the region are linked to upgrading outdated systems, while 36% are driven by new commercial projects. Transit infrastructure contributes nearly 22% of escalator installations, showcasing growing mobility requirements.

North America held a significant share in the market, accounting for USD 6.77 Billion in 2025, representing 18% of the total market. This segment is expected to grow steadily through modernization, smart buildings, and commercial real estate expansion.

North America - Major Dominant Countries in the Market

• United States led North America with a market size of USD 4.10 Billion in 2025, holding a 61% share due to strong demand for replacements and large-scale commercial projects.
• Canada accounted for USD 1.55 Billion in 2025, representing a 23% share, supported by urban development and institutional modernization.
• Mexico held USD 1.12 Billion in 2025, capturing 16% share, driven by growing residential complexes and retail construction.

Europe

Europe’s elevators & escalators market is shaped by modernization programs in existing infrastructure, where 42% of demand comes from upgrading old systems. Public transport facilities account for 28% of escalator use, while residential buildings represent nearly 30% of installations. Sustainability and energy-efficient technologies are highly adopted, with 40% of new projects integrating eco-friendly elevators.

Europe accounted for USD 9.03 Billion in 2025, representing 24% of the global market. Growth is fueled by smart city projects, environmental regulations, and large-scale modernization initiatives across Western and Central Europe.

Europe - Major Dominant Countries in the Market

• Germany led Europe with a market size of USD 3.10 Billion in 2025, holding a 34% share due to extensive modernization of commercial and institutional buildings.
• France accounted for USD 2.10 Billion in 2025, representing a 23% share, driven by residential housing projects and sustainability goals.
• United Kingdom held USD 1.85 Billion in 2025, capturing 20% share, supported by transport infrastructure upgrades and urban redevelopment projects.

Asia-Pacific

Asia-Pacific is the largest regional market, driven by rapid urbanization and mega infrastructure projects. More than 62% of high-rise buildings globally are constructed in this region. Residential complexes account for 46% of elevator installations, while 33% of escalator installations are in metro stations and airports. Demand for moving walkways is also expanding, contributing nearly 21% of new transit facilities.

Asia-Pacific held the dominant share in the market, accounting for USD 18.03 Billion in 2025, representing 48% of the global market. This growth is fueled by urban housing demand, government-backed smart city projects, and extensive transport expansion.

Asia-Pacific - Major Dominant Countries in the Market

• China led Asia-Pacific with a market size of USD 7.95 Billion in 2025, holding a 44% share due to rapid urban housing and infrastructure expansion.
• India accounted for USD 4.25 Billion in 2025, representing a 24% share, driven by smart city projects and metro rail development.
• Japan held USD 3.10 Billion in 2025, capturing 17% share, with strong demand from transport infrastructure and advanced building projects.

Middle East & Africa

The Middle East & Africa market is supported by rising investments in airport expansions, metro projects, and large-scale commercial complexes. Around 39% of escalator demand in this region comes from transport hubs, while 35% is linked to retail malls and hospitality facilities. Residential adoption remains smaller at 26% but continues to grow with urban expansion in Gulf countries.

Middle East & Africa accounted for USD 3.77 Billion in 2025, representing 10% of the total market. Growth is strongly supported by large infrastructure investments and tourism-driven construction in Gulf Cooperation Council nations.

Middle East & Africa - Major Dominant Countries in the Market

• United Arab Emirates led the region with a market size of USD 1.50 Billion in 2025, holding a 40% share due to mega infrastructure and hospitality projects.
• Saudi Arabia accounted for USD 1.10 Billion in 2025, representing a 29% share, driven by Vision 2030 projects and smart city initiatives.
• South Africa held USD 0.70 Billion in 2025, capturing 19% share, supported by urban redevelopment and modernization of public infrastructure.

List of Key Elevators & Escalators Market Companies Profiled

Investment Analysis and Opportunities in Elevators & Escalators Market

Investments in the elevators & escalators market are accelerating, with modernization and smart mobility leading as top areas of focus. Nearly 45% of investors prioritize upgrading existing systems with intelligent features, while 32% of capital flow is directed towards energy-efficient solutions. Asia-Pacific attracts more than 50% of total investments, largely due to its expansive construction sector, while Europe captures 22% through modernization of older buildings. Around 28% of opportunities are emerging in public transit projects, including metro and airports, and 25% in residential high-rise developments. The sector shows clear opportunities in sustainability, automation, and safety technologies.

New Products Development

New product development in the elevators & escalators market is heavily influenced by demand for smart, energy-efficient, and digitally integrated solutions. Approximately 38% of new launches integrate IoT-based monitoring, while 26% focus on energy-saving regenerative drives. Nearly 34% of manufacturers are prioritizing touchless control systems to meet safety and hygiene demands. Asia-Pacific drives 48% of global product launches due to high demand for advanced residential and commercial mobility solutions. Furthermore, around 30% of new innovations are in eco-friendly escalators designed for public transit systems, ensuring compliance with global sustainability standards and consumer expectations.

Recent Developments

• Kone – Smart Elevator Expansion: In 2024, Kone introduced advanced smart elevator systems integrating AI, which improved maintenance efficiency by 28% and reduced downtime issues by nearly 35% in commercial projects.
• Mitsubishi Electric – Green Technology Initiative: Mitsubishi launched eco-friendly escalators with 32% lower energy consumption, aimed at large airports and metro stations to support sustainability efforts.
• Schindler – Touchless Access Innovation: Schindler introduced touchless elevator control panels, with adoption reaching 27% in new commercial installations, enhancing hygiene and safety standards in public buildings.
• Thyssenkrupp – Urban Mobility Project: Thyssenkrupp developed high-speed elevators for high-rise buildings, with 22% faster operational capacity compared to previous models, enabling better service in skyscrapers.
• Hitachi – Digital Twin Integration: Hitachi launched digital twin technology in elevators, helping reduce predictive maintenance issues by 30% and enabling real-time monitoring in institutional and commercial sectors.

Report Coverage

The elevators & escalators market report provides comprehensive coverage through detailed analysis of strengths, weaknesses, opportunities, and threats. Strengths include strong demand across Asia-Pacific, accounting for 48% of total share, and rising adoption of smart elevators globally at 28%. Weaknesses involve high operational and maintenance costs, impacting nearly 44% of companies. Opportunities lie in modernization projects, where 35% of European installations focus on upgrading old systems, and 25% of global investment flows target urban residential complexes. Threats include workforce shortages affecting 41% of service providers and stringent compliance regulations slowing adoption in 27% of smaller projects. Additionally, the report covers segmentation by type, including elevators holding 60% share in 2025, escalators at 25%, and moving walkways at 15%. Application coverage highlights the residential sector leading with 40% share, followed by commercial at 27%, institutional at 18%, and infrastructural at 15%. Regional insights emphasize Asia-Pacific dominance, Europe modernization, North America replacement demand, and Middle East & Africa infrastructure growth. The study combines factual insights with percentage-based data, ensuring strategic clarity for investors, manufacturers, and policymakers.