Elevators & Escalators Market
Elevators and Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine-room-less, Hydraulic), End-use Industry, and Region - Global Forecast to 2031
OVERVIEW
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
The elevators and escalators market is projected to grow from USD 99.77 billion in 2026 to USD 114.88 billion by 2031, at a CAGR of 2.9% during the forecast period. The elevators and escalators market is anticipated to experience substantial growth during the forecast period due to rapid urbanization and smart city projects worldwide. As the number of residential, commercial, and mixed-use buildings, as well as high-rise buildings, grows, there is an increasing need for efficient vertical transportation. Furthermore, a surge in investments in infrastructure such as airports, metros, railway stations, hospitals, and shopping malls is helping the market grow.
KEY TAKEAWAYS
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By RegionAsia Pacific's elevators and escalators market dominated, with a share of 47.2% in 2025.
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By TypeThe escalators segment is expected to register the highest CAGR of 3.0% from 2026 to 2031, in terms of value.
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By Elevator TechnologyThe traction elevators segment is expected to be the leading segment, in terms of value.
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By ServiceThe new installation segment is expected to dominate the market in terms of value.
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By End-use IndustryResidential is expected to be the leading segment in terms of value.
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Competitive Landscape - Key PlayersSchindler, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd., TK Elevator, and Mitsubishi Electric Corporation were identified as star players in the elevators and escalators market, as they have focused on extensive product portfolios, strong global presence, and continuous technological advancements.
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Competitive Landscape- StartupsShenyang Yuanda Intellectual Industry Group Co., Ltd., ORONA, EITA Elevator, Glarie Elevator, and TRIO Elevators Co (India) Private Limited, among others, have distinguished themselves among startups and SMEs. These companies are gaining traction through competitive pricing, customized solutions, and investments in innovative technologies.
Modernization and replacement of older elevator and escalator systems, along with the development of smart, energy-efficient, and IoT (Internet of Things) technologies, are further driving market growth. Furthermore, new legislation regarding safety and the increased accessibility for elderly and handicapped users is driving the use of new elevator and escalator technologies.
TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS
Some of the major trends influencing the elevators and escalators market are smart and connected systems, energy-efficient technologies, predictive maintenance solutions, and touchless systems. The innovations are improving efficiency, safety, and the user experience in the operation. The market, however, may experience ups and downs due to volatile raw material prices, supply chain disruptions, labor shortages, and economic uncertainties, which can affect construction work and infrastructure investment.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
MARKET DYNAMICS
Level
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Increasing focus on energy efficiency in buildings
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Healthcare infrastructure expansion and aging demographics
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High maintenance cost
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Uncertainty and risk regarding global economy
Level
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Technological advancements and innovation
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Adoption of green building codes and energy-efficient products
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Compliance with standards and regulations
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Driver: Increasing focus on energy efficiency in buildings
Advanced elevator and escalator systems are required as buildings become more energy-efficient and carbon-reducing. Governments and organizations around the world are encouraging green building standards and sustainability rules that promote energy-saving technologies. Therefore, manufacturers are launching smart elevators with regenerative drives, smart controls, and predictive maintenance to minimize energy consumption and enhance operational efficiency. Moreover, the utilization of environmentally friendly materials like low-carbon steel has been contributing to reduce the environmental footprint of vertical transportation equipment. This innovation is helping to move towards greener and sustainable buildings, which is fueling the growth of the elevators and escalators market.
Restraint: High maintenance cost
To operate safely and reliably and meet strict safety regulations, elevators and escalators require regular inspections, preventive maintenance, testing, and component replacement. Periodic upgrades are needed for key components like motors, control systems, cables, brakes, and sensors, which adds to the overall cost of ownership. From a safety perspective, issues arising from mechanical failure and obsolescence of infrastructure and equipment also require ongoing investment in maintenance and modernization. The challenge is especially critical for older buildings, in which substantial retrofit work may be needed to meet current safety, accessibility, and energy-efficiency requirements. These high maintenance, modernization and regulatory cost requirements can thus prevent timely upgrading, particularly in cost-competitive and developing markets, limiting market development.
Opportunity:Technological advancements and innovation
The integration of smart technologies, artificial intelligence (AI), and Internet of Things (IoT) connectivity, along with predictive maintenance capabilities, is becoming a key focus for manufacturers to achieve better operational efficiency, safety, and passenger satisfaction. As more high-rise buildings and skyscrapers are being constructed, the demand for high-speed elevators to move passengers between different levels has increased. Digital technologies, including cloud-based monitoring and digital thread solutions, help to track performance in real time and provide proactive maintenance, minimizing downtime and operating costs. Further, new features such as double-deck elevators, energy-efficient systems and intelligent traffic management solutions are enhancing building efficiency and space usage. The growing implementation of smart city initiatives and urban infrastructure projects should drive market growth in the long term as advanced elevator and escalator technologies gain wider acceptance.
Challenge:Compliance with standards and regulations
Standards and regulations pose a challenge for the elevators and escalators market; manufacturers and building owners must comply with strict safety, quality, and operational requirements. Comprehensive standards governing the design, installation, inspection, maintenance, and modernization of elevators and escalators have been established by regulatory bodies such as the American Society of Mechanical Engineers (ASME) and other safety organizations. Ongoing adherence to such rules is critical for passenger safety and for avoiding accidents, but it can also lead to higher development, testing, and operational costs. In addition, as smart technologies and IoT solutions become more ubiquitous and increasingly connected to elevator networks, the need for cybersecurity measures such as IEC 62443, which provides protection against unauthorized access and cyber threats, becomes increasingly relevant.
ELEVATORS & ESCALATORS MARKET: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
|---|---|---|
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Mitsubishi Electric installed 18 elevators in Ruby, Mumbai's tallest office building (40 stories), engineered to meet LEED green building standards. The system controls elevator speeds, loads, and waiting times, and ensures comfort for high-rise office users. | The destination allocation system improved morning rush-hour transport performance by about 15%, while efficient operations reduced waiting times, lowered energy consumption, and enhanced security. |
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Japanese Daisho Group chose exclusive custom elevator solutions in 180 Brisbane buildings: 15 KONE MiniSpace, 4 KONE MonoSpace elevators, linked to a KONE Destination Control System, LED identifiers, E-Link monitoring, and Care Maintenance for premium office functionality. | Achievement of 6 Star Greenstar Office rating, making 180 Brisbane the first building in the city with this top-tier environmental accreditation. |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET ECOSYSTEM
The players in the elevators and escalators market include raw material suppliers, component manufacturers, system integrators, elevator and escalator manufacturers, distributors, installation service providers, and maintenance units. Key stakeholders engage in the design, manufacture, installation, and maintenance of vertical transportation systems for residential, commercial, and industrial use.
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET SEGMENTS
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Elevators and Escalators Market, By Type
Elevators accounted for the largest share of the elevators and escalators market in 2025, because they are used in residential, commercial, institutional, and industrial buildings. As high-rise buildings, such as apartments, office towers, hotels, hospitals, and mixed-use structures, have become more common, the demand for elevators as a vital vertical transportation option has risen dramatically. Moreover, elevators are more accessible and convenient than escalators, making them more suitable for various purposes. The growing modernization and maintenance operations further support the dominance of the elevator segment in the market.
Elevators and Escalators Market, By Elevator Technology
In 2025, traction elevators accounted for the largest segment of the elevators and escalators market because of their efficiency, speed, and suitability in mid and high-rise buildings. These elevators are also driven by ropes and counterweights, using less energy and incurring lower operating costs than hydraulic elevators. They offer superior ride quality, load capacity, and continuous operation, which are suitable for residential, commercial, and infrastructure use. Moreover, the performance and market penetration of traction elevators have been further enhanced by developments such as machine-room-less (MRL) elevators, regenerative drives, and smart control systems.
Elevators and Escalators Market, By Service
In 2025, new installations accounted for the largest share of the elevators and escalators market, owing to the rapid expansion of the residential, commercial, and infrastructure construction industries worldwide. The increasing urbanization and the growing number of high-rise buildings are driving demand for newly installed vertical transportation systems. The growth of this segment is also driven by the significant investments made in smart cities, airports, metro stations, shopping malls, and offices. Also, there is a lot of building work in the developing economies, and therefore a good chance for new installations.
Elevators and Escalators Market, By End-use Industry
Residential accounted for the largest share of the elevators and escalators market in 2025. As demand for modern housing increases, especially in developing countries, the installation of elevators is becoming more common to improve convenience, mobility, and accessibility. Government support for affordable housing projects is also playing a significant role in market growth, alongside smart city projects. Moreover, the rising number of housing units reflects the residential end-use segment, the largest market segment, driven by an aging population and growing emphasis on accessibility in residential buildings.
REGION
Asia Pacific is leading region in the global elevators and escalators market
By region, Asia Pacific is the leading region in the elevators and escalators market, driven by rapid urbanization and growing populations in countries such as China, India, and Japan, as well as heavy infrastructure development across the region. Vertical transportation systems are being used to support strong demand for the construction of high-rise residential and commercial buildings, as well as large-scale smart city and transportation projects. In addition, the market is being bolstered by the increasing capital expenditure on airports, shopping complexes, metros, and mixed-use developments.
ELEVATORS & ESCALATORS MARKET: COMPANY EVALUATION MATRIX
In the elevators and escalators market matrix, Otis Worldwide Corporation (Star) leads due to its strong global presence, extensive product portfolio, and advanced technological capabilities. Hyundai Elevator Co., Ltd. (Emerging Leader) is gaining visibility due to expanding international footprint, growing investment in smart elevator technologies, and increasing adoption of its solutions in developing markets.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
KEY MARKET PLAYERS
- Otis Worldwide Corporation (US)
- Schindler (Switzerland)
- KONE Corporation (Finland)
- Hitachi Ltd. (Japan)
- Hyundai Elevator Co., Ltd. (South Korea)
- FUJITEC CO., LTD. (Japan)
- Toshiba Elevators and Building Systems Corporation (Canada)
- Mitsubishi Electric Corporation (Japan)
- TK Elevator (Germany)
- SJEC Corporation (China)
- Kleemann (Greece)
- Sigma Elevators (India)
- WeMaintain (France)
- Escon Elevators (India)
- ORONA (Spain)
MARKET SCOPE
| REPORT METRIC | DETAILS |
|---|---|
| Market Size in 2025 (Value) | USD 98.11 Billion |
| Market Size in 2026 (Value) | USD 99.77 Billion |
| Market Forecast in 2031 (Value) | USD 114.88 Billion |
| CAGR | 2.9% |
| Years Considered | 2021–2031 |
| Base Year | 2025 |
| Forecast Period | 2026–2031 |
| Units Considered | Value (USD Million/Billion), Volume (Thousand Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered |
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| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa |
WHAT IS IN IT FOR YOU: ELEVATORS & ESCALATORS MARKET REPORT CONTENT GUIDE
DELIVERED CUSTOMIZATIONS
We have successfully delivered the following deep-dive customizations:
| CLIENT REQUEST | CUSTOMIZATION DELIVERED | VALUE ADDS |
|---|---|---|
| North America-based Elevators and Escalators Market | Detailed company profiles of elevators and escalators market competitors (financials, product portfolios), type (elevators and escalators, and moving walkaways), and end-use industry (residential, commercial, infrastructure, institutional, and other end-use industries) | Identified & profiled 20+ elevator and escalator producers across North America Mapped demand trends across high-growth segments (residential, commercial, infrastructure, institutional, and other end-use industries) |
| Asia Pacific-based Elevators and Escalators Market | Detailed company profiles of elevators and escalators market competitors (financials, product portfolios), type (elevators and escalators, and moving walkaways), and end-use industry (residential, commercial, infrastructure, institutional, and other end-use industries) | Identified & profiled 20+ elevator and escalator producers across Asia Pacific Mapped demand trends across high-growth segments (residential, commercial, infrastructure, institutional, and other end-use industries) |
RECENT DEVELOPMENTS
- 4/1/2026 12:00:00 AM : Otis Worldwide Corporation launched Otis Robust, a new range of heavy-duty elevators designed to meet the growing demand for multi-story data centers and other mission-critical infrastructure, including airports, hospitals, and industrial facilities that require continuous operation in demanding environments.
- 4/1/2026 12:00:00 AM : Otis Worldwide Corporation and WeMaintain announced the completion of an agreement under which Otis will acquire a majority stake in WeMaintain, a rapidly growing technology-driven service provider in the elevator and escalator industry. The acquisition highlights Otis’ ongoing commitment to strengthening its service capabilities and advancing service-related technologies to deliver enhanced solutions and customer experiences.
- 9/1/2025 12:00:00 AM : Schindler signed a Master Services and Supplies Agreement (MSSA) with Accor to provide elevator and escalator installation, modernization, maintenance, and servicing solutions across Accor properties. The agreement covers nine strategic Asian markets, including Cambodia, Hong Kong, Indonesia, Macau, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. The partnership is focused on enhancing guest experiences through innovative technologies and customized service solutions.
Table of Contents
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Methodology
The study involved four major activities to estimate the current size of the global elevators and escalators market. Exhaustive secondary research was conducted to gather information on the market, the peer product market, and the parent product group market. The next step was to validate these findings, assumptions, and sizes with industry experts across the elevator and escalator value chain through primary research. The top-down and bottom-up approaches were employed to estimate the overall size of the elevators and escalators market. After that, market breakdown and data triangulation procedures were used to determine the size of different segments of the market.
Secondary Research
The market for companies offering elevators and escalators is derived from secondary data available through paid and unpaid sources, by analyzing the product portfolios of the major companies in the ecosystem, and by rating the companies based on their performance and quality. For this study, various secondary sources, such as Business Standard, Bloomberg, the World Bank, and Factiva, were referred to identify and collect information on the elevators and escalators market. In the secondary research process, various secondary sources were referred to identify and collect information related to the study. Secondary sources included annual reports, press releases, and investor presentations from elevator and escalator vendors, forums, certified publications, and whitepapers. Secondary research was used to obtain critical information on the industry’s value chain, the pool of key players, market classification, and segmentation from market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, technology and innovation directors, and related key executives from several key companies and organizations operating in the elevators and escalators market. After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at.
Primary research was also conducted to identify segmentation types, industry trends, the competitive landscape of elevators and escalators offered by various market players, and key market dynamics, including drivers, restraints, opportunities, challenges, trends, and key player strategies. In the complete market engineering process, top-down and bottom-up approaches, along with several data triangulation methods, were extensively used to perform market estimation and forecasting across the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
The following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the size of the global elevators and escalators market. These approaches were also used extensively to estimate the size of various dependent market segments. The research methodology used to estimate the market size included the following:
Elevators & Escalators Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, where applicable, to complete the overall market engineering process and derive the exact statistics for each market segment and subsegment. The data was triangulated by studying various factors and trends from the demand and supply sides.
Market Definition
An elevator, also known as a lift, is a technological solution for vertical transportation, facilitating the movement of individuals or goods between different levels of a building, a vessel, or other structures. Typically powered by electric motors, elevators employ either traction cables or counterweight systems, such as hoists or hydraulic pumps with cylindrical pistons (e.g., jacks). In contrast, an escalator is a vertical transportation system that uses a continuously moving staircase. Operating on the principle of a conveyor transport device, an escalator comprises a motor-driven chain of interconnected steps that ascend or descend on tracks, ensuring that the step treads remain in a horizontal position.
Key Stakeholders
- Raw Material Suppliers and Producers
- Component Manufacturers
- Elevator and Escalator OEMs
- Elevator and Escalator Manufacturers
- Traders and Distributors of Elevators and Escalators
- Installation & Engineering Contractors
- Maintenance & Service Providers
- End Users
- NGOs, Governments, Research Organizations, Investment Banks, Venture Capitalists, and Private Equity Firms
- Technology & Software Providers
Report Objectives
- To define, describe, and forecast the size of the global elevators and escalators market, by type, elevator technology, service, and end-use industry, in terms of value and volume
- To forecast the market size of segments for North America, Europe, Asia Pacific, South America, and the Middle East & Africa, along with their respective countries, in terms of value and volume
- To provide detailed information on the significant drivers, restraints, opportunities, and challenges influencing the market
- To strategically analyze micromarkets concerning individual growth trends, prospects, and their contribution to the market
- To assess the growth opportunities in the market for stakeholders and provide details on the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments, such as product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions in the elevators and escalators market
- To provide the impact of AI/Gen AI on the market
- To provide the macroeconomic outlook for each region covered under the study, and the impact of the 2025 US tariff on the market
Available customizations:
With the given market data, MarketsandMarkets offers customizations according to client-specific needs.
The following customization options are available for the elevators and escalators report:
Product Analysis
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A product matrix that gives a detailed comparison of the product portfolio of each company
Regional Analysis
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A further breakdown of the elevators and escalators market for additional countries
Company Information
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Detailed analysis and profiling of additional market players (up to five)
Key Questions Addressed by the Report
What are the major drivers for the elevators and escalators market?
Increasing construction of high-rise buildings equipped with smart vertical transportation systems, driven by rapid urbanization and the need to reduce energy consumption.
What are the major challenges in the elevators and escalators market?
Adherence to standards and regulations.
What are the restraining factors in the elevators and escalators market?
Uncertainty regarding the global economy and high maintenance costs.
What is the key opportunity in the elevators and escalators market?
Implementation of green building codes, energy-efficient products, and innovative technologies driving demand for smart elevators.
What are the end-use industries where elevator and escalator components are used?
Residential, commercial, institutional, and infrastructure industries.
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Growth opportunities and latent adjacency in Elevators and Escalators Market