Elevators and Escalators Market worth $114.88 billion by 2031
The report "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", is projected to grow from USD 99.77 billion in 2026 and to reach USD 114.88 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period.
Browse 370 market data Tables and 60 Figures spread through 300 Pages and in-depth TOC on "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"
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The elevators and escalators market is expected to grow due to rising urbanization, increasing construction of high-rise residential and commercial buildings, and growing investments in infrastructure projects, including airports, metro stations, and shopping malls. The increasing demand for smart, energy-efficient, and connected vertical transportation systems is also contributing to market growth.
By type, the escalators segment accounted for the second-largest market share in 2025
By type, the escalators segment recorded the second-highest market share in 2025, as commercial and public infrastructure facilities, including shopping malls, airports, metro stations, railway stations, and commercial complexes, were extensively using escalators. Escalators provide continuous passenger flow, making them a great choice for areas with high foot traffic. Escalators are also being installed to meet the demand for growing investments in transportation infrastructure and retail developments.
By elevator technology, the machine-room-less traction elevators segment accounted for the second-largest market share in 2025
The machine-room-less traction elevators had the second-largest market share, as they eliminate the need for a separate machine room, making them more efficient in terms of space utilization in any building. As demand for sustainable, cost-effective vertical transportation systems continues to rise, their use in residential, commercial, and mid-rise buildings is increasing. Additionally, developments in the miniaturization of motors and controls have improved their performance and reliability.
By service, the maintenance & repair segment accounted for the second-largest market share in 2025
In the service segment, the maintenance & repair segment recorded the second-highest market share in 2025 because regular inspections, preventive maintenance, and timely repairs are key to ensuring safety, efficiency, and compliance with regulatory standards. The older the equipment, the more maintenance it requires, creating recurring revenue for equipment service providers. Increased awareness of passenger safety and reduced downtime also contribute to demand for maintenance services and repairs.
By end-use industry, the commercial segment accounted for the second-largest share of the elevators and escalators market in 2025
By end-use industry, commercial was the second-largest segment in 2025 because the number of office buildings, shopping centers, hotels, hospitals, education institutes, and mixed-use developments has been rising. These facilities require effective vertical movement systems to accommodate large numbers of people and improve accessibility. In addition to commercial real estate and smart building projects, there has been a rise in investments in these areas, which have also fueled the installation of elevators and escalators.
North America accounted for the second-largest share of the elevators and escalators market in 2025
North America accounted for the second-highest market share in 2025, owing to its well-established infrastructure, robust commercial construction market, and large installed base of elevators and escalators. Modernization and replacement projects are taking place in the region, with a focus on enhancing safety, energy efficiency, and operational performance. The market is also experiencing expansion due to the increasing use of smart elevators, Internet of Things (IoT) based monitoring systems, and predictive maintenance technologies.
The elevators and escalators market comprises major players, such as Schindler (Switzerland), Otis Worldwide Corporation (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), and others. Product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions are major strategies these key players adopt to enhance their positions in the elevators and escalators market.
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