Elevators & Escalators Companies

The elevators & escalators market is projected to grow from USD 98,842.2 million in 2025 to USD 113,813.8 million by 2030, at a CAGR of 2.86%.

Elevators & Escalators Companies

Schindler Group (Switzerland), OTIS (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co. Ltd. (South Korea), and Mitsubishi Electric Corporation (Japan) are among the leading players operating in the elevators and escalators market. These companies have implemented various growth strategies to enhance their market position. This includes expansion initiatives, partnerships, contracts, and acquisitions to further extend their footprint in the elevators and escalators market.

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Schindler Group (Switzerland)

Schindler Group specializes in manufacturing escalators, elevators, and walkways. The company is engaged in the global design, installation, servicing, and modernization of transportation systems across various commercial, residential, industrial, and institutional high-rise buildings. Schindler operates in the wholesale and logistics division, catering to consumer electronics, information, and communication sectors. The company provides affordable solutions for low-rise residential buildings and implements advanced access and transport management concepts for skyscrapers. The company is investing in advanced smart elevators that will extend its capabilities beyond traditional levels. Its competitive strength is its strong digital service offerings, such as the Remote Monitoring and Action Board, which collects all the relevant statistics, activities, and performance data of elevators and escalators to provide insights about the equipment’s health.

Otis (US)

Otis is involved in manufacturing, installing, and providing services for elevators and escalators. The company operates through two segments: New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a comprehensive range of passenger and freight elevators. Meanwhile, the Service segment provides maintenance, repair, and modernization services to upgrade elevators and escalators. Its customers include real estate developers, building contractors, and those designing structures for residential, commercial, retail, or mixed-use purposes. With a global reach, Otis serves over 200 countries, providing diverse products and solutions. The company is pursuing acquisitions to expand its geographical presence.

KONE Corporation (Finland)

KONE Corporation is a prominent player in the elevators and escalators market, serving clients globally with its diverse range of products and solutions. The company is actively involved in designing and developing elevators, escalators, and automatic building doors, offering innovative solutions for modernization and maintenance. Beyond its products, the company provides comprehensive services such as project planning, management, installation, maintenance, and monitoring solutions. Operating in around 70 countries, KONE has a significant presence in the Americas, Europe, Asia Pacific, and the Middle East. The company received several projects for new installations, modernization, and maintenance of elevators and escalators globally.

Hitachi Ltd. (Japan)

Hitachi Ltd. is involved in the manufacturing and sale of electrical equipment. The company’s reporting segments comprise Digital Systems & Services, Green Energy & Mobility, Connective Industries, and Others. The company provides elevators and escalators under the Connective Industries segment. It provides products and services for the digital, energy, mobility, industry, healthcare, building systems, and measurement & analytical systems sectors. Product launches and contracts were some prominent strategies adopted by the company.

TK Elevator (Germany)

With a presence in over 100 countries, TK Elevator ensures global customer service excellence through an extensive network of approximately 1,000 locations. Following its separation from the thyssenkrupp group in July 2020, TK Elevator has become one of the world's foremost elevator companies. The core of its business lies in the service sector, supported by approximately 25,000 dedicated service technicians. The product portfolio spans from standard elevators for low-rise residential buildings to tailored solutions for skyscrapers. It encompasses escalators, moving walks, passenger boarding bridges, and stair and platform lifts. The integration of cloud-based solutions, such as the MAX platform, enhances the delivery of services.

Hyundai Elevator Co. Ltd. (South Korea)

Hyundai Elevator is a subsidiary of Hyundai Group based in South Korea. The company offers various products, including elevators, escalators, material handling systems, and automated parking systems. Hyundai Elevator is actively involved in providing comprehensive services, encompassing elevator installation, maintenance, and modernization. With a presence in approximately 70 locations within Korea and 68 countries worldwide, the company has established a robust global network, facilitating its expansion into the international market. It has an annual capacity of manufacturing 28,151 elevators and has maintained 201,365 elevators up to 2024.

Mitsubishi Electric Corporation (Japan)

Mitsubishi Electric Corporation manufactures, develops, and sells electric and electronic equipment. The major operating business segments of the company are Infrastructure, Industry & Mobility, Life, Business Platform, Semiconductor & Device, and Others. The company provides elevators and escalators under the Life segment. The company’s key competitors in the elevators and escalators markets are Otis (US), KONE (Finland), and ThyssenKrupp (Germany), among others. The company has established its leadership in the market by acquiring other businesses and launching new products.

MARKET RANKING

The elevators and escalators market is consolidated, with leading companies dominating the industry. The key players in this market include Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co., Ltd. (South Korea), and Mitsubishi Electric Corporation (Japan). Schindler Group offers a range of products globally. Otis focuses on growth through product launches and strategic agreements. KONE Corporation has a strong patent portfolio, while Hitachi Ltd. is expected to grow with its advanced smart elevator solutions. Hyundai Elevator Co., Ltd. has made substantial agreements, partnerships, and expansions to excel in business. TK Elevator has excelled through product launches and numerous projects. Mitsubishi Electric is expanding its business through various product launches to boost revenue.

Related Reports:

Elevators & 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 2030