Elevators and Escalators Market

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 will grow due to rapid urbanization and a growing trend toward constructing high-rise residential and commercial buildings and investing in infrastructure projects. The increasing requirement for efficient vertical transportation systems at airports, metro stations, shopping malls, hospitals, and smart cities is also driving the market growth. Also, the smart, connected, and energy-efficient technologies in elevator installations and the modernization of old ones are creating new growth opportunities.

The major players in the elevators and escalators market with a significant global presence are 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. The market players have adopted strategies such as product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions to strengthen their position in the elevators and escalators market.

To know about the assumptions considered for the study download the pdf brochure

Otis Worldwide Corporation (US) is the world’s leading company in elevator and escalator manufacturing, installation, maintenance, and modernization services. The company operates in more than 200 countries and territories, combining a strong global presence with localized operations through over 1,400 branches and offices, including direct operations in more than 70 countries. Otis organizes its business into two primary segments: New Equipment and Service. Under the New Equipment segment, Otis designs, manufactures, sells, and installs a broad portfolio of passenger and freight elevators, escalators, and moving walkways for residential, commercial, and infrastructure projects. Its customers mainly include real estate developers, building owners, architects, general contractors, and government agencies involved in infrastructure developments such as airports, railway stations, and metro systems.

The company primarily markets its products directly through its dedicated sales teams. Otis offers a range of advanced elevator platforms tailored to diverse customer needs, including Gen2, Gen3, Gen360, and SkyRise, along with escalators and moving walkways designed for various applications. Through its Service segment, Otis provides maintenance, repair, and modernization solutions for elevators and escalators. The company manages a global maintenance portfolio of approximately 2.5 million units, covering both Otis-manufactured equipment and systems produced by other original equipment manufacturers. Otis maintains a direct operational presence in more than 70 countries, supported by a global property portfolio of approximately 13 million square feet. The company operates around 2,300 facilities worldwide. Its global network includes over 1,400 branches and offices, 11 research and development centers, and 16 manufacturing facilities. Major manufacturing operations are located in Brazil, China, Japan, France, India, Korea, Spain, and the US, with 13 of these facilities owned by the company. Otis also operates key R&D centers across China, France, Germany, India, Japan, Spain, and the US. Both the branch network and R&D facilities support the company’s New Equipment and Service business segments.

Schindler (Switzerland) 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 the consumer electronics and information and communication sectors. The company provides affordable solutions for low-rise residential buildings and implements advanced access and transport management concepts for skyscrapers.

KONE Corporation (Finland) is a prominent player in the elevators and escalators market, serving clients globally with its diverse range of products and solutions. KONE operates in three business segments: New Building Solutions, Service, and Modernization. KONE Corporation provides a broad portfolio of solutions across new installations, services, and modernization. In its New Building Solutions segment, the company offers innovative, intelligent, and sustainable elevators, escalators, automatic building doors, and integrated access control systems designed to optimize people flow within buildings. Through its Service business, KONE focuses on maintaining the safety, reliability, and operational availability of installed equipment. In the Modernization segment, the company delivers upgrade solutions for aging equipment, ranging from component replacements to complete system renewals.

The company is actively involved in designing and developing elevators, escalators, and automatic building doors, offering innovative solutions for modernization and maintenance. Specializing in people flow technology, KONE focuses on creating systems that enable individuals to navigate smoothly, safely, and efficiently. Beyond its products, the company provides comprehensive services, including project planning, management, installation, maintenance, and monitoring. Operating in around 70 countries, KONE has a presence in the Americas, Europe, Asia Pacific, and the Middle East. The company has 10 manufacturing units and 7 R&D units in seven countries.

MARKET RANKING

Some major players in the elevators and escalators market are Schindler, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd., TK Elevator, Hyundai Elevator Co. Ltd., and Mitsubishi Electric Corporation. These companies have established strong market positions through their strong service businesses, broad distribution networks, global manufacturing capabilities, and large product portfolios. Their emphasis on innovation, digitalization, modernization services, and strategic expansion projects has given them a competitive edge.

Related Reports:

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

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
[email protected]