Elevators and Escalators Market Size, Share, Growth, and Industry Analysis, By Type (Elevators, Escalators & Moving Walkways), By Application (Commercial, Industrial, Residential & Government), and Regional Forecast to 2033

•   
•   
  

  Request a Free sample to learn more about this report

    

ELEVATORS AND ESCALATORS MARKET OVERVIEW

The global Elevators and Escalators Market stood at USD 49.370 billion in 2024 and is expected to rise to USD 52.061 billion in 2025, maintaining a strong growth forecast to reach USD 79.595 billion by 2033, with a CAGR of 5.45% from 2025 to 2033.

The elevators and escalators market covers the process of making, setting up, and maintaining elevators and escalators in various buildings. People and things inside buildings are transported vertically by elevators and allowed to walk continuously up and down by escalators. For buildings that are taller, elevator systems are vital in the residential, commercial, and industrial sectors. Urbanization and the building of cities are increasing the use of efficient vertical transportation. There are new developments in the market related to safety, better energy efficiency, and the addition of smart technology.

COVID-19 IMPACT

Elevators and Escalators Industry Had a Negative Effect Due to Widespread Lockdowns and Halted Construction Activities during COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Because of halted construction projects and fewer activities in commercial buildings across the globe, the COVID-19 pandemic had a negative effect on the elevators and escalators market. When countries were under lockdown, demand for new installations dropped, and so did continued maintenance. Issues in the supply chain caused more problems with both making and shipping the necessary components. Also, since the economy was shaky, many building owners put off making upgrades or performing repairs. All in all, these reasons led to a sharp decline in the market during the pandemic.

LATEST TREND

IoT and smart technology drive rapid market growth

The rapid growth of the elevators and escalators market is caused by increasing urban areas, increased infrastructure, and the use of advanced technology. Many industries are introducing Internet of Things (IoT) technology as part of improving their vertical transportation systems. With IoT, elevators and escalators are able to be monitored live, maintained predictively, and use less energy. Otis and Schindler are two companies that have developed systems so technicians can see how a lift is functioning from a distance and people can choose their own lift experience. Because of new smart solutions, traditional lifts and escalators are becoming more modern and help satisfy the current needs of city life.

•   
•   
  

  Request a Free sample to learn more about this report

    

ELEVATORS AND ESCALATORS MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Elevators, Escalators & Moving Walkways

• Elevators: Elevators are built to transport both people and objects to different levels inside a building. One can find them used in homes, businesses, and factories, especially in tall buildings. Elevators today come with state-of-the-art safeguards and use energy-saving technology. Because more people live in cities and skyscrapers are built, there is greater demand for these vehicles around the world.
• Escalators: Escalators move people smoothly from one level of a building to another at all times. We usually find them in shopping malls, airports, and transit stations, and they help move people more smoothly and make everything more accessible. Improving their performance is made possible by smart sensors and motors that save power. The growth in people walking in public areas leads to the need for more escalators around the world.
• Moving Walkways: Travelators, or moving walkways, are inclined or flat belts made to move people over medium-length areas. Their primary purpose is to assist people in walking faster through airports, metro stations, and big malls. Innovations are mainly aimed at safety and energy saving to get the best results. More development of infrastructures in cities is creating more opportunities for moving walkways.

By Application

Based on application, the global market can be categorized into Commercial, Industrial, Residential & Government

• Commercial: The use of elevators and escalators in offices, malls, hotels, and airports by the commercial sector is widespread to help move many people. Consequently, these systems make things easier, more accessible, and safer for people who use them every day. The increase in cities and commercial activities leads to greater demand. More and more, smart controls are being used to enhance both efficiency and how comfortable users are.
• Industrial: Within factories and warehouses, elevators and escalators are mainly employed to move things and employees from one place to another. It is recommended to use durable and tough designs for situations that are harsh or require heavy loads. Automotive companies pay special attention to automation and improving safety in this segment. The demand for electronic equipment is rising with the help of bigger manufacturing and logistics sectors.
• Residential: The purpose of elevators in residential buildings is mainly to help people who live on different floors, particularly the aged and people with physical disabilities. Because high-rise apartments are becoming popular in cities, more homes are being equipped with elevators. More people are choosing compact and energy-saving models now. Safety and dependability in homes depend greatly on regular maintenance.
• Government: Moving and providing access to all visitors is made easy for hospitals, government offices, and places of public transport by using elevators and escalators. Major sectors in construction have to strictly follow regulations and safety guidelines. Monies put into public infrastructure projects help the industry achieve growth. Eco-friendly actions and techniques are being used to achieve goals set for the environment.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                          

Driving Factor

Urbanization and government projects drive global market growth

Because cities are becoming more crowded, there is a higher demand for housing and other buildings, which increases the Elevators and Escalators Market Growth. When we build new commercial spaces, houses, and public areas, we want the mobility systems to improve access and comfort for everyone. Government funds put into smart cities and similar projects add to the growth of the sector. This increase in construction works leads to market growth in countries all around the world. In addition, updating infrastructure encourages a rise in demand for improved elevator and escalator systems. The process of urbanizing usually sparks widespread economic growth.

Technological advances like IoT and energy saving boost market growth

Advances in elevator and escalator technology, such as using IoT, predictive maintenance, and energy saving, are changing the industry. Because of IoT solutions, companies no longer need to stop their processes for long maintenance periods. Motors designed for reduced energy consumption and regenerative drives are great for the purpose and for environmental sustainability. Innovative elevators with contactless buttons and extra features are made to make the experience of using elevators safer and more comfortable. Leaders in manufacturing are spending on research and development to keep up and encourage the steady growth of this area. Both of these methods are meant to fit the ever-changing standards of city planning.

Restraining Factor

High costs and low resources limit market growth

The high cost of setting up and maintaining them is a big limiting element for the elevators and escalators market. Because these expenses are often too much for small and medium builders, not many new homes can be made with them. It is also true that having technical experts and regular maintenance takes a toll on the business’s operational expenses. Low resources in developing regions hold back the expansion of the market. Because of this issue, older systems are used for longer, which hinders the market’s growth.

Smart cities and green tech drive market growth

Opportunity

The emphasis on smart cities and green urban constructions offers a big chance for the elevators and escalators market. The combination of IoT and AI technology helps make vertical transportation systems that are both advanced and save energy in modern buildings. Moreover, growth in cash flow helps cities invest in transport hubs and major commercial areas, which increases demand. More elderly people in the world make it necessary to provide additional mobility options. Such factors help the market grow in promising ways.

Safety rules and upgrades challenge operational costs, limiting market growth

Challenge

Safety and complying with strict rules in many places is a big problem in the elevators and escalators market. Systems need to be frequently upgraded by manufacturers and service providers to meet the latest safety rules, which may require much financial and technical effort. Besides, in some areas, the infrastructure is old and needs changes or replacements, which can be challenging to arrange logistically. Being innovative while keeping safety and dependability in mind continues to be very important. The result of this issue is that projects take more time to complete and cost more in terms of operations.

•   
•   
  Request a Free sample to learn more about this report

    

ELEVATORS AND ESCALATORS MARKET REGIONAL INSIGHTS

• North America

North America leads market growth with investments

North America occupies the largest Elevators and Escalators Market Share because of its high level of infrastructure, a growing number of urban residents, and a high number of investments in housing and business buildings. Since important players are active and smart solutions are being integrated, the market is expected to improve. Because it has the largest economy, the United States helps growth by investing in modern technologies and getting more energy-efficient technology. The United States Elevators and Escalators Market is helped by government programs aimed at sustainable development. For this reason, North America has maintained its position as the leading market share holder.

• Europe

Europe’s market growth driven by modernization, safety

The European market for elevators and escalators is enhanced by its strong focus on renovating outdated structures and bulletproofing the construction industry. The need for safety and advanced technology in lift systems is boosted by strict regulations in this industry. As cities become more urban and involve smart technology, the market continues to expand. European companies that lead in manufacturing pay close attention to new ideas and sustainability. For this reason, the global market views Europe as a leading player.

• Asia

Asia’s market growth driven by rapid urbanization

The elevators and escalators market is expanding much faster in Asia because of rapid growth in cities, industries, and homes. Because high-rise buildings are being constructed more in places such as China and India, the use of vertical transport is increasing. Improving the government’s involvement in smart cities and public transportation enlarges the size of the market. The area is also choosing energy-saving and intelligent elevator systems. Such factors help make Asia a leading and growing market around the world.

KEY INDUSTRY PLAYERS

Industry leaders drive market growth via innovation

Innovative strategies, teaming up with different partners, and expanding activities globally are some of the ways main industry players grow in the elevators and escalators market. Otis, KONE, and Schindler are putting a great deal of effort into coming up with smart, energy-saving, and safe ways to move people in buildings. Using IoT and predictive maintenance, they are able to improve service and cut down on unplanned downtimes. Besides, active involvement in sustainable development and renewal of outdated systems gives these companies a stronger place in the market and lets them provide for the changing needs of cities globally.

List Of Top Elevators And Escalators Companies

• Kleemann (Greece)
• Schindler (Switzerland)
• Fuji Elevators (China)
• Hyundai Elevator (South Korea)
• ORONA (Spain)
• SJEC (China)
• GEEC (Gulf Elevators & Escalators Company) (Saudi Arabia)
• Fujitec (Japan)

KEY INDUSTRY DEVELOPMENT

October, 2023: The EOX Renew Series was unveiled by TK Elevator. This new elevator model is designed for low- and medium-rise residential buildings and emphasizes sustainability, energy efficiency, and enhanced accessibility. With the EOX Renew Series, there is no need for fossil fuels because the device uses renewable energy and requires 28% less energy than its earlier siblings. It demonstrates TK Elevator’s effort to upgrade old systems and choose environmentally friendly approaches in the elevator world. This product is expected to make buildings more worthwhile and provide energy-saving vertical solutions for a stronger Europe.

REPORT COVERAGE   

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.