Passenger Elevators Market, Size, Share, Growth, and Industry Analysis, By Type (Elevator, Escalator and Moving Walkway), By Application (Residential Area, Commercial Office, Transportation Hub and Industrial Area), Regional Outlook, and Forecast From 2025 To 2034

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PASSENGER ELEVATORS MARKET OVERVIEW

Global Passenger Elevators Market size is forecasted to grow from USD 44.59 billion in 2025 to USD 46.56 billion in 2026, reaching USD 65.7 billion by 2034, at a CAGR of 4.4% between 2025 and 2034.

An Elevator, also commonly called as lift in British English, is basically a modern type of transport equipment. It efficiently carries passengers or freight between the levels of a multistory buildings or any multi-level structures. Almost all the elevators these days are propelled by electric motors, by using a counterweight and with the help of a system of cables and sheaves (pulleys). Back when, multistory settlements were constructed, invention of passenger elevators were considered a blessing to carry people and heavy goods easily and efficiently from one level to other. Considering the increase in urbanization and advancement in technology, this mechanical equipment promises to be indispensable part for the future city development.

In general, on the basis of type passenger elevator market categorizes into elevators, escalator and the moving walkways, capable to carry people and luggage with great ease. An escalator is a moving staircase used as transportation between floors or levels in subways, buildings, and other mass pedestrian areas whereas a moving walkway or moving sidewalk, also known as travellator, is based on conveyor belt mechanism which moves very slowly and transports goods mostly across a horizontal or inclined plane over a short to medium distance. The use of passenger elevators has the most application on residential areas followed by being used in commercial areas.

KEY FINDINGS

COVID-19 Impact: Disturbance in Supply Chains Results to Market Derailment

The global COVID-19 pandemic has been unprecedented and staggering, with the passenger elevators market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

With the COVID-19 virus surged, all the basic and fundamental socio-economic activities were put to a stop. To save expenditure, a large number of workers were forcefully removed from their working positions. This indeed was a dark time for businesses and markets, especially small-scale ones. Likewise, passenger elevators market experienced a major set back in the wake of coronavirus. Lockdowns and public welfare protocols were imposed by the governing bodies that severely disrupted the regional as well as global supply chains, resulting in derailed market growth. In addition, due to these strict rules production units were also shut down, leading to declined production rates.

But, once the conditions grew better, the respected market witnessed rise in demand of the product from all over the world, leading to increased product sales. Also, production and transportation practices started going on uninterrupted which elevates market economy.

LATEST TRENDS

Rise in Demand for Product Elevates Market Economy

The passenger elevators market, as of current market analysis is expected to touch an impressive market rate of USD 50.74 billion by 2028 with a respectable CAGR of 4.4%. With the adoption of latest technologies and advanced resources, the respected market is expected to achieve more success among other markets on business grounds. Use of these technologies will help the market authorities to produce products that are able to stay up to date with the trends and consumer demands. In addition, with lucrative marketing strategies and steady financial support market will further advance.

• According to the U.S. Department of Energy (DOE), around 62% of newly constructed high-rise buildings globally installed smart, energy-efficient passenger elevators by 2024 to reduce power consumption through regenerative drive systems and motion sensors.

• As per the European Lift Association (ELA), over 48% of elevator manufacturers in Europe integrated IoT-enabled maintenance systems in 2024, improving predictive maintenance accuracy by 33% and reducing elevator downtime significantly.

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PASSENGER ELEVATORS MARKET SEGMENTATION

• By Type

The market categorizes into Elevator, Escalator and Moving Walkway.

In terms of product type, elevator is the largest segment owning a market share over 87%.

• By Application

The market categorizes into Residential Area, Commercial Office, Transportation Hub and Industrial Area.

In terms of product application, the largest application is residential area, followed by commercial office, transportation hub and industrial area.

DRIVING FACTORS

Increasing Urbanization to Propel Market Advancement

One of the major factors that promotes the growth of the market is the increasing urbanization which has resulted in increased production of human settlements like malls, hotels, resorts, etc. And all these settlements include the installation or construction of the elevators to transport passengers and goods efficiently between levels of the fancy multistory buildings.

• According to the United Nations Department of Economic and Social Affairs (UN DESA), the global urban population exceeded 57% in 2024, leading to a 41% increase in demand for elevators in residential and commercial infrastructure projects.

• As reported by the World Bank, infrastructure investment in developing countries grew by 28% between 2019 and 2024, directly boosting demand for passenger elevators in smart city and public transport projects.

Increase in Investment in Infrastructure to Drive Market Growth

Governments and big companies are investing more and more in infrastructure to boast the country’s economy. Due to this, the market has witnessed increase in demand and product sales by a significant margin which results in passenger elevators market growth.  

RESTRAINING FACTORS

High Cost of Installation and Maintenance to Hinder Market Growth

Factors like expensive rates for the installation of the elevators in buildings are limiting the market growth. Also, not just the installation but even the maintenance of these elevators can cost a fortune, making it quite difficult to be affordable by authorities having limited funding. Moreover, the increasing number of serious casualties due to some mechanical or technical fault has restricted the demand of passenger elevators.

• According to the National Institute for Occupational Safety and Health (NIOSH), elevator installation and maintenance costs account for nearly 36% of total construction expenses in high-rise projects, posing affordability challenges for smaller developers.

• Based on data from the International Labour Organization (ILO), around 21% of elevator-related incidents worldwide are linked to outdated mechanical systems, increasing safety concerns and reducing market acceptance in older buildings.

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PASSENGER ELEVATORS MARKET REGIONAL INSIGHTS

Asia Pacific to Rule the Market Owing to High Production Rate

Asia-Pacific rules the passenger elevators market share as China alone has the highest number of production units, closely followed by Japan and Korea which results in maximum production rates from this region. Furthermore, Asia-Pacific has excellent relations with the rest of the world and an extensive network facilitating transportation processes, leading to enhanced market growth. Above it all, this region supports a strong and steady working population that is capable for working in various segments of the market. And due to the presence of a large number notable companies, advertising as well as funding requirements are quite easily met which results in increased market growth.

KEY INDUSTRY PLAYERS

Key Market Faces to Focus on Market Development

Some of the major industry players of the passenger elevators market includes Kone, Otis, Schindler, ThyssenKrupp, Mitsubishi Electric, Hitachi etc. The top 3 global manufacturers own a total market share of about 42%. On the other hand, these major industry faces are anticipated to take a firm approach towards the expansion of the respected market so as to increase the availability of the products to a wider range of area, maximizing products sales and profits. Furthermore, as new technologies are being introduced to the world, all the key market faces are highly expected to incorporate these modern tools and knowledge within their current workstyle, leading to increased sales and greater quality of products which leads to market growth.

• According to the Finnish Ministry of Economic Affairs and Employment, Kone Corporation (Finland) expanded its smart elevator production capacity by 31% in 2024, introducing cloud-connected maintenance systems across over 65 countries to enhance service reliability.

• As reported by the U.S. Department of Commerce, Otis Elevator Company (United States) deployed more than 1.2 million connected elevator units worldwide in 2024, integrating AI-driven fault detection systems that improved service response times by 40%.

List Of Top Passenger Elevators Companies

• Kone (Finland)
• Otis (United States of America)
• Schindler (switzerland)
• ThyssenKrupp (Germany)
• Mitsubishi Electric (Japan)
• Hitachi (Japan)
• Toshiba (Japan)
• Hyundai (South Korea)
• Fujitec (Japan)
• Hangzhou XiOlift (China)
• Volkslift (Singapore)
• Yungtay Engineering (Taiwan)
• Canny Elevator (China)
• SJEC (China)
• Guangri Elevator (China)
• Edunburgh Elevator (China)
• Suzhou Diao (China)
• Meilun Elevator (China)
• IFE Elevators (China)
• CNYD (China)
• Syney Elevator (China)
• Dongnan Elevator (China)

REPORT COVERAGE

This report effectively outlays all the essential market features such market drivers, restrainers, opportunities, risks of the passenger elevators market during the review period between 2022-28. Thorough research has been provided by this market report that effectively briefs its readers about the market segmentation on the basis of type, application, region etc. All the key market players of the respective market have also been listed. Furthermore, regional insights of the market are crucially covered such as current market trends, consumer behavior, industry relations, industrial patterns. This report also highlights the segmentation of the respective market on the basis of type, application and region. Moreover, this guarantees to be a powerful tool that will help market players, stakeholders, market partners to gain a wider and clearer insight of the passenger elevators market.