Elevators and Escalators Market

• The increasing migration of a large population base boosts the market growth

There has been an increasing migration of a large and widened population base from the rural areas towards the established cities have consequently surged and this has resulted in a sudden need for infrastructure development, that is inclusive of constructing high-rise buildings and infrastructure followed by the need to cater to the accommodation needs of the emerging population. According to the stats belonging to the UN Department of Economic and Social Affairs, by the end of 2030, surpassing the forecast period that ends in 2028, the urban population is likely to comprise 60% of the world population.

This tentative number is expected to reach 68% by the end of the futuristic forecast year of 2050 giving rise to the demand for the elevators and escalators market during the forecast period of 2021-2030.

As more money is invested in commercial and residential infrastructure projects, the demand for elevators and escalators increases, leading to growth in the market for these products. Additionally, factors such as urbanization, increasing population, and changing lifestyle patterns are also driving the demand for elevators and escalators. Therefore, such factors related to Elevators and Escalators have enhanced the Elevators and Escalators market CAGR across the globe in recent years.KONE Corporation, a Finnish multinational elevator and escalator corporation, declared the launch of its newest lift technology in 2023, the KONE MonoSpace 600.

This advanced state-of-the-art system is designed to be more cost-effective and environmentally friendly.

The aging population globally presents a unique challenge and opportunity for the Global Elevators and Escalators Market Industry. As the demographic shifts towards an older population, there is an increasing demand for accessibility solutions in residential and commercial buildings. Elevators and escalators equipped with features catering to mobility-impaired individuals are becoming essential. This trend is particularly pronounced in healthcare facilities and senior living communities, where safe and reliable vertical transportation is critical. The market's growth is likely to be influenced by this demographic shift, as more facilities invest in accommodating the needs of older adults.

The Global Elevators and Escalators Market Industry is poised for substantial growth, with projections indicating a market size of 117.4 USD Billion in 2024 and a potential increase to 297.7 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate (CAGR) of 8.83% from 2025 to 2035. Such figures highlight the increasing investments in infrastructure, technological advancements, and the rising demand for efficient vertical transportation systems. The market's expansion is likely to be driven by urbanization, an aging population, and a focus on sustainability, positioning the industry for a dynamic future.

Technological innovations play a crucial role in shaping the Global Elevators and Escalators Market Industry. The integration of smart technologies, such as IoT and AI, enhances operational efficiency and user experience. Modern elevators are equipped with features like predictive maintenance, which reduces downtime and operational costs. Moreover, advancements in energy-efficient designs contribute to sustainability goals, appealing to environmentally conscious consumers. As these technologies evolve, they are likely to attract investments, further propelling market growth. The anticipated CAGR of 8.83% from 2025 to 2035 underscores the potential for innovation-driven expansion within the industry.

Sustainability concerns are increasingly shaping the Global Elevators and Escalators Market Industry. With a growing emphasis on reducing carbon footprints, manufacturers are focusing on developing energy-efficient elevator and escalator systems. Innovations such as regenerative drives and eco-friendly materials are becoming standard in new installations. This shift not only meets regulatory requirements but also appeals to environmentally conscious consumers and businesses. As sustainability becomes a core value for many organizations, the demand for green solutions in vertical transportation is expected to rise, further driving market expansion.

The Global Elevators and Escalators Market Industry is significantly influenced by stringent regulatory standards and safety norms. Governments worldwide are implementing regulations to ensure the safety and reliability of vertical transportation systems. Compliance with these standards not only enhances consumer confidence but also drives manufacturers to innovate and improve their offerings. For instance, adherence to safety codes can lead to the development of advanced safety features in elevators and escalators. This regulatory environment fosters a competitive landscape, encouraging companies to invest in research and development, thereby contributing to market growth.

The rapid pace of urbanization globally drives the demand for elevators and escalators. As cities expand, the need for efficient vertical transportation systems becomes paramount. In 2024, the Global Elevators and Escalators Market Industry is valued at 117.4 USD Billion, reflecting the increasing investments in infrastructure projects. Urban centers are witnessing a surge in high-rise buildings, necessitating advanced elevator systems to facilitate smooth movement. This trend is expected to continue, with projections indicating that by 2035, the market could reach 297.7 USD Billion, showcasing a robust growth trajectory fueled by urban development initiatives.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The largest market share in the  market is likely to be held by the Asia-Pacific region. The main reason behind this is the presence of highly populous countries including China, India Japan, South Korea, and many others that drive the market demand in this region. Moreover increasing commercial and residential growth is another factor that drives the market demand.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilIn March 2023, Sydney Metro West awarded two systems framework contracts to Schindler and Honeywell encompassing a wide range of systems and equipment that will ensure safety, reliability as well as efficiency across metro service.

Two contracts are included within the Systems Frameworks package wherein Schindler will provide lift and escalator supply & maintenance while Honeywell shall cover public address systems, CCTV cameras, passenger information displays (PIDs), fire detection systems (FDS), building management control systems (BMCS); electronic access controls systems (EACS).

Figure 3:  ELEVATORS AND ESCALATORS MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe’s Elevators and Escalators market accounts for the third-largest market share. This is because of the presence of well-established technologically advanced infrastructure that requires more elevators and escalators market for its further enhancement and hence creates more growth opportunities in the European region. Moreover, there is an increasing investment coupled with increased expenditure in the infrastructure sector drives the market demand in this region. Further, the Germany Elevators and Escalators market held the largest market share, and the UK Elevators and Escalators market was the fastest-growing market in the European region.

In North America, the Elevators and Escalators market is expected to be the second largest. This is because of the presence of countries like Mexico, Canada, and the US. These countries are expected to have high urbanization rates and hence create more demand in this region. The rise in the prevalence of various major key players is another factor that drives market demand. Moreover, the U.S. Elevators and Escalators market held the largest market share, and the Canada Elevators and Escalators market was the fastest-growing market in the north america region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Elevators and Escalators market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Elevators and Escalators industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Elevators and Escalators. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Elevators and Escalators industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  Elevators and Escalators industry to benefit customers and expand the market sector. The Elevators and Escalators market has recently given medicine some of the most important advantages. Major Elevators and Escalators market players, including KONE Corporation, Sigma Elevator Company, Otis Elevator Company, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hitachi Ltd., Hyundai Elevator Co., Ltd., and others, are attempting to increase market demand by funding R&D initiatives.

KONE Corporation is a Finnish company that designs, manufactures, and installs elevators, escalators, and automatic building doors. KONE is one of the largest elevator and escalator manufacturers in the world and operates in over 60 countries. The company offers a wide range of products and services, including elevators, escalators, automatic building doors, and maintenance and modernization services. KONE's elevators and escalators are used in a variety of buildings, including residential buildings, office buildings, hotels, hospitals, and public transportation hubs.

In addition to its core business, KONE also offers digital services, such as remote monitoring and predictive maintenance, to help customers improve the performance and efficiency of their elevators and escalators.

Mitsubishi Electric Corporation is a Japanese multinational corporation that designs, manufactures, and sells a wide range of electrical and electronic equipment and products, including elevators and escalators. The company was founded in 1921 and is headquartered in Tokyo, Japan. Mitsubishi Electric is one of the largest elevator and escalator manufacturers in the world and operates in over 150 countries. The company's elevators and escalators are used in a variety of buildings, including residential buildings, office buildings, hotels, hospitals, and public transportation hubs.

Mitsubishi Electric also offers a wide range of services, including maintenance, modernization, and remote monitoring, to help customers improve the performance and efficiency of their elevators and escalators. The company also offers a range of other products, such as air conditioning systems, factory automation equipment, and solar power systems.