Elevator and Escalator Market: By Type, Escalator and Moving Walkways), By Service, By End User and Region Forecast 2020-2031
Elevator and Escalator Market: By Type, Escalator and Moving Walkways), By Service, By End User and Region Forecast 2020-2031
Elevator and Escalator Market size was valued at US$ 161.8 billion in 2024 and is expected to reach US$ 249.8 billion by 2031, growing at a significant CAGR of 6.4% from 2025-2031. Improvements in the construction industry, rapid urbanization and industrialization across developing countries, increased focus on reducing overall energy consumption levels, awareness about the need for energy-efficient residential elevators, proactive maintenance & modernization of equipment, increasing shift towards environmentally friendly products, and rising investment in commercial and residential infrastructure are some key factors fostering the market growth.
However, factors such as uncertainty & risk around the global economy, compliance with standards and regulations, and high maintenance costs are inhibiting the market growth. In addition, the development of advanced technologies and the adoption of green building codes and energy-efficient products provide huge growth opportunities for the market. The market is surging owing to strategic alliances by key players for elevator and escalators to meet the demands of the customers in the market.
Study Period
2025-2031Base Year
2024CAGR
6.4%Largest Market
North-AmericaFastest Growing Market
North-America
Elevators segment accounted for larger revenue share in the market with a CAGR of XX% and is expected to grow over the forecast years. Elevators or lifts are vertical transportation compartments housed in a shaft or platform for lowering and raising people or materials between floors or levels. Presence of elevators in the market has left unlimited scope for architects and construction houses to create buildings. They are generally motivated by electric motors that power counterbalance systems and traction cables or pump hydraulic fluid to elevate a cylindrical system. Majority of the multistoried buildings have lifts in order to allow ease of travel and wheelchair access laws. Ever-growing need for high-rise accommodation to deal with growing population will continue to drive the elevator segment.
Europe accounted for larger revenue share in the market with a CAGR of XX% and is expected to grow over the forecast years. The increasing number of high-rise buildings in countries such as Germany that drive the growth of the construction industry and the growing popularity of smart elevators will be major factors driving the growth of the lift and escalator market in this region. Asia Pacific held substantial market share during estimated period owing to increasing demand from the key economies and emerging areas, such as India and South East Asia. China has significantly contributed to the growth of the market revenue and holds the major market share.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2024 |
US$ 161.8 billion |
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Market Size in 2031 |
US$ 249.8 billion |
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Market CAGR |
6.4% |
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By Type |
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By Service |
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By End User |
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By Region |
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Elevator and escalator market size was valued at US$ 161.8 billion in 2024 and is expected to reach US$ 249.8 billion by 2031, growing at a CAGR of 6.4%.
Hitachi, Ltd,Hyundai Elevator Co., Ltd, KONE Oyj, Mitsubishi Electric Corporation, Orona Group, Otis Elevator Company
North America is the fastest-growing region in the market.
| 1.Executive Summary |
| 2.Global Elevator And Escalator Market Introduction |
| 2.1.Global Elevator And Escalator Market - Taxonomy |
| 2.2.Global Elevator And Escalator Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Service |
| 2.2.3.End User |
| 2.2.4.Region |
| 3.Global Elevator And Escalator Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Elevator And Escalator Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
| 4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Elevator And Escalator Market By Type, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 5.1. Elevators (passenger, freight, single, and double deck elevators), |
| 5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Escalator and Moving walkways |
| 5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Elevator And Escalator Market By Service, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 6.1. New installation |
| 6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Maintenance & repair |
| 6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Modernization |
| 6.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Elevator And Escalator Market By End User, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 7.1. Residential |
| 7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Commercial |
| 7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Institutional |
| 7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Infrastructure |
| 7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Other |
| 7.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.Global Elevator And Escalator Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Elevator And Escalator Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 9.1. Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Elevators (passenger, freight, single, and double deck elevators), |
| 9.1.2.Escalator and Moving walkways |
| 9.2. Service Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.New installation |
| 9.2.2.Maintenance & repair |
| 9.2.3.Modernization |
| 9.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Residential |
| 9.3.2.Commercial |
| 9.3.3.Institutional |
| 9.3.4.Infrastructure |
| 9.3.5.Other |
| 9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Elevator And Escalator Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Elevators (passenger, freight, single, and double deck elevators), |
| 10.1.2.Escalator and Moving walkways |
| 10.2. Service Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.New installation |
| 10.2.2.Maintenance & repair |
| 10.2.3.Modernization |
| 10.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Residential |
| 10.3.2.Commercial |
| 10.3.3.Institutional |
| 10.3.4.Infrastructure |
| 10.3.5.Other |
| 10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Elevator And Escalator Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Elevators (passenger, freight, single, and double deck elevators), |
| 11.1.2.Escalator and Moving walkways |
| 11.2. Service Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.New installation |
| 11.2.2.Maintenance & repair |
| 11.2.3.Modernization |
| 11.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Residential |
| 11.3.2.Commercial |
| 11.3.3.Institutional |
| 11.3.4.Infrastructure |
| 11.3.5.Other |
| 11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Elevator And Escalator Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Elevators (passenger, freight, single, and double deck elevators), |
| 12.1.2.Escalator and Moving walkways |
| 12.2. Service Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.New installation |
| 12.2.2.Maintenance & repair |
| 12.2.3.Modernization |
| 12.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Residential |
| 12.3.2.Commercial |
| 12.3.3.Institutional |
| 12.3.4.Infrastructure |
| 12.3.5.Other |
| 12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Elevator And Escalator Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Elevators (passenger, freight, single, and double deck elevators), |
| 13.1.2.Escalator and Moving walkways |
| 13.2. Service Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.New installation |
| 13.2.2.Maintenance & repair |
| 13.2.3.Modernization |
| 13.3. End User Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Residential |
| 13.3.2.Commercial |
| 13.3.3.Institutional |
| 13.3.4.Infrastructure |
| 13.3.5.Other |
| 13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Fujitec Co. Ltd. |
| 14.2.2.Hitachi, Ltd. |
| 14.2.3.Hyundai Elevator Co., Ltd. |
| 14.2.4.KONE Oyj |
| 14.2.5.Mitsubishi Electric Corporation |
| 14.2.6.Orona Group |
| 14.2.7.Otis Elevator Company |
| 14.2.8.Schindler Group |
| 14.2.9.ThyssenKrupp AG |
| 14.2.10.Toshiba Corporation |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
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