The Elevators and Escalators Market was valued at USD 56,900 Million in 2020 and reached a valuation of USD 79,250 Million by 2025. The market is anticipated to register a Y-o-Y growth of 6.2% in the year 2025. Over the assessment period (2025 to 2035), the market is projected to expand at a value CAGR of 7.1% and reach USD 1,57,359.9 Million by the end of the forecast period.
Elevators and escalators are very essential vertical transportation systems that contribute to greater mobility in residential buildings, commercial areas, transportation centers, and industrial sites. They have emerged as the only means to transport people and cargo safely, efficiently, and conveniently and are, therefore, an essential part of modern-day urban infrastructure. Demand for elevators and escalators has shot up dramatically with rapid urbanization, high-rise construction, and metro and airport expansion projects all over the world.
Manufacturers always design advanced elevators to cater to the diverse needs of industries. Traction elevators consume less energy and go to great heights. They are mostly used in skyscrapers and tall buildings. Hydraulic lifts are mainly used in low to mid-rise buildings, which are smooth in operation, economical, and thus more useful. The adoption of smart elevators and escalators is increasing as automation, IoT-based predictive maintenance, and AI-driven traffic management systems rapidly evolve.
It has improved energy efficiency, reduced downtime, and enhanced passenger safety, making it indispensable for modern infrastructure. Growth in investments in smart cities, public transport networks, and commercial real estate helps fuel the market's growth. As more cities see tall buildings, the construction of metros, elevators, and escalators will form the core of the pace of urban growth and modernization.
| Metric | Value |
|---|---|
| Industry Size (2025E) | USD 79,250 Million |
| Industry Value (2035F) | USD 1,57,359.9 Million |
| CAGR (2025 to 2035) | 7.1% |
The market is expected to grow approximately 1.9 times during this period. Between 2025 and 2035, the traction motor market is expected to grow significantly, reaching a valuation of approximately USD 1,57,359.9 million by 2035, with a projected CAGR of 7.1%. This growth will be driven by increasing urbanization and industrialization, particularly in emerging markets such as Asia-Pacific and Latin America, where renewable solution adapting is expanding rapidly.
Technological advancement and increasing infrastructure development will continue to play a pivotal role, with the development of next-generation elevators and escalators markets that offer enhanced performance and cheaper costs.
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Rapid Urbanization and High-Rise Construction Drive Demand for Elevators and Escalators
The constant growth in urban areas and the construction of high-rise buildings have increased the demand for elevators and escalators across the world. Increasing population in cities and available space have made vertical growth the only option to include residential, commercial, and office spaces. In cities, there is a burgeoning demand for efficient vertical transportation systems across constructions of skyscrapers, multi-story malls, corporate hubs, and residential towers.
Developing governments as well as private developers are choosing to invest in infrastructure projects that include smart and sustainable mobility solutions; therefore, the requirement for advanced elevator and escalator systems will increase.
Various government programs, such as the Bipartisan Infrastructure Law in the United States and smart city projects across Asia and Europe, are designed to modernize public spaces and transportation hubs. Modern airports, metro stations, and railway terminals will be equipped with high-speed elevators and escalators to make the journey of passengers even more convenient.
Safety regulations and energy efficiency standards also tend to push the market toward technologically advanced, energy-efficient, and smart elevators. As the urban development keeps expanding, elevators and escalators will be essential for easy mobility in such modern infrastructure projects.
Growth in Aging Population Increases Demand for Smart Mobility Solutions
Accessibility solutions are at the top of the agenda of infrastructure planners and developers today due to a rapid aging world population. In particular, Japan, Germany, and the USA invest most to develop solutions for barrier-free mobility to ensure transportation for the old and handicapped. Buildings are now designed with elevators and escalators that do not have a fixed speed but vary as required with voice assistance, touchless controls, and emergency safety features to ensure full accessibility.
Public infrastructure, including hospitals, residential complexes, and shopping malls, is being upgraded to have wheelchair-friendly elevators, inclined lifts, and moving walkways accommodating people with mobility challenges. The governments are enhancing stringent regulations on accessibility on new construction projects to make modern elevator and escalator systems user-friendly to a variety of users.
Another factor contributing to the demand for high-end patient transport elevators in hospitals and rehabilitation centres is due to the development of medical tourism and expansions in healthcare facility. This movement will, therefore, shape vertical mobility in the future, and henceforth, elevators and escalators make a massive part of inclusive urban planning.
Integration of IoT and AI Enhances Efficiency and Safety
The elevator and escalator industry is going through technological changes with the Internet of Things (IoT), artificial intelligence (AI), and predictive maintenance systems. Real-time monitoring sensors of smart elevators help analyze traffic patterns, optimize travel route routes, decrease waiting time, and maximize efficiency in tall buildings. AI control systems ensure energy-efficient elevator operation based on usage patterns by regulating speed, capacity, and idle time.
IoT-equipped escalators offer continuous monitoring of components' wear and tear, enabling the service provider to foresee malfunctions to avoid service failure. This eliminates sudden breakdowns, thereby reducing maintenance costs, and safety will also be improved. Touchless control systems, as well as biometric access, continue to be included in corporate offices and high-rise residential buildings as a means for a seamless, hygienic passenger experience.
As smart city initiatives continue to grow, AI-driven solutions for elevators and escalators will become the backbone of infrastructure in urban structures, making these buildings safer and more functional.
High Installation and Maintenance Costs Pose Challenges in Emerging Markets
Although elevators and escalators are part and parcel of any modern infrastructure, they come at a relatively pretty penny when installed and maintained within an emerging economy. High installation costs and, more particularly, maintenance for smart escalators and high-speed lifts may prohibit smaller developers or low-budget projects. Also, regular servicing would require some specific technical inputs for higher expenses on operation over time.
Outdated building codes and inconsistent safety regulations complicated market growth in developing regions. Most aging structures were not provided with architectural provisions that could be incorporated to accommodate modern elevator systems. Upgrading them would thus be costly as well as complicated. These can be overcome through cost-effective and energy-efficient solutions that need minimum maintenance and more extended operational life.
Even the Governments, to have been providing monetary incentives as well as subsidies to entice investment in smart infrastructure, still until those cheap solutions can reach, there lies an obstruction by the economic efficiency of escalators and lifts within the growth economy of Developing countries.
From 2020 to 2024, the Elevators and Escalators Market witnessed steady growth, driven by rising demand for renewable solutions, advancements in technology, and increasing adoption across various industries. The market expanded from approximately USD 56,900 Million in 2020 to USD 73,800 Million in 2024, growing at a CAGR of 6.3%.
Between 2025 and 2035, the Elevators and Escalators Market is expected to grow significantly, reaching a valuation of approximately USD 1,57,359.9 million by 2035, with a projected CAGR of 7.1%. This growth will be propelled by increasing urbanization and industrialization, particularly in emerging markets such as Asia-Pacific, Middle and Africa, where technology is expanding rapidly.
The rise of adoption of energy-saving systems will continue to play a pivotal role, with the development of next-generation solutions that offer enhanced performance and reduced costs.
The global Elevators and Escalators Market is moderately fragmented, with a mix of established multinational corporations and regional players competing for market share. Larger companies dominate the market with their extensive product portfolios, advanced manufacturing capabilities, and strong global distribution networks. However, regional and niche players contribute significantly by catering to local markets with cost-effective solutions.
Tier 1 companies include industry leaders with annual revenues exceeding USD 3,500 Million. These companies are currently capturing a significant share of 20% to 25%. These frontrunners are characterized by high production capacity and a wide product portfolio.
They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base. The firms provide a wide range of products and utilize the latest technology to meet regulatory standards. Prominent companies within this tier I players include Otis, KONE, Schindler.
Tier 2 companies encompass most of the small-scale enterprises operating within the regional sphere and catering to specialized needs with revenues between USD 2,000-3,500 Million. These businesses are notably focused on meeting local demand and are hence categorized within the Tier 2 segment. They are small-scale participants with limited geographical presence.
In this context, Tier 2 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one. Tier II Players such as ThyssenKrupp AG, Mitsubishi Electric, and others have been considered in this tier, where they are projected to account for 45-50% of the overall market.
Tier 3 includes the majority of small-scale companies operating at the local presence and serving niche having revenue below USD 2000 Million. These companies are notably oriented towards fulfilling local demands and are consequently classified within the tier 3 share segment. They are small-scale players and have limited geographical reach. The Manufacturers such as Tier III Players Schindler Holding Ltd., Schumacher Elevator Company, Sigma Elevator Company, and others are expected to hold 30-35% of the share.
| Countries | CAGR 2025 to 2035 |
|---|---|
| USA | 6.4% |
| UK | 11.0% |
| Germany | 6.6% |
| Japan | 5.7% |
| ASEAN | 12.9% |
The demand for elevators and escalators has increased in Germany. Many of its restructuring projects have to do with modernizing infrastructure, and making the country more sustainable. These modernization programs for infrastructure, along with railway expansion and commercial real estate growth, have accelerated the adoption of advanced vertical mobility solutions.
High-speed elevators and moving walkways are key to the movement of passengers with efficiency in a public transport network such as in metro systems, high-speed rail stations, and airport facilities. Moreover, an increase in the fibre-optic networks into the high-tech data centres has given a boost to the demand of elevators in industrial and commercial buildings.
Germany’s commitment to green building regulations and energy-efficient infrastructure has also contributed to the adoption of regenerative drive elevators, smart escalators, and eco-friendly lift systems. The country’s strict energy efficiency laws, such as the Energy Performance of Buildings Directive (EPBD), have pushed developers toward installing low-energy elevators and AI-based escalator systems that optimize energy consumption.
As smart cities continue to progress in Germany, IoT-connected elevators and technologies for predictive maintenance are becoming normal features in elevated buildings. For this reason, Germany is viewed as a high-potential market for European intelligent and environmentally friendly elevator solutions.
The high-rise construction and smart infrastructure projects in the UK's construction sector have increased the demand for elevators and escalators throughout the country. High-level elevator and escalator systems will be a MUST for London, Manchester, and Birmingham urban cities in ensuring free movement amidst new skyscraper constructions, mixed-used buildings, and commercial real estate expansion.
The UK government further set this installation of modern lift and escalator solutions in line with continuous investment in transportation infrastructures, including railway stations upgrades, expansions of airports, and underground metro systems, for support to a large number of passengers. Some of the most advanced trends include touchless elevators, AI-driven traffic management systems, and predictive maintenance solutions for the UK market. Contactless and voice-controlled elevators are becoming popular in commercial areas where post-pandemic smart building initiatives increase passenger safety.
Also, energy efficiency in elevators is being inquired due to UK regulations for reducing carbon footprint, thus pushing developers to install regenerative drive lift systems that recycle energy back into the building grid.As the UK grows more anxious about smart and sustainable urban mobility, IoT-enabled elevators, AI-powered escalators with optimized energy, and high-speed lifts will continue to find a place in modern infrastructure development.
Rising markets the demand for elevators and escalators in ASEAN are growing thanks to swift urbanization and the implementation of smart cities and more commercially developed infrastructures. All countries, namely Singapore, Malaysia, Thailand, Indonesia, and Vietnam, are noted to have various residential skyscrapers and tower offices alongside a mixed complex that should be upgraded further with the required highly advanced solutions to needs in vertical movement.
Increasing awareness about metro rail expansions, airport modernization, and transit-oriented developments requires the installation of high-speed elevators, escalators, and automated people movers to make public transportation efficient.
The ASEAN government is incentivizing smart city initiatives in Thailand, especially the Eastern Economic Corridor (EEC); Indonesia is a new capital city; and Singapore is known as a Smart Nation Plan. This factor makes the growth for AI-powered elevators, IoT-enabled escalators, and energy-efficient vertical transportation systems.
Developers in the region increasingly choose touchless control systems, biometric access lifts, and regenerative drive technology to meet sustainability goals and optimize building efficiency. Further, the investment in tourism and hospitality infrastructure has contributed to an increased demand for luxury hotel elevators, scenic escalators, and panoramic lifts in prime real estate development.
With heavy investment in rapid infrastructure and a host of modernization programs sanctioned by the governments, ASEAN will emerge as one of the fastest markets in deploying next-generation elevator and escalator solutions.
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The section explains the growth trends of the leading segments in the industry. In terms of product type, the traction elevators are currently holding a share of around 40% in 2024.
Based on the end user, commercial sector holds a share of 45% in 2024. The analysis would enable potential clients to make effective business decisions for investment purposes
| By Product Type | Value Share 2024 |
|---|---|
| Traction Elevators | 40% |
In the market, the foremost leading type of elevator is the traction elevator because it is efficient and has smooth movement and suitability for high-rise buildings. This system employs the use of steel ropes or belts along with counterweights and motor-driven pulleys, allowing elevators to travel with fewer contents of energy in comparison to equal hydraulic elevators.
They arrive with faster speed, greater load-carrying capacity, and more travel distance, thereby making them pretty popular for all different commercial complexes, office buildings, and residential towers that have more vertical transportation requirements.
Traction elevators have one main advantage: energy efficiency. While hydraulic elevators require more power and generate heat, traction elevators balance loads using counterweights, thus minimizing the amount of energy used. This feature appeals to sustainability goals and green building regulations, and hence is extremely attractive to developers interested in minimizing carbon footprints.
These elevators eliminate the need for a dedicated machine room, an optimization of space use and a reduction in installation costs, which are especially beneficial for urban high-rise development with space restrictions.
The higher demand for the high-speed, smart elevators equipped with IoT-based predictive maintenance, AI-driven traffic management, and regenerative braking systems further strengthens the traction elevator market. Traction elevators are sure to be the most suited technology available for vertically towering cities of the future to be accessed efficiently, safely, and without much high cost, meaning they dominate the global market as the preferred elevator type.
| By End user | Market Share 2024 |
|---|---|
| Commercial sector | 45% |
Commercial is the biggest end-user sector of the elevators and escalators market since it largely depends on vertical mobility solutions for tall office buildings, shopping malls, hotels, and mixed-use development. Due to rapid urbanization, the number of tall commercial structures and business hubs under construction has been massive, and their demand for high-speed, energy-efficient, and smart elevator systems has been relatively high.
Office buildings, corporate towers, and financial centres require efficient high-speed, smooth, and high-capacity elevators so that the transportation between a number of floors could be achieved without congestion by the employees, clients, and visitors.
This rise in consumer interest toward the new shopping malls and entertainment complexes further solidifies the predominance of the commercial aspect. Shopping malls and shopping stores have made the accessibility for customers easier and reduced the complexity in navigating large spaces by promoting the use of elevators, moving walkways, and panoramic elevators.
Efficiency and lesser downtime are also being experienced commercially in IoT-based predictive maintenance and AI-enabled traffic management systems. Regulations for sustainability and green building certificates are moving commercial developers toward energy-efficient elevators, regenerative braking technology. As cities continue to grow, intelligent high performance vertical mobility for commercial infrastructure is the top priority, thereby creating this market as the largest consumer of elevators and escalators globally.
The section provides comprehensive assessments and insights that highlight current opportunities and emerging trends for companies in developed and developing countries. It analyses advancements in manufacturing and identifies the latest trends poised to drive new applications in the.
A few key players in the Elevators and Escalators Market are actively enhancing capabilities and resources to cater to the growing demand for the compound across diverse applications. Leading companies also leverage partnership and joint venture strategies to co-develop innovative products and bolster resource base.
Significant players are further introducing new products to address the increasing need for cutting-edge solutions in various end-use sectors. Geographic expansion is another important strategy that is being embraced by reputed companies.
Start-ups are likely to emerge in the sector through 2035, thereby making it more competitive. Key companies are investing in continuous research for producing new products and increasing their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions to strengthen their footprint.
Industrial Developments
According to the product type the elevators and escalators market is categorized into Hydraulic Elevators, Traction Elevators, Machine Elevators, Room Less Elevators, Step Type Elevators, Belt Type Elevators, Cleat Type Elevators, Spiral Elevators, Vacuums.
According to the load type, the elevators and escalators market is categorized into Passenger, Freight and Observation
According to the installation the elevators and escalators market is categorized into New System & Installation, Retrofit.
According to the end use the elevators and escalation market is categorized into Residential, Commercial, Hostels, Hospitals, Infrastructure & Construction, Transportation & Logistics.
On the basis of region, the traction motors market is categorized into North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia and Pacific, and Middle east and Africa.
The overall market size for Elevators and Escalators Market was USD 73,800 million in 2024.
The Elevators and Escalators Market is expected to reach USD 1,57,359.9 million in 2035.
Rapid urbanization and increase in demand for smart mobility solutions will drive the traction motor market during the forecast period.
The top 5 countries which drives the development of Elevators and Escalators Market are USA, UK, Germany, Japan and ASEAN.
Traction elevators are expected to command significant share over the assessment period.
| Market Value for 2024 | USD 13,395.64 million |
|---|---|
| Market Value for 2034 | USD 30,009.33 million |
| Market CAGR (2024 to 2034) | 8.40% |
| Anticipated Market Value in 2023 | USD 2.64 billion |
|---|---|
| Expected Market Value in 2033 | USD 4.21 billion |
| CAGR (2023 to 2033) | 4.8% |
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