The elevator and escalator market size is projected to be worth USD 69.0 billion in 2023. The market is likely to reach USD 138.2 billion by 2033. The market is further expected to surge at a CAGR of 7.2% during the forecast period 2023 to 2033.
Key Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Elevator and Escalator Market Estimated Size in 2023 | USD 69.0 billion |
| Projected Market Value in 2033 | USD 138.2 billion |
| Value based CAGR from 2023 to 2033 | 7.2% |
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The scope for elevator and escalator rose at a 6.8% CAGR between 2018 and 2022. The global market for elevator and escalator is anticipated to grow at a moderate CAGR of 7.2% over the forecast period 2023 to 2033.
| Report Attributes | Details |
|---|---|
| Market Value in 2018 | USD 49.6 billion |
| Market Value in 2022 | USD 64.6 billion |
| CAGR from 2018 to 2022 | 6.8% |
During the historical period 2018 to 2022, the elevator and escalator market witnessed steady growth during this period, driven by urbanization, increased construction activities, and the need to replace and modernize aging infrastructure. The global demand for vertical transportation solutions continued to rise, with a significant focus on smart systems.
The integration of technology, such as IoT and AI, into elevators and escalators became more prevalent. The advancements improved operational efficiency, allowed for predictive maintenance, and enhanced user experience.
Increasing emphasis on sustainability led to the development and adoption of elevators and escalators. Compliance with safety and accessibility regulations also became a major consideration for manufacturers.
The market is expected to continue growing from 2023 to 2033, attributed to urbanization, technological advancements, and evolving regulatory requirements. The need for modernization and retrofitting will persist as older buildings require upgrades to remain competitive and comply with regulations, creating a lucrative market for service and modernization providers.
Emerging markets, especially in Asia, will remain key growth drivers. The development of smart cities and the integration of vertical transportation into comprehensive urban planning are also providing new opportunities. Cultural and architectural preferences will influence elevator and escalator designs, leading to customized solutions for different regions and applications.
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The below table showcases revenues in terms of the top 5 leading countries, spearheaded by China and India. The countries are expected to lead the market through 2033.
Forecast CAGRs from 2023 to 2033
| The United States | 5.6% |
|---|---|
| Germany | 5.5% |
| India | 8.1% |
| China | 8.6% |
| The United Kingdom | 5.3% |
The elevator and escalator market in the United States expected to expand at a CAGR of 5.6% through 2033.
Stringent accessibility regulations, including the Americans with Disabilities Act, drive the need for compliant vertical transportation systems in public and private spaces. The United States places a growing emphasis on sustainability and energy efficiency.
The market benefits from innovations in smart elevators and escalators, including touchless controls, predictive maintenance solutions, and IoT integration, improving safety and efficiency. The construction of high rise buildings, particularly in major cities like New York and Chicago, continues to drive demand for high speed and high capacity elevators.
The United States has seen an increase in green building projects, such as LEED certified structures, which require vertical transportation solutions. The development of shopping malls, commercial complexes, and retail spaces contributes to the need for escalators to enhance the shopping experience.
The elevator and escalator market in the United Kingdom is anticipated to expand at a CAGR of 5.3% through 2033.
Growth in educational institutions and healthcare facilities, such as universities, schools, and hospitals, increases the demand for efficient vertical transportation systems for students, patients, and staff.
The need to retrofit older buildings, both residential and commercial, with modern elevator and escalator systems to meet safety and performance standards and to enhance property value.
Increasing attention to advanced safety and security features, including surveillance systems, emergency response capabilities, and access control in elevators and escalators.
The elevator and escalator market in India is poised to expand at a CAGR of 8.1% through 2033.
Government investments in infrastructure, public transportation, and urban development often involve the installation of elevators and escalators in public buildings, transit hubs, and airports.
Increasing emphasis on advanced safety and security features in elevators and escalators, including surveillance systems, emergency response capabilities, and access control.
Government initiatives to provide affordable housing to the population lead to the construction of multi story residential complexes, where elevators are essential for convenience and accessibility.
Elevator and escalator trends in China are taking a turn for the better. An 8.6% CAGR is forecast for the country from 2023 to 2033.
The growing tourism industry in China and the influx of domestic and international travelers have led to increased demand for elevators and escalators in hotels, resorts, and tourist attractions. The retail sector in China is expanding rapidly, with the construction of large shopping complexes and retail outlets. Escalators are essential for facilitating foot traffic in these mega malls.
The country emphasizes on developing smart cities and integrated urban systems includes the implementation of advanced elevator and escalator technology to enhance mobility and accessibility. The development of high speed rail networks and metro systems across China necessitates elevators and escalators at stations and transit hubs to accommodate passengers.
The need to replace outdated elevator and escalator systems in older buildings to comply with safety standards and improve building value. The demand for high speed elevators and state of the art escalators grows, especially in busy urban centers, with the increasing importance of time and efficiency.
The elevator and escalator market in the Japan is anticipated to expand at a CAGR of 5.5% through 2033.
The adoption of advanced maintenance and remote monitoring solutions for elevators and escalators enhances their reliability and uptime. The thriving logistics and warehousing industry in Germany requires efficient vertical transportation solutions for moving goods within warehouses and distribution centers.
The integration of elevators and escalators in industrial settings, such as manufacturing plants and factories, to optimize production processes and enhance worker mobility. The role of the country as a global exporter of elevator and escalator components and technology, is contributing to its strong presence in the international market.
The adoption of building automation systems that include elevators and escalators, contributing to energy savings and efficient building operations. The presence of skilled labor and engineers specializing in elevator and escalator technology, contributing to innovation and quality in the industry.
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The below table highlights how elevator segment is projected to lead the market in terms of product, and is expected to account for a share of 87.8% in 2023.
Based on load, the passenger segment is expected to account for a share of 74.1% in 2023.
| Category | Shares in 2023 |
|---|---|
| Elevator | 87.8% |
| Passenger | 74.1% |
Based on product, the elevator segment is expected to continue dominating the elevator and escalator market. The segment is expected to account for a share of 87.8% in 2023.
Innovations in elevator technology, such as smart elevators, IoT integration, and touchless controls, enhance user experience, safety, and energy efficiency, driving the adoption of elevators.
The expansion of commercial spaces, including office buildings, shopping centers, and retail outlets, increases the need for elevators to facilitate movement within these complexes. The construction of green and LEED certified buildings, which require sustainable features, drives the demand for elevators with green technology.
The increasing need for security features, such as access control systems and surveillance in elevators, is a driver for elevator installations in commercial and public spaces.
Elevators are used as a means of efficient urban mobility, allowing people to move within buildings and city infrastructure quickly, as cities grow and traffic congestion increases. Elevator manufacturers offer a wide range of customization options to cater to different building designs and aesthetics, enhancing the appeal of elevators as a design element.
In terms of load, the passenger segment is expected to continue dominating the elevator and escalator market. The segment is expected to account for a share of 74.1% in 2023.
The growth of commercial and office complexes, including corporate offices and coworking spaces, drives the need for passenger elevators to transport employees, clients, and visitors between different floors.
The expansion of shopping centers and malls necessitates the use of passenger elevators to enhance the shopping experience, allowing shoppers to easily access different levels and stores. The hospitality sector relies on passenger elevators to provide convenient and comfortable transportation for guests and staff within hotels and resorts.
Hospitals, clinics, and healthcare centers require passenger elevators to ensure efficient movement of patients, medical staff, and equipment between various floors. Airports, train stations, and bus terminals need passenger elevators to facilitate the movement of travelers and commuters within these busy transit hubs.
The key strategies chosen by large companies include several growth strategies such as technology development, expansion as well and mergers and acquisitions to surge market share, reach and revenue.
| Attribute | Details |
|---|---|
| Estimated Market Size in 2023 | USD 69.0 billion |
| Projected Market Valuation in 2033 | USD 138.2 billion |
| Value based CAGR 2023 to 2033 | 7.2% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Product, Load, Installation, End User, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Mitsubishi Electric Corporation; Orona Group; Otis Elevator Company; Sanyo Elevator (Zhuhai) Co. Ltd.; Schindler Holding Ltd.; Schumacher Elevator Company; Sigma Elevator Company; Stannah Lifts Holdings Ltd.; Thyssenkrupp AG; Toshiba Corporation; Hitachi Ltd.; Hyundai Elevator Co. Ltd. |
The market is expected to reach USD 69.0 Billion in 2023.
The market is set to expand by a CAGR of 7.2% by 2033.
The market is forecast to reach USD 138.2 Billion by 2033.
China is to be the top performing market, with a CAGR of 8.6% through 2033.
Elevator segment is preferred, and is expected to account for a share of 87.8% in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Hydraulic Elevators 5.2. Traction Elevators 5.3. Machine Elevators 5.4. Room-Less Elevators 5.5. Step Type Elevators 5.6. Belt Type Elevators 5.7. Cleat Type Elevators 5.8. Spiral Elevators 5.9. Vacuums 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Load 6.1. Passenger 6.2. Freight 6.3. Observation 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Installation 7.1. New System & Installation 7.2. Retrofit 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 8.1. Residential 8.2. Commercial 8.3. Hostels 8.4. Hospitals 8.5. Infrastructure & Construction 8.6. Transportation & Logistics 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Mitsubishi Electric Corporation 19.2. Orona Group 19.3. Otis Elevator Company 19.4. Sanyo Elevator (Zhuhai) Co. Ltd. 19.5. Schindler Holding Ltd. 19.6. Schumacher Elevator Company 19.7. Sigma Elevator Company 19.8. Stannah Lifts Holdings Ltd. 19.9. Thyssenkrupp AG 19.10. Toshiba Corporation 19.11. Hitachi Ltd. 19.12. Hyundai Elevator Co. Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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Elevator and Escalator Market
