Elevators And Escalators Market Overview
Elevators and Escalators Market was valued at US$ 110.2 Billion in 2024 and is projected to grow at a CAGR of 19.40% to reach US$ 556 Billion by 2034.
[PDF] Elevators, also called "lifts," are used to carry passengers and freight up and down, while escalators are moving staircases used from one story of a building to the next. Moving walkways or sidewalks are designed to carry people horizontally.
Rapid growth in urbanization and rising residential and commercial high-rise buildings have become vital factors in the growth of the elevator and escalator market. Transporting people and goods to different levels of buildings has increased the demand for elevators and escalators market. The primary factor in the growth of the Elevator and Escalator market is due to increasing demand for energy savings and technological advancement.
Elevators And Escalators Market Dynamics
Rapid Growth in Urbanization
Rapid growth in urbanization has become the primary factor in Elevator and Escalator market growth. Urbanization has given the rise in industrialization, rising construction activities, malls, and metros, which have driven the target market growth. The use of elevators makes mobility convenient for people with disabilities. As industries, malls, metros, and high-rise buildings are growing, demand for the installation of elevators and escalators is on the rise, which drives the target market growth.
For instance, in October 2016, according to The Economic Times, rapid urbanization in India, along with rapid industrialization and economic growth, created a demand for elevators and escalators. India has become the world's second-largest elevator and escalator market next to China, with annual demand in 2015 rising to 48,000 units and expected to continue growing.
Further, according to NBM Media Pvt. Ltd., Otis has won the elevators and escalators contract for the Hyderabad Metro Rail Project by L&T (Larsen & Toubro) Metro Rail (Hyderabad) Limited (LTMRHL). Based on the contract, Otis will supply and install 670 elevators and escalators, including 410 units of 520 NPE escalators and 260 Gen2 Premier elevators, which will be installed in more than 65 metro stations, workshops, and other locations. The Gen2 Premier elevator is eco-friendly and provides energy efficiency as it is equipped with energy-saving technology.
Technological Advancement and Increasing Demand for Energy Savings
Advancements in technology and the adoption of digital tools are pushing many industries into new eras, driving the elevator and escalator market growth. New elevator technology, such as machine-room-less elevators, has provided various benefits, such as energy savings over traditional elevators.
Machine-room-less elevators have several advantages, including saving space, saving energy for the motor, increasing lift safety and reliability, requiring no hydraulic oil, and being environmentally friendly. Growing demand for energy savings has allowed manufacturers to develop eco-friendly elevators and escalators.
For instance, in 2015, Schindler Elevator Corporation launched the "Schindler 5500," a machine-room-less elevator with advanced drive technology that results in a smoother, faster, and more efficient ride and is developed for mid-rise buildings with power factor 1 regenerative drive that use 30% less energy.
Restrains:
High installation costs and significant structural loads at the top of the hoistway restrain the target market growth. A power outage can cause an elevator to become stuck in the middle, resulting in accidental injuries. And some people with Claustrophobia are unable to use elevators and escalators, limiting the target market growth.
Furthermore, in March 2022, according to the CDC (Centers for Disease Control and Prevention), elevator and escalator accidents killed about 30 people, and about 17,000 people were seriously injured in the United States each year (data provided by the U.S. Bureau of Labor Statistics and the Consumer Product Safety Commission). Almost 90% of deaths and 60% of serious injuries are caused by elevators while working in shafts, installing, repairing, and maintaining elevators.
Elevators And Escalators Market Segmentation
The Elevators and Escalators Market is segmented based on Type, Elevator Technology, Service, End-Users, and Region.
Type Insight
Based on Type, the Elevators and Escalators Market is segmented into Moving Walkways, Elevators, and Escalators. Elevator type is expected to dominate the target market growth due to growth in residential and commercial buildings, in which big developers have started investing in the "Housing for All" scheme.
Further, the Burj Khalifa, which is the tallest building in the world, is located in Dubai, UAE (United Arab Emirates), and has 57 elevators and 8 escalators with 900 luxurious residences, which include studios and one to five-giant bedroom penthouses.
Elevator Technology Insights
Based on Elevator Technology, the Elevators and Escalators Market is segmented into Hydraulic, Traction, and Machine-Room-Less. Machine-Room-Less Elevators, a newly advanced elevator that requires less space and saves energy, are expected to dominate the target market growth.
Service Insights
On the basis of Service, Elevators and Escalators Market is segmented into Modernization, New Installation, and Maintenance & Repair. Modernization services are expected to dominate target market growth as they improve the Performance of elevators and escalators by making them more reliable and efficient while also saving on maintenance costs.
End-Users
On the basis of End-Users, the Elevators and Escalators Market is segmented into Commercial, Residential, Institutional, Industrial, and Others. The residential sector is expected to dominate the target market growth due to rising urbanization and high-rise residential buildings.
Furthermore, according to RealtyNXT, the elevator market in India is valued at Rs. 10,000 crores, with approximately 65% of this catering to the residential sector. The use of high-end elevators accounts for 20% to 25% of the total residential segment.
Regional Insights:
On the basis of region, the Elevators and Escalators Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to factors such as rising population, rapid growth in urbanization and industrialization, high disposable income, and increasing investment in residential and commercial infrastructure projects that are anticipated to increase demand for elevators and escalators in the region.
Further, "Burj Khalifa" in the UAE is the tallest building in Asia and the tallest in the world. At the same time, "Merdeka 118" in Kuala Lumpur, Malaysia, has become the second tallest building in Asia. The skyscraper "World One" in Mumbai is the tallest building in India, with 277.5 m of height. "Little World Tower" in South Korea, "Shanghai Tower," "CTF Finance Center" in China, and others are the tallest skyscrapers in Asia-Pacific.
Increasing investment in skyscraper projects is expected to spur elevator and escalator market growth in the region.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
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Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
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Market Segmentation |
By Type - Moving Walkways, Elevators and Escalators By Elevator Technology - Hydraulic, Traction, Machine-Room-Less By Service - Modernization, New Installation, Maintenance & Repair By End-Users - Commercial, Residential, Institutional, Industrial, and Others |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For this study, the report has segmented the Elevators and Escalators Market based on Type, Elevator Technology, Service, End-Users, and Region:
Elevators and Escalators Market, By Type:
- Moving Walkways
- Elevators
- Escalators
Elevators and Escalators Market, By Elevator Technology:
- Hydraulic
- Traction
- Machine-Room-Less
Elevators and Escalators Market, By Service:
- Modernization
- New Installation
- Maintenance & Repair
Elevators and Escalators Market, By End-Users:
- Commercial
- Residential
- Institutional
- Industrial
- Others
Elevators and Escalators Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Recent Development:
- In September 2022, T.K. Elevator expanded its broad digital platform by starting a new era of smart mobility solutions in elevators and escalators, which are becoming smarter due to the company's newly launched "Application Programming Interfaces" (APIs) for integrating elevators and escalators data into existing building management systems.
- In May 2021, Kone Corporation launched its latest elevator and escalator product line, which offers industrially leading designs, space efficiency, eco-efficiency, and comfort rides with reductions in construction and operating costs.
- In June 2019, Mitsubishi Electric Corporation launched a new elevator and escalator company, "MELCO Elevator Lao Sole Co. Ltd." (MLAO), in Laos to accelerate its elevator and escalator business growth in the Mekong regional market.
Elevators And Escalators Market Key Players
The key players operating the Elevators and Escalators Market includes,
- Otis Elevator Company
Otis Elevator Company is the leading elevator and escalator company in the world. The company offers installation services and innovative products with new features, technology, and aesthetics to ensure safety, Performance, and reliability.
- EMAK Elevator
EMAK Elevator employs cutting-edge manufacturing technology, including fully equipped CNC machinery, to accelerate production and create modular designs for escalators and elevators on the market.
Aritco Lifts AB
Aritco Lifts AB is an award-winning manufacturer of lifts and home elevators. The company also supplies its elevators to public and private markets worldwide.
- Fujitec Co. Ltd.
Fujitec Co. Ltd. offers manufacturing, research and development, sales, installation, and maintenance of escalators, elevators, and travellators.
- Kone Corporation
Kone Corporation is an elevator engineering and service company that offers escalators, elevators, moving walkways, and automatic doors and gates. KONE is the first elevator company to introduce the machine-room-less elevator concept in 1996.
- Kohler Elevator GmbH
Kohler Elevator GmbH offers a complete package of elevators for machine rooms with innovative technology and high performance.
- Mitsubishi Electric Corporation
Mitsubishi Electric Corporation offers elevators and escalators with the world’s highest standards for efficiency, innovation, safety, and comfort.
- Schindler Holding Ltd.
Schindler Holding Ltd., is the manufacturer of modern elevators, escalators, and moving walks with installation services for various types of buildings.
- Orona Group
Orona Group is specialized in the design, manufacturing, and modernization of elevators, escalators, walkways, and ramps. The company offers installation and maintenance services.
- Sigma Elevator Company
Sigma Elevator Company offers elevators, escalators, and moving walks that are engineered by its highly qualified Korean engineers to ensure that customers receive an excellent product with reliable quality.
Elevators And Escalators Market Company Profile
- Kone Corporation*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Otis Elevator Company
- EMAK Elevator
- Aritco Lifts AB
- Fujitec Co. Ltd.
- KOHLER Elevator GmbH
- Mitsubishi Electric Corporation
- Schindler Holding Ltd.
- Orona Group
- Sigma Elevator Company
“*” marked represents similar segmentation in other categories in the respective section
Elevators And Escalators Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Elevator Technology
- Market Snippet, By Service
- Market Snippet, By End-Users
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Elevators and Escalators Market, By Type
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Moving Walkways
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Elevators
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Escalators
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Elevators and Escalators Market, By Elevator Technology, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Hydraulic
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Traction
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Machine-Room-Less
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Elevators and Escalators Market, By Service, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Modernization
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- New Installation
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Maintenance & Repair
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Elevators and Escalators Market, By End-Users, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Residential
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Institutional
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Industrial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Elevators and Escalators Market, By Region, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Elevator Technology, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Service, 2022 – 2032
- Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Elevator Technology, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Service, 2022 – 2032
- Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Elevator Technology, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Service, 2022 – 2032
- Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Overview
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- Latin America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Elevator Technology, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Service, 2022 – 2032
- Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Elevator Technology, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Service, 2022 – 2032
- Market Size and Forecast (US$ Bn), By End-Users, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
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- GCC
- Israel
- South Africa
- Rest of Middle East
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- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Otis Elevator Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- EMAK Elevator
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Aritco Lifts AB
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Fujitec Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kone Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- KOHLER Elevator GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Mitsubishi Electric Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Schindler Holding Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Orona Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Sigma Elevator Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Elevators and Escalators Market is segmented into Type, Elevator Technology, Service, End-Users and Region.
Elevators and Escalators Market is driven by factors like rapid growth in urbanization, technological advancement and increasing demand for energy savings.
By region, the Elevators and Escalators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period.
The key players operating the Elevators and Escalators Market includes, Otis Elevator Company, EMAK Elevator, Aritco Lifts AB, Fujitec Co. Ltd., Kone Corporation, KOHLER Elevator GmbH, Mitsubishi Electric Corporation, Schindler Holding Ltd., Orona Group, Sigma Elevator Company, and others.