Elevator & Escalator Market Overview
The global Elevator & Escalator Market Growth was valued at USD 94.05 billion in 2024 and is projected to reach USD 167.62 billion by 2032, registering a robust Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period.
This growth is driven by rising industrial demand, digital transformation, and technological advancements — positioning the Elevator & Escalator industry as a key growth driver in the global economy.
As industry ecosystems evolve, companies are investing in product innovation, automation, and sustainability to strengthen competitiveness and seize emerging opportunities.
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Market Highlights
| Metric | Insights |
|---|---|
| Market Size (2024) | USD 94.05 billion |
| Forecast (2032) | USD 167.62 billion |
| CAGR (2024–2032) | 7.6% |
Key Takeaways:
- Increasing adoption of advanced technologies across industries.
- Rising government investments and sustainability initiatives.
- Expansion opportunities across emerging economies.
- Gain a competitive advantage with data-driven insights.
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Elevator & Escalator Market Size & Forecast Analysis
The Elevator & Escalator market has experienced consistent growth in recent years, supported by rising industrial applications and strong technological integration. In 2024, the market was valued at USD 94.05 billion and is projected to reach USD 167.62 billion by 2032.
Key Contributing Factors Include:
- Advancements in automation, connectivity, and digital ecosystems.
- Growing investments from key manufacturers and suppliers.
- Accelerated demand for high-performance, energy-efficient solutions.
Key Players and Competitive Landscape
The Elevator & Escalator market is highly competitive, with top players focusing on innovation, mergers, and strategic collaborations to enhance their global footprint.
Top Companies Operating in the Elevator & Escalator Market:
- Fujitec Co. Ltd (Japan)
- Hitachi Ltd (Japan)
- Hyundai Elevator Co Ltd (South Korea)
- Kone Corporation (Finland)
- Mitsubishi Electric Corporation (Japan)
- Otis Worldwide Corporation (U.S.)
- Schindler (Switzerland)
- SJEC Corporation (China)
- TK Elevator GmbH (Germany)
- Toshiba Corporation (Japan)
These companies emphasize R&D, sustainable design, and digital transformation to maintain leadership in an evolving industry landscape.
Market Growth Drivers
- Technological Innovation: Integration of AI, IoT, and automation to improve efficiency.
- Sustainability & Green Initiatives: Shift toward eco-friendly, low-emission systems.
- Rising End-User Demand: Expansion across automotive, healthcare, and manufacturing sectors.
- Government Incentives: Policies and funding that accelerate market penetration.
Together, these factors create a favorable environment for sustainable growth and investment opportunities.
Key Industry Trends
- Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
- TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models.
- Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.
- Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels.
- Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.
- Drivers:
- Increasing urbanization and construction of high-rise buildings driving the demand for elevators and escalators in residential and commercial sectors.
- Growing focus on accessibility and safety regulations promoting the installation of modern elevator and escalator systems.
- Restraints:
- High initial installation and maintenance costs of elevators and escalators may limit adoption in some regions.
- Space constraints in older buildings and retrofitting challenges hindering the implementation of new systems.
- Invest in advanced R&D and automation technologies.
- Build sustainable product portfolios aligned with global standards.
- Leverage partnerships to enhance global distribution and market presence.
These trends are enabling companies to optimize operations, enhance flexibility, and maintain a competitive edge globally.
Market Dynamics: Drivers, Restraints, and Opportunities
Regional Insights
North America
North America remains a leading market due to early technology adoption, a strong industrial base, and high R&D investments.
Europe
Europe focuses on sustainability and digitalization, supported by government incentives and renewable energy programs.
Asia Pacific
Asia Pacific exhibits the fastest growth, driven by industrial expansion in China, India, and South Korea, along with rising foreign investments.
Rest of the World
Emerging economies in Latin America, the Middle East, and Africa are witnessing growth backed by urbanization and diversification.
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