IMARC Group's report titled "Elevator and Escalator Market Report by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance and Repair, Modernization), End Use (Residential, Commercial), and Region 2025-2033". The global elevator and escalator market size reached USD 161.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 244.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033.

Factors Affecting the Growth of the Elevator and Escalator Industry:

• Thriving Construction Industry:

This is due to the currently high demand for facilities such as elevators and escalators in the construction industry. Such a trend is beneficial for the market. Another factor that can be attributed to is rapid urbanization. This is the case when it has resulted in more residential buildings, offices, campuses, airports, and shopping malls being built globally. Such systems are widely used as they enrich the concept of convenience and mobility. They benefit many people by transporting them from one level of the building to another in a very short time. This efficiency is the main driver of the market growth.

• Technological Advancements:

Changes such as IoT connectivity in elevators and escalators are some of the major factors driving the market growth. Other benefits of the development of predictive maintenance technology include health-related, minimizing downtime, and increasing reliability. Also, other low-energy functions including regenerative drives, impact on cost and environment. These changes enhance the product value thereby providing customers with a more comfortable and safe ride, and the company provides more efficient, safe, and environmentally friendly vehicles. As a result, elevators and escalators are indispensable in modern construction or urban environments.

• Rising Demand for Eco-Friendly Elevators and Escalators:

The global market is growing due to the increasing demand for sustainable elevators and escalators. Cost-saving technologies including regenerative drives for elevators and LED lights are incorporated in these models. They also reduce the amount of carbon dioxide emitted by the building, as well as provide cost savings to the owners. This market also grows due to the growing awareness about green building and energy efficiency in the construction and maintenance of buildings. Now everyone wants a solution that will meet the requirements of sustainable development.

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Leading Companies Operating in the Global Elevator and Escalator Industry:

• Canny Elevator Co. Ltd.
• Electra Elevators
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Elevator and Escalator Market Report Segmentation:

By Type:

• Elevators
• Escalators
• Moving Walkways

Elevators represented the largest segment due to the rising number of high-end residential spaces.      

By Service:

• New Installation
• Maintenance and Repair
• Modernization

New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.  

By End Use:

• Residential
• Commercial
  • Offices
  • Hospitality
  • Mixed Block
  • Others

Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.      

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.  

Global Elevator and Escalator Market Trends:

Major manufacturers are investing in research and development (R&D) activities to meet the safety needs of people. Integration of features such as redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is fueling the market growth. Regular maintenance is important to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Moreover, the increasing focus on updating new elevator and escalator systems with advanced systems is fueling the market growth.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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