by The elevator and escalator market size was calculated at USD 98.18 billion in 2024 and is predicted to attain around USD 194.77 billion by 2034 with a CAGR of 7.09%.
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Key Takeaways
- The Asia Pacific region captured the largest market share of 61% in 2024.
- Europe is expected to witness the most rapid expansion in the coming years.
- The escalators segment is forecasted to grow at a strong rate among products.
- The equipment segment led the market in 2024, securing the highest share.
Influence of AI on the Elevator and Escalator Market
- Smart Traffic Management – AI analyzes user movement patterns to optimize elevator and escalator operations.
- Proactive Repairs – Machine learning models predict maintenance needs, preventing unexpected failures.
- Cost Reduction – AI-driven automation lowers operational and maintenance costs.
- Adaptive Performance – Elevators adjust speed and stops based on real-time demand, improving service efficiency.
- Seamless Integration – AI connects with IoT and smart building systems for enhanced functionality.
Market Scope
| Report Highlights | Details |
| Market Size in 2024 | USD 92.02 Billion |
| Market Size in 2025 | USD 92.02 Billion |
| Market Size by 2034 | USD 181.86 Billion |
| Growth Rate from 2025 to 2034 | CAGR of 7.09% |
| Largest Market | Asia Pacific |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | By Product, By Application, and By Business, |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics
Market Drivers
The increasing demand for vertical mobility solutions is being fueled by urban expansion and the construction of high-rise buildings worldwide. Technological innovations such as AI-enabled monitoring, touchless control systems, and automation are revolutionizing the elevator and escalator industry. Additionally, government initiatives focused on infrastructure modernization and smart city development are driving the demand for advanced and energy-efficient solutions. The rising awareness of safety and stringent regulations regarding elevator maintenance and operation are also contributing to market growth.
Market Opportunities
The growing focus on sustainability and energy efficiency is creating new opportunities in the elevator and escalator market. Manufacturers are developing eco-friendly elevators with lower energy consumption and regenerative braking systems. The integration of smart building technology with elevators and escalators is also gaining popularity, enhancing user experience and optimizing traffic flow. The expansion of metro rail networks, airports, and commercial spaces in emerging markets is further opening new business avenues for industry players.
Market Challenges
One of the major challenges in the market is the high cost of installation and long-term maintenance of advanced elevator systems. Economic downturns and fluctuations in raw material prices can disrupt market growth and delay projects. Retrofitting older buildings with modern elevator technology is complex and expensive, often requiring extensive modifications to the existing structure. Additionally, regulatory compliance and safety certification requirements add to the operational costs for manufacturers and service providers.
Regional Insights
Asia Pacific remains the leading market due to rapid urbanization, increasing real estate developments, and a growing middle-class population. Europe is expected to witness the fastest growth due to strong demand for energy-efficient and smart elevator systems. North America continues to see steady adoption of modernization and replacement projects, particularly in commercial and residential buildings. The Middle East and Africa are witnessing increasing demand for elevators and escalators driven by new urban development projects and infrastructure investments.
Elevator and Escalator Market Companies
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Fujitec
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
Segments Covered in the Report
By Product
- Elevators
- Moving Walkways
- Escalators
By Business
- Maintenance
- New Equipment
- Modernization
By Application
- Industrial
- Residential
- Commercial
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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