by The elevator and escalator market size was valued at USD 98.18 billion in 2024 and is projected to reach around USD 194.77 billion by 2034 with a CAGR of 7.09%.
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Key Takeaways
- In 2024, Asia Pacific dominated the market, accounting for 61% of the total share.
- Europe is projected to experience the highest compound annual growth rate over the forecast period.
- Among products, the escalators segment is anticipated to see significant growth.
- In terms of business segments, equipment held the largest market share in 2024.
How AI is Transforming the Elevator and Escalator Industry
- AI-Based Fault Detection – AI identifies mechanical issues early, ensuring timely repairs.
- Voice and Gesture Control – AI enables touchless operation for a more seamless user experience.
- Queue Management – AI helps manage peak-hour traffic by optimizing elevator assignments.
- Security Enhancements – AI-powered facial recognition and surveillance improve passenger safety.
- Data-Driven Insights – AI collects and analyzes usage data to optimize elevator and escalator performance.
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 global elevator and escalator market is driven by increasing urbanization and the need for efficient transportation within high-rise buildings. The expansion of public infrastructure, including metro stations, shopping malls, and airports, is further fueling demand. The shift toward smart buildings and automation is accelerating the adoption of intelligent elevators with AI-based predictive maintenance and real-time monitoring. Additionally, government policies promoting accessibility and safety regulations are supporting the industry’s expansion.
Market Opportunities
The adoption of IoT-enabled elevators and AI-driven automation is unlocking new opportunities for market players. The demand for green buildings and energy-efficient solutions is leading to innovations in sustainable elevator technology. The rise in smart cities and integrated building management systems is enhancing the functionality of elevators and escalators, providing a seamless experience for users. Emerging economies are witnessing significant investments in infrastructure projects, offering growth potential for manufacturers and service providers.
Market Challenges
High installation and operational costs remain a major challenge for the elevator and escalator industry, especially for small and mid-sized building developers. The retrofitting of aging infrastructure with modern elevator systems requires extensive structural modifications, making it a costly endeavor. Supply chain disruptions and rising material costs can also impact project timelines and profitability. Moreover, compliance with safety standards and maintenance regulations adds to operational expenses for businesses in this sector.
Regional Insights
Asia Pacific leads the global market, driven by rapid urban development and increasing infrastructure investments in countries like China and India. North America and Europe are focusing on upgrading aging elevator systems and improving energy efficiency, leading to consistent market demand. The Middle East and Africa are seeing a rise in new construction projects, driving the demand for modern elevator and escalator systems. Latin America is also gaining traction as urbanization and smart infrastructure projects continue to grow in the region.
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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