The Elevator and Escalator Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Elevator and Escalator Market?
The size of the elevator and escalator market has significantly expanded in recent times. The market, which stood at $117.58 billion in 2024, is projected to reach $126.73 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.8%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Elevator and Escalator Industry?
The Elevator and Escalator Global Market Report 2025 predicts that by 2029, the market size will have expanded to $175.42 billion, growing at a compound annual growth rate (CAGR) of 8.5%.
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What are the Key Growth Drivers Fueling the Elevator and Escalator Market?
The key drivers in the elevator and escalator market are:
• Rising construction of skyscrapers and increase in construction spending
• Growth in urbanization and rise of smart cities
• Adoption and integration of Internet of Things (IoT) technology
• Focus on developing new innovative products and forging partnerships for geographical expansion and technological advancements
Global Market Segmentation: Identifying Major Elevator and Escalator Industry Segments
The elevator and escalator market covered in this report is segmented –
1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users
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What are the Emerging Trends Shaping the Future of the Elevator and Escalator Market?
The key trends in the elevator and escalator market are:
• Internet of Things (IoT) technology is rapidly becoming a significant trend in the elevator and escalator market.
• There is a rising focus on green home elevators reflecting a shift towards more sustainable practices.
• The market is experiencing a growing trend of product innovation and development.
• Strategic collaborations are being pursued to expand geographically and integrate advanced technologies.
Who Are the Top Competitors & Leading Players in the Elevator and Escalator Market?
Major companies in the elevator and escalator market are:
• Schindler Group
• Otis Worldwide Corporation
• Kone Corporation
• Hitachi Ltd
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Fijutec Co. Ltd
• Hyundai Elevator Ltd
• Canny Elevator Co. Ltd.
• WINONE Elevator Co. Ltd
• Symax Lift (China) Co. Ltd
• Nantong Fuji Elevator Co. Ltd
• Volkslift
• Ningbo Hosting Elevator Co. Ltd
• General Elevator Co. Ltd
• SAIL Intelligent Elevator (Suzhou) Co. Ltd
• Huzhou Fuji Elevator Co. Ltd
• Suzhou Towards Elevator Co. Ltd
• SEPL India Ltd
• Orbis Elevator
• IEC LIFTS
• IFE Elevators CO. LTD
• Expert Lift ltd
• Liftronic
• Brilliant Lifts Australia
• Orbitz Elevators
• Yusaki Elevator
• Blue Star Elevators
• Omega-Elevators
• MAS Industries
• Escon Elevators Pvt. Ltd
• Sanei Manufacturing Co. Ltd
• Vintec Elevator
• Thyssenkrupp AG
• GMV Poland
• Schmitt + Sohn
• United Technologies
• Nu-Line
• Delta Elevator Co Ltd
• AVT Beckett Elevators
• True Canadian Elevator
• Alphalift Ltd.
• Arabian Elevators & Engineering Co LLC
• Gulf Tech Elevators LLC
• Orient Lines Elevators
• HAUSLIFT
• Logan Davex
• Trent Park Engineering
Regional Dominance: Which Area Leads the Global Template Market?
Asia-Pacific was the largest region in the elevator and escalator market in 2024
