What Fueled Elevator and Escalator Market?
The elevator and escalator market has seen considerable growth due to a variety of factors.
• In recent times, the elevator and escalator market has seen robust expansion. Its size is anticipated to increase from $117.58 billion in 2024 to $126.73 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%.
The historic growth of this market can be linked to factors like government support initiatives, a concentrated emphasis on elevators that are energy-efficient, and a surge in investments in infrastructure.
What are the Forecasted Growth and Key Factors of the Elevator and Escalator Market?
The elevator and escalator market is expected to maintain its strong growth trajectory in upcoming years.
• The elevator and escalator industry is projected to experience robust growth in the upcoming years, with the market size expanding to $175.42 billion in 2029, registering a compound annual growth rate (CAGR) of 8.5%.
The expected surge during the forecast period can be linked to the escalating construction of high-rise buildings, an increase in investment in the construction sector, urbanization, and the rise of smart cities. The forecast period will also see the prominence of certain trends like the integration of Internet of Things (IoT) technology, usage of gearless technology in elevators, the prevalence of green home elevators, emphasis on product innovation and product development, and strategic partnerships that enable penetration into new markets and assimilation of cutting-edge technology.
What Are The Key Drivers Fueling Growth In The Elevator and Escalator Market?
The elevator and escalator industry's growth is anticipated to be fueled by a rise in infrastructure spending. The term infrastructure pertains to the construction of tangible assets like bridges, roads, and buildings. As building heights rise, there is an increased necessity for elevators and escalators to ensure time-efficiency and convenience for people. For example, in September 2024, the US Census Bureau, a US government agency, reported that construction spending reached a seasonally adjusted annual rate of $2,162.7 billion in July of that year. This marked a 6.7 percent rise (±1.8 percent) compared to the $2,027.4 billion expended in July 2023. Furthermore, total public construction rose to $270,803 million in July 2024 as opposed to $243,948 in 2023. Thus, the rise in infrastructure spending is steering the growth of the elevator and escalator sectors.
How Is the Elevator and Escalator Market segmented?
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
Subsegments:
1) By Elevators: Passenger Elevators, Freight Elevators, Service Elevators, Dumbwaiters
2) By Escalators: Commercial Escalators, Industrial Escalators, Escalators for Public Transport
3) By Moving Walkways: Parallel Moving Walkways, Inclined Moving Walkways, Automated Walkways
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What New Trends Are Influencing the Elevator and Escalator Market?
The elevator and escalator market's key players are shifting their focus towards technological advancements, such as digitally linked elevators, in an effort to boost user experience and operational effectiveness in contemporary structures. Digitally linked elevators are defined as elevators equipped with advanced digital technologies like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing. These technologies improve their performance, safety, and productivity. For example, in April 2022, Finland-based Engineering company Kone Oyj unveiled the innovative digitally linked KONE DX Class elevator range which utilizes state-of-the-art API (Application Programming Interface) technology. These KONE DX Class elevators include sophisticated digital functions that ensure smooth coordination with building management systems. This level of connectivity facilitates real-time monitoring and data analysis, impacting positively on maintenance and operational efficiency.
Who Are the Key Players in the Elevator and Escalator Market?
Major companies operating in the elevator and escalator market include:
• 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
What Is The Most Dominant Region In The Elevator and Escalator Market?
Asia-Pacific was the largest region in the elevator and escalator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
