Elevator and Escalator Market Report 2026

Elevator and Escalator Market Overview

• Elevator and Escalator market size has reached to $124.87 billion in 2025 • Expected to grow to $183.24 billion in 2030 at a compound annual growth rate (CAGR) of 8% • Growth Driver: Elevator And Escalator Market Set To Soar With Surge In Infrastructure Investments • Market Trend: Smart, Connected Elevators for the Future of Urban Buildings • Asia-Pacific was the largest region and fastest growing region.

What Is Covered Under Elevator and Escalator Market?

An elevator refers to a room-type machine that can accommodate some people at one time depending on its capacity. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are mostly used in buildings to carry both passengers and freight up and down across various levels of a building. The main types of elevators and escalators are elevators, escalators, and moving walkways. The escalators refer to a belt which is a moving staircase that carries people between floors of a building or structure. The different businesses include new equipment, maintenance, and modernization and involve several technologies, such as elevator technology, traction elevators, machine roomless traction elevators, and hydraulics. It is employed in residential, commercial, institutional, infrastructure, and other end users.

What Is The Elevator and Escalator Market Growth Forecast?

The elevator and escalator market size is expected to see strong growth in the next few years. It will grow to $183.24 billion in 2030 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing smart city developments, growing demand for touchless elevator systems, expansion of green building initiatives, rising focus on remote monitoring solutions, increasing modernization of aging infrastructure. Major trends in the forecast period include increasing adoption of smart elevators with predictive maintenance, rising demand for energy-efficient escalator systems, growing integration of destination control technologies, expansion of modernization and retrofit services, enhanced focus on passenger safety systems.

Tariff Impact On Elevator and Escalator Market

Tariffs are affecting the elevator and escalator market by increasing costs for imported traction systems, control panels, motors, steel components, and electronic safety devices. The impact is most pronounced in Asia-Pacific and Europe, where large-scale manufacturing and export activities dominate, while emerging markets face higher installation and modernization costs. These tariffs are slowing project timelines and raising capital expenditure for commercial and infrastructure developments. At the same time, they are encouraging local manufacturing expansion, regional supplier partnerships, and innovation in modular and cost-efficient elevator and escalator systems.

Global Elevator and Escalator Market Segmentation

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

What Is The Driver Of The Elevator and Escalator Market?

The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, to save time and provide effectiveness for people. For instance, in September 2024, according to the US Census Bureau, a US-based government agency, construction spending was estimated at a seasonally adjusted annual rate of $2,162.7 billion in July 2024, marking a 6.7 percent increase (±1.8 percent) compared to the $2,027.4 billion spent in July 2023. Additionally, total public construction increased to $270,803 million in July 2024 compared to $243,948 in 2023. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.

What Is The Driver Of The Elevator and Escalator Market?

The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, to save time and provide effectiveness for people. For instance, in September 2024, according to the US Census Bureau, a US-based government agency, construction spending was estimated at a seasonally adjusted annual rate of $2,162.7 billion in July 2024, marking a 6.7 percent increase (±1.8 percent) compared to the $2,027.4 billion spent in July 2023. Additionally, total public construction increased to $270,803 million in July 2024 compared to $243,948 in 2023. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.

Global Elevator and Escalator Market Trends and Insights

Major companies operating in the elevator and escalator market are focusing on developing technological innovations, such as digitally connected elevators, to provide enhanced user experiences and improve operational efficiency in modern buildings. Digitally connected elevators refer to elevators integrated with advanced digital technologies, such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), to enhance their functionality, safety, and efficiency. For instance, in December 2024, KONE India, an India-based manufacturing company, launched the KONE I MonoSpace SMART, KONE I MiniSpace SMART, and KONE A MonoSpace SMART elevators. These new elevators are fully compliant with the latest Indian safety standard, IS 17900, using advanced PESSRAL safety controllers with dual-channel redundancy and tamper-proof modules for enhanced user safety. They also offer energy-efficient operation through optional regenerative drives that can recycle up to 30% of energy, plus LED lighting and standby modes that can deliver up to 90% energy savings during idle times.

What Are Latest Mergers And Acquisitions In The Elevator and Escalator Market?

In April 2025, Mitsubishi Electric Corp., a Japan-based multinational electronics and electrical equipment company, acquired Ascension Lifts, for an undisclosed amount. With this acquisition, Mitsubishi Electric aims to expand its global elevator and escalator business, strengthen its technological capabilities in vertical transportation solutions, enhance service offerings in the European market, and accelerate the development of innovative, energy-efficient lift systems. Ascension Lifts is an Ireland-based elevator company specializes in the design, manufacturing, and installation of elevators and related vertical transportation solutions.

Regional Outlook

Asia-Pacific was the largest region in the elevator and escalator market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Defines the Elevator and Escalator Market?

The elevator and escalator market consists of sales of step-type elevators, belt-type elevators, cleat-type elevators, spiral elevators, and vacuums among others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Elevator and Escalator Market Report 2026?

The elevator and escalator market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the elevator and escalator industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.