Elevators and Escalators Market Size & Trends - 2034

According to the report by Expert Market Research (EMR), the global escalators and elevators market is expected to grow significantly in the coming years, reaching a value of approximately USD 227.21 billion by 2034. Aided by rapid urbanisation, growing infrastructure development, and the rising need for efficient vertical transportation solutions, the market is projected to expand at a CAGR of 5.80% between 2025 and 2034.

Escalators and elevators are critical components in modern infrastructure, enabling convenient and efficient movement of people and goods within buildings. These systems are widely installed in commercial complexes, residential buildings, airports, shopping malls, metro stations, hospitals, and industrial facilities. With the increasing trend towards high-rise buildings and smart infrastructure, the demand for advanced escalator and elevator systems continues to rise globally.

The market is also being influenced by the growing emphasis on safety, energy efficiency, and smart technologies. Innovations in automation, connectivity, and predictive maintenance are transforming the escalators and elevators industry, aligning it with the broader evolution of smart cities and sustainable urban development.

Market Size

In 2024, the global escalators and elevators market accounted for a substantial market size, driven by robust construction activities in emerging and developed economies alike. The rising demand for high-rise residential and commercial buildings, coupled with investments in public infrastructure, has led to increased installations of vertical transport systems.

With developing nations focusing on urban infrastructure and smart city projects, the adoption of escalators and elevators is expected to accelerate. Moreover, the refurbishment of ageing infrastructure, especially in North America and Europe, continues to contribute to market revenues as older buildings are upgraded with modern and energy-efficient systems.

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Market Share

Asia Pacific holds a dominant share in the global escalators and elevators market, underpinned by strong construction growth in countries such as China, India, Japan, and South Korea. The region’s large population base, increasing urban density, and rising investment in infrastructure have created a favourable environment for market expansion.

China, in particular, leads the global market in terms of new installations and demand volume, owing to its rapid urbanisation and extensive metro rail and commercial real estate projects. India is also emerging as a key market, driven by government initiatives such as Smart Cities Mission and Pradhan Mantri Awas Yojana.

North America and Europe follow in market share, with steady demand supported by infrastructure modernisation and technological adoption. These regions exhibit strong emphasis on energy-efficient systems, regulatory compliance, and high safety standards. In contrast, the Middle East and Africa are witnessing gradual growth, led by commercial real estate developments and increased adoption in hospitality and retail sectors.

Market Trends

The escalators and elevators market is undergoing significant transformation, shaped by evolving technologies and consumer expectations. One of the most prominent trends is the integration of smart and connected systems. With advancements in the Internet of Things (IoT), modern elevators are now equipped with sensors and data analytics tools that enable predictive maintenance, real-time monitoring, and enhanced user experience.

Touchless and voice-activated control systems are gaining popularity, especially in the wake of heightened hygiene awareness post-pandemic. These systems reduce physical contact and improve accessibility, particularly for elderly and disabled users.

Green and energy-efficient elevators are also becoming more prevalent. Manufacturers are developing regenerative drives, energy-saving lighting, and standby modes that contribute to lower power consumption and carbon footprint. These developments are in line with global sustainability goals and building regulations.

Design customisation and aesthetics are gaining traction as building developers seek to integrate elevator designs with overall architectural themes. Panoramic elevators, glass cabs, and stylised finishes are increasingly in demand in luxury residential and commercial projects.

Drivers of Growth

The global escalators and elevators market is being driven by several key factors:

Rapid urbanisation and population growth are major contributors to the demand for vertical transportation. As cities become more densely populated, the need for efficient and space-saving mobility solutions increases, particularly in high-rise buildings.

Growing investments in infrastructure, including metro rail networks, airports, shopping centres, and commercial office spaces, are directly boosting the demand for escalators and elevators. Government-backed urban development programs and smart city initiatives are also supporting market expansion.

Technological innovation is playing a pivotal role in market growth. Advancements in automation, connectivity, and safety features are enabling manufacturers to meet the changing expectations of building owners and end users.

The ageing population in many countries is creating a need for accessible and user-friendly vertical transport systems in both public and residential settings. Elevators with features such as Braille panels, voice prompts, and smooth acceleration are becoming standard.

Modernisation of existing buildings is another growth driver. Many old residential and commercial buildings are being retrofitted with new elevators and escalators to comply with current safety norms and enhance operational efficiency.

Market Key Players

The global escalators and elevators market comprises several leading multinational corporations that specialise in engineering, manufacturing, installation, and maintenance of vertical transportation systems. These companies are heavily invested in research and development, strategic collaborations, and global expansion. Key players in the market include:

• Mitsubishi Electric Corporation

• Toshiba Corporation

• Schindler Group

• Thyssenkrupp AG

• Hyundai elevator Co.,Ltd

• Fujitec Co., Ltd.

• KONE Elevator India Private Limited

• Others

These companies are actively engaged in technological advancements, strategic partnerships, and geographic expansion to enhance their competitive edge in the global market.

Challenges and Opportunities

While the escalators and elevators market presents strong growth potential, it also faces certain challenges:

High capital costs and complex installation procedures can be a barrier, particularly in small-scale residential or rural projects. The need for structural modifications and compliance with local building codes adds to project costs.

Safety concerns and regulatory compliance are critical issues. Manufacturers must adhere to stringent standards related to emergency braking systems, fire resistance, and user safety. Any failure can result in reputational damage and legal repercussions.

Maintenance and service reliability are crucial to customer satisfaction. Downtime due to technical issues can significantly impact building operations, especially in high-traffic environments such as malls or metro stations.

Despite these challenges, the market offers numerous opportunities:

Smart city development across the globe is creating a robust demand for intelligent and connected elevator systems. Integration with building management systems and real-time diagnostics offers convenience, safety, and operational efficiency.

Growing demand for modernisation of existing infrastructure opens a vast market for retrofitting old elevators with modern designs and technology. This trend is particularly prominent in developed regions.

The rise of green buildings presents opportunities for manufacturers to innovate in energy-efficient systems. Compliance with LEED and other green certifications can help gain preference in environmentally focused projects.

Emerging economies with high urban growth rates offer a large untapped market. Infrastructure expansion in Africa, Southeast Asia, and Latin America is expected to create strong demand for escalators and elevators over the next decade.

Market Forecast

The global escalators and elevators market is poised for sustained growth during the forecast period from 2025 to 2034. With a projected CAGR of 5.80%, the market will benefit from ongoing urban development, technological integration, and increased emphasis on energy-efficient and smart mobility solutions.

The expansion of high-rise buildings, metro networks, and commercial hubs will continue to drive new installations, while the growing need for safety and efficiency will support modernisation and upgrade projects. As smart technologies become mainstream, the role of escalators and elevators in intelligent infrastructure will become more pronounced, further supporting long-term market growth.