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Manufacturing & Industry
Global Elevator and Escalator Market: Growth Drivers and Emerging Technologies.
An elevator, also referred to as a lift, is a closed cabin that moves up or down to transport passengers or freight between different floors of a multi-storey building, whereas, an escalator is a moving staircase that carries passengers up and down between the floors of a building. Market players are increasingly focusing on long-term maintenance and repair contracts. The growth in the elevator & escalator market is driven by various factors such as increasing urbanization, surging aged population, rising construction expenditure and increasing gross domestic product. The market faces challenges like the high installation price and lack of skilled workforce. The global market is to experience trends such as high demand energy-efficient elevators and virtualization of cities. The major driver for the elevator and escalator market growth is the increase in the residential use. The vertical transportation was much popular among the commercial buildings like malls and hotels, while the residential buildings lacked the required infrastructure and power backup, the building levelled fewer floors. The tourism and industrial imprudent coupled with increasing government funding plays an important role in contributing to the other segment of end users.
According to the report, "Global Elevator & Escalator Market Outlook, 2029" published by Bonafide research, the market was valued at around USD 94.32 billion, which is anticipated to reach nearly USD 134.2 billion by 2029, registering a CAGR of more than 6% for 2024-2029. The rapid urbanization and rising population are some of the factors responsible for the growth of megacities in few regions. Asia has efficient public infrastructure for mass transportation is required for the high population in megacities. The countries in Asia are planning to build metro rails in urban areas to reduce traffic congestion and improve transportation facilities. The metro project in the region and real estate investments around these projects will propel the demand for elevators and escalators. A rise in the price of the steel would adversely affect the profit margins of the vendors. Increasing raw material prices and the addition of advanced technologies in the equipment augment the price of raw material. Various stakeholders involved in the supply chain of the elevators & escalators industry starting from raw materials suppliers, research & development, manufacturing, and the assembly team are the part of market ecosystem. Post this, the marketing and sales of the finished products take place which is only possible if an efficient distribution channel is developed. At last, the end-products are made available to the consumers and are installed at their sites. Apart from this, the companies also provide modernization services and maintenance & repair services.
The Asia-Pacific (APAC) region has emerged as a dominant force in the elevator and escalator industry, largely driven by unprecedented rates of urbanization and rapid infrastructural development. As one of the fastest-growing economic zones globally, APAC countries, particularly China, India, and Southeast Asian nations, are experiencing a construction boom that is reshaping their urban landscapes. This transformation is characterized by the construction of high-rise buildings, expansive commercial complexes, and large residential developments, all of which require advanced vertical transportation solutions to accommodate the growing urban populations. The APAC region’s leadership in the elevator and escalator industry is also supported by the presence of major global and local manufacturers who have established a strong foothold in the market. Companies in the region are investing in advanced technologies, such as smart elevators with integrated IoT capabilities, energy-efficient systems, and high-speed escalators, to meet the evolving demands of urban infrastructure. The competitive landscape in APAC encourages innovation and technological advancements, further solidifying the region’s position as a leader in the industry. Moreover, the region’s diverse and expanding market presents numerous opportunities for growth. The increasing focus on sustainable and energy-efficient solutions aligns with global trends towards green building practices, thereby driving further demand for advanced vertical transportation systems. As urbanization continues to accelerate and infrastructure development remains a priority, the APAC region is poised to maintain its leading position in the global elevator and escalator market for the foreseeable future.
The global market for elevators, escalators, and moving walkways is experiencing steady growth, driven by rapid urbanization, infrastructure development, and increasing demand for efficient vertical transportation. These systems play a crucial role in modern buildings, airports, shopping malls, metro stations, and other high-traffic environments. Elevators dominate the market, with growing adoption in high-rise buildings, commercial complexes, and residential towers. Technological advancements, including smart elevators with IoT integration, energy-efficient regenerative drives, and AI-based predictive maintenance, are transforming the sector. The demand for high-speed and destination-control elevators is rising, particularly in megacities with space constraints. Escalators are widely used in commercial spaces, airports, transit hubs, and shopping malls to ensure smooth passenger flow. Innovations in compact designs, improved safety features, and eco-friendly solutions, such as energy-efficient handrails and automatic stop functions, are gaining traction. Additionally, the increasing focus on accessibility has led to the installation of inclined escalators in public spaces. Moving walkways, often found in airports, metro stations, and large retail complexes, enhance mobility for pedestrians and travelers. The demand for horizontal and inclined moving walkways is rising, with advancements in anti-slip surfaces, intelligent control systems, and lightweight materials improving safety and efficiency.
The global elevator, escalator, and moving walkway market is segmented into new installation, maintenance & repair, and modernization, each playing a vital role in ensuring the efficiency, safety, and longevity of these systems. New Installation is driven by rapid urbanization, infrastructure expansion, and the growing demand for high-rise buildings, particularly in Asia-Pacific and the Middle East. Governments and private sectors are investing in smart cities and transit-oriented developments, fueling the demand for high-speed, energy-efficient, and AI-integrated elevators and escalators. Sustainability is also a key focus, with regenerative drive technology and gearless traction systems becoming more common. Maintenance & Repair is essential for ensuring the safety and functionality of elevators, escalators, and moving walkways. With strict regulatory requirements and safety standards in place, property owners and facility managers invest heavily in routine servicing. The adoption of predictive maintenance using IoT sensors and real-time monitoring is revolutionizing the sector by reducing downtime and improving system efficiency. Modernization is growing as aging infrastructure demands upgrades. Many older buildings require energy-efficient motors, touchless controls, and smart dispatching systems to improve performance and meet modern safety regulations. With sustainability and smart technology integration being key trends, modernization is a crucial segment in the evolving global market.
The global elevator, escalator, and moving walkway market is segmented into residential, commercial, and others, each catering to different infrastructure needs and technological advancements. Residential demand is driven by rapid urbanization and the rise of high-rise apartment complexes, especially in densely populated regions like Asia-Pacific and the Middle East. With increasing emphasis on smart buildings, modern residential elevators incorporate energy-efficient motors, destination control systems, and touchless technology to enhance convenience and safety. Additionally, the aging population in developed nations is fueling demand for home elevators and stairlifts in multi-story houses. Commercial applications dominate the market, particularly in office buildings, shopping malls, airports, metro stations, and hotels. High passenger flow in these environments necessitates high-speed, durable, and AI-integrated vertical transportation systems. Advanced escalators and moving walkways with regenerative braking technology and real-time monitoring are improving operational efficiency. The rise of smart cities and green buildings is also pushing for sustainable and intelligent elevator solutions. The others segment includes industrial facilities, hospitals, educational institutions, and public infrastructure projects. Hospitals require specialized elevators with smooth acceleration and emergency backup power, while industrial settings demand heavy-duty freight elevators. Government investments in infrastructure projects further boost the demand for public transportation escalators and moving walkways, ensuring seamless pedestrian movement.
According to the report, "Global Elevator & Escalator Market Outlook, 2029" published by Bonafide research, the market was valued at around USD 94.32 billion, which is anticipated to reach nearly USD 134.2 billion by 2029, registering a CAGR of more than 6% for 2024-2029. The rapid urbanization and rising population are some of the factors responsible for the growth of megacities in few regions. Asia has efficient public infrastructure for mass transportation is required for the high population in megacities. The countries in Asia are planning to build metro rails in urban areas to reduce traffic congestion and improve transportation facilities. The metro project in the region and real estate investments around these projects will propel the demand for elevators and escalators. A rise in the price of the steel would adversely affect the profit margins of the vendors. Increasing raw material prices and the addition of advanced technologies in the equipment augment the price of raw material. Various stakeholders involved in the supply chain of the elevators & escalators industry starting from raw materials suppliers, research & development, manufacturing, and the assembly team are the part of market ecosystem. Post this, the marketing and sales of the finished products take place which is only possible if an efficient distribution channel is developed. At last, the end-products are made available to the consumers and are installed at their sites. Apart from this, the companies also provide modernization services and maintenance & repair services.
The Asia-Pacific (APAC) region has emerged as a dominant force in the elevator and escalator industry, largely driven by unprecedented rates of urbanization and rapid infrastructural development. As one of the fastest-growing economic zones globally, APAC countries, particularly China, India, and Southeast Asian nations, are experiencing a construction boom that is reshaping their urban landscapes. This transformation is characterized by the construction of high-rise buildings, expansive commercial complexes, and large residential developments, all of which require advanced vertical transportation solutions to accommodate the growing urban populations. The APAC region’s leadership in the elevator and escalator industry is also supported by the presence of major global and local manufacturers who have established a strong foothold in the market. Companies in the region are investing in advanced technologies, such as smart elevators with integrated IoT capabilities, energy-efficient systems, and high-speed escalators, to meet the evolving demands of urban infrastructure. The competitive landscape in APAC encourages innovation and technological advancements, further solidifying the region’s position as a leader in the industry. Moreover, the region’s diverse and expanding market presents numerous opportunities for growth. The increasing focus on sustainable and energy-efficient solutions aligns with global trends towards green building practices, thereby driving further demand for advanced vertical transportation systems. As urbanization continues to accelerate and infrastructure development remains a priority, the APAC region is poised to maintain its leading position in the global elevator and escalator market for the foreseeable future.
The global market for elevators, escalators, and moving walkways is experiencing steady growth, driven by rapid urbanization, infrastructure development, and increasing demand for efficient vertical transportation. These systems play a crucial role in modern buildings, airports, shopping malls, metro stations, and other high-traffic environments. Elevators dominate the market, with growing adoption in high-rise buildings, commercial complexes, and residential towers. Technological advancements, including smart elevators with IoT integration, energy-efficient regenerative drives, and AI-based predictive maintenance, are transforming the sector. The demand for high-speed and destination-control elevators is rising, particularly in megacities with space constraints. Escalators are widely used in commercial spaces, airports, transit hubs, and shopping malls to ensure smooth passenger flow. Innovations in compact designs, improved safety features, and eco-friendly solutions, such as energy-efficient handrails and automatic stop functions, are gaining traction. Additionally, the increasing focus on accessibility has led to the installation of inclined escalators in public spaces. Moving walkways, often found in airports, metro stations, and large retail complexes, enhance mobility for pedestrians and travelers. The demand for horizontal and inclined moving walkways is rising, with advancements in anti-slip surfaces, intelligent control systems, and lightweight materials improving safety and efficiency.
The global elevator, escalator, and moving walkway market is segmented into new installation, maintenance & repair, and modernization, each playing a vital role in ensuring the efficiency, safety, and longevity of these systems. New Installation is driven by rapid urbanization, infrastructure expansion, and the growing demand for high-rise buildings, particularly in Asia-Pacific and the Middle East. Governments and private sectors are investing in smart cities and transit-oriented developments, fueling the demand for high-speed, energy-efficient, and AI-integrated elevators and escalators. Sustainability is also a key focus, with regenerative drive technology and gearless traction systems becoming more common. Maintenance & Repair is essential for ensuring the safety and functionality of elevators, escalators, and moving walkways. With strict regulatory requirements and safety standards in place, property owners and facility managers invest heavily in routine servicing. The adoption of predictive maintenance using IoT sensors and real-time monitoring is revolutionizing the sector by reducing downtime and improving system efficiency. Modernization is growing as aging infrastructure demands upgrades. Many older buildings require energy-efficient motors, touchless controls, and smart dispatching systems to improve performance and meet modern safety regulations. With sustainability and smart technology integration being key trends, modernization is a crucial segment in the evolving global market.
The global elevator, escalator, and moving walkway market is segmented into residential, commercial, and others, each catering to different infrastructure needs and technological advancements. Residential demand is driven by rapid urbanization and the rise of high-rise apartment complexes, especially in densely populated regions like Asia-Pacific and the Middle East. With increasing emphasis on smart buildings, modern residential elevators incorporate energy-efficient motors, destination control systems, and touchless technology to enhance convenience and safety. Additionally, the aging population in developed nations is fueling demand for home elevators and stairlifts in multi-story houses. Commercial applications dominate the market, particularly in office buildings, shopping malls, airports, metro stations, and hotels. High passenger flow in these environments necessitates high-speed, durable, and AI-integrated vertical transportation systems. Advanced escalators and moving walkways with regenerative braking technology and real-time monitoring are improving operational efficiency. The rise of smart cities and green buildings is also pushing for sustainable and intelligent elevator solutions. The others segment includes industrial facilities, hospitals, educational institutions, and public infrastructure projects. Hospitals require specialized elevators with smooth acceleration and emergency backup power, while industrial settings demand heavy-duty freight elevators. Government investments in infrastructure projects further boost the demand for public transportation escalators and moving walkways, ensuring seamless pedestrian movement.
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