Global Elevator and Escalator Market Outlook, 2029

Expansion of the building and construction industry has been a chief driver of the global elevator and escalator market. Elevators and escalators, being integral parts of residential as well as commercial buildings, are witnessing an impressive surge in demand all over the world. Advancement in Internet of Things (IoT) technology is further catering to market growth with the rising incorporation of ultra-modern facilities, starting from elevator safety solutions to elevator air purification equipment. From production through installation, the whole process cycle for elevators and escalators is expensive and requires competent handling. Industrial handling equipment requires regular maintenance, upgrades, and other services as needed, which takes time and requires technical expertise. These facilities range from residential complexes to large industrial structures. In addition to that, elevator and escalator manufacturers are putting more effort into developing cutting-edge solutions that save time and energy. They are primarily focused on launching an advanced range of elevators that can be used in a variety of end-use categories such as hospitals, offices, industrial buildings, and others. This is anticipated to boost the growth of the market. Furthermore, to tackle problems of traffic congestion, many governments across the globe are focused on the development of efficient metro rail systems, thereby propelling the demand for the market. In addition, the rise in purchasing power of the masses in developing countries has significantly increased the number of shopping malls. Escalators can be installed within the same space as staircases and will have lower noise and vibration levels. These technical advantages further increase the use of escalators in the market. For instance, as of 2020, India has over 1000 kms of metro rail network under construction, and the network of subways in China reached over 6000 kms in 2019. India is also constructing 21 green-field airports under the UDAN scheme. The development of such public transport projects significantly increases the demand for escalators, as they enable continuous 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 rising usage of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial spaces to offer ease of transit is driving the market growth. By type, the elevator segment leads the market in 2023. The growing geriatric population is another factor boosting its installation. The booming construction sector, resulting in the rapid demand for elevators in high-rise and mid-rise buildings, is further driving the market growth. The increasing focus of the government towards high-rise infrastructure, coupled with an increasing need for rapid transit, is expected to fuel the growth of the global elevator and escalator market. The urbanization rate across the globe has witnessed a significant increase in demand owing to higher employment and educational opportunities in urban regions. This increase in the urban population has fueled the demand for commercial and institutional buildings. The size of commercial buildings, in terms of square footage, has also increased to accommodate more people. This has increased the importance of vertical transit systems for the smooth function of buildings. These factors have positively influenced the escalator market, as escalators enable the continuous movement of people from one floor to another. The Leadership in Energy and Environmental Design (LEED) rating system was developed by the US Green Buildings Council to reduce environmental burden and promote the concept of sustainable buildings. A similar trend has been witnessed in the European region, where European Green Building Councils announced the development of 10 national roadmaps and an EU policy roadmap for decarburizing the building environment. The adoption of smart elevators would reduce this dependency and consumption rate. Elevator manufacturers are manufacturing elevators for mid-and high-rise buildings that are energy-efficient and incorporate smart controls, hardware, and other systems that consume low energy. Also, the growing environmental concerns have increased the demand for green products that are sustainable and environmentally friendly. Consumer expectations for value-added products are steadily shifting toward premium green building materials for elevators, escalators, and moving walkways. The use of green building materials can help reduce emissions significantly. These materials help save energy. Attain sustainability, reduce emissions, and conserve the environment.

Elevators can be categorized into several types, including passenger elevators, which are commonly found in residential and commercial buildings; freight elevators, designed for transporting goods in industrial settings; traction elevators, suitable for high-rise buildings due to their efficiency; machine room-less elevators (MRLs), which save space by eliminating the need for a machine room; and hydraulic elevators, typically used in low-rise buildings. Escalators and moving walkways are also crucial components of vertical transportation, particularly in high-traffic areas like airports and shopping malls. Recent trends include the integration of smart technologies, such as IoT, which enhances operational efficiency and safety by predicting maintenance needs and optimizing traffic flow. The commercial sector is witnessing substantial growth, driven by investments in infrastructure and the construction of skyscrapers, with escalators in high demand at shopping centers and transit hubs. Additionally, a focus on sustainability is reshaping the market, as manufacturers develop eco-friendly elevators and escalators that consume less energy and utilize green technologies. The modernization of existing systems is gaining traction, with many buildings retrofitting their vertical transport solutions to meet contemporary safety and efficiency standards. New installations involve the design, manufacturing, and construction of elevators and escalators for newly built structures or major renovations. This segment is driven by the growing demand for vertical transportation solutions in emerging markets, particularly in Asia-Pacific countries like China and India, where rapid urbanization and infrastructure development are taking place. Key factors driving the growth of new installations include the construction of high-rise buildings, the expansion of metro systems, and the development of large-scale commercial and residential projects. Maintenance and repair services are crucial for ensuring the safe and efficient operation of elevators and escalators. This segment is the leading service type in the global market, with a significant share of the total revenue. Regular maintenance helps prevent breakdowns, extends the lifespan of equipment, and ensures compliance with safety regulations. Maintenance services typically include periodic inspections, cleaning, lubrication, and minor repairs. In the event of a breakdown, repair services are provided to restore the equipment to its proper functioning. The maintenance and repair segment is expected to continue its dominance in the market due to the growing installed base of elevators and escalators worldwide and the increasing emphasis on safety and reliability. Modernization services involve the upgrade or replacement of existing elevator and escalator systems to enhance their performance, energy efficiency, and safety. This segment is gaining traction as building owners recognize the benefits of upgrading their vertical transportation solutions. Modernization projects may include the installation of new control systems, the replacement of outdated components, and the incorporation of smart technologies such as destination dispatch and remote monitoring. The residential segment is the leading end-user of elevators and escalators globally. The growing demand for high-rise residential buildings, particularly in densely populated urban areas, has driven the need for efficient vertical transportation solutions. Elevators are essential for providing convenient access to upper floors, especially for elderly residents or those with mobility issues. The residential segment is expected to continue its dominance in the market due to the increasing urbanization and the construction of multi-story apartment complexes. The commercial segment is another significant end-user of elevators and escalators, particularly in office buildings, shopping malls, hotels, and airports. The demand for elevators and escalators in the commercial sector is driven by the need for efficient vertical transportation to accommodate high foot traffic and ensure smooth operations. In recent years, there has been a growing emphasis on incorporating smart technologies into commercial elevators and escalators to enhance energy efficiency, safety, and user experience. The demand for elevators and escalators in the commercial sector is expected to continue growing due to the expansion of the retail industry, the construction of large-scale commercial projects, and the increasing focus on sustainability and energy efficiency. The "others" category encompasses the industrial, infrastructure, and marine industry segments, which also contribute significantly to the global elevator and escalator market. In the industrial sector, elevators and escalators are used for transporting goods, materials, and personnel within factories and warehouses. 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. In the elevator and escalator market, the profitability of the companies depends on engineering expertise and efficient production. Large companies have economies of scale in purchasing, and small companies can compete effectively by specializing. Globally, the market has been dominated by four key players: Otis Elevator Company, Schindler Holding Ltd., ThyssenKrupp Elevator AG, and KONE Corporation, which together control a major share, holding more than half of the market. Other considerable players in the market are Mitsubishi Electric, Hitachi Ltd., Fujitec Co., Ltd., Sigma Elevator Company, Hyundai Elevator Company, Toshiba Corporation, Stannah, Gulf Elevator & Escalator Co., Ltd., Kleemann Hellas SA, Sicher Elevator Co., Cibes Lift Group AB, etc. COVID-19 Impacts: The COVID-19 pandemic triggered a global health emergency that was unprecedented and difficult to manage. As a precaution, most of the region's major economies enforced a harsh and abrupt nationwide lockdown, effectively halting financial activity in the region. The abrupt closure wreaked havoc on the labor-intensive and highly unpredictable construction industry. This aspect also hampered global market sales and development by reducing new construction and upgrading operations. The market's expansion was slowed by lower cash liquidity, uncertainty in state investments, and a gloomy attitude among established potential investors. The disruption and complete breakdown of the manufacturing ecosystem's supply chain shifted the market's decline across numerous areas. A temporary prohibition has been imposed by a number of federal governments. The government issued urgent measures to halt non-essential commodity movement, resulting in a large gap between the procurement of raw materials for products and actual production at manufacturing facilities. The industry's efficiency and productivity have been harmed by a complete mismatch between supply and demand for basic resources.

Considered In the Report • Geography: Global • Historical year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029 Regions and Countries covered: • North America (USA, Canada, Mexico) • Europe (Germany, UK, France, Spain, Italy, Russia) • Asia-Pacific (India, Japan, Australia, China) • South America (Brazil, Argentina, Columbia) • Middle East & Africa (UAE, Qatar, Saudi Arabia, South Africa) Aspects Covered In the Report • Market Size By Value for the historic time period (2018-2023) • Market Size By Value for the forecast time period (2024-2029) • Market Share by Type (Elevator, Escalator & Moving Walkways) • Market Share by Service (New Installation, Maintenance & Repair, Modernization ) • Market Share by End Users (Residential, Commercial & Others) • Market Share by Country The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations; validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the elevator and escalator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.