North America Elevator and Escalator Market Outlook, 2029

The elevator and escalator market is expected to gain momentum during the upcoming period on account of the increasing expansion of the construction sector. Elevators and escalators are widely used all over the North American region and are considered a modern and convenient means of movement. The growth of the elevator and escalator market is also driven by an increase in the construction of high-rise buildings, a rise in eco-friendly infrastructural activities and the development of smart cities. The market's growth is expected to come from increasing construction projects across the region and the consequent need for maintenance, repair, and after-sales service activities. The United States is the leading country in the overall North American elevator and escalator market in terms of revenue share. Additionally, the US has been constantly building its economy by encouraging green infrastructure and boosting urbanization. Furthermore, the US government has increased its spending in the construction sector to develop commercial and residential spaces, despite the market's increasing growth. In addition, Canada is witnessing a substantial growth in the elevator and escalator market on account of the expansion of the tourism sector and an increase in the construction of hotels and guest houses. Both the private and public construction sectors have observed significant growth in the past few years in countries like Canada and the United States, fueling elevator installations. According to the research report "North America Elevators and Escalators Market Overview, 2029," published by Bonafide Research, the North America Elevators and Escalators market was valued at more than USD 23.89 Billion in 2023. The North America Elevator and Escalator market is one of the major revenue generating markets in the world. Moreover, North America has promising growth prospects in the Elevator and Escalator market due to the high investments made by the government to build smart infrastructure. The elevator and escalator markets in the US have been supported by the maintenance and modernization of existing equipment and the stabilizing economy of the country. The increasing investment by the government in public infrastructure and the rise in the number of commercial and residential complexes will drive the growth of the US elevators and escalators market in the upcoming years. Further, the companies in the industry are constantly investing in the development of new technology and safe designs. The introduction of these pioneering designs and innovations will instil growth in the industry for years to come. The integration of mobile technology is opening new gates of innovation and operational efficiency for companies and making jobsites safer for workers.

The market can be segmented into three major categories in terms of types, elevators have always been used all over North America. However, after the introduction of smart elevators, the demand for the segment has risen tremendously. In addition, the increased construction of multi-story buildings and investment in the transportation and hospitality sectors has led to an increase in the demand for escalators. Furthermore, the North America region has a large ageing elevator and escalator installed base, which results in structural growth potential for the maintenance and modernization services market in the region. Due to this, the maintenance and repair segment leads the market, followed by the new installation segment. Also, increased safety standards have propelled the market demand for innovative elevators, which would drive the market demand for the modernization segment by the end of the forecast period. All nationwide laws governing elevator maintenance are set by the Occupational Safety and Health Administration and the American Society of Mechanical Engineers. Besides, most states and cities have additional standards and codes. The US holds an unbeatable share of over 75% since the last decade, which is in a declining stage given the rise in the market share of other smaller countries. The global elevator and escalator market is segmented into three main service types: new installation, maintenance & repair, and modernization. The new installation segment accounts for a significant portion of the market, with the U.S. elevator and escalator market size by new installations reaching 33.8 thousand units in 2023. This service involves the design, manufacturing, and installation of new elevators and escalators in residential, commercial, and industrial buildings. The demand for new installations is driven by factors such as rapid urbanization, the construction of high-rise buildings, and the development of infrastructure projects. In North America, the growing trend towards eco-efficiency, flexible design, and safety in commercial buildings further contributes to the demand for new installations. The maintenance and repair service segment ensures the smooth and efficient operation of elevators and escalators. This service involves regular inspections, preventive maintenance, and prompt repairs to address any issues that may arise. Proper maintenance not only extends the lifespan of the equipment but also ensures the safety and reliability of vertical transportation systems. In North America, the emphasis on advanced safety features, such as surveillance systems and emergency response capabilities, has led to an increased demand for maintenance and repair services. The modernization segment focuses on upgrading existing elevators and escalators to improve their performance, efficiency, and safety. This service involves the replacement of outdated components, the integration of new technologies, and the implementation of energy-efficient solutions. In North America, the need to retrofit older buildings, both residential and commercial, with modern elevator and escalator systems has driven the demand for modernization services. The residential segment accounts for a significant portion of the North American elevator and escalator market. The demand for elevators in multi-story residential buildings, particularly in urban areas, has been steadily increasing due to factors such as the growing population, rising urbanization, and the construction of high-rise condominiums and apartments. In the United States, the emphasis on accessibility and compliance with regulations like the Americans with Disabilities Act (ADA) has led to a greater need for elevators in residential buildings to ensure that all residents, including those with disabilities, can easily access their homes. Additionally, the trend towards luxury and smart home features has driven the demand for premium elevator systems in high-end residential developments. The commercial segment is a major driver of the North American elevator and escalator market. The construction of office buildings, shopping malls, hotels, and other commercial spaces has been on the rise, particularly in major cities like New York, Los Angeles, and Chicago. These buildings require efficient vertical transportation systems to move employees, customers, and visitors between floors. The emphasis on sustainability and energy efficiency in the commercial sector has also led to the adoption of eco-friendly elevator and escalator technologies, such as regenerative braking systems and LED lighting. The growth of the manufacturing and warehousing sectors has led to the installation of freight elevators in industrial facilities to move goods and materials between floors. The development of public infrastructure projects, such as airports, train stations, and hospitals, has also driven the demand for elevators and escalators to facilitate the movement of people and equipment. The United States leads the elevator and escalator industry primarily due to its robust construction sector, characterized by a high demand for vertical transportation solutions driven by urbanization, technological advancements, and a focus on sustainability. The U.S. elevator and escalator market is significantly shaped by the ongoing trend of urbanization, which has led to the construction of high-rise buildings in major cities like New York, Chicago, and Los Angeles. As urban populations grow, the need for efficient vertical transportation systems becomes increasingly critical to facilitate the movement of people and goods within these structures. This demand is not only driven by the sheer number of high-rise buildings but also by the increasing complexity and height of these structures, which require advanced elevator and escalator solutions to ensure safety and efficiency. Technological advancements play a crucial role in the U.S. elevator and escalator market. The integration of smart technologies, such as IoT and AI, has transformed traditional systems into intelligent solutions that enhance user experience and operational efficiency. Features like predictive maintenance, touchless controls, and real-time traffic management systems improve safety and reduce downtime, making elevators and escalators more appealing to building developers and owners. As a result, the market has witnessed an increasing adoption of energy-efficient products that align with sustainability goals and regulatory standards aimed at reducing carbon footprints in buildings. This focus on sustainability is further emphasized by the growing number of green building projects, such as those certified by LEED, which require modern and efficient vertical transportation solutions to meet their environmental standards. Recently, Liberty Elevator Corporation and their partners were recognized for the ‘2024 PROJECT OF THE YEAR’ award by Elevator World Publications for installing the Ascent elevators at Summit-One Vanderbilt in Midtown Manhattan. The international partnership of vertical transportation experts incorporated cutting-edge technologies and world-class craftsmanship to deliver the world’s premier elevator experience. One Vanderbilt's highest elevation is touted as New York’s most transformational experience with its external glass elevators, known as ASCENT, offering a thrilling one-of-a-kind perspective of the city from One Vanderbilt’s highest elevation. Furthermore, some of the key players in the North American elevator and escalator market are Delta Elevator, Otis Elevator Co., Hyundai Elevator, KONE Corporation, and ThyssenKrupp Elevator. Additionally, in February 2023, TK Elevator acquired shares of Accurate Elevator, making this its fifth acquisition in North America. TK Elevator has previously acquired Albany Elevator and three other Canada-based companies. Furthermore, in 2020, Action Elevator Company, based in the US, partnered with Southwest Elevator and Align Capital Elevators to expand their business potential. COVID-19 Impacts: Due to the COVID-19 pandemic, the North American elevator and escalator market was hit majorly. Lockdowns were imposed in all the countries in the North American region, leading to restrictions on the movement of people, further hampering the growth of the market. The elevators and escalators market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of the countries due to the outbreak of the COVID-19 pandemic in December 2019 in North America. Also, the impact of the COVID-19 outbreak has slowed down the growth of the construction industry in recent months, causing delays that can be attributed to several disrupted supply chains. However, the demand for elevators and escalators is anticipated to increase in the coming months as several governments prepare to lift the lockdowns in a phased manner. As the lockdowns gradually come to an end, the construction industry is anticipated to grow, though not at the same pace as compared to the last few years.

Considered In the Report • Geography: North America • Historical year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029 Countries covered: • United States • Canada • Mexico 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.