Europe Elevator and Escalator Market Outlook, 2029

Vertical transportation systems like elevators are becoming a standard component of modern buildings, given their ability to increase access to all areas of the structure across the European region. Efficient elevator systems are becoming critical for safer and more comfortable access to various floors of buildings, particularly due to the growth of ageing populations across Europe. In addition to that, the market growth is on account of the growing need for elevator modernization across Europe in ageing construction. The rapid ageing of the baby boomer population, the geriatric population, and consequently, the number of people with disabilities will continue to grow, thus amplifying the demand for advanced mobility solutions like elevators. In Europe, the administration has recommended the use of national measures to ensure that all levels of existing as well as under-construction buildings are accessible to people with disabilities, such as by providing at least one lift in each new building for wheelchair-bound individuals. The second-largest market share in the global market for premises is likely to be held by the European region. This is because of the presence of well-established, technologically advanced infrastructure that requires more elevators and escalators for its further enhancement and hence creates more growth opportunities across the region. Moreover, there is increasing investment coupled with increased expenditure in the infrastructure sector that drives the market demand in this region. The Eastern European elevator and escalator market is expected to witness strong growth during the forecast period. The elevator and escalator market in the Eastern European region is witnessing continued growth on account of the sustained development of infrastructure and the construction sector.

According to the research report, "Europe Elevators and Escalators Market Outlook, 2029," published by Bonafide Research, the Europe Elevators and Escalators market is projected to add more than USD 4900 Million from 2024 to 2029. Many countries in the European Union have witnessed the development of smart cities, while many are progressing towards one. The regions have increasingly developed smart solutions in energy, mobility, and governance. One of the major driving forces behind the market's expansion is the burgeoning focus on the development of high-rise construction. Driven by rapid urbanization and a steady rise in the urban population across Europe, a significant increase has been observed in the construction of high-rise buildings and skyscrapers over the years. Three of the major countries, namely Germany, Russia, and the UK, make it into the top ten contributing countries globally. The region has witnessed a few major renovations and maintenance projects along with mergers and acquisitions among the top players. The major global companies hold a substantial share owing to the fragmented and grey nature of the industry, and the rest of the market players are original pieces of regional and other local-level manufacturers. Other companies have considerable share owing to their robust image, geographical reach, and strong customer base. The construction sector is among the largest economic sectors in Europe. Major construction projects transform the lives of thousands of people—whether they are creating new homes, enabling better transport, or providing power to the surrounding area. As the construction industry heads back to work following the latest government advice, the elevator and escalator market is expected to expand owing to the biggest projects across the region.

Passenger elevators dominate due to their widespread use in residential and commercial buildings. Freight elevators cater to industrial needs, while hospital elevators are designed for medical facilities, emphasizing safety and efficiency. Recent trends indicate a growing preference for Machine Room-Less (MRL) traction elevators, which require less space and are more energy-efficient compared to traditional models. Escalators are primarily used in commercial spaces, such as shopping malls and airports, where they facilitate the movement of large crowds. The escalator segment is anticipated to hold the largest market share, driven by the expansion of commercial infrastructures. Moving walkways are gaining traction in airports and large transit hubs, enhancing passenger convenience. Escalators are segmented into various types, including parallel and crisscross designs, catering to different architectural needs. Recent developments in the European elevator and escalator market include a focus on sustainability and smart technology integration. Companies are investing in energy-efficient systems and IoT-enabled solutions to enhance user experience and operational efficiency. The aging infrastructure in many European cities presents substantial modernization opportunities, prompting investments in upgrading existing systems. Major players like Otis, KONE, and Schindler are leading these innovations, focusing on eco-friendly designs and advanced safety features.

New installations refer to the deployment of elevators and escalators in newly constructed buildings or developments. As urbanization accelerates, particularly in densely populated cities, there is a growing demand for efficient vertical transport solutions. In Europe, this trend is fueled by significant construction projects, including residential, commercial, and infrastructural developments. The market is projected to grow, with new installations expected to increase from 155.6 thousand units in 2023 to 205.9 thousand units by 2029, driven by advancements in technology and design that enhance user experience and energy efficiency. Maintenance and repair services are vital for the longevity and safety of elevators and escalators. Regular maintenance involves routine inspections, cleaning, lubrication, and adjustments to prevent malfunctions and ensure compliance with safety standards. This is particularly important in high-traffic environments such as shopping malls and airports, where operational reliability is critical. European companies are increasingly adopting predictive maintenance strategies, utilizing AI and data analytics to foresee potential issues before they escalate into significant failures, thereby reducing downtime and repair costs. Modernization services involve upgrading existing elevator and escalator systems to improve performance, safety, and energy efficiency. Many older systems in Europe are being retrofitted with advanced technologies, such as smart controls and energy-efficient components, to meet evolving regulatory standards and user expectations. This trend is particularly relevant in the context of sustainability goals, as modernized systems contribute to reduced energy consumption and lower emissions.

The residential segment demand is driven by the increasing number of multi-story residential buildings and the growing elderly population requiring accessibility solutions. As urbanization continues, there is a notable rise in the construction of high-rise apartments and condominiums, which necessitate efficient vertical transportation systems. The trend towards energy-efficient and space-saving designs, such as Machine Room-Less (MRL) elevators, further enhances the appeal of elevators in residential settings. The commercial segment represents the largest market share, primarily due to the extensive use of elevators and escalators in retail malls, office buildings, and corporate parks. The demand in this sector is fueled by the expansion of commercial infrastructures and the increasing trend towards adaptable and eco-friendly designs. As businesses seek to improve customer experience and operational efficiency, the installation of modern elevators and escalators becomes a priority. The shift towards co-working spaces and the renovation of existing commercial buildings also contribute to the sustained growth in this segment. The industrial and infrastructure segment encompasses a diverse range of applications, including freight elevators for manufacturing facilities, escalators for transportation hubs, and specialized lifts for the marine industry. This segment is experiencing moderate growth, driven by industrialization in countries like Germany and France, where there is a rising demand for freight and material handling solutions. Additionally, significant investments in infrastructure projects, such as airport expansions and railway upgrades, are propelling the need for escalators and moving walkways. The integration of smart technologies and automation in industrial settings is also influencing the demand for advanced elevator systems.



Major projects in this region such as Poland, Bulgaria, and Hungary as the government plans to drive economic growth by categorically pushing investment in infrastructure as a strategic focus on infrastructure upgradation. Riding on the back of a growing economy and relative political stability, the overall economic outlook for the region remains positive. Furthermore, the Eastern Europe region is increasingly becoming a desirable destination for FDI and investment, resulting in a significant increase in business and commercial activity, with many multinational corporations relocating their headquarters there Because of increased building demand in emerging nations such as Croatia, Georgia, Romania, and Ukraine, Europe accounted for the second-largest proportion of the elevator market. These countries are expected to see an increase in demand for new buildings and infrastructure. Elevator demand in this region would increase as a result of expanding urbanization, increased consumer spending, and government initiatives. ThyssenKrupp AG has long been part of the European Elevator Market. The Zeta 200 is one of the latest incorporations in elevator technology. Wherever they are deployed, zeta200 present configurations reliably offer the mix of high-rise, high-speed, high performance, and operational excellence on which TK Elevator’s reputation is built. The zeta200 is aimed towards high-rise commercial and mixed-use structures. The zeta200 is the easy way to assure a smooth, comfortable, and attractive high-speed experience by combining the newest technologies with established product combinations. The zeta200 delivers quiet interiors, smooth acceleration, and a solid ride at high speeds by merging cutting-edge technology and high-performance components.

Covid-19 Impacts:
Several industries across the European region suffered significant setbacks due to the onset of the novel corona-virus pandemic in early 2020, including the elevator industry, which took a hit due to the massive disruptions to construction activity in the region. According to a report from Kone, in the 10 topmost European cities in Europe, average elevators journeys decreased by almost 80% between February to April 2020. However, the Europe elevator market could witness a potential recovery in the coming years, as the use of office elevators rises gradually in major cities like Milan, Paris, Stockholm, Brussels, Helsinki, Munich, and Berlin, among others, despite a slight decline in return to office buildings in October 2023.

Considered In the Report
• Geography: Europe
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecasted year: 2029

Countries covered:
• Germany
• UK
• France
• Spain
• Italy
• Russia

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.