Featured Companies

  • 1. Fujitec Corporation Limited
  • 2. Hitachi Group
  • 3. Hyundai Elevator Corporation Limited
  • 4. Mitsubishi Electric Corporation
  • 5. Otis Worldwide Corporation
  • 6. Schindler Group
  • More...

Rapid urbanization, with about 85% of the population residing in urban areas and various socio-economic development projects in the pipeline, entails the creation of more opportunities for the elevator and escalator market in South America. The elevator and escalator market in South America has considerable growth prospects in the future. Rise in construction activities, increasing rate of urbanization, increase in government spending on infrastructure development, and surge in foreign investment are some of the major factors driving the elevator and escalator market in South America. "Green and Yellow House" is a program initiated to build 12 million housing units, out of which 384,000 units were given to a socially vulnerable population of around 1.5 million. The smart cities trend has been considerably growing over the years. The Connected Smart Cities platform accelerates the development of intelligent cities in Brazil. Belo Horizonte, Sao Paulo, Curitiba, Vitoria, and Rio de Janeiro are considered the top 5 smart cities by the connected intelligent city platform, considering various factors. About 15% of the Brazilian population lives in rural areas. To provide the rural population access to all sections of society, the National Regional Development Policy (NRDP) and the National Urban Development Policy (NUDP) have taken a combined initiative named the Brazilian Charter Community for Smart Cities. Further, lack of government initiatives towards improvement of society remains one of the biggest hurdles that hinder the growth of the elevator and escalator market in the South American region. Most countries in South America and the Caribbean are struggling to escape what economists label "the middle-income trap." While much if not all of the region has emerged from low-income status, neither growth nor productivity has increased sufficiently to enable South America to narrow the gap separating it from the world's most developed economies.

According to the research report, "South America Elevators and Escalators Market Outlook, 2029," published by Bonafide Research, the South America Elevators and Escalators market is projected to add more than USD 1700 Million from 2024 to 2029. The market is anticipated to register growth on the back of improving economic conditions in Brazil. The growing ageing population, urbanization rate, and increasing installation of elevators in the residential sector in the South America region are expected to drive growth of over 6.5% CAGR. An increasing focus on infrastructural development and technological advancements has led to a surge in the demand for elevators and escalators in the region. Also, several government policies raise concerns regarding the up-gradation of old buildings to ensure the safety of the public. These factors have resulted in high demand for elevators and escalators in the South America region. In addition, some of the key players in the elevator and escalator market in the South American region are Thyssenkrupp, Hitachi Ltd., Mitsubishi, Otis Elevator, and Schindler. Moreover, the demand for elevators and escalators depends majorly on the construction of high-rise commercial as well as residential buildings, along with industrialization. As a part of green economic recovery and to create green economic opportunities, mitigating the effects of urbanization on society and the environment, Brazil is a potential market for green buildings with prominent market growth by 2029. Some of the restraints that slow down the growth of the elevator and escalator markets are unavailability of raw materials, lack of funding, absence of skilled labor, and fear of accidents among the elderly population. This economic condition can be said to be the reason the region has been restrained from crossing a share of over 5% in the global elevator and escalator market.
The elevator and escalator market in South America is experiencing significant growth due to rapid urbanization, increasing construction activities, and government initiatives aimed at infrastructure development. The market is segmented into various types of elevators, including passenger, freight, hydraulic, and machine room-less elevators. Passenger elevators dominate the market, primarily due to their extensive use in residential and commercial buildings. Freight elevators are also significant, especially in industrial settings. Recent developments include the integration of smart technologies, such as touchless controls and predictive maintenance systems, enhancing safety and efficiency. In Brazil, the elevator market is particularly robust, with expectations to grow from 13.6 thousand units in 2023 to 18.5 thousand units by 2029, driven by new construction and modernization projects. The focus on sustainable building practices has led to increased demand for green elevators, which are energy-efficient and environmentally friendly. Escalators and moving walkways are also gaining traction, especially in public transit and commercial sectors. The demand for escalators is fueled by the construction of shopping malls, airports, and other public spaces, where they facilitate the movement of large crowds. The market is seeing innovations such as multi-parallel escalators and advanced safety features, which cater to the growing need for efficient vertical transportation in densely populated areas.

New installations are driven by the rapid urbanization and construction boom in South America, particularly in countries like Brazil and Argentina. This surge is largely attributed to the increasing demand for high-rise buildings and commercial spaces, necessitating advanced vertical transportation systems to accommodate growing urban populations. Maintenance and repair services are essential for ensuring the operational reliability of elevators and escalators. These services involve routine inspections, lubrication, and repairs to prevent malfunctions and ensure compliance with safety standards. In South America, the maintenance market is expanding, driven by stringent regulatory requirements and the need for safety in high-traffic environments. Companies are increasingly adopting predictive maintenance technologies, utilizing data analytics to anticipate issues before they escalate, thereby minimizing downtime and repair costs. Modernization services focus on upgrading existing systems to enhance performance, safety, and energy efficiency. As buildings age, there is a growing need to retrofit older elevators and escalators with modern technologies, including smart controls and energy-efficient components. This trend is particularly pronounced in urban centers where older infrastructure must meet contemporary safety and efficiency standards. The modernization market is expected to grow significantly as building owners seek to improve their systems to comply with evolving regulations and enhance user experience.

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The residential segment is a significant contributor to the elevator market, driven by rapid urbanization and increasing high-rise construction. With approximately 85% of the population living in urban areas, there is a growing need for vertical transportation solutions in multi-story residential buildings. The demand for elevators in this sector is expected to rise, particularly due to government initiatives aimed at affordable housing, which are projected to enhance accessibility and convenience for residents. The commercial sector encompasses a wide range of applications, including offices, retail spaces, hotels, and public transport facilities. The demand for elevators and escalators in commercial buildings is driven by the construction of new shopping malls, hotels, and office complexes, which prioritize energy efficiency and smart technology integration. The trend towards sustainable building practices is also influencing the adoption of modern elevator systems that reduce energy consumption and enhance user experience. The industrial segment, including infrastructure projects, contributes significantly to the elevator and escalator market by catering to manufacturing plants, logistics, and marine industries. There is a rising demand for heavy-duty freight elevators and escalators designed to handle substantial loads in industrial settings. Additionally, infrastructure development projects, particularly in Brazil and Argentina, are fueling the need for efficient vertical transportation solutions in public transit systems and large-scale facilities.

In South America, Brazil held a major market for elevator and escalator systems in terms of revenues owing to increasing infrastructure development activities. While construction activities are expected to gradually recover in the coming months with COVID restrictions being eased off, output levels recorded before the pandemic are not expected to be restored soon – given the region’s structural weaknesses and longstanding issues, including fiscal constraints, social tensions, rising inequality, low productivity, and general discontent with democratic institutions. Although the Brazilian market contributes significantly to the overall market, it was affected due to growing economic and political crises, a depreciating currency, and recession. Additionally, with the change in U.S. trade policies, the growth of Argentina is likely to be affected during the forecast period. Other countries like Chile and Peru are expected to perform well during the forecasted period.

COVID-19 Impacts:
The COVID-19 pandemic impacted the South American elevator and escalator market severely. Lockdowns were imposed throughout the Americas region as a measure to control the ongoing situation due to the disease's widespread spread. As a result, the manufacturing of elevators and escalators was temporarily shut down. Additionally, a pause in construction activities and a decrease in labor supply added to the negative growth of the elevator and escalator market. However, the growth was stagnant during the pandemic; the elevator and escalator market has restarted its activities and has promising growth prospects in the coming years.

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Manmayi Raval

Manmayi Raval

Research Consultant



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

Countries covered:
• Brazil
• Argentina
• Columbia

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

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Manmayi Raval


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.

Companies Mentioned

  • Fujitec Corporation Limited
  • Hitachi Group
  • Hyundai Elevator Corporation Limited
  • Mitsubishi Electric Corporation
  • Otis Worldwide Corporation
  • Schindler Group
  • Sigma Elevator Company
  • Stannah Lifts Holdings Limited
  • Thyssenkrupp Ag
  • Toshiba Elevator And Building System Corporation

Table of Contents

  • 1. Executive Summary
  • 2. Research Methodology
  • 2.1. Secondary Research
  • 2.2. Primary Data Collection
  • 2.3. Market Formation & Validation
  • 2.4. Report Writing, Quality Check & Delivery
  • 3. Market Structure
  • 3.1. Market Considerate
  • 3.2. Assumptions
  • 3.3. Limitations
  • 3.4. Abbreviations
  • 3.5. Sources
  • 3.6. Definitions
  • 4. Economic /Demographic Snapshot
  • 5. Global Elevators and Escalators Market Outlook
  • 5.1. Market Size By Value
  • 5.2. Market Share By Region
  • 5.3. Market Size and Forecast, By Type
  • 5.4. Market Size and Forecast, By Service
  • 5.5. Market Size and Forecast, By End-User
  • 6. South America Elevators and Escalators Market Outlook
  • 6.1. Market Size By Value
  • 6.2. Market Share By Country
  • 6.3. Market Size and Forecast, By Type
  • 6.4. Market Size and Forecast, By Service
  • 6.5. Market Size and Forecast, By End-User
  • 7. Market Dynamics
  • 7.1. Market Drivers & Opportunities
  • 7.2. Market Restraints & Challenges
  • 7.3. Market Trends
  • 7.3.1. XXXX
  • 7.3.2. XXXX
  • 7.3.3. XXXX
  • 7.3.4. XXXX
  • 7.3.5. XXXX
  • 7.4. Covid-19 Effect
  • 7.5. Supply chain Analysis
  • 7.6. Policy & Regulatory Framework
  • 7.7. Industry Experts Views
  • 7.8. Brazil Elevators and Escalators Market Outlook
  • 7.8.1. Market Size By Value
  • 7.8.2. Market Size and Forecast By Type
  • 7.8.3. Market Size and Forecast By Service
  • 7.8.4. Market Size and Forecast By End-User
  • 7.9. Argentina Elevators and Escalators Market Outlook
  • 7.9.1. Market Size By Value
  • 7.9.2. Market Size and Forecast By Type
  • 7.9.3. Market Size and Forecast By Service
  • 7.9.4. Market Size and Forecast By End-User
  • 7.10. Columbia Elevators and Escalators Market Outlook
  • 7.10.1. Market Size By Value
  • 7.10.2. Market Size and Forecast By Type
  • 7.10.3. Market Size and Forecast By Service
  • 7.10.4. Market Size and Forecast By End-User
  • 8. Competitive Landscape
  • 8.1. Competitive Dashboard
  • 8.2. Business Strategies Adopted by Key Players
  • 8.3. Key Players Market Positioning Matrix
  • 8.4. Porter's Five Forces
  • 8.5. Company Profile
  • 8.5.1. Company 1
  • 8.5.1.1. Company Snapshot
  • 8.5.1.2. Company Overview
  • 8.5.1.3. Financial Highlights
  • 8.5.1.4. Geographic Insights
  • 8.5.1.5. Business Segment & Performance
  • 8.5.1.6. Product Portfolio
  • 8.5.1.7. Key Executives
  • 8.5.1.8. Strategic Moves & Developments
  • 8.5.2. Company 2
  • 8.5.3. Company 3
  • 8.5.4. Company 4
  • 8.5.5. Company 5
  • 8.5.6. Company 6
  • 8.5.7. Company 7
  • 8.5.8. Company 8
  • 9. Strategic Recommendations
  • 10. Annexure
  • 10.1. FAQ`s
  • 10.2. Notes
  • 10.3. Related Reports
  • 11. Disclaimer

Table 1: Global Elevators and Escalators Market Snapshot, By Segmentation (2023 & 2029) (in USD Billion)
Table 2: Top 10 Counties Economic Snapshot 2022
Table 3: Economic Snapshot of Other Prominent Countries 2022
Table 4: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 5: Global Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 6: Global Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 7: Global Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 8: South America Elevators and Escalators Market Size and Forecast, By Type (2018 to 2029F) (In USD Billion)
Table 9: South America Elevators and Escalators Market Size and Forecast, By Service (2018 to 2029F) (In USD Billion)
Table 10: South America Elevators and Escalators Market Size and Forecast, By End-User (2018 to 2029F) (In USD Billion)
Table 11: Influencing Factors for Elevators and Escalators Market, 2023
Table 12: Brazil Elevators and Escalators Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 13: Brazil Elevators and Escalators Market Size and Forecast By Service (2018 to 2029F) (In USD Billion)
Table 14: Brazil Elevators and Escalators Market Size and Forecast By End-User (2018 to 2029F) (In USD Billion)
Table 15: Argentina Elevators and Escalators Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 16: Argentina Elevators and Escalators Market Size and Forecast By Service (2018 to 2029F) (In USD Billion)
Table 17: Argentina Elevators and Escalators Market Size and Forecast By End-User (2018 to 2029F) (In USD Billion)
Table 18: Colombia Elevators and Escalators Market Size and Forecast By Type (2018 to 2029F) (In USD Billion)
Table 19: Colombia Elevators and Escalators Market Size and Forecast By Service (2018 to 2029F) (In USD Billion)
Table 20: Colombia Elevators and Escalators Market Size and Forecast By End-User (2018 to 2029F) (In USD Billion)

Figure 1: Global Elevators and Escalators Market Size (USD Billion) By Region, 2023 & 2029
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Elevators and Escalators Market Share By Region (2023)
Figure 6: South America Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: South America Elevators and Escalators Market Share By Country (2023)
Figure 8: Brazil Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Argentina Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 10: Columbia Elevators and Escalators Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Competitive Dashboard of top 5 players, 2023
Figure 12: Porter's Five Forces of Global Elevators and Escalators Market

Market Research FAQs

Otis, schindler, tk elevator, hitachi, hyundai elevator, and fujitec are the key companies in the South America escalator and elevator market.

30600 units of elevators and escalators were installed in 2021 across Brazil.

The installation of MRL traction elevators saves up to 40% on electricity charges, which is expected to drive the growth of the South America elevator and escalator market.

The South America escalator and elevator market is expected to grow at a CAGR of 6% during the forecast period (2022-2027).

Brazil is estimated to lead South America elevator & escalator market by 2027.
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South America Elevator and Escalator Market Outlook, 2029

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