Global Escalator Market Outlook, 2029

The global escalator market is witnessing significant growth, driven by rapid urbanization, increasing infrastructure development, and the rising demand for efficient vertical transportation solutions. The novel coronavirus (COVID-19) has rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic has negatively affected the development of commercial real estate in many parts across the globe. Furthermore, the negative economic impact of COVID-19 has halted many public transportation projects. The number of COVID-19 cases is expected to reduce in the near future as the vaccine for COVID-19 is introduced in the market. This has increased the requirement of commercial spaces, thereby boosting the construction industry. Major vendors of the escalator market have focused on enhancing escalator efficiency to nurture a green, clean, and sustainable environment. To combat issues with traffic congestion, several governments worldwide are concentrating on building effective metro rail systems, which are driving up demand for the industry. Escalators are moving staircases that transport people from one floor to the next in a building or other structure. They are typically made from steps that lock together and are propelled by an electric motor. Steps in an escalator can be moved thanks to a system of chains and gears easily. A series of trusses that connects the floors houses the complete machinery. They are commonly found in various verticals, including residential, industrial, and commercial structures. They are installed in residential complexes, railway stations, metro stations, hospitals, office buildings, shopping malls, and educational institutions. Escalators in high-rise and mid-rise buildings have become vital, supporting the construction sector is gaining traction. The number of shopping malls has also greatly expanded due to the rising spending power of the populace in developing nations. Escalators have lower noise and vibration levels and can be positioned in the same area as stairs. These technical benefits help escalators become more popular. Thus, these factors are anticipated to drive the growth of the market.

According to the report titled, “Global Escalator Market Outlook, 2029”, published by Bonafide research, the Global Escalator market was valued at USD 29.33 Billion in 2023 and it is anticipated to grow with a CAGR of more than 5.73% from 2024 to 2029, achieving USD 41 Billion by 2029. One of the primary factors contributing to the market's expansion is the growing demand for mass rapid transportation in developing countries like China and India. As these nations focus on building high-rise infrastructures, the need for escalators to efficiently move people between levels in public structures is increasing. The Asia Pacific region, particularly China and India, is expected to witness rapid growth in the escalator market due to the sharp increase in demand from these major economies. In addition to the rising demand, the escalator market is also witnessing technological advancements that are shaping its future. The integration of the Internet of Things (IoT) and artificial intelligence (AI) into escalators is becoming more prevalent, improving operational efficiency, enabling predictive maintenance, and enhancing user experience. For instance, in 2022, Hyundai Elevator Co. and LG Uplus Corp. collaborated to manufacture smart safety management systems for elevators, including IoT sensor safety rings, belts, and hats, as well as exclusive applications for elevator installers and control platforms.The growing emphasis on sustainability is driving the development and adoption of energy-efficient escalators. Manufacturers are focusing on creating escalators that consume less energy while maintaining high performance and safety standards. This trend aligns with the increasing adoption of green building regulations and the demand for eco-friendly products. As the market continues to evolve, future innovations in the escalator industry will likely focus on enhancing user experience, improving energy efficiency, and integrating advanced technologies for better monitoring and maintenance. The development of smart cities and the integration of vertical transportation into comprehensive urban planning are also expected to provide new opportunities for escalator manufacturers.

Market Dynamics

Market Drivers

• Urbanization and Infrastructure Development:Rapid urbanization, particularly in developing countries, is a significant driver for the escalator market. As cities expand and vertical construction increases, the demand for efficient vertical transportation solutions, such as escalators, rises. The growth of commercial facilities, including shopping malls, airports, and metro stations, necessitates the installation of escalators to facilitate the movement of large numbers of people, thereby enhancing accessibility and convenience in urban environments.
• Technological Advancements:The integration of advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), is transforming the escalator market. These technologies enable real-time monitoring, predictive maintenance, and improved energy efficiency, enhancing user experience and operational efficiency. Manufacturers are increasingly adopting these innovations to meet consumer expectations and regulatory standards, driving market growth and competitiveness.



Market Challenges

• High Maintenance Costs: One of the primary challenges facing the escalator market is the high maintenance and inspection costs associated with these systems. Regular maintenance is essential for safety and operational efficiency, but the expenses can be prohibitive for operators, particularly in regions with budget constraints. This can deter investment in new escalator installations, impacting overall market growth.
• Regulatory Compliance:The escalator market is subject to various regulations and standards that ensure safety and performance. Compliance with these regulations can be complex and costly for manufacturers and operators. The evolving nature of these regulations may require continuous updates and modifications to existing installations, posing a challenge for market participants to keep pace with compliance requirements.

Market Trends

• Sustainability and Energy Efficiency:There is a growing trend towards sustainability in the escalator market, driven by increasing awareness of environmental issues and the need for energy-efficient solutions. Manufacturers are focusing on developing escalators that consume less energy and utilize eco-friendly materials, aligning with global sustainability goals and green building certifications. This trend is expected to shape product development and consumer preferences in the coming years.
• Smart Escalators:The emergence of smart escalators, equipped with IoT capabilities, is a significant trend in the market. These escalators can communicate with building management systems, optimize energy consumption, and provide real-time data on usage patterns. The demand for smart escalators is likely to rise as urban infrastructure evolves, further integrating technology into everyday transportation solutions.

Segmentation Analysis

Based on the report, the type is segmented into Parallel, Multi-parallel, Walkway, Others

Parallel escalators are the most common type, consisting of two escalators running side by side in opposite directions. They are widely used in high-traffic areas such as shopping malls, airports, and metro stations. Parallel escalators provide efficient vertical transportation for large numbers of people, allowing them to move in both directions simultaneously. Multi-parallel escalators are an extension of the parallel design, featuring three or more escalators running side by side. These escalators are typically found in large-scale commercial and public transit facilities, such as major shopping complexes and transportation hubs. Multi-parallel escalators offer increased capacity and flexibility in handling high volumes of foot traffic. Walkway Escalators is also known as moving walkways, these escalators are designed for horizontal transportation rather than vertical movement. Walkway escalators are commonly used in airports, convention centers, and shopping malls to transport people over long distances. They provide a smooth and continuous flow of pedestrians, reducing congestion and improving overall efficiency. Others, In this category includes specialized escalator types designed for unique applications or custom installations. These may include curved escalators, spiral escalators, and escalators with special features such as glass panels or artwork incorporated into their design.

Based on the report, the Industrial Vertical is segmented into Commercial, Public transit, Others

The commercial vertical includes shopping malls, retail stores, and office buildings. This segment accounts for the largest share of the escalator market due to the high foot traffic and the need for efficient vertical transportation. Shopping malls, in particular, are a significant driver of escalator demand, as they require escalators to move large numbers of people between floors. The commercial vertical is expected to continue dominating the escalator market due to the increasing construction of shopping malls and retail spaces, especially in developing countries like China and India. The public transit vertical includes airports, metro stations, and railway stations. This segment is experiencing rapid growth due to the increasing investment in public transportation infrastructure, particularly in developing countries. Airports are a significant driver of escalator demand, as they require escalators to move passengers between terminals and between different levels within the same terminal. Metro stations and railway stations also require escalators to facilitate the movement of passengers between platforms and street level. Others category includes other industrial verticals such as hotels, hospitals, and educational institutions. While these verticals account for a smaller share of the escalator market, they still present significant opportunities for growth. For instance, hotels require escalators to move guests between the lobby and guest rooms, while hospitals need escalators to transport patients and visitors between different floors.

Based on the report, the Solution is segmented into New Installation, Maintenance & Repair, Others

The new installation segment represents a significant portion of the escalator market, driven by the rapid urbanization and growth of commercial and public infrastructure. As cities expand and the demand for vertical transportation solutions increases, new escalators are being installed in shopping malls, airports, metro stations, and office buildings. This segment is expected to witness substantial growth as emerging economies continue to develop their infrastructure, leading to an increase in the number of high-rise buildings and commercial spaces. Additionally, advancements in technology, such as the integration of IoT and energy-efficient designs, are enhancing the appeal of new installations, making them a preferred choice for modern architecture. The maintenance and repair segment is essential for ensuring the safety and reliability of escalators. Regular maintenance is crucial for minimizing downtime and extending the lifespan of escalators, which is particularly important in high-traffic environments. This segment is expected to grow as more escalators are installed and as regulations regarding safety and performance become stricter. Companies are increasingly investing in predictive maintenance technologies that utilize IoT to monitor escalator performance in real-time, allowing for timely repairs and reducing operational costs. Others category includes modernization and upgrades of existing escalators, which are necessary to enhance performance, safety, and energy efficiency. As building codes and technology evolve, many operators are opting to modernize their escalators instead of replacing them entirely. This trend reflects a growing awareness of sustainability and cost-effectiveness, as modernization can significantly improve energy consumption and operational efficiency.

Regional Analysis

The Asia-Pacific region leads the global escalator market primarily due to rapid urbanization and significant infrastructure development driven by government initiatives and economic growth.

This leadership position in the escalator market is largely attributed to the unprecedented pace of urbanization occurring in countries such as China and India, where vast populations are migrating to urban areas in search of better living standards and job opportunities. This demographic shift necessitates the construction of new residential, commercial, and public infrastructure, which inherently requires advanced vertical transportation systems like escalators and elevators. Government initiatives, such as China's Belt and Road Initiative and India's Smart Cities Mission, further catalyze this growth by promoting large-scale infrastructure projects that demand modern escalator installations. Additionally, the region is experiencing a technological transformation, with a growing emphasis on energy-efficient and smart escalator systems that enhance user experience and operational efficiency. The modernization of existing infrastructure to meet contemporary safety and convenience standards also plays a crucial role in driving demand.

Key Development

• December, 2022: Otis China Adds More Than 100 Digitally Connected Elevators to Tianjin Metro - Otis China has been selected to provide more than 120 escalators and Gen3™ elevators for Tianjin Metro’s new Line 4 northern extension. The new Gen3™ elevators will be connected to Otis ONE™, an Internet of Things (IoT)-based platform already delivering real-time monitoring and predictive maintenance for Tianjin Metro. The digital ecosystem supports on-site service engineers to provide around-the-clock service to maximize passenger safety and minimize disruption. With 17 stations along a 22-kilometer route, the Line 4 extension builds on a southern section that opened in December 2021 with 186 Otis elevators and escalators.
• December, 2022: Athens Selects Otis for Nearly 100 Units on Important Metro Line Extension - New contract builds on success of Lines 2 and 3; brings total number of units installed and maintained by Otis to more than 580 - Athens residents and visitors are now able to travel from Venizelos International Airport to the Port of Piraeus in less than an hour on the 47 km Metro Line 3.That line includes six newly opened stations that complete the journey to Piraeus, including 21 Gen2® elevators and 72 heavy-duty Otis escalators. The six new stations are expected to help Piraeus and the greater area meet sustainability and traffic reduction goals – increasing overall passenger traffic on the metro network by 132,000 commuters daily and reducing the need for 23,000 vehicles on the roads above, cutting CO2 emissions by an estimated 60 tons every day.
• January, 2021: Schindler Launches ElevateMe Mobile App Touchless Elevator OperationThe Schindler ElevateMe smartphone app is part of the new touchless solutions in the Schindler CleanMobility range. The app allows passengers to simply call the elevator and select the destination with a swipe of a smartphone. Schindler's ElevateMe App is an innovative mobile app that allows passengers to call an elevator and select the destination floor via smartphone, without having to touch any buttons outside or inside the elevator car. With the new ElevateMe app, Schindler offers an end-to-end solution that provides a high level of security, while being easy to activate. Based on Schindler’s Internet of Elevators and Escalators (IoEE) platform, the app works with Schindler Ahead connected elevators. Installation involves a simple upgrade, after which the service can run instantly. Building owners or managers simply have to place the provided QR code stickers on the elevators and passenger can start operating the elevator via the Schindler ElevateMe app.

COVID-19 impacts:
The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in Global due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of Global prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years.

Considered in this report
• Geography: Global
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Global Elevator & Escalator Market with its value and forecast along with its segments
• Application wise tire industry distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation


By Type:
• Parallel
• Multi-parallel
• Walkway
• Others

By Industrial Vertical:
• Commercial
• Public transit
• Others

By Solution:
• New Installation
• Maintenance & Repair
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & 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.