USA Elevator and Escalator Market Overview, 2029

Escalators and elevators have a significant effect on modern design and architecture. Previously, individuals would only use the stairs to get from one floor to another. People may now comfortably travel over numerous floors, regardless of weight, thanks to the innovation given by these two methods. As a result, escalators and elevators have changed the way people go up and down in buildings. Travelling through a building on an escalator or elevator is now second nature. The United States (US) elevator and escalator industry will see increased demand for maintenance, repair, and after-sales support, as well as a significant need for new installations. The elevator and escalator market will benefit the aging population by allowing them to escape a painful flight of stairs, resulting in strong demand from this demographic. As a consequence, the market is expected to grow at a faster rate over the forecast period. Moving walkways are similar to escalators, except that instead of going up and down, they traverse at ground level. These pathways transport you in a straight and level line over corridors, gates, and terminals, delivering you to your destination quickly. They are essentially human conveyor belts. Increasing urbanization as a result of industrialization and infrastructural development in the United States (US) is expected to drive industry demand. The market is expanding due to the rising population and urbanization in United States (US).

According to the research report "United States (US) Elevators and Escalators Market Overview, 2029," published by Bonafide Research, the United States (US) elevators and escalators market is anticipated to grow at more than 5.15% CAGR from 2024 to 2029. In this report of elevator and escalator markets is segmented by types, by services, and by users. Elevators and Escalator include hundreds of intricate moving parts, many of which require frequent maintenance to guarantee good operation. Regularly maintaining elevator systems helps building owners to correct minor issues before they become major ones, lowering maintenance costs and considerably increasing the equipment's lifespan. Maintenance also increases the performance of an elevator and escalator, since well-maintained elevators and escalator are often speedier and give a far better user experience. During the projected period, the United States (US) elevator and escalator maintenance and repair services market is predicted to develop at a stable rate. The government's severe laws to safeguard public safety, as well as the burgeoning building industry, have contributed to market expansion. Increased government investment in infrastructural development in the United States (US), as well as an increasing number of commercial projects in various areas, are likely to boost the country's elevator and escalator maintenance and repair services market in the approaching years.

Elevator and escalator manufacturers are focused on enhancing aftermarket services for clients, which is projected to drive the growth of the United States (US) elevator and escalator maintenance and repair market. During the projection period, the United States (US) elevator and escalator maintenance and repair service market would benefit from the development of smart cities and technical developments in new elevators, such as the integration of circuit boards and new controllers. Elevator and escalator modernization can boost performance, making them more efficient and dependable. It also helps to reduce maintenance costs because all of the old parts are replaced with new, modern parts that will keep the elevator and escalator running well for a long time. One of the most essential reasons for elevator and escalator modernization is to improve safety to meet current requirements. The cost of elevator and escalator modernization will be worth it in the end since it will be able to strengthen the safety requirements. The elevator and escalator modernization market is expected to develop significantly during the forecast period, owing to an increase in elevator and escalator safety concerns in high-rise buildings and the introduction of new technologies into the United States (US) industry. The Internet of Things (IoT) is a technology that has the potential to transform commercial real estate.

The elevator and escalator market in the USA encompasses three primary service types: new installation, maintenance and repair, and modernization. New Installation involves the deployment of elevators and escalators in newly constructed buildings. The demand for new installations is significantly driven by urbanization and the construction of high-rise buildings, which require efficient vertical transportation systems. In the U.S., approximately 33.8 thousand units were installed in 2023, with projections indicating an increase to 40.1 thousand units by 2029. This growth is particularly pronounced in the commercial sector, where the need for efficient movement within shopping malls, office buildings, and public transit facilities is paramount. Maintenance and Repair services are essential for ensuring the safety and operational efficiency of existing elevators and escalators. Regular maintenance helps prevent breakdowns, ensuring compliance with safety standards and regulations. The U.S. market places a high emphasis on these services due to the aging infrastructure and the need for reliable transportation systems in both residential and commercial properties. This segment is vital for maintaining the operational integrity of the installed base, which is crucial given the increasing number of older systems that require consistent upkeep. Modernization refers to upgrading existing elevators and escalators to incorporate new technologies, improve energy efficiency, and enhance user experience. This service is particularly relevant in the U.S. market, where many buildings feature outdated systems that do not meet current safety or efficiency standards. The modernization trend is fueled by a growing focus on sustainability and energy efficiency, as well as the integration of smart technologies, such as IoT connectivity, which enhances operational performance and user convenience.

In the elevator and escalator market in the USA, the end-user segments are categorized into residential, commercial, and others, which include industrial and infrastructure applications. Residential applications are characterized by the installation of elevators in multi-family homes, condominiums, and private residences. The increasing trend of aging populations and the need for accessibility solutions have driven demand for residential elevators, particularly in homes designed for elderly residents or those with mobility challenges. The U.S. has seen a surge in new residential construction, which is projected to continue, thereby boosting the demand for elevators that enhance convenience and accessibility within homes. Commercial usage encompasses a wide range of facilities, including office buildings, shopping malls, hotels, and hospitals. This segment is experiencing significant growth due to urbanization and the increasing number of high-rise buildings. The commercial sector prioritizes efficiency and safety, leading to a demand for modern elevators and escalators that incorporate smart technologies, such as IoT and predictive maintenance. The market for commercial elevators is expected to expand as businesses invest in modernizing their facilities to improve customer experience and operational efficiency. Others, including industrial and infrastructure applications, represent a diverse range of uses from manufacturing facilities to marine industries. These applications often require heavy-duty elevators and escalators capable of transporting goods and personnel efficiently. The infrastructure segment is particularly influenced by government investments in public transport systems, airports, and large-scale construction projects, which necessitate reliable vertical transportation solutions.



COVID-19 impacts:
The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in United States (US) 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 United States (US) 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: United States (US)
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• United States (US) 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

Based on By Types:
• Elevator
• Escalators
• Moving Walkways

Based on By Services:
• New installation
• Maintenance and repair
• Modernization

Based on by End use types:
• Residential
• Commercial
• 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.