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The global escalators and elevators market is projected to grow at a CAGR of 5.8% between 2024 and 2032, reaching a value of around USD 227.21 billion by 2032.
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The growth of escalators and elevators market is propelling due to the development of large-scale infrastructure projects, such as airports, metro stations, and shopping malls, which require extensive elevator and escalator installations to handle high passenger volumes efficiently. Moreover, advancements in technology making the infrastructure smoother and eco-friendly has created a rising demand for the escalators and elevators industry.
Rapid urbanisation is driving the demand for high-rise buildings and residential complexes. As cities expand vertically to accommodate growing populations, the need for efficient vertical transportation solutions such as escalators and elevators increases. The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the housing completions of 1,623,000 new residential construction units in April 2024. In contrast, it was 1,416,000 units in April 2023.
Smart elevators, sustainable and green building solutions, modular designs, and destination control systems are the major trends impacting the escalators and elevators market value.
May 29, 2024
Hitachi and Hitachi Building Systems announced that their latest standard elevator, the Urban Ace HF Plus, has won the prestigious Red Dot Award: Product Design 2024, recognising their excellence in international design.
March 11, 2024
Otis, a leading elevator, and escalator manufacturer secured a major contract with Emaar Properties to upgrade numerous lifts and escalators in Burj Khalifa, the world's tallest building in Dubai.
December 18, 2023
Delta has announced a new generation of its elevator drives, the EB3000 family. The drives were compact, easy to install, and compatible with a wide range of systems and communication protocols.
October 31, 2023
KONE Elevators India has established an elevator test tower and labs to ensure the delivery of safe, high-quality products and solutions to their customers, enhancing their commitment to safety and quality.
Smart Elevators
Escalators and elevators are increasingly equipped with IoT sensors and AI algorithms to gather data on usage patterns, monitor equipment health in real time, and optimise performance, thus impacting the escalators and elevators demand growth.
Sustainable and Green Building Solutions
Manufacturers prioritise energy-efficient escalators and elevators with LED lighting, regenerative drives, and efficient motors, lowering costs and advancing sustainability by curbing energy use and emissions.
Modular Designs
Modular designs simplify escalator/elevator installation, maintenance, and upgrades by standardising parts and interfaces. They streamline manufacturing, cut lead times, and offer flexible configurations for diverse building needs.
Destination Control Systems
Destination dispatch systems use algorithms to allocate elevator cars according to passengers' destination floors, minimising travel time and congestion, thus improving passenger experience and building efficiency.
The increasing escalators and elevators demand is fuelled by the construction of high-rise residential buildings, luxury hotels, and shopping malls, all requiring these systems for accessibility and convenience.
Escalators and elevators incorporate advanced safety features such as emergency stop buttons, infrared sensors, and overload protection systems to ensure passenger safety. Continuous advancements in safety technology enhance reliability and compliance with strict safety regulations and standards.
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“Global Escalators and Elevators Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Service
Market Breakup by End Use
Market Breakup by Region
Escalators are increasingly preferred as they provide accessibility for people with disabilities and the elderly, as well as ensuring safety in crowded public spaces.
Escalators integrated with smart building systems offer benefits such as automated fault detection, traffic flow optimization, and seamless connectivity with building management systems, further driving their adoption in modern buildings and infrastructure projects.
Moving walkways efficiently move passengers across large distances within airports, train stations, and shopping centres, improving overall passenger flow, and reducing congestion.
Modernisation services contribute to the escalators and elevators market revenue by improving the safety and accessibility of escalators and elevators via installing features such as emergency communication systems and tactile buttons for visually impaired users.
Modernization services enhance the user experience by upgrading escalators and elevators with features such as destination dispatch systems, touchscreen interfaces, and multimedia displays.
Building owners and developers seek unique solutions that align with their architectural vision and enhance the aesthetic appeal of their properties, driving demand for new installation services.
The companies are a provider of electric and electronic equipment, energy solutions, elevators and escalators.
Mitsubishi Electrical Corporation: Founded in 1921 and based in Chiyoda-ku, Tokyo. The company leads in manufacturing and selling electric and electronic equipment for Energy, Industrial Automation, Information Systems, and Home Appliances.
Toshiba Corporation: Established in 1875 and based in Minato-ku, Tokyo. The company offers products and services related to various business domains including energy solutions, building solutions, digital solutions, and battery business.
Schindler Group: Founded in 1874 and based in Lucerne, Switzerland. The company is a leading manufacturer and provider of related services for elevators, escalators, and moving walkways.
ThyssenKrupp AG: Established in 1999 and based in Essen, Germany. The international technology and industrial company which manufactures products related to automotive, chemicals, aerospace, oil and gas, and others.
Other global escalators and elevators market key players are Hyundai Elevator Co. Ltd., Fujitec Co. Ltd. and KONE Elevator India Private Limited, among others.
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The industry's expansion is attributed to advancements in the Asia Pacific region, a trend that is steadily rising as nations increase their investments in infrastructure. Additionally, the growing need for sustainable manufacturing of escalators and elevators is further bolstering the industry's growth trajectory.
Furthermore, escalators and elevators market in Europe is driving due to rapid urbanisation, infrastructure development, modernisation initiatives, and strict safety regulations, spurring demand for vertical transportation solutions.
According to the “Recognising Malls and Shopping Centres as a New Age Industry” report, out of the total number of shopping malls in India, NCR has the largest share of the total malls amongst the top 8 cities at 34%, followed by Mumbai and Bengaluru at 18% and 17% respectively. This indicates the rising growth of the market in the nation.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Service |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Escalators and Elevators Market Size
Escalators and Elevators Market Growth
Escalators and Elevators Market Trends
Escalators and Elevators Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The major market drivers include the growing adoption of escalators and elevators in the aviation sector, the robust growth of the commercial sector, and the surging demand for sustainable manufacturing of escalators and elevators.
The key trends driving the market growth include the rising demand for elevators and escalators in the pipeline sector and the increasing adoption of advance tools to minimise cost and labour of manufacturing elevators and escalators.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is categorised according to the type, which includes escalator, elevators, moving walkways, and others.
The market is categorised according to the services, which includes modernization, new installation, and maintenance and repair.
Based on the end use, the market is divided into residential, commercial, institutional, and others.
The market key players are Mitsubishi Electrical Corporation, Toshiba Corporation, Schindler Group, Thyssenkrupp AG, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., and KONE Elevator India Private Limited, among others.
The revenue generated from the escalators and elevators market is expected to reach USD 227.21 billion in 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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