Pune, India – The global elevator and escalator market is experiencing a significant growth trajectory, projected to grow from USD 126.24 billion in 2025 to an impressive USD 217.06 billion by 2033, at a steady CAGR of 7.01% during the forecast period (2025–2033). The rising demand for smart, accessible, and sustainable vertical transportation solutions is fueling this robust expansion across global urban landscapes.
Market Overview: Elevating Urban Mobility
Elevators and escalators are essential to modern infrastructure, offering seamless vertical transportation in residential towers, commercial complexes, shopping malls, and transit hubs. As cities continue to rise vertically, the demand for efficient, safe, and eco-friendly elevator and escalator systems is accelerating globally.
Key Market Drivers
Rapid Urbanization and Infrastructure Growth: Urban expansion, particularly in Asia-Pacific, Latin America, and Africa, is driving demand for high-rise buildings, which in turn fuels the need for vertical mobility systems.
Aging Population Needs Accessibility: With the global elderly population expected to surpass 16% by 2050 (UN report), there's a growing demand for elevators and escalators designed for safety and accessibility in residential and public infrastructures.
Smart City Development and IoT Integration: The integration of AI, IoT, and automation in elevators enhances safety, energy efficiency, and real-time monitoring. Smart elevators are becoming a cornerstone of sustainable, future-ready buildings.
Modernization of Existing Systems: In Europe and North America, the need to upgrade aging systems is boosting investments in modernization and retrofitting, aligning with safety standards and sustainability goals.
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Market Opportunities: Green & Sustainable Innovation
As environmental concerns rise, there's growing market potential for eco-friendly elevators and escalators equipped with regenerative braking systems, low-energy motors, and machine room-less (MRL) traction elevators. These solutions align with global green building standards and offer a competitive edge in environmentally conscious markets.
- For example, the U.S. Green Building Council emphasizes the integration of energy-efficient elevators as a core element of sustainable construction practices.
Market Segmentation
By Product:
Elevators (dominant segment)
Escalators
Moving Walkways
By Business:
New Equipment
Maintenance (largest segment)
Modernization
By Elevator Technology:
Traction Elevator
Machine Room-less (MRL) Traction Elevator (most revenue-generating)
Hydraulic
By Application:
Residential
Commercial (leading segment)
Industrial
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Leading Companies in the Elevator & Escalator Market:
Otis Elevator Company
KONE Corporation
Schindler Group
ThyssenKrupp AG
Mitsubishi Electric Corporation
Hitachi Ltd.
Fujitec Co., Ltd.
Johnson Lifts Pvt Ltd.
Orona Group, among others
Analyst Perspective
According to Straits Research analysts, the elevator and escalator industry is in a transformative phase. “Smart, connected, and energy-efficient systems are no longer optional—they’re essential. Key players must focus on modernizing aging infrastructure, expanding in high-growth regions, and integrating sustainable technologies to stay competitive in this rapidly evolving landscape,” the lead analyst remarked.
Regional Insights
Asia-Pacific Leads Market Growth
Countries like China, India, and Japan dominate the regional landscape due to rapid urbanization and infrastructure development. China, in particular, continues to lead as the world’s largest construction market, with a strong focus on high-rise residential and commercial buildings.
India: Fastest-Growing Market
India’s urban transformation and smart city projects such as Dholera and GIFT City are increasing demand for vertical mobility solutions that are both efficient and sustainable.
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