Elevator And Escalator Market Size, Industry Growth And Analysis, By Product (Elevators, Escalators, And Moving Walkway), By Business (New Equipment, Maintenance, And Modernization), By Application (Residential, Commercial, And Industrial), And Forecast, 2023-2030

<p><strong>Market Overview on Elevators and Escalators</strong></p> <p><strong>Synopsis</strong>: The elevator and escalator industry, valued at USD 83.86 billion in 2022, is poised to swell to USD 142.52 billion by 2030, marking a CA

Region : 092513017993 | Price: 3450 | Report ID: 092513017993

Market Overview on Elevators and Escalators

Synopsis: The elevator and escalator industry, valued at USD 83.86 billion in 2022, is poised to swell to USD 142.52 billion by 2030, marking a CAGR of 7.0%. These systems are prominently found in commercial structures, homes, and industries, aiding in movement across floors.

Market Dynamics:

Driving Factors:

  • A surge in construction activities in nations like India, China, and the U.S. propels the market.

  • The launch of skyscraper projects and a growing emphasis on safety enhancements further spur growth.

  • Notably, in 2021, Dubai's Deyaar Development allocated USD 272 million for the Business Bay Tower.

Current Trends:

  • Sustainability is key. Manufacturers are emphasizing green solutions like LED lighting and water-soluble paints.

  • Rope and pulley systems, including magnetic motors, are gaining traction.

  • Hitachi's "Urban Ace Human Friendly” elevator is a prime example, emphasizing safety and comfort.

Impacts of COVID-19:

  • The pandemic severely hampered market growth due to sudden curfews and the stalling of construction projects.

  • Disruptions in supply chains and manufacturing worsened liquidity, causing uncertainty.

  • China experienced significant short-term setbacks, but recovery seems imminent with innovative approaches in the industry.

Market Constraints:

  • Safety remains a concern. In 2020, U.S. reports suggested around 17,000 injuries and over 30 fatalities tied to elevator and escalator incidents.

  • Nevertheless, an emphasis on safety measures and improved product quality is expected to bolster market confidence.

Segments Overview:

By Product:

  • Categories include elevators, escalators, and moving walkways.

  • Escalators are surging in demand due to increasing commercial spaces. For instance, the Stansted Airport's revamp in the UK was budgeted at $775 million.

By Business:

  • Segments involve new equipment, maintenance, and modernization.

  • Maintenance leads, growing at a 7.0% CAGR, supported by initiatives like Schindler Group's partnership with citizen M Hotels Chain.

  • New equipment also showcases growth. In 2022, Kone bagged orders for over 172,000 units.

  • Modernization, growing at an 8.8% CAGR, is influenced by the shift towards greener technologies. Otis Elevator's new offerings, "Otis Gen3tm" and “Gen 360tm”, serve as prime examples.

In summary, the global elevator and escalator market is witnessing growth driven by construction, safety, and sustainability trends. Though hampered by the pandemic and safety concerns, innovations and green technologies are carving a way forward.

Elevators and Escalators Market Overview: Application & Regional Highlights

Application Analysis:

  • Segmentation encompasses industrial, residential, and commercial applications.

  • The residential category takes the lead and forecasts a 7.2% CAGR growth. This growth can be attributed to the ubiquitous presence of elevators and escalators in homes and apartment buildings.

  • Emphasizing eco-friendliness, safety, and versatility, the commercial segment is gaining momentum, particularly with increasing investments in office spaces. Furthermore, as the World Resources Institute reveals, by 2030, China intends to allocate over USD 13 trillion on housing.

  • The commercial division anticipates a 6.8% CAGR, driven by grand commercial structures and evolving technological infrastructures. On the other hand, the industrial sector pins its hopes on moving walkway sales, fueled by the trend of industrial automation.

Regional Insights:

  • China's anticipated robust growth owes to its construction endeavors involving skyscrapers. The nation also witnesses a boost from manufacturers' R&D investments.

  • Several milestones mark the industry's journey. For example, KONE Corporation's virtual showcase at DiECE 2020 and Hitachi's participation in the Global Lift and Escalator EXPO 2021.

  • North America's potential growth rests on its economic stability and enhanced living standards. Strategic acquisitions, such as TK Elevator GmbH's purchase of Florida's Accurate Elevator in 2021, exemplify the market's growth dynamics.

  • Latin America expects a steady growth trajectory, driven by diverse construction projects across Brazil and Argentina.

  • Europe's growth is anchored in technological advancements and the embracement of these products, especially in nations like Germany and the U.K.

Key Industry Players:

  • Major industry players are strategically positioning themselves through mergers and acquisitions.

  • KONE Corporation, a leading player, is known for its diverse elevator and escalator offerings. In 2022, Otis expanded its portfolio through 26 strategic acquisitions, valued at USD 46 million. Furthermore, its acquisition of the minority interest in Zardoya Otis SA, made possible with the USD 1.75 billion debt from 2021, showcases its expansive endeavors.

  • Not stopping there, KONE also eyes European acquisitions, ensuring its robust regional presence.

  • Other industry stalwarts like ThyssenKrupp AG and Otis Corporation are broadening their horizons by absorbing regional entities. This strategy amplifies their global presence and service offerings. One of the significant launches, Kone Corporation's KONE DX Class Elevators in 2021, emphasized digital connectivity, performance, and energy efficiency.

In essence, the global elevator and escalator industry is witnessing profound growth, powered by strategic corporate maneuvers and regional developments.

List of Key Companies Profiled:

  • thyssenkrupp AG (Cinven, Advent and RAG Foundation) (Germany)

  • CT Elevator Pte Ltd (Singapore)

  • Schindler (Switzerland)


  • Hitachi, Ltd. (Japan)


  • Mitsubishi Electric Corporation (Japan)

  • Otis Worldwide Corporation (U.S.)

  • FUJITEC CO., LTD (Japan)

  • Toshiba Corporation (Japan)

Industry Updates & Highlights:


August 2021: Hyundai and LG Electronics formed a strategic alliance through a Memorandum of Understanding (MoU) focusing on the provision of smart building solutions and enhancing robotic integration. The collaboration seeks to synchronize technologies for elevators and autonomous driving robots. The primary goal is to create a smart building ecosystem using LG Electronics’ signature technologies and home network systems.

July 2021: Hitachi Elevator Asia, an affiliate of Hitachi Ltd, unveiled innovative elevator technology. This innovation offers a safer and more sanitary elevator system relevant in the context of the COVID-19 pandemic. Features include touchless button controls, multifloor lift navigation, and integrated mobile control mechanisms.

June 2021: Otis Elevator Company introduced their Gen 3 and Gen360 elevator platforms, equipped with digital and mobile controls. These platforms cater to both low and high-rise structures, whether commercial or residential. Notably, the Gen360 platform has expanded its footprint to over six European countries.

January 2021: Schindler pioneered the ElevateMe App – a user-friendly mobile application that grants passengers the convenience of summoning elevators and choosing their destination floor via their smartphones, eliminating the need for physical button pressing.

October 2020: Mitsubishi Electric directed its efforts to strengthen its foothold in the Asia Pacific region. The enterprise rolled out strategies to amplify its production capacity and is intensively refining its distribution networks, especially in Japan and Thailand.

Report Overview:

This comprehensive report delves deep into the intricate dynamics, competitive scenarios, and evolutions of the industry. It offers estimations and forecasts based on products, business models, applications, and regions. In addition, the report imparts valuable insights such as Porter's five forces analysis, company profiles, SWOT analysis, and a snapshot of the broader macro and microeconomic factors. Key mergers, acquisitions, and other vital industry events are also highlighted for a holistic understanding.




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 7.0% from 2023 to 2030


Value (USD Billion)


By Product, By Business, By Application, and By Region

By Product

  • Elevators

  • Escalators

  • Moving Walkway

By Business

  • New Equipment

  • Maintenance

  • Modernization

By Application

  • Residential

  • Commercial

  • Industrial

By Region

  • North America (By Product, By Business, By Application, and By Country)

    • U.S. (By Product)

    • Canada (By Product)

  • Europe (By Product, By Business, By Application, and By Country)

    • Germany (By Product)

    • U.K. (By Product)

    • France (By Product)

    • Italy (By Product)

    • Turkey (By Product)

    • Rest of Europe

  • Asia Pacific (By Product, By Business, By Application, and By Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • South Korea (By Product)

    • Southeast Asia (By Product)

    • Rest of Asia Pacific

  • Middle East & Africa (By Product, By Business, By Application, and By Country)

    • GCC (By Product)

    • South Africa (By Product)

    • Rest of Middle East & Africa

  • Latin America (By Product, By Business, By Application, and By Country)

    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America

Commonly Asked Questions:

  1. What was the valuation of the elevator and escalator market in 2022?

  2. What's the projected worth of the global elevator and escalator market in upcoming years?

  3. What is the anticipated Compound Annual Growth Rate (CAGR) for the global market?

  4. Which market segment is predicted to dominate in the forecasted timeframe?

  5. What are the primary drivers propelling the market growth?

  6. Who are the leading companies in the global landscape?

  7. Which geographical region is poised to have the major market share?

  8. Can you highlight the prevailing market trends?

  9. Which business segment is likely to take the lead in the market?

Which application sector currently has the dominant market share?

1 Market Overview
1.1 Introduction
1.2 Market Analysis by Type
1.2.1 Overview: Global Revenue by Type: 2022 Versus 2023 Versus 2029
1.3 Market Analysis by Application
1.3.1 Overview: Global Revenue by Application: 2022 Versus 2023 Versus 2029
1.4 Global Market Size & Forecast
1.4.1 Global Sales in Value (2017-2029))
1.4.2 Global Sales in Volume (2017-2029)
1.4.3 Global Price by Type (2017-2029) & (US$/Unit)
1.5 Global Production Capacity Analysis
1.5.1 Global Total Production Capacity (2017-2029)
1.5.2 Global Production Capacity by Geographic Region
1.6 Market Drivers, Restraints and Trends
1.6.1 Market Drivers
1.6.2 Market Restraints
1.6.3 Trends Analysis
2 Manufacturers Profiles
**This is for each company**
2.1.1 Company Details
2.1.2 Company Major Business
2.1.3 Company Product and Services
2.1.4 Company Sales, Price, Revenue, Gross Margin and Market Share (2019-2022)
3 Sales by Manufacturer
3.1 Global Sales in Volume by Manufacturer (2020-2022)
3.2 Global Revenue by Manufacturer (2020-2022)
3.3 Key Manufacturer Position in Market
3.4 Market Concentration Rate
3.4.1 Top 3 Manufacturer Market Share
3.4.2 Top 6 Manufacturer Market Share
3.5 Global Production Capacity by Company
3.6 Manufacturer by Geography: Head Office and Production Site
3.7 New Entrant and Capacity Expansion Plans
3.8 Mergers & Acquisitions
4 Market Analysis by Region
4.1 Global Market Size by Region
4.1.1 Global Sales in Volume by Region (2017-2029)
4.1.2 Global Revenue by Region (2017-2029)
4.2 North America Revenue (2017-2029)
4.3 Europe Revenue (2017-2029)
4.4 Asia-Pacific Revenue (2017-2029)
4.5 South America Revenue (2017-2029)
4.6 Middle East and Africa Revenue (2017-2029)
5 Market Segment by Type
5.1 Global Sales in Volume by Type (2017-2029)
5.2 Global Revenue by Type (2017-2029)
5.3 Global Price by Type (2017-2029)
6 Market Segment by Application
6.1 Global Sales in Volume by Application (2017-2029)
6.2 Global Revenue by Application (2017-2029)
6.3 Global Price by Application (2017-2029)
7 North America by Country, by Type, and by Application
7.1 North America Sales by Type (2017-2029)
7.2 North America Sales by Application (2017-2029)
7.3 North America Market Size by Country
7.3.1 North America Sales in Volume by Country (2017-2029)
7.3.2 North America Revenue by Country (2017-2029)
7.3.3 United States Market Size and Forecast (2017-2029)
7.3.4 Canada Market Size and Forecast (2017-2029)
7.3.5 Mexico Market Size and Forecast (2017-2029)
8 Europe by Country, by Type, and by Application
8.1 Europe Sales by Type (2017-2029)
8.2 Europe Sales by Application (2017-2029)
8.3 Europe Market Size by Country
8.3.1 Europe Sales in Volume by Country (2017-2029)
8.3.2 Europe Revenue by Country (2017-2029)
8.3.3 Germany Market Size and Forecast (2017-2029)
8.3.4 France Market Size and Forecast (2017-2029)
8.3.5 United Kingdom Market Size and Forecast (2017-2029)
8.3.6 Russia Market Size and Forecast (2017-2029)
8.3.7 Italy Market Size and Forecast (2017-2029)
9 Asia-Pacific by Country, by Type, and by Application
9.1 Asia-Pacific Sales by Type (2017-2029)
9.2 Asia-Pacific Sales by Application (2017-2029)
9.3 Asia-Pacific Market Size by Region
9.3.1 Asia-Pacific Sales in Volume by Region (2017-2029)
9.3.2 Asia-Pacific Revenue by Region (2017-2029)
9.3.3 China Market Size and Forecast (2017-2029)
9.3.4 Japan Market Size and Forecast (2017-2029)
9.3.5 Korea Market Size and Forecast (2017-2029)
9.3.6 India Market Size and Forecast (2017-2029)
9.3.7 Southeast Asia Market Size and Forecast (2017-2029)
9.3.8 Australia Market Size and Forecast (2017-2029)
10 South America by Country, by Type, and by Application
10.1 South America Sales by Type (2017-2029)
10.2 South America Sales by Application (2017-2029)
10.3 South America Market Size by Country
10.3.1 South America Sales in Volume by Country (2017-2029)
10.3.2 South America Revenue by Country (2017-2029)
10.3.3 Brazil Market Size and Forecast (2017-2029)
10.3.4 Argentina Market Size and Forecast (2017-2029)
11 Middle East & Africa by Country, by Type, and by Application
11.1 Middle East & Africa Sales by Type (2017-2029)
11.2 Middle East & Africa Sales by Application (2017-2029)
11.3 Middle East & Africa Market Size by Country
11.3.1 Middle East & Africa Sales in Volume by Country (2017-2029)
11.3.2 Middle East & Africa Revenue by Country (2017-2029)
11.3.3 Turkey Market Size and Forecast (2017-2029)
11.3.4 Egypt Market Size and Forecast (2017-2029)
11.3.5 Saudi Arabia Market Size and Forecast (2017-2029)
11.3.6 South Africa Market Size and Forecast (2017-2029)
12 Sales Channel, Distributors, Traders and Dealers
12.1 Sales Channel
12.1.1 Direct Marketing
12.1.2 Indirect Marketing
12.2 Typical Distributors
12.3 Typical Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Methodology
14.2 Research Process and Data Source
14.3 Disclaimer


Research Methodology


Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

The market engineered data is verified and validated by a number of experts, both in-house and external.

After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.