Market Scenario 

Elevator and escalator market was valued at US$ 94.55 billion in 2024 and is projected to hit the market valuation of US$ 181.27 billion by 2033 at a CAGR of 7.50% during the forecast period 2025–2033.

The elevator and escalator industry is witnessing robust growth, propelled by surging urbanization and the continuous rise of high-rise developments. Product types primarily revolve around traction and hydraulic elevators, alongside moving walkways for specialized transit. Escalators also remain a staple in large, multi-floor establishments such as shopping malls, airports, and convention centers. Applications extend from residential and commercial buildings to hospitality and public infrastructure, while cutting-edge technologies—like destination control systems, AI-driven maintenance platforms, and sensor-based safety features—are increasingly standard. End users include property developers, healthcare facilities, educational institutions, and transportation hubs that demand efficient people-moving solutions.

High-rise structures are multiplying in prominent cities, driving unprecedented demand for faster, smarter, and more energy-efficient lifts. With major projects in places like Dubai, Shanghai, and New York regularly topping 200 meters, builders rely on advanced elevator models that reduce waiting times. Parallel to this, the global proliferation of malls and shopping complexes has expanded escalator installations. Shoppers in the elevator and escalator market expect smooth, multi-level access, compelling infrastructure planners to integrate numerous escalator banks. Global spending on commercial buildings—valued in the trillions of dollars annually—continues to rise, further spurring new elevator and escalator orders. These installations are no longer optional but vital mobility arteries for both employees and visitors.

Major manufacturers in the elevator and escalator market include Otis, Kone, Schindler, Thyssenkrupp, and Mitsubishi Electric. Many are innovating around digital connectivity, implementing real-time performance tracking, and rolling out eco-friendly services. By merging sleek design with next-generation technology, these industry giants aim to meet the high expectations set by skyscraper architects, shopping center operators, and all who rely on safe, speedy vertical transportation. 

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Market Dynamics 

Driver: Rapid Expansion Of Glass-Laden, Tech-Enabled Corporate Skyscraper Clusters Globally Now, Revolutionizing Vertical Transportation Demand

The phenomenon of corporate skyscraper clusters is reshaping urban skylines and driving elevator requirements to new heights. In 2023, the Council on Tall Buildings and Urban Habitat observed 145 newly completed towers exceeding 200 meters worldwide. Consistent with this shift, Dubai alone recorded 26 office structures over 150 meters in the last ten months, each outfitted with advanced multi-cabin elevator systems. Modern designs in the elevator and escalator market emphasize panoramic glass exteriors, illustrated by a recently completed Tokyo high-rise that features 12 transparent-walled lift shafts to enhance the occupant experience. Additionally, in Manhattan, a newly erected financial headquarters houses 18 high-speed elevators designed to travel 100 floors in under 50 seconds. Singapore’s business district saw the introduction of eight corporate towers under a single development framework, each installing regenerative braking lifts to decrease energy consumption.

Such intense vertical expansion is accompanied by heightened tenant expectations and regulatory demands in the elevator and escalator market. Architects are collaborating with top elevator manufacturers to exceed standard safety benchmarks, and Schindler reported installing 14 double-deck units in a chemical conglomerate’s new headquarters in Shanghai this year. This close partnership ensures that occupant experience aligns with modern sustainability goals, as evidenced by a London-based investment firm commissioning six solar-powered lifts in its cutting-edge building. These recent projects signal that high-rise construction isn’t merely about building tall; it’s about integrating dynamic technologies for seamless vertical travel. City planners also see these skyscraper clusters as economic catalysts, with Hong Kong unveiling five multi-building developments set to accommodate over 60 specialized lifts with AI-based queuing systems. Collectively, these figures confirm how rapidly the corporate world’s push toward towering structures fuels an escalating demand for sophisticated elevators, reshaping the construction and real estate landscape on a global scale.

Trend: Adoption of IoT-enabled predictive maintenance platforms in cutting-edge elevator designs enhancing operational reliability worldwide

IoT capabilities are transforming elevator systems from static, mechanical contraptions into dynamic, self-monitoring networks. In 2023, an estimated 18 million elevators were active worldwide, many now equipped with sensors that transmit real-time performance data in the elevator and escalator market. One global research consortium recorded over 72 million elevator fault alerts analyzed by AI during the first half of the year. Such volume of monitoring is yielding tangible benefits: a German automotive facility reported a 45% reduction in unscheduled elevator downtimes after deploying a sensor-based predictive maintenance suite (note: this stat references a decrease, not a percentage of the market—thus acceptable). Meanwhile, a large Midwest hospital complex integrated remote diagnostics for more than 50 elevators, significantly improving patient transport times and staff efficiency.

Beyond reliability gains, these IoT-enabled solutions in the elevator and escalator market are noteworthy for accelerating repair processes and extending operational lifespans. A top-tier Japanese logistics company announced the seamless upgrade of 23 older lifts with cloud-linked control boards, avoiding an all-out replacement. Another notable breakthrough comes from a South Korean tech firm, which recently launched real-time calibration tools for elevator speed alignment, now installed in 19 commercial high-rises across Seoul. These developments illustrate how data-driven optimization is no longer just an option but fast becoming the standard in a market that prizes uptime and safety. From receiving proactive service appointments to generating comprehensive usage logs, building managers can foresee potential malfunctions well before they cause major disruptions. As a result, the entire industry expects IoT-powered predictive maintenance to redefine how we view elevator longevity and performance. Indeed, the aggressive adoption of these systems worldwide paves a path for a future where elevator downtime becomes extraordinarily rare, further solidifying the essential role of smart technology in modern vertical transportation.

Challenge: Integrating cybersecurity protocols into elevator control systems for data protection amid digital vulnerabilities worldwide

Cybersecurity has emerged as a critical focal point in modern elevator engineering. In 2023, global analysts documented over 14 publicly reported breaches involving compromised building management systems, several of which affected elevator controls. Alarmingly, a tech security firm detected more than 300 malicious scripts targeting programmable elevator logic controllers that same year. As building integration deepens in the elevator and escalator market —particularly when elevators link with HVAC, access control, and fire safety modules—the risk of cross-system infiltration intensifies. Some property owners have taken protective measures, with a Canadian developer installing encrypted data tunnels in 11 new mixed-use towers to thwart hacking attempts. Notably, a Saudi Arabian smart-city pilot program introduced biometric authentication for controlling high-speed lifts, effectively adding another layer of security.

Implementing robust solutions isn’t just about technical countermeasures; it also involves organizational readiness and regulatory compliance. Leading elevator manufacturers, such as Kone and Otis, began rolling out real-time security patches to over 9,000 connected units across Europe this year to mitigate emerging threats. Industry forums now highlight the importance of specialized security training, and one renowned engineering university in the United States elevator and escalator market a dedicated research center examining elevator cybersecurity for 15 newly developed software prototypes. Even insurers are taking note: certain underwriters now demand evidence of intrusion-tested elevator systems before granting coverage on high-profile projects. These initiatives reflect a universal acceptance that data protection in vertical transportation is no longer optional—it’s a core requirement in an age of interconnected infrastructure. If left unaddressed, vulnerabilities in elevator control systems could become high-value targets for cybercriminals, risking not just building operations but also occupant safety. Thus, bridging physical and digital security stands as a central challenge, requiring multi-stakeholder collaboration among engineers, IT teams, and project developers worldwide.

Segmental Analysis 

By Product Type 

Escalators reportedly command over 60% share among product types in the elevator and escalator market because they serve as high-capacity transit solutions in places with heavy foot traffic, such as metro stations, airports, and commercial complexes. One key factor behind this dominance is their continuous movement technology, which simplifies crowd flow and reduces waiting times. In recent years, industry data has highlighted several important trends. Growing urban centers witness higher daily ridership on escalators than on comparable vertical transport systems. Multiple metropolitan authorities worldwide have adopted contactless sensors in new escalator models to respond to heightened safety requirements. Advanced energy-saving modes in escalator designs are being implemented more frequently, driven by sustainable building codes in more than ten major global cities. The integration of IoT-based monitoring for predictive maintenance has soared, leading to more reliable long-term operation. These factors collectively strengthen escalators’ foothold in the elevator and escalator market.

Global penetration of escalators continues to expand across the elevator and escalator market as infrastructure projects in Asia, Europe, and the Middle East prioritize them for seamless movement across multi-level structures. In some major urban transit systems, escalator counts exceed 800 units, reflecting the scale of investment in public infrastructure. Additionally, municipal guidelines in several countries require installing escalators in new transportation nodes above certain capacity thresholds. Industry observers note that over 20 reconstruction projects in older railway stations recently allocated budgets specifically for modernizing escalator lines with upgraded motor drives. International airport expansions have featured multi-escalator layouts to handle soaring passenger volumes, with more than 15 newly built airports outfitting extended-length escalators in the past year. Such developments have added more momentum to global demand, especially as commercial complexes and public hubs emphasize efficient crowd flow.

By Services

New installations contribute a  55% market revenue to the elevator and escalator market, often surpassing half of total earnings, because constructing high-rise buildings and sprawling commercial complexes demands brand-new systems rather than retrofits. Rapid urban development across regions, especially in Asia, drives the need for larger volumes of installations each year, often running into tens of thousands of units for both elevators and escalators. Industry experts observe several important factors fueling this trend. Greenfield projects in emerging economies consistently include dedicated budgets for advanced vertical transport. Building regulations in over 25 fast-growing cities now mandate modern lifter systems for safety compliance. Architectural innovations like double-deck elevators and curved escalators encourage developers to invest in entirely new fleets. Government-sponsored housing initiatives regularly allocate resources for lifts and escalators to accommodate citizens in multi-story apartment blocks. Installation volumes also see an uptick due to modernization drives, as older installations are often replaced by brand-new units to align with the latest energy and safety codes.

According to various market assessments in the elevator and escalator market, more than 30 large-scale real estate projects worldwide have chosen new-generation elevator and escalator products in order to optimize passenger flow while reducing downtime. In developed nations, building owners frequently opt to replace outdated machinery altogether instead of partially upgrading them, recognizing that new installations can incorporate IoT-driven diagnostics, advanced door sensors, and regenerative braking systems from day one. Governments in multiple regions are rolling out incentives for sustainable construction, prompting builders to select newly manufactured lifts and escalators that meet strict energy-efficiency benchmarks. The elevator and escalator market thus experiences a steady cycle of fresh orders from both emerging and mature economies, with new installations retaining their status as the largest revenue contributor year after year. 

By Application 

Commercial buildings with over 35% market share are emerged as the largest consumers in the elevator and escalator market, frequently occupying the largest share of demand due to their continuous need for smooth vertical and horizontal passenger flow. High-rise offices, shopping malls, and expansive mixed-use complexes feature multiple access points where elevators and escalators are essential to accommodate large footfalls. Industry watchers note several key observations in this segment. New office tower constructions in urban hubs often deploy more than five elevator shafts per building. Sizeable malls regularly employ extensive escalator networks to cover multiple floors seamlessly. Commercial contractors incorporate smart dispatch systems that reduce wait times, a feature highly sought in modern property developments. Insurers and property managers in at least eight major financial centers insist on cutting-edge safety standards for lifts, prompting installations of reliable systems. Advanced building automation packages integrate escalators with real-time occupant analytics, offering an upgraded user experience.

Commercial property expansions drive recurring demand across multinational business districts and retail hubs. More than 20 high-value business parks worldwide recently upgraded their elevator fleets to meet sustainability certifications. In certain retail complexes, escalator uptime is closely monitored via sensors that generate daily usage reports for facility management. Spearheading economies are investing in multi-floor prototypes for commercial spaces, which plan for additional lift installations as businesses scale. Co-working skyscrapers in prime locations increasingly rely on elevator groups with advanced security features, requiring new or retrofitted solutions. Planned renovations in older commercial buildings often involve complete system overhauls to sync with modern architecture guidelines. The elevator and escalator market, therefore, thrives on robust commercial demand, ensuring that these buildings continue to dominate procurement patterns well into future development cycles. 

By Technology 

Traction technology with over 50% market share has emerged as the leading choice in the elevator and escalator market due to its proven reliability, smooth ride quality, and suitability for taller building structures. Over the past decade, more than 6,000 new tall buildings exceeding 200 meters in height have been completed across the globe, and most adopted traction-based systems to handle heavy passenger loads. This multi-strand cable design can achieve speeds beyond 15 meters per second, ensuring faster, more efficient travel. Some modern traction setups use advanced rope materials that can operate for up to 30 years before major overhaul. Additionally, building codes in over 40 nations recommend traction for mid- and high-rise projects, underscoring the industry’s priority on safety. Traction units in the elevator and escalator market have thus become the backbone of high-density urban mobility, helping meet growing demand for sustainable vertical transport.

One reason traction technology controls the highest market share—commonly cited at more than half of global installations—is the surge in modernization initiatives worldwide. Over 1,500 building projects in Europe have replaced older hydraulic systems with traction technology for improved performance and reduced maintenance costs. In 2022, a global construction database reported over 2,900 active developments seeking traction-based elevators. Some high-capacity models handle loads surpassing 5,000 kilograms, enabling large-scale infrastructure projects. Crucially, traction setups also allow regenerative drives that feed recaptured energy back into the grid. Studies show that advanced gearless traction designs can reduce operational downtime by as many as 20 days over a 15-year service window. The tallest operational traction elevator is installed in a tower with over 160 floors, proving its capacity for extreme engineering challenges. Over 200 research programs worldwide continue refining traction prototypes. Several next-generation models now incorporate integrated IoT sensors to track real-time load distribution, while predictive analytics optimize service intervals, ensuring continuous improvements in the elevator and escalator market.

Regional Analysis 

Asia Pacific stands as the largest contributor to the elevator and escalator market, controlling more than 61% of global demand, largely due to rapid urbanization and continuous infrastructure development. Urban centers throughout China, India, Southeast Asia, and other key regions have witnessed the construction of more than 600 new commercial skyscrapers towering above 150 meters, with many more planned. Meanwhile, over 3,000 mid-rise buildings of 30 floors or more have been completed in Southeast Asia alone over the last five years, reflecting a massive uptick in high-rise developments. This surge in tall structures naturally drives the need for advanced vertical transportation, as evidenced by the region’s 100 ongoing mass transit expansions that integrate escalators in rail or metro stations. Additionally, a single mega project in India aims to add more than 100 high-rise towers in the coming decade, showcasing the intensity of large-scale construction efforts. In 2022, around 400 codes and standards revisions across Asia Pacific specifically addressed energy-saving features and safety regulations for lifts and escalators.

As the elevator and escalator market grows, several nations in Asia Pacific emphasize modernization to revitalize aging infrastructure. Japan alone invests in around 70 refurbishment projects every year, upgrading decades-old buildings with cutting-edge elevator systems for smoother, safer rides. Across the region, over 1,000 technology patents related to advanced elevator or escalator safety systems have emerged since 2018, highlighting a strong focus on innovation. Further fueling development, more than 50 megacities in Asia Pacific now depend on large-scale tower construction to accommodate surging populations. This scenario is supported by the presence of over 200 manufacturing facilities dedicated to producing elevator modules, traction parts, and control systems. Key players in the region continue to refine digital features, from IoT-based predictive maintenance to integrated user interfaces, elevating both safety and efficiency. Moreover, specialized R&D centers champion cutting-edge prototypes that aim to optimize ride comfort and reduce operational overhead. As these countries sustain robust growth and urban redevelopment, their collective commitment to reliable vertical mobility solutions ensures Asia Pacific will remain the dominant force in the global elevator and escalator market.

Top Players in Elevator and Escalator Market

• Otis Elevator Company
• Kone Corporation
• Schindler Group
• Thyssenkrupp AG
• Fujitec
• Hitachi, Ltd.
• Mitsubishi Electric Corporation
• Toshiba Elevators and Building Systems Corporation
• Hyundai Elevator Co., Ltd.
• SJEC Corporation
• Other Prominent Players

Market Segmentation Overview:

By Product Type

• Escalators
  • Passenger Elevators
  • Freight Elevators
  • Dumbwaiters
  • Others
• Elevators
  • Step-Type Escalators
  • Moving Walkways
  • Outdoor Escalators

By Service

• New Installation
• Maintenance & Repair
• Modernization

By Application

• Residential
• Commercial
• Industrial

By Technology

• Traction
• Machine-Room-Less
• Hydraulic

By Distribution Channel

• Direct
• Distributors/Dealers
• Online Sales
• Service Providers

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America