Elevator And Escalator Market Size 2025-2029
The elevator and escalator market size is forecast to increase by USD 90.1 billion at a CAGR of 10.8% between 2024 and 2029.
- The market is experiencing significant growth, driven by the increasing demand for smart elevators integrated with Internet of Things (IoT) platforms. These advanced systems enable predictive maintenance, energy efficiency, and enhanced safety features, making them an attractive investment for building owners and managers. However, the reluctance of some stakeholders to modernize their existing elevators and prioritize energy savings poses a challenge to market expansion. Despite this, the integration of IoT and automation technologies in elevators and escalators presents a lucrative opportunity for companies to capitalize on the growing demand for efficient, safe, and intelligent vertical transportation solutions.
- Companies seeking to succeed in this market should focus on offering innovative, cost-effective, and reliable products while addressing the concerns of energy efficiency and modernization reluctance. By staying informed of market trends and addressing these challenges effectively, businesses can position themselves for long-term growth and success in the market.
What will be the Size of the Elevator And Escalator Market during the forecast period?
- In the realm of vertical mobility, machine room-less elevators and escalators play a pivotal role in structural engineering and building design. Brands strive to uphold their reputation through service agreements and remote monitoring, ensuring ADA compliance and reducing carbon footprints. Rope-less elevators and innovative escalator designs contribute to energy consumption savings. Maintenance contracts, passenger flow management, and traction drive systems are essential for optimal performance and safety. Car safety devices, load capacity, and quality control are paramount in ensuring user confidence. Urban planning integrates destination dispatch systems and data analytics to enhance efficiency. Fire safety systems and project planning are critical components in the construction process.
- Gearless machines, over-speed governors, and architectural design are key considerations for both functionality and aesthetics. Accessibility standards, speed ratings, and hydraulic elevators cater to diverse building occupancy needs. Building materials, customer satisfaction, and smart city initiatives are driving forces in the market. Safety brakes, interior design, and emergency power systems are integral to maintaining a competitive advantage.
How is this Elevator And Escalator Industry segmented?
The elevator and escalator industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
- Product
- Elevators
- Escalators
- Application
- Commercial
- Residential
- Industrial
- Technology
- Traction
- Machine Room-Less Traction
- Hydraulic
- Traction
- Machine Room-Less Traction
- Hydraulic
- Service
- New Installation
- Maintenance Repair
- Modernization
- Others
- New Installation
- Maintenance Repair
- Modernization
- Others
- Geography
- North America
- US
- Canada
- Europe
- France
- Germany
- UK
- Middle East and Africa
- APAC
- Australia
- China
- India
- Japan
- South Korea
- South America
- Rest of World (ROW)
- North America
By Product Insights
The elevators segment is estimated to witness significant growth during the forecast period.
The elevator market encompasses various segments, including new installations, maintenance, and modernization. In low-rise buildings below 35 meters, hydraulic elevators are popular due to their cost-effectiveness for maintenance. Mid-size buildings, with heights ranging from 35 to 100 meters, utilize both MRL and traction elevator technologies. Traction elevators are favored for their superior performance, while MRL elevators excel in tight spaces. Gearless traction elevators are the preferred choice for high-rise buildings exceeding 100 meters, offering faster speeds. These structures, often skyscrapers, frequently incorporate destination dispatch technologies. Elevator modernization involves upgrading control systems, safety features, and energy efficiency.
Predictive maintenance, warranty programs, and safety inspections are essential components of maintenance contracts. Commercial buildings, including retail stores and office spaces, prioritize elevator systems for customer service and accessibility. Smart building technology integration, such as IoT and cloud-based platforms, enhances performance monitoring and sustainability initiatives. Building regulations and green building standards guide the industry's evolution, emphasizing safety and energy efficiency. Elevator repair services ensure the timely resolution of issues, while installation services enable the integration of new systems. Spare parts and system upgrades maintain functionality and extend the life cycle of elevator systems. Safety inspections, technical support, and emergency response services ensure uninterrupted vertical transportation.
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The Elevators segment was valued at USD 91.30 billion in 2019 and showed a gradual increase during the forecast period.
Regional Analysis
APAC is estimated to contribute 75% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the Asia Pacific region, governments of China, India, Japan, Singapore, and Malaysia are investing significantly in urban infrastructure projects, with a focus on the development of smart cities due to population growth. Urbanization in these countries is expected to accelerate during the forecast period, leading to increased demand for efficient power systems, transport facilities, and infrastructure. The region's urban population percentage is on the rise, and the major economies in the region, along with increasing disposable incomes, are anticipated to fuel construction activities. This trend is expected to positively impact the growth of the market in the region.
Elevator and escalator systems are integral components of modern infrastructure, particularly in commercial buildings and high-rise structures. These systems provide vertical transportation, ensuring customer convenience and safety. Elevator modernization, including the integration of smart building technology, predictive maintenance, and performance monitoring, is gaining traction to enhance energy efficiency and safety features. Moreover, the adoption of cloud-based platforms and IoT integration is transforming the market. These advancements enable remote monitoring, predictive maintenance, and real-time data analysis, improving overall system performance and reducing downtime. Elevator systems are also essential in transit systems, ensuring seamless passenger movement and reducing travel time.
Safety inspections, warranty programs, and emergency response systems are crucial components of these systems, ensuring the safety and security of passengers. Building regulations and green building standards, such as LEED certification, are driving the demand for energy-efficient and sustainable elevator and escalator systems. Replacement parts, system upgrades, and cab interiors are essential components of the market, ensuring the longevity and optimal performance of these systems. In conclusion, the market in the Asia Pacific region is expected to experience significant growth due to urbanization, increasing disposable incomes, and government investments in infrastructure projects. The integration of smart building technology, predictive maintenance, and energy efficiency initiatives are key trends driving the market's growth.
Market Dynamics
Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise in the adoption of Elevator And Escalator Industry?
- Increasing demand for smart elevators is the key driver of the market.
- Smart elevators, a modern innovation in vertical transportation, utilize advanced sensors to recognize real-time activity within the system. companies, such as KONE and Otis Worldwide Corp., are collaborating with technology leaders like Apple, IBM, and Microsoft to enhance their product offerings. These collaborations contribute to the integration of destination dispatch technology and security automation and control systems in smart elevators. The primary objective of developing smart elevators is to create energy-efficient vertical transportation solutions that significantly reduce travel time between building floors.
- This technology not only optimizes energy consumption but also provides real-time data processing and analysis for improved efficiency and user experience.
What are the market trends shaping the Elevator And Escalator Industry?
- Elevator maintenance using IoT platforms is the upcoming market trend.
- The Internet of Things (IoT) revolutionizes business operations and everyday life by connecting devices to the Internet for real-time data exchange. IoT integration with elevator systems significantly enhances efficiency and reduces downtimes, enabling actionable analytics for building and equipment management. This results in substantial cost savings for businesses. The technology landscape is continuously evolving, bringing forth innovative solutions to construct and manage energy-efficient buildings.
- IoT's potential in this sector is vast, offering numerous advantages to various industries. As a professional assistant, I am committed to providing you with accurate and up-to-date information. IoT's impact on elevator systems is just one example of how technology transforms industries, making businesses more productive and efficient.
What challenges does the Elevator And Escalator Industry face during its growth?
- Reluctance to modernize elevators and reduce their energy use is a key challenge affecting the industry growth.
- Elevator energy efficiency can be enhanced through various methods, such as utilizing more efficient AC engines and regenerative drives. However, these solutions have yet to gain significant traction. Commercial building managers primarily focus on optimizing lighting, heating, and cooling systems, which collectively account for over half of the energy consumption in these structures, according to the US Department of Energy. While elevators represent a smaller energy user in commercial buildings, they hold the potential to save up to 50% of electricity through the adoption of advanced drives.
- Despite this potential, managers often overlook elevator energy optimization in favor of focusing on larger energy consumers.
Exclusive Customer Landscape
The elevator and escalator market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the elevator and escalator market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, elevator and escalator market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Braun Elevator - The company specializes in the design, manufacturing, and installation of a diverse range of vertical transportation systems. These include passenger, goods, and car elevators, as well as escalators. Our offerings prioritize efficiency, safety, and sustainability, ensuring seamless mobility solutions for various industries and applications.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- Braun Elevator
- Brobeil Aufzuge GmbH and Co.KG
- ESCON Elevators Pvt. Ltd.
- Fuji Electric Co. Ltd.
- Fuji Elevators Co.
- Fujitec Co. Ltd.
- HIRO LIFT Hillenkotter and Ronsieck GmbH
- Hitachi Ltd.
- Hyundai Elevator Co. Ltd.
- KOHLER Elevator GmbH
- KONE Corp.
- Mitsubishi Electric Corp.
- Otis Worldwide Corp.
- Savaria Corp.
- SCHAEFER GmbH
- Schindler Holding Ltd.
- TK Elevator GmbH
- Toshiba Corp.
- Weidmuller Interface GmbH and Co. KG
- WITTUR HOLDING GmbH
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The market encompasses various aspects of vertical transportation systems, including project management, repair services, and modernization projects. Traction machines are a crucial component of these systems, ensuring smooth and efficient movement. Elevator modernization continues to gain momentum as buildings strive for energy efficiency and sustainability, with regenerative braking and smart building technology playing significant roles. In the realm of residential buildings, modernization projects often include the replacement of parts and the implementation of LEED certification. Freight elevators are essential for commercial buildings, with performance monitoring and predictive maintenance ensuring optimal functionality. Moving walkways complement vertical transportation systems, enhancing customer experience and accessibility.
Customer service is a vital consideration in the market, with service contracts, safety inspections, and warranty programs ensuring client satisfaction. Commercial buildings, high-rise structures, and retail stores all benefit from these services, as vertical transportation systems are integral to their daily operations. Safety features and emergency response systems are essential components of elevator and escalator systems, adhering to building regulations and green building standards. Technical support and technical expertise are necessary for system upgrades and the integration of control systems, IoT, and cloud-based platforms. Escalator modernization is another growing trend, focusing on enhancing the user experience and incorporating sustainability initiatives.
Transit systems and transit authorities also rely on these systems for efficient and reliable transportation, making safety and performance paramount. Sustainability is a key driver in the market, with energy efficiency and spare parts playing significant roles. System upgrades and warranty programs help maintain the longevity and efficiency of these systems, while safety inspections ensure the safety of users. In the context of vertical transportation, traction machines, replacement parts, and service contracts are essential components. Traction machines provide the power to move elevators and escalators, while replacement parts ensure the longevity of these systems. Service contracts offer peace of mind for building owners and managers, providing regular maintenance and emergency response services.
The market is a dynamic and evolving industry, with a focus on innovation and efficiency. The integration of IoT, cloud-based platforms, and predictive maintenance technologies is transforming the industry, providing new opportunities for growth and improvement. In conclusion, the market is a diverse and complex industry, encompassing various aspects of vertical transportation systems. From traction machines and repair services to modernization projects and customer service, this market plays a crucial role in the daily operations of commercial, residential, and transit buildings. The integration of smart technologies and sustainability initiatives is driving innovation and growth in this industry, ensuring its continued relevance and importance in the built environment.
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Market Scope |
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Report Coverage |
Details |
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Page number |
200 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.8% |
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Market growth 2025-2029 |
USD 90.1 billion |
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Market structure |
Fragmented |
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YoY growth 2024-2025(%) |
9.5 |
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Key countries |
China, Japan, India, South Korea, Australia, France, Germany, UK, Canada, and US |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Elevator And Escalator Market Research and Growth Report?
- CAGR of the Elevator And Escalator industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2025 and 2029
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across APAC, Europe, Middle East and Africa, North America, and South America
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the elevator and escalator market growth of industry companies
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