Elevator and Escalator Market Analysis APAC, Europe, Middle East and Africa, North America, South America - China, India, Germany, Japan, US - Size and Forecast 2024-2028

Elevator And Escalator Market Size 2024-2028

The elevator and escalator market size is forecast to increase by USD 76.7 billion at a CAGR of 10.13% between 2023 and 2028. The market's expansion hinges on several factors, including the escalating demand for smart elevators, a surge in construction activities worldwide, and substantial investments pouring into smart city initiatives.

Smart elevators, equipped with advanced technology and features, are witnessing a rising preference due to their efficiency and convenience. With the global construction sector experiencing significant growth, particularly in urban areas, the demand for smart elevators is expected to soar. Moreover, as cities strive to enhance their infrastructure and services through smart city projects, the integration of intelligent elevator systems becomes imperative. These trends collectively contribute to the robust growth trajectory of the smart elevator market, driving innovation and transformation in the vertical transportation sector. Our elevator and escalator market industry report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.

Elevator And Escalator Market Forecasting and Size

Market  Forecast 2024-2028

To learn more about this elevator and escalator market forecast report,  Request Free Sample

Elevator And Escalator Market Dynamics

The market is driven by various factors such as the need for modernization and upgrades due to aging infrastructure, especially in regions like Massachusetts. Sustainability has become a key trend, leading to innovations like green elevators utilizing recycled materials and energy-efficient technologies like LED lights. Safety regulations and touchless controls are also influencing market dynamics, while challenges include sourcing skilled labor and complying with safety measures. Moreover, temporary bans on certain types of lifts and escalators pose challenges, requiring manufacturers to adapt to changing regulations and market demands swiftly. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. A holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.    

Key Elevator And Escalator Market Driver: Growing investment in smart cities

With the increasing number of migrants moving from rural areas to cities, it is becoming more important for cities to accommodate these people. As a result, the concept of smart cities is gaining momentum globally.  An urban area is one with highly advanced infrastructure, communication, and sustainable real estate as well as market viability. In smart cities, information technology serves as the base for the essential services provided to residents.

Several smart city initiatives are being undertaken in different parts of the world. Smart cities will provide smarter solutions to address urban population growth, enabling them to manage traffic congestion in a more efficient way; this includes the introduction of energy-efficient road networks leading to effective public transport systems. Therefore, the growing momentum of smart cities and massive investments in their development are expected to spur the growth of the marke tduring the forecast period.

Significant Elevator And Escalator Market Trends: Use of regenerative drives in elevators and escalators

The development of regenerative drives has resulted from the energy-efficient, which needs to develop, in-building transport systems. Regenerative drives are one of the most noteworthy innovations in modern-day elevator technology. When going up with light loads or coming down with heavy loads, elevators tend to generate power that is more than the required amount. In the case of conventional elevator systems, this extra power is wasted as heat. This way, a significant amount of heat is wasted over the service life of an elevator.

Moreover, the regenerative drives save energy by enabling the motor to become a generator during periods of low loads. In such cases, the motor converts the mechanical power to electrical power and sends it back to the electrical grid, where it can be reused. The energy saved from regenerative drives is dependent upon factors such as the height of the building, the frequency with which elevators are used, and their weight. Therefore, the use of regenerative drives propels the growth of the market during the forecast period.

Elevator And Escalator Market Challenge: Reluctance to modernize elevators and reduce their energy use

Various types of optimizing elevator energy consumption, such as the use of more efficient AC motors and regenerators, are available. However, these solutions have not gained much popularity. Most office supervisors look first to the lighting and heating and cooling frameworks when looking for ways to cut energy use in their buildings. That's a logical approach since, according to the US Department of Energy, these frameworks are responsible for more than fifty percent of the energy consumed by business buildings.

Moreover, companies such as Schindler offer elevator lighting systems as part of energy-saving solutions to expand their market footprint. Therefore, factors like Reluctance to modernize elevators and reduce their energy use can negatively affect the growth of the market during the forecast period.

Market Segmentation by Product, Application, and Geography 

The market is influenced by various factors, including the state of Massachusetts, where infrastructure is aging, driving the need for modernization and upgrades. Sustainability concerns play a pivotal role, with a growing emphasis on eco-friendly solutions and compliance with stringent safety regulations. Touchless controls have gained traction, reflecting advancements in technology and a focus on hygiene amidst the pandemic. These systems find applications in diverse transportation infrastructures, including metro systems and high-rise buildings, necessitating skilled labor for installation and maintenance. Innovation in design includes features like wheelchair lifts, pneumatic lifts, and glass lifts, catering to evolving consumer preferences. Additionally, there's a trend towards using recycled materials and implementing energy-efficient solutions like green elevators with LED lights and water-soluble paints, aligning with sustainability goals. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. A holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.   

Elevator And Escalator Market Segmentation

Product Segment Analysis: 

The elevators segment will account for a major share of the market's growth during the forecast period. An elevator, also known as a lift in many countries, is a vertical transportation vehicle that facilitates the movement of people or goods between various floors of a building or other multi-story structure.

Customized Report as per your requirements!

The elevators segment was valued at USD 85.40 billion in 2018 and continued to grow until 2022. Elevators can be rope-free or rope-dependent. An escalator is another type of vertical transport in the form of a moving staircase, which uses a motor-driven chain for movement over short vertical distances.

Escalators are crucial for the smooth vertical movement of people, especially in public places. These are of great importance in areas that are highly crowded by the general masses. The escalators are used as part of airports or shopping centers. Moving walkways have been put in place at historical centers, zoos, amusement parks, and exhibits to allow for the safe passage of guests and observers on a specific basis. Escalators transport individuals from one level to the next or between the floors of a building, theater, field, stadium, shopping center, or display. Some of the major factors driving the growth of the market are the rising demand for cost-effective and eco-friendly escalators in commercial and public buildings, increased spending on infrastructure by the Government of India, and a rise in urbanization in the country. 

Application Segment Analysis: 

Based on application, the market has been segmented into commercial, residential, and industrial. The commercial segment will account for the largest share of this segment. A considerable number of commercial buildings, including offices, hospitals, educational institutions, retail stores, and malls, utilize elevators and escalators due to the large footfall and offer convenience to their consumers. In view of the increased commercial building construction such as hotels and hospitals, elevators and escalators were found to be widely adopted in developing countries such as China and India. A sizable proportion of these investments has been in commercial constructions, including office and retail space and the hospitality sectors. In particular, the rise of urbanization creates a need to build commercial and public infrastructure for various purposes. The commercial segment in the market is expected to witness growth during the forecast period.

The rapid urbanization and expanding middle-class population lead to an increase in demand for vertical transportation in residential buildings. It is expected that this trend will lead to migration from rural to urban areas in search of jobs and better living standards., thus increasing demand for adequate housing and nonresidential accommodation. Additionally, the awareness regarding accessibility for differently-abled individuals in residential buildings drives the demand for elevators and escalators in the residential sector. Demand for new housing, particularly in developing countries, will be enhanced by the increasing rural migration which leads to urbanization. The growing demand for housing is expected to intensify the already existing scarcity of land, thus resulting in the vertical growth of cities, which in turn, will play a vital role in the demand for elevators and escalators as well as elevator controls. Therefore, this drives the growth of the residential segment in the market during the forecast period.

Regional Analysis

For more insights on the market share of various regions Download Sample PDF now!

APAC is estimated to contribute 75% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The governments of China, India, Japan, Singapore, and Malaysia have earmarked large-scale investments in urban infrastructure projects. Besides, the governments of China and India are focusing on the development of smart cities due to the ever-increasing urban population. Increased demand for more effective power, transport and housing, and other infrastructure in these regions is expected over the period under analysis due to rapidly growing urbanization.

Moreover, in Asia, the percentage of urban populations is growing. The growing number of construction activities in emerging economies, backed by the increased government spending on infrastructure development, is expected to play a key role in driving the demand for elevators and escalators in the region. The construction and expansion of public projects, such as shopping malls, airports, and metros, act as a major booster for elevator and escalator market growth in APAC.

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Braun Elevator - The company offers elevators and escalators such as passengers, goods, and car elevators.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

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 Co., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Savaria Corp., SCHAEFER GmbH, Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH 

Technavio's elevator and escalator market industry report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The elevator and escalator market research analysis report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Product Outlook 
  • Elevators
  • Escalators

• Application Outlook 
  • Commercial
  • Residential
  • Industrial

• Region Outlook
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Argentina
    • Brazil 

Market Analyst Overview

The market is experiencing significant growth, driven by factors such as the expansion of transportation infrastructure and the increasing demand for vertical conveyance solutions in industrial spaces and commercial establishments. High speed elevators, hydraulic lifts, stair lifts, and cable lifts are becoming increasingly popular choices for various applications, including healthcare facilities and residential apartments. With economic growth and the construction of new buildings, there's a rising need for passenger elevators, freight elevators, and observation elevators. Moreover, the focus on energy efficiency is prompting the integration of building automation technologies in elevator systems. Players are leading innovations in this sector, catering to diverse market segments from airports like Stansted Airport to leisure parks and retail establishments.

Further, from high scraper to home elevators, the market offers a diverse range of solutions to cater to various needs. High-speed metro systems are driving demand in urban transportation infrastructure, while home elevators provide convenience and accessibility in residential spaces. Hospitals are increasingly adopting specialized elevator solutions tailored to their unique requirements, such as hospital elevators designed for patient transportation. Overall, elevators are becoming integral to modern living, addressing challenges such as elevator traffic and utilizing sustainable raw material to meet environmental goals. As the market evolves, expect further enhancements in efficiency, safety, and overall elevator performance.

Request Sample PDF 

What are the Key Data Covered in this Elevator And Escalator Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market across APAC, Europe, Middle East and Africa, North America, and South America
• A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market report analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this elevator and escalator market research report to meet your requirements. Get in touch