Elevators & Escalators Market worth $207.4 billion by 2028 - At a CAGR of 6.4%

The elevators and escalators market is projected to grow from USD  152.1 billion in 2023 to USD  207.4 billion by 2028 at a CAGR of 6.4%. The escalators and elevators market refers to the industry that designs, manufactures, installs, and maintains vertical transportation systems, including elevators and escalators. These essential components play a crucial role in modern urban infrastructure, providing efficient and convenient vertical mobility in commercial, residential, and public spaces. The drivers of this market are multifaceted, encompassing urbanization, population growth, and the increasing emphasis on sustainable and smart building solutions. As urban areas expand, the demand for high-rise structures intensifies, driving the need for reliable and innovative vertical transportation systems.

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Based on Type, the elevators segment is projected to register the highest CAGR during the forecast period. Elevators have emerged as the fastest-growing segment in the escalators and elevators market, fueled by a surge in urbanization, increasing construction of high-rise buildings, and a growing emphasis on vertical mobility solutions. The demand for elevators is propelled by the need for efficient transportation within modern structures, ranging from commercial complexes and residential buildings to public infrastructure. Technological advancements, including smart and energy-efficient elevator systems, further contribute to their rapid adoption.

Based on Service, the new installation is projected to register the highest CAGR during the forecast period. New installation services have emerged as the fastest-growing segment in the escalators and elevators market, reflecting the global demand for advanced vertical transportation solutions. As urbanization and infrastructure development continue at a rapid pace, there is a heightened need for innovative elevator and escalator installations in newly constructed buildings and structures. As urban landscapes evolve and vertical mobility demands intensify, this segment’s rapid growth underscores the industry’s commitment to technological advancements that address the evolving needs of modern infrastructure.

Based on Elevator Technology, the machine-room-less traction elevators is projected to register the highest CAGR during the forecast period. Machine-room-less traction elevators have emerged as the fastest-growing segment in the escalators and elevators market, driven by their innovative design and space-saving advantages. These elevators eliminate the need for a traditional machine room by integrating the traction system directly into the elevator shaft, making them particularly appealing in both new construction and retrofit projects where space optimization is critical..

Based on end-use Industry, the residential sector is projected to register the highest CAGR during the forecast period. The residential sector has emerged as the fastest-growing segment in the escalators and elevators market, fueled by a surge in urbanization, population density, and the construction of high-rise residential buildings. With a growing emphasis on luxury and convenience in modern living, residential developers are increasingly incorporating advanced elevator technologies to enhance the overall appeal and accessibility of their properties.

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Based on Region, Asia Pacific is projected to register the highest CAGR during the forecast period. The Asia Pacific region has emerged as the fastest-growing market for escalators and elevators due to a confluence of factors driving unprecedented urbanization and infrastructure development. Rapid population growth, particularly in densely populated urban centers, has fueled the construction of high-rise buildings and megastructures, thereby escalating the demand for vertical transportation solutions. Government initiatives, robust economic growth, and increasing disposable incomes in countries like China and India have led to a surge in real estate investments and urban redevelopment projects, where elevators and escalators play a crucial role..

Major players operating in the escalators and elevators market include Schindler Group (Switzerland), OTIS (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea) and others. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable offerings, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, a broader geographical presence, and a larger product footprint.

Recent Developments in Elevators & Escalators Market Industry

• On February 2021, Schindler Group signed a partnership agreement with citizenM hotels, the leading Netherlands-based boutique hotel chain, to provide service and modernization for escalators and elevators in all of the Group’s existing buildings across the globe, as well as the installation of future vertical mobility solutions in the chain’s new hotels.
• On August 2020, Otis acquired Bay State Elevator to expand in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
• On October 2023, KONE Corporation has finalized the sale of its operations in Russia to S8 Capital, a diversified holding company based in Russia.
• On November 2022, KONE has concluded the buyback of its own class B shares, acquiring a total of 1,083,500 shares at an average price of USD 49.5 per share.
• On April 2022, Hitachi, Ltd. has declared the successful acquisition of all outstanding shares of Yungtay Engineering Co., Ltd. (“Yungtay”), a subsidiary based in Taiwan involved in the manufacturing, sale, and service of elevators and escalators. This strategic move aims to enhance Hitachi’s elevator and escalator business presence in the People’s Republic of China (“China”) and other regions of Asia.