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ELEVATORS & ESCALATORS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025 - 2032)
Elevators & Escalators Market, By Product (Passenger Elevators, Escalators & Moving Walkways, Freight/Industrial Elevators, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
- Published In : 14 Nov, 2025
- Code : CMI8942
- Pages :155
- Formats :
Excel and PDF
- Industry : Industrial Automation and Machinery
- Historical Range: 2020 - 2024
- Forecast Period: 2025 - 2032
Global Elevators & Escalators Market Size and Forecast – 2025-2032
The global elevators & escalators market is estimated to be valued at USD 98.72 Bn in 2025 and is expected to reach USD 118.96 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 2.7% from 2025 to 2032.
Key Takeaways of the Global Elevators & Escalators Market
- The passenger elevators segment is expected to lead the market, holding a share of 64.8% in 2025.
- Asia Pacific, holding a share of 41.5% in 2025, is projected to dominate the market.
- Europe, holding an estimated share of 20.3% in 2025, shows the fastest growth in the market.
Market Overview
The market sees a big shift towards integrating smart technologies such as IoT-enabled elevators and escalators, enhancing safety, efficiency, and user experience. Also, the push for energy-efficient and eco-friendly vertical transportation solutions is gaining momentum, because of stringent environmental regulations and the demand for sustainable building practices.
Current Events and Its Impact
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Current Events |
Description and its impact |
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Geopolitical and Trade Developments |
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Economic and Infrastructure Trends |
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Global Elevators & Escalators Market Insights, By Product – Rapid Urbanization and Infrastructure Development are Fueling the Passenger Elevators Segment Growth
Passenger elevators dominate the market with an estimated 64.8% of the market share in 2025, because of growing urbanization and the construction of high-rise residential and commercial buildings across emerging economies. As cities grow vertically, the need for efficient and reliable vertical mobility systems becomes essential.
Technological advancements such as destination control systems, IoT-enabled predictive maintenance, and energy-efficient drives have added to performance, safety, and comfort, increasing adoption among developers and facility managers. For instance, KONE’s MonoSpace elevators, used a lot in new high-rise projects across India and Southeast Asia, integrate regenerative drives that cut energy use by up to 35%.
Growing investments in commercial infrastructure, including malls, hospitals, hotels, and airports, further make demand for passenger elevators capable of handling high traffic volumes. Also, modernization of aging elevators in mature markets, because of safety compliance and sustainability mandates, supports steady replacement demand. Rising focus on universal accessibility and government regulations requiring elevators in multi-story buildings also reinforce market expansion.
Pricing Analysis of the Elevators & Escalators Market
|
Item |
Typical Price Range (USD) |
|
Passenger elevator – commercial mid-rise (new installation) |
≈ 50,000 to 100,000+ |
|
Passenger elevator – high-rise/premium specification |
≈ 200,000 to 1,000,000+ |
|
Escalator – standard commercial installation |
≈ 100,000 to 150,000 |
|
Escalator – large/heavy-duty specification (long span, many floors, special materials) |
≈ 180,000 to 300,000+ |
|
Residential/home elevator – basic model |
≈ 20,000 to 50,000 |
|
Residential/home elevator – premium/spec luxury model |
≈ 65,000 to 100,000+ |
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Urbanization & Infrastructure Push
|
Region/Initiative |
Description and Insights |
Impact on Elevators & Escalators Market |
|
India – Smart Cities Mission |
The Government of India’s Smart Cities Mission aims to develop 100+ urban centers with integrated infrastructure, sustainable transport, and vertical residential and commercial complexes. Urban housing and mixed-use buildings are central to this development. |
Adds to large-scale adoption of elevators and escalators in residential and public infrastructure projects; makes demand for mid-rise and high-rise passenger elevators with energy-efficient and smart capabilities. |
|
GCC – Saudi Vision 2030 |
Saudi Vision 2030 prioritizes diversification from oil dependency through large-scale infrastructure projects such as NEOM, The Line, and Red Sea developments. These initiatives emphasize smart and vertical urban planning. |
Makes demand for high-speed and smart elevator systems for mega projects; encourages the use of IoT-enabled, energy-efficient vertical transportation to align with futuristic city models. |
|
ASEAN – Regional Infrastructure Investment Initiatives |
ASEAN nations (Indonesia, Vietnam, Thailand, Malaysia, Philippines) are witnessing accelerated investments in transportation, commercial hubs, and urban housing through programs like ASEAN Smart Cities Network and public-private partnerships. |
Expands the market for cost-effective and durable elevators and escalators in mid-rise buildings; stimulates regional manufacturing and supply partnerships for localized production and maintenance services. |
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Smart Elevators & IoT Integration
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Technology/Initiative |
Description and Impact |
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Otis ONE Digital Platform |
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KONE 24/7 Connected Services |
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AI-Based Energy Management Systems |
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Regional Insights
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Asia Pacific Elevators & Escalators Market Analysis and Trends
The Asia Pacific region is expected to hold the highest share of 41.5% in 2025. This is because of fast urbanization, increasing infrastructure development, and a burgeoning middle-class population demanding modern residential and commercial buildings equipped with advanced vertical transportation systems. Countries like China, Japan, South Korea, and India have well-established manufacturing ecosystems and host major elevator and escalator manufacturers, creating a strong supply chain network.
Government initiatives pushing smart cities, affordable housing, and green buildings further boost demand. The presence of leading companies such as Otis, KONE, Mitsubishi Electric, and Toshiba, which have extensive manufacturing bases and R&D centers in the region, adds to its market dominance. Furthermore, trade dynamics benefit from intra-regional supply chains and export activities, enhancing regional competitiveness.
Europe Elevators & Escalators Market Analysis and Trends
Europe, holding an estimated share of 20.3% in 2025, is seeing the fastest growth in the elevators & escalators market, because of a combination of urban redevelopment, sustainability mandates, and modernization of aging infrastructure. Countries such as Germany, France, the U.K., Spain, and the Nordics are leading the demand rise as governments and private developers invest in energy-efficient, smart, and accessible building systems.
The region’s strong commitment to green construction and carbon-neutral goals, under the EU Green Deal and Energy Performance of Buildings Directive (EPBD), is adding to the adoption of smart and regenerative elevator technologies. These systems use IoT integration, AI-based monitoring, and energy recovery mechanisms to enhance building efficiency. Global leaders such as KONE (Finland), Schindler (Switzerland), Otis (U.S.), and Thyssenkrupp (Germany) are capitalizing on these trends through investments in digital maintenance platforms, energy-efficient designs, and modernization projects across Europe’s smart cities.
Elevators & Escalators Market Outlook for Key Countries
China Elevators & Escalators Market Analysis and Trends
China elevators & escalators market is characterized by vast urban renewal and new infrastructure projects. A robust construction sector, supported by government policies like the Belt and Road Initiative, encourages modernization of existing buildings and new high-rise commercial complexes. Big players such as KONE, Otis, and Hyundai Elevators operate big manufacturing and service networks, providing tailored solutions to meet the diverse market needs. The focus on smart elevators and energy-efficient designs aligns with the country’s sustainability goals, adding to product innovation and adoption.
U.S. Elevators & Escalators Market Analysis and Trends
The U.S. elevators & escalators market sees a mature construction industry focused on modernization and compliance with strict safety and accessibility standards. The high presence of Otis, Schindler, and Thyssenkrupp, supported by technological advancements such as IoT-enabled predictive maintenance and green elevator designs, shape the market landscape. Government regulations regarding building codes and incentives for green building certifications make demand for upgrading aging infrastructure in urban centers, commercial towers, and healthcare facilities.
U.A.E. Elevators & Escalators Market Analysis and Trends
The U.A.E. elevators & escalators market grows because of ambitious urban development projects, including luxury residential towers, commercial hubs, and transport infrastructure like metro lines and airports. Government initiatives such as Dubai’s Smart City strategy make a conducive environment for using intelligent elevator and escalator solutions. Big international players like Otis and KONE are deeply involved in landmark projects, customizing products to meet architectural and environmental requirements. The free trade zones and logistics infrastructure make possible smooth procurement and installation processes, adding to market growth.
India Elevators & Escalators Market Analysis and Trends
India is growing fast because of a growing urban population and a rise in residential and commercial construction. Government schemes promoting affordable housing and smart cities make demand for reliable and affordable vertical transportation solutions. The presence of global giants like Schindler, Otis, and KONE is complemented by several local manufacturers offering competitive pricing and region-specific product adaptations. The development of metro rail networks and airport expansions also contribute to installations of elevators and escalators in public infrastructure.
Market Players, Key Development, and Competitive Intelligence
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Key Developments
- In September 2025, TK Elevator and Alat finalized a USD 185.3 million (EUR 160 million) joint venture to make and provide elevator and escalator solutions in Saudi Arabia and the MENA region.
- In July 2025, Tatweer Misr, one of Egypt’s leading real estate developers, chose Otis, the world’s leading elevator and escalator manufacturing, installation and service company, to supply and install smart vertical mobility solutions across its urban communities. Tatweer Misr’s current engagement with Otis represents six projects and 1,250 elevators over six years.
- In April 2025, Otis Worldwide Corporation added to its portfolio through the acquisition of eight of eleven Urban Elevator locations in the U.S. All eight locations will be under the ownership and operation of Otis Elevator Co., while several locations will retain Urban Elevator branding.
- In November 2024, Otis Electric 7000 was debuted at the China International Import Expo 2024. The new, connected Otis Electric 7000 elevator from Otis Electric Elevator Company, is made for both new construction and modernization projects, with a suite of features that maximize safety, reliability, and passenger experience, offering a wide range of customizable aesthetic packages and a new space-saving design.
Top Strategies Followed by the Elevators & Escalators Market Players
- Established industry leaders primarily invest a lot in research and development (R&D), channeling significant resources towards innovating high-performance products that meet evolving customer demands for safety, energy efficiency, and smart integration.
- KONE Corporation invested in AI-powered predictive maintenance (KONE 24/7 Connected Services), using IoT and cloud analytics to monitor elevator health in real time, improving uptime and service efficiency. Similarly, Otis launched the Gen3™ Smart Elevator using IoT and energy-efficient drives for connected, sustainable high-rises.
- Mid-level players in the elevators & escalators market use a differentiated approach centered on offering cost-effective solutions that balance quality with affordability.
- Johnson Lifts (India) focuses on manufacturing cost-efficient elevators made for mid-rise residential buildings, offering localized service networks and standardization to compete with multinationals in price-sensitive Indian cities.
- Small-scale players in the global elevators & escalators market use niche strategies made to carve out specific market segments often overlooked by larger competitors.
- KLEEMANN (Greece) and Orona (Spain) specialize in custom elevator designs made for heritage buildings, panoramic lifts, and bespoke architectural projects across Europe, differentiating through design flexibility and tailored solutions.
Market Report Scope
Elevators & Escalators Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2024 | Market Size in 2025: | USD 98.72 Bn |
| Historical Data for: | 2020 To 2024 | Forecast Period: | 2025 To 2032 |
| Forecast Period 2025 to 2032 CAGR: | 2.7% | 2032 Value Projection: | USD 118.96 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Otis, KONE, Schindler, TK Elevator, Mitsubishi Electric, Hitachi, Toshiba Elevator and Building Systems, Fujitec, Hyundai Elevator, Canny Elevator, Johnson Lifts, Xizi Otis, Nidec, Sigma, and Kleemann |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Dynamics
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Global Escalators & Elevators Market Driver – Rapid Urbanization & Continued High-Rise Construction
Rapid urbanization across emerging economies is fueling the demand for efficient vertical transportation in high-rise residential, commercial, and mixed-use buildings. As cities grow vertically, elevators and escalators have become essential for ensuring mobility, accessibility, and safety in dense urban centers. Developers are using advanced, energy-efficient systems to meet modern architectural and regulatory standards.
The construction of India’s DLF Downtown Gurugram and Indonesia’s Jakarta Signature Tower, both integrating high-speed elevators by Otis and Mitsubishi Electric, show how large-scale urban projects are adding to product adoption in Asia’s growing skylines.
Global Escalators & Elevators Market Opportunity – Electrification, Energy-Efficient Drives, IoT-Connected “Smart” Elevators and Predictive Maintenance
The market is witnessing strong growth potential through electrification, energy-efficient drives, and IoT-enabled smart elevator systems. These innovations enhance energy savings, safety, and performance while meeting sustainability standards and reducing downtime via predictive maintenance. Smart technologies also support remote monitoring and diagnostics, improving lifecycle efficiency.
KONE’s 24/7 Connected Services, powered by IBM Watson IoT, allow predictive maintenance and real-time performance analytics for over 1.5 million connected units worldwide.
Analyst Opinion (Expert Opinion)
- While urbanization and modernization are sustaining strong order pipelines, persistent cost inflation in steel, copper, and electronic components is putting severe pressure on manufacturers’ profitability. Many OEMs are over-reliant on incremental pricing strategies rather than long-term supply chain localization, which could prove unsustainable in volatile global markets.
- The prolonged deceleration in China’s property and construction sectors, historically the largest demand base for elevators, poses a structural challenge. Global players with high exposure to the Chinese market must accelerate diversification into Southeast Asia, the Middle East, and India to cushion against this cyclical downturn.
- Despite fast digitalization and IoT integration, the industry continues to face an acute shortage of skilled installation and maintenance technicians. From an operational standpoint, this imbalance risks undermining service quality and reliability.
Market Segmentation
- Product Insights (Revenue, USD Bn, 2020 - 2032)
- Passenger Elevators
- Escalators & Moving Walkways
- Freight/Industrial Elevators
- Others
- Regional Insights (Revenue, USD Bn, 2020 - 2032)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
- North America
- Key Players Insights
- Otis
- KONE
- Schindler
- TK Elevator
- Mitsubishi Electric
- Hitachi
- Toshiba Elevator and Building Systems
- Fujitec
- Hyundai Elevator
- Canny Elevator
- Johnson Lifts
- Xizi Otis
- Nidec
- Sigma
- Kleemann
Sources
Primary Research Interviews
Stakeholders
- Elevator & Escalator Manufacturers
- Building Construction & Infrastructure Developers
- Facility Managers and Property Management Firms (Commercial & Residential Sectors)
- Architects and Structural Engineers (involved in high-rise and smart building projects)
- Real Estate Developers and Smart City Planners
- Modernization and Maintenance Service Providers
- Vertical Transportation Consultants and Safety Inspectors
- Elevator Component Suppliers (motors, control systems, safety gears)
- Government Housing and Urban Development Authorities
- Energy Efficiency and Smart Infrastructure Experts
Databases
- Eurostat
- U.S. Census Bureau
- Construction Global
- OECD
- Urban Development Database (UN-Habitat)
- Global Infrastructure Hub (G20 Initiative)
Magazines
- Elevator World
- Building Design + Construction (BD+C)
- Construction Week Online
- Smart Buildings Magazine
- Infrastructure Today
- Civil Engineering & Construction Review
Journals
- Journal of Building Engineering
- Automation in Construction
- Journal of Construction Engineering and Management
- Sustainable Cities and Society
- International Journal of Civil, Structural, and Construction Engineering
Newspapers
- The Construction Index (U.K.)
- The Economic Times (India)
- The Guardian (U.K.)
- Nikkei Asia
- Gulf Construction News (U.A.E.)
- The New York Times – Real Estate & Infrastructure Section
Associations
- Council on Tall Buildings and Urban Habitat (CTBUH)
- European Lift Association (ELA)
- National Elevator Industry, Inc. (NEII, U.S.)
- Building Owners and Managers Association (BOMA International)
- International Organization for Standardization (ISO – Technical Committee on Lifts and Escalators)
- Indian Elevator & Escalator Association (IEEA)
Public Domain Sources
- United Nations Economic and Social Council (ECOSOC)
- World Bank
- International Energy Agency (IEA) – Energy Efficiency in Buildings Reports
- United Nations Economic Commission for Europe (UNECE)
- ResearchGate
- EUROSTAT
Proprietary Elements
- CMI Data Analytics Tool, Proprietary CMI Existing Repository of information for the last 8 years
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About Author
Ramprasad Bhute is a Senior Research Consultant with over 6 years of experience in market research and business consulting. He manages consulting and market research projects centered on go-to-market strategy, opportunity analysis, competitive landscape, and market size estimation and forecasting. He also advises clients on identifying and targeting absolute opportunities to penetrate untapped markets.
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