IMARC Group's report titled "Elevator and Escalator Market Report by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance and Repair, Modernization), End Use (Residential, Commercial), and Region 2025-2033". offers a comprehensive analysis of the industry, which comprises insights on the global elevator and escalator market share. The global market size reached USD 161.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 244.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033.
Factors Affecting the Growth of the Elevator and Escalator Industry:
- Thriving Construction Industry:
This is through the high demand currently in the construction industry for such facilities as elevators as well as escalators. Such tendency is beneficial to the market. Another factor which can be attributed to the is rapid urbanization. This is the case despite it having result in more residential buildings, offices, campuses, airports, and shopping mulls globally. Such systems are widely used since they enrich the concept of convenience and mobility. They also benefit many people by transporting them from one level of the building to another in much shorter time. This efficiency is the key driver of market growth.
- Technological Advancements:
Such changes like IoT connectivity in elevators and escalators are some major factors that is driving the growth of the market. Other benefits of the advance of predictive maintenance technology include, concerning health, downtime is minimized and Areas of Reliability is enhanced. Furthermore, other low-energy functions including regenerative drives, cost, and the influence on the environment. These changes increase the product value providing the customers with a more comfortable and safer ride, and the company providing a more efficient, safer and environmentally friendly vehicles. Consequently, elevator and escalator are indispensable in the modern constructions or urban environment.
- Rising Demand for Eco-Friendly Elevators and Escalators:
The global market is advancing due to an increasing demand for sustainable elevators and escalators. Cost-saving technologies, including regenerative drives for lifts and LED lights, are incorporated in these models. They also decrease the amount of carbon dioxide emitted by the building, while also providing a cost saving to the owners. This market also grows due to increasing awareness of green building and energy efficiency in building’s construction and maintenance. Now everyone seeks a solution that will satisfy the requirements of sustainable development.
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Leading Companies Operating in the Global Elevator and Escalator Industry:
- Canny Elevator Co. Ltd.
- Electra Elevators
- Fujitec Co. Ltd.
- Gulf Elevators & Escalators Co. Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co. Ltd.
- Johnson Lifts Private Limited
- Kleemann Group
- KONE Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
- Schindler Holding Ltd.
- Sigma Elevator Company
- Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)
Elevator and Escalator Market Report Segmentation:
By Type:
- Elevators
- Escalators
- Moving Walkways
Elevators represented the largest segment due to the rising number of high-end residential spaces.
By Service:
- New Installation
- Maintenance and Repair
- Modernization
New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.
By End Use:
- Residential
- Commercial
- Offices
- Hospitality
- Mixed Block
- Others
Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.
Global Elevator and Escalator Market Trends:
Major manufacturers are investing in research and development (R&D) activities to meet the safety needs of people. Integration of features such as redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is fueling the market growth. Regular maintenance is important to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Moreover, the increasing focus on updating new elevator and escalator systems with advanced systems is fueling the market growth.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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