Elevator and Escalator Market Trends 2025-2034: Insights into Growth and Strategic Opportunities Ahead
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
How Will the Elevator and Escalator Market’s Growth Rate Evolve Over the Forecast Period to 2034?
The elevator and escalator market has exhibited strong growth in recent years. It is forecasted to rise from $117.58 billion in 2024 to $126.73 billion in 2025, reflecting a CAGR of 7.8%. Growth in the past period has been influenced by supportive government initiatives, an increasing focus on energy-efficient elevators, and higher infrastructure investments.
The elevator and escalator market will grow strongly, reaching $175.42 billion by 2029, with a CAGR of 8.5%. This is attributed to skyscraper construction, rising construction spending, urbanization, and smart city growth. Trends include IoT technology, gearless technology, green home elevators, product innovations, and strategic partnerships.
What External and Internal Drivers Are Contributing to the Growth of the elevator and escalator Market’s Growth?
The rise in infrastructure investment is expected to boost the growth of the elevator and escalator market. As building heights increase, the demand for elevators and escalators has surged to improve time efficiency and effectiveness. For example, in September 2024, the US Census Bureau reported a 6.7% rise in construction spending in July 2024, compared to the previous year. This increase in infrastructure investment is expected to drive the growth of the elevator and escalator market.
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Who Are the Influential Players Reshaping the Elevator and Escalator Market Landscape?
Major companies operating in the elevator and escalator market include:
• Schindler Group_x000D_
• Otis Worldwide Corporation_x000D_
• Kone Corporation_x000D_
• Hitachi Ltd_x000D_
• Mitsubishi Electric Corporation_x000D_
What New and Evolving Trends Are Having a Lasting Impact on the Elevator and Escalator Market?
In the elevator and escalator market, companies are prioritizing technological advancements like digitally connected elevators to enhance user experiences and operational efficiency. These elevators integrate digital technologies such as IoT, AI, and cloud computing to improve safety and functionality. A notable example is Kone Oyj, which launched the KONE DX Class elevator line in April 2022, incorporating API technology for seamless integration with building management systems, real-time monitoring, and improved maintenance efficiencies.
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What Major Market Segments Define the Scope and Growth of the Elevator and Escalator Market?
The elevator and escalator market covered in this report is segmented –
1) By Product: Elevators, Escalators, Moving Walkway
2) By Business: New Equipment, Maintenance, Modernization
3) By Elevator Technology: Traction Elevator, Machine Room Less Traction Elevator, Hydraulic
4) By End User: Residential, Commercial, Institutional, Infrastructure, Other End Users
Subsegments:
1) By Elevators: Passenger Elevators, Freight Elevators, Service Elevators, Dumbwaiters
2) By Escalators: Commercial Escalators, Industrial Escalators, Escalators for Public Transport
3) By Moving Walkways: Parallel Moving Walkways, Inclined Moving Walkways, Automated Walkways
Which Geographic Locations Are Critical to the Growth of the Elevator and Escalator Market?
Asia-Pacific was the largest region in the elevator and escalator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Key Characteristics That Define the Elevator and Escalator Market?
An elevator refers to a room-type machine that can accommodate some people at one time depending on its capacity. Escalators are moving stairs that carry people between different building levels. Elevators and escalators are mostly used in buildings to carry both passengers and freight up and down across various levels of a building.
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