How Urbanization is Allowing a Notable Growth for Top Elevator and Escalator Companies Worldwide

Individuals across the world are witnessing an appreciable growth in their average disposable income every year, which has accelerated urbanization and industrialization across the world. Industrialization and urbanization have played an instrumental role in popularizing the concept of using elevator and escalator as they are being increasingly used in several malls, shopping complexes, and residential buildings.

A growing number of owners of manufacturing plants are also deploying elevator and escalator to ease the movement of goods and workers from one floor to the other. Robust growth in construction activities in urban and rural areas is one of the key factors accelerating the growth of the elevator and escalator industry.

Fortune Business Insights has stated in its report that the market for elevator and escalator market is predicted to reach a valuation of USD 199.21 billion by 2034, recording a CAGR of 8.10% during the forecast period of 2026-2034. The market reached the valuation of USD 100.23 billion in 2025 and USD 107.11 billion in 2026.

The following is a list of the top 8 elevator and escalator companies worldwide:

1. Hyundai Elevator

Hyundai Elevator is one of the most renowned manufacturers of escalator and elevator, and was established in 1984 in South Korea. The company has its branches in 68 countries across the world and offers a wide array of products for different applications. These products include marine elevators, escalators & moving walks, and elevators for the parking area.

• July 2023: Hyundai Elevator, one of the leading companies in Korea, signed a Memorandum of Understanding (MoU) with LG U+ in 2022. Through the MoU, both the organizations will work together to create a passenger safety protection system called MIRI-VIEW.
• February 2023: Hyundai Elevator launched a brand new technology that features AI prediction for 1,100 elevators. This will decrease the total time and number of stoppages by almost 43% using vertical transportation. The newly launched technology is equipped with AI and Big Data to help users decrease their overall travelling time.

2. Kone Corporation

Kone Corporation is an elevator engineering organization headquartered in Helsinki, Finland and was established in 1910. The company specializes in constructing and servicing moving walkways, also referred to as autowalks by Kone, escalators, automatic gates & doors, and elevators. In the 1950s, Kone launched its first set of automatic doors, group controls, and hydraulic lifts.

• March 2023: Kone Corporation received an order to deliver 206 elevators for the commercial international airport project located in Xixian, China. The order included the supply of 43 TranSys and 163 MonoSpace elevators. The deal also consisted of the remote supervision and 2-year maintenance service.
• 2021: Kone Corporation received an order of delivering 36 MiniSpace Series of elevators in Kuala Lumpur, Malaysia. These systems have the capacity of carrying 4,000 kg of weight and is equipped with E-LINK equipment monitoring systems.

3. Schindler

Schindler is one of the top elevator and escalator companies worldwide, manufacturing vertical mobility solutions. Headquartered in Switzerland, the company is known for its smart and sustainable vertical mobility solutions for buildings of different sizes and forms. It has over 70,000 employees working in more than 100 countries, and has 1,000 branches across the world. It also has production plants in 8 countries and 6 research & development facilities across the globe.

• June 2022: Schindler Elevator Corporation revealed that it had acquired Ascension Elevating Devices Ltd. (AED), which is based in New Brunswick, Canada. The acquisition was done to help Schindler enhance its presence in Atlantic Canada and create a strong foundation for future growth in this region.
• January 2021: Schindler launched a new smart application called ElevateMe App. The new app will enable customers to call an elevator and choose the desired floor through their smartphone without the need to press any button inside or outside the car.

4. Otis Corporation

Otis Corporation is a renowned manufacturer of elevator and escalator is based in New York, U.S. The company was established in 1853 and is known for its moving walkways and other related equipment as well. Otis is the world’s biggest producer of vertical transportation systems, majorly focusing on developing moving walkways, lifts, and escalators. It pioneered the concept of the ‘safety elevator’ invented by founder Elisha Otis, which utilized a special mechanism to lock the lift car in place in case the hoisting ropes failed.

• May 2023: Otis Worldwide Corporation launched the OTIS Gen360 and Gen 3 digital elevator platforms. The ONE IoT digital platform, which was created by Otis, claims to be intuitive to both the platforms, thereby facilitating connected intelligence that defines these elevators. Both the platforms are specially designed for commercial and residential buildings.

5. TK Elevator

TK Elevator, formerly known as Thyssenkrupp Elevator, one of the top elevator and escalator companies worldwide was founded in 2001 in Essen, Germany, the company deals in the installation, maintenance, and modernization of elevator and escalator. TK Elevator has a notable presence in residential, office, and infrastructure segments, and offers smart mobility solutions.

• October 2023: TK Elevator announced the launch of a new EOX Renew elevator in the market. The product claims to be highly suitable for both low and medium rise residential buildings and offers a wide range of advantages, such as an ultra-flexible elevator that offers future-proof accessibility. It also consumes 28% less energy compared to other lifts.
• 2020: TK Elevator delivered nearly 234 elevators and escalators for a new railway metro project in Luoyang, Western China. The new project is 23 km long and has 19 stops.

6. Hitachi Ltd.

Hitachi is a Japanese multinational conglomerate which was established in 1910 and has its headquarters in Chiyoda, Tokyo. The company started manufacturing elevators in 1920s and installed its first elevator in 1932. By 1937, Hitachi had manufactured its first escalator. In 1956, the company had founded Hitachi Building Services Co. Ltd., currently known as Hitachi Building Systems Co. Ltd. to manufacture lifts and escalators.

• June 2023: Hitachi Elevator Engineering Hong Kong, which is a subsidiary of Hitachi, got an order to deliver 160 elevator and escalator to West Kowloon stations. The order included the production of 22 high-speed elevators, 115 medium level elevators, and 41 escalators.
• April 2022: Hitachi Ltd. purchased 71% of shares of Yungtay Engineering Co. Ltd. in Taiwan. The Taiwanese company deals in the production of lifts and escalators. This move will help Hitachi enhance its business of elevator and escalator.

7. Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a leading electrical equipment and electronics manufacturer based in Tokyo, Japan. The company was established in 1921 and specializes in the manufacturing of elevators & escalators, air conditioners, high-end home appliances, and factory automation systems.

• April 2022: Mitsubishi Electric Corporation purchased all the shares of Motum AB, a Swedish company that manufactures automatic door solutions and elevators. The acquisition will help Mitsubishi enhance its maintenance and modernization services needed for lifts and escalators.
• February 2022: Mitsubishi Electric U.S. expanded the range of Diamond Trac elevator. This product can be utilized in buildings with different heights and has a space saving feature. It also provides better control and safety.

8. Fujitec Co. Ltd.

Fujitec is a Japanese company founded in 1948 that deals in the manufacturing of elevator and escalator. The company’s aim is to conduct research & development, sales, installation, and maintenance of elevators, travellators, and escalators. Fujitec has operational headquarters in Japan, the Americas, East & South Asia, and Europe.

• August 2023: Fujitec India Pvt. Ltd., a subsidiary of Fujitec Co. Ltd., announced its plans to establish a new elevator production factory in Chennai, India. The manufacturing plant will help enhance the elevator supply chain and boost exports through Southeast Asia.
• June 2022: Fujitec Taiwan Co. Ltd. opened a brand new lift manufacturing facility in Hsinchu, Taiwan. The plant will help expand the manufacturing capacity of elevators and export cutting-edge elevator products.

What is the future of the elevator and escalator industry?

The elevator and escalator industry is expected to display notable growth in the coming years due to factors, such as widespread urbanization and large-scale industrialization. The growing establishment of cities and expanding network of factories are some of the major factors that will drive the growth of this industry in the coming years.