Elevator and Escalator Market to Grow at a CAGR of 8.1% from 2026 to 2034; Shift toward Energy-efficient Systems is Fostering Market Growth

The global elevator and escalator market size was valued at USD 100.23 billion in 2025. The market is projected to grow from USD 107.11 billion in 2026 to USD 199.75 billion by 2034, exhibiting a CAGR of 8.1% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Elevator and Escalator Market Size, Share & Industry Analysis, By Product (Elevators, Escalators, and Moving Walkways), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), By Technology (Traction Technology, Hydraulic Technology, Machine-Room-Less (MRL) Technology, Pneumatic Technology, and Others (Screw Drive and Rack & Pinion)), and Regional Forecast, 2026-2034”.

Elevators, escalators, and moving walkways have become indispensable for ensuring seamless mobility, accessibility, and efficient passenger movement across modern buildings and transportation infrastructure. Market growth is fueled by rising urbanization, increasing investments in high-rise developments, equipment modernization, and the shift toward energy-efficient systems. Growing adoption of smart elevators, predictive maintenance platforms, destination-control technologies, and enhanced safety features is further strengthening industry expansion.

KONE Corporation Expanded Its Sustainability Initiatives with Launch of Its Carbon-Neutral Maintenance Service

In May 2026, KONE Corporation introduced its "Carbon-Neutral Maintenance" service on a global scale, marking a significant advancement in sustainable elevator and escalator maintenance solutions. The service leverages AI-driven predictive maintenance technologies to monitor equipment performance continuously. KONE offsets the remaining carbon emissions associated with maintaining its installed base of 1.5 million units, reinforcing its commitment to carbon neutrality and supporting customers in achieving their environmental sustainability objectives.

Increased Urbanization and High-Rise Infrastructure Development to Boost Market Growth

The increasing construction of high-rise buildings, supported by rapid urbanization and growing urban population, is driving market expansion. Rapid shift toward vertical infrastructure has intensified the need for efficient elevators, escalators, and moving walkways that facilitate smooth passenger flow, improve accessibility, and optimize building operations. The residential segment represents a significant source of demand due to the expanding number of high-rise housing developments in major cities. In addition, transportation hubs, shopping malls, airports, and public infrastructure projects are increasingly installing advanced vertical mobility systems to support rising commuter volumes. Leading companies are introducing innovative high-speed elevators and escalators designed for modern skyscrapers and large-scale infrastructure developments.

Nevertheless, substantial installation costs and the need for regular, specialized maintenance are hindering the elevator and escalator market growth.

Key Players Strengthen Market Presence Through Smart Elevators and Digital Vertical Transportation Solutions

The global market is characterized by intense competition, driven by the growing demand for advanced vertical mobility solutions across residential, commercial, industrial, and infrastructure projects. Leading companies are competing through diversified portfolios featuring intelligent elevators, high-performance escalators, modernization services, energy-efficient systems, predictive maintenance technologies, and seamless integration with smart building ecosystems. Innovation is increasingly focused on improving passenger comfort, maximizing operational efficiency, lowering energy consumption, strengthening safety standards, and enabling data-driven maintenance for connected buildings.

Key players in the market include Fujitec Co., Ltd., Hitachi, Ltd., Hyundai Elevator Co., Ltd., and KONE Corporation. They continue to expand their offerings with smart elevators, machine-room-less systems, digital monitoring platforms, and advanced escalators. As urbanization and smart infrastructure projects accelerate globally, strategic collaborations with real estate developers, facility managers, infrastructure operators, and smart building technology providers are expected to play a pivotal role in reinforcing long-term market leadership.

List of Key Players Mentioned in the Report

• Fujitec Co., Ltd. (Japan)
• Hitachi, Ltd. (Japan)
• Hyundai Elevator Co., Ltd. (South Korea)
• Kone Corporation (Finland)
• Mitsubishi Electric Corporation (Japan)
• Otis Worldwide Corporation (U.S.)
• Schindler (Switzerland)
• SJEC Corporation (China)
• TK Elevator GmbH (Germany)
• Toshiba Corporation (Japan)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/elevator-and-escalator-market-100301

Key Industry Development

• June 2026: TK Elevator unveiled EOX Rebuild, an advanced elevator modernization solution aimed at revitalizing Europe’s aging vertical transportation infrastructure by enhancing operational efficiency, digital integration, and long-term lifecycle performance.

Further Report Findings

• Asia Pacific dominated the elevator and escalator market share, reaching USD 44.20 billion in 2025, driven by expanding infrastructure projects and rapid urbanization. Rising demand for elevators, escalators, and moving walkways to enhance passenger movement and improve building space is fueling market growth in the region. China’s strong construction activity and India’s accelerating urban expansion will continue to support regional leadership.
• North America was valued at USD 20.47 billion in 2025, attributed to high-rise construction, modernization of aging elevators, and growing maintenance demand. Increased adoption of smart elevators, predictive maintenance, and energy-efficient vertical transportation solutions across commercial, residential, and public infrastructure continues to drive market growth.
• Based on product, the elevators segment led the market in 2025, fueled by widespread installations across residential towers, commercial buildings, offices, industrial facilities, and public infrastructure. Rising urbanization and increasing high-rise construction continue to strengthen demand, while elevators remain the primary vertical transportation solution across both low-and-high-rise buildings.
• By business, the maintenance segment dominated the market in 2025, supported by the vast installed base of vertical transportation systems requiring routine inspections, servicing, safety checks, and component replacements. Its recurring revenue model and critical role in ensuring safety, reliability, and regulatory compliance make maintenance less vulnerable to fluctuations in construction activity.

Table of Segmentation