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Elevator and Escalator Market Size, Share & COVID-19 Impact Analysis, By Product (Elevators, Escalators, and Moving Walkway), By Business (New Equipment, Maintenance, and Modernization), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI100301



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The global elevator and escalator market size was valued at USD 83.86 billion in 2022. The market is projected to grow from USD 88.59 billion in 2023 to USD 142.52 billion by 2030, exhibiting a CAGR of 7.0% during the forecast period.

Elevators, escalators, and moving walkways are installed and used in commercial infrastructures, residential buildings, and industrial spaces. Elevator and escalator are used in residential buildings such as affordable homes, dwelling units, apartments, and guest rooms. Also, hydraulic, cable, wheelchair lifts, pneumatic lifts, and glass lifts are some of the types of lifts available in the market. For industrial spaces, elevators and escalators are utilized in industrial sites, pulp & papers, freight and cargo, and shipyard sectors. Elevator and escalator are utilized in the industrial sector for moving goods, concrete material, and inventory from one floor to another floor.

Increasing investments in the residential and commercial construction projects in developed and developing countries such as India, China, U.S., and others, drives the elevator and escalator market growth.  Additionally, an increasing construction of high scraper projects in several regions are expected to boost product development. For instance, in July 2021, Deyaar Development, an developer based in Dubai, planned to invested around USD 272 million for construction of high rise building named as Business Bay Tower in Dubai.  Also, increasing focus of manufacturers in offering products with improved safety is expected to result in the market growth. The products are installed in residential, commercial, and industrial spaces. The growing urbanization across mentioned countries and stable economic growth are important factors, which is set to drive the growth of the market.


Abrupt Manufacturing Facilities Shutdown has Curbed Potential Market Development

The COVID-19 epidemic had a negative impact on the growth of the market. As a security measure, leading countries imposed a sharp and sudden nationwide curfew, limiting economic activities. The unexpected shutdown had a strong impact on the highly volatile construction industry. This factor also reduced new construction and modernization activities, which hindered sales and global market development. Market growth has been affected by worsening cash liquidity, uncertainty in public investment, and pessimism amongst established potential investors.

Disruption of the supply chain and complete breakdown of the manufacturing ecosystem has hindered market growth in several areas. Several federal governments have imposed temporary bans. Governments immediately gave instructions to stop the transportation of non-essential goods, creating a huge imbalance between the acquisition of raw materials for products and the actual production of factories.  Discrepancy between the raw material supply and demand reduced the efficiency and production of the industry.

The COVID-19 pandemic significantly negatively impacted the market in China in the short term. However, the industry has shown signs of recovery as the governments implemented stimulus measures and the industry adapted to the new normal. The pandemic has also increased the focus on innovation and technological advancements, which will positively impact the industry.


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Increasing Shift toward Environment-friendly Products to Increase the Adoption of Green Labeled Products

Key players are focusing on developing sustainable products to appeal to environment friendly products to the customers. Green elevators feature recycled materials, LED lights, and water-soluble paints. In addition, manufacturers focus on developing products with rope and pulley systems that are gaining popularity among customers, such as magnetic motors. In addition, recognition of such green products attracts investment from manufacturers.

  • For instance, in March 2021, Hitachi, Ltd. and Hitachi Building Systems Co., Ltd. launched the "Urban Ace Human Friendly” advanced model of standard elevator that facilitates high security, safety, and comfort. The company started to sell it across Japan from April 2021. Such steps are expected to propel the growth of the market.


Increasing Investment in Infrastructure to Propel Market Growth

The increasing construction of new residential and commercial construction activities among developing and developed economies is expected to fuel market growth. Moreover, according to UNCTAD Trade report analyzes more than 40 developing countries, are investing in infrastructure-related projects. Moreover, the increasing government initiatives from various developing countries to enhance the demand for these products which drives the growth of the market during the forecast period. For instance, India plans to invest USD 1.4 trillion in infrastructure in the next five years from 2020 to 2025.

Moreover, the development of smart cities is expected to spur global market growth. For instance, the source of the Policy Forum stated that the China government planned to invest in the smart city was USD 30.4 billion in 2018, and investment is expected to reach USD 59.9 billion by 2023. In addition, increasing construction of high-rise buildings among developed and developing countries, which drives the growth of market. For instance, in October 2021, the Merdeka PNB 118 is a 644m skyscraper under construction in Malaysia. The tower is expected to be the tallest building in Southeast Asia.

Rising Preference for Energy-efficient Elevator and Escalator to Promote Market Growth

Elevators account for 8% to 10% of the overall energy consumption in the overall building energy consumption. Therefore, manufacturers are centered on developing energy-efficient products. These elevators have features such as requiring less energy, improving hardware quality and compactness, and reducing carbon emissions. In addition, increasing government initiatives to save energy are expected to promote growth in the sales of energy-efficient products. For instance, the government of Switzerland announced the refurbishment of old elevators to result in energy efficiency in 2019, with Schindler Group Company. All such factors are enhancing the growth of the market.


Rise in Elevator and Escalator Casualties May Restrain Market Growth

A rising concerns about accidents happened while elevator and escalator transportation, which restrict the growth of the market. According to the U.S. Bureau of Labor Statistics, in 2020, in U.S. around 17,000 populations are injured, and more than 30 people are killed in this incidents of elevator and escalator transportation, which restricts the growth of the market. However, rising security and safety measures regarding the commercial and industrial spaces are anticipated to reduction in number of accidents while maintenance, and repairing activities. Moreover, rising product quality, and high security measures implemented by manufacturers available in the market, which projected to propel the market growth in near future.


By Product Analysis

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Escalators Segment to Be Fastest Growing Segment Owing to Increasing Demand from Evolving Infrastructure

Based on product, the market is categorized into elevators, escalators, and moving walkways.

The escalator is expected to be the fastest growing segment in the market. This is due to the high demand for commercial infrastructure including retail parks, malls, and others. In addition, the increasing development of aviation infrastructure leads to an increase in the demand for moving walkways and escalators. For example, the transformation of Stansted Airport in Great Britain had to be completed by 2021, costing 775 million dollars. Such developments are bound to increase the global market size. In addition, the demand for elevators is expected to grow continuously due to their large market share.

By Business Analysis

Maintenance to Dominate Impelled by Growing Product Launch and Product Development Initiatives

Based on business, the market is segmented into new equipment, maintenance, and modernization.

The maintenance segment dominates the market and is projected to grow with a CAGR of 7.0% during the forecast period. This is owing to major manufacturers’ product launch and product development initiatives as key developmental strategies, which accounted for a substantial share in the global market. For instance, in February 2021, Schindler Group signed a partnership with citizen M Hotels Chain based in the Netherlands. The basic aim of the partnership was to provide maintenance and modernization.

The new equipment segment is growing with potential growth during projected period. It is owing to rise in urbanization, increasing construction activities, and changing demographics. For instance, in 2022, Kone received an order of more than 172,000 new elevators and escalators.

The maintenance and modernization segment is projected to grow with significant growth over time. Manufacturers are focusing on providing value-added services to customers. For instance, in April 2021, Otis Elevator, Co. announced its new generation of digital native elevators platform as “Otis Gen3tm” and “Gen 360tm”. The Gen3 elevator added built-in IoT features to Otis' best-selling Gen2 flat-belt technology and innovative electronic architecture of the Gen360 elevator features reinvented design, experience, safety, service, and support services for these products in all the groups of existing buildings across the globe.

The modernization segment is projected to grow with the highest CAGR of 8.8% during the forecast period. This is due to rising inclination toward the implementation of green technology, which is increasing the influx of residential, commercial as well as industrial spaces modifications in the recent past.

By Application Analysis

Residential Segment to Dominate Owing to High Product Adoption

By application, the market is segmented into industrial, residential, and commercial. The residential segment dominates the market and is projected to grow with the highest CAGR of 7.2% during the forecast period.

Elevators and escalators have a high penetration in residential homes, multi-homes, and residential apartments. An increasing shift toward eco-friendly, safety and flexible design is driving the commercial segment. Thus, evolving investments in office space are further expected to contribute to the market growth.

Increasing residential construction activities are further expected to propel the market growth. According to the World Resources Institute, China is expected to spend more than USD 13 trillion on buildings by 2030.

The commercial segment is projected to exhibit a moderate growth of 6.8% during the forecast period. This is due to colossal commercial complexes, highly developed industrial facilities, construction of high tech, and automated commercial townships & complexes are some of the factors contributing toward the collective market estimations in several regions. However, the industrial segment is expected to attract sales of moving walkway products. The high level of industrial automation trend is anticipated to fuel the sales of moving walkways and thereby to intensify progress of the industrial segment.


Asia Pacific Elevator and Escalator Market Size, 2022 (USD Billion)

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The market covers five major regions mainly as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia Pacific is estimated to hold the dominant elevator and escalator market share over the study period. This is owing to a steep rise in demand from developing countries such as India, China, Japan, and others. China has significantly contributed to the growth of the market revenue and holds a noteworthy share of the market, owing to rising commercial and industrial construction related activities.

China to Witness Noteworthy CAGR with Increasing Development of Smart Cities

China is anticipated to grow with the highest growth during the projected period. The construction of high-rise buildings and skyscrapers buildings across China, and related provinces, which fuels the demand for these products, drives the growth of the market. Also, manufacturers are trying to investing research and development expenditure, and maintain its dominance across China during the forecast period.

Key players are engaged in adopting acquisition and product launch as key strategies for the development of the market. Additionally, they are participating in several events, and trade shows for improving the product portfolio through various diversified geographic locations. For instance, in August 2020, KONE Corporation participated in DiECE 2020. In this exhibition, the company showcases its products through virtual stalls. In addition, Hitachi participated in the Global Lift and Escalator EXPO 2021 to market its novel range of products.

North America is projected to grow with potential growth during the forecast period, owing to stable economic growth, increasing standard of living, and strong disposable income of end users, which result in the adoption of elevators and escalators across the U.S. and Canada. Also, key players are adopting product launch and acquisition as key strategic moves, which drive the growth of the market. For instance, in June 2021, TK Elevator GmbH acquired Accurate Elevator based in Florida, which deals in elevators and escalators. Such strategies improve the product portfolio.

 Latin America is projected to grow with decent growth rate during the forecast period, owing to increasing construction of midrise, low-rise, and high skyscraper commercial projects, and investment in residential infrastructure projects, which creates the demand for these products across Brazil, and Argentina. Additionally, rising investment in the construction of new shopping complexes and malls subsequently contributes to the growth of the market.

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Europe is anticipated to growing with potential growth during the projected period, owing to manufacturers are bringing technological advanced products and increasing adoption of these products from Germany and the U.K. Also, government investment in skyscraper buildings across the European Union drives the growth of the market.


Prominent Market Players are Engaging in Strategic Mergers and Acquisitions to Operate Effectively in the Global Market

KONE Corporation is one of the prominent players engaged in providing several types of escalators and elevators for the market. Key players are engaged in adopting acquisition, and merger strategies to intensify the market competition. For instance, in 2022, Otis made 26 bolt-on acquisitions worth USD 46 million to expand its service portfolio. Also, the company utilized the USD 1.75 billion debt raised in 2021 to finalize the acquisition of the outstanding minority interest in Zardoya Otis SA. The acquisition will aid the company in gaining more customer interaction in the aforementioned region.

KONE is also looking for acquisitions in Europe. The acquisitions are made based on the assessment and ability of the merger or acquisition to expand and cement the company's position in the region.

Key Players are focusing on strengthening their Offerings

Key companies such as ThyssenKrupp AG, Kone Corporation, and Otis Corporation are adopting the strategy of acquiring small regional players to strengthen their services offerings and improve their geographical presence across the globe. Moreover, technological advancements in these products, which boost the demand for commercial and residential sectors, drives the growth of the market. Also, major players adopting product launch, and acquisition as key developmental strategies for improving the geographical presence of these products, which surges the growth of the market. For instance, in 2021, Kone Corporation introduced KONE DX Class Elevators for the market. It having digitally connected controller, and having features such as high performance, and energy efficient elevator product. Also, it is widely adopted in commercial, and residential spaces.

List of Key Companies Profiled:


  • August 2021: Hyundai and LG Electronics signed a MoU for smart building solution supply and robotic synchronization. Through this MoU, companies aim to share technologies that link elevators with automatically driving robots. Primarily, it is a smart building solution that leverages a home network system and LG Electronics’ signage technologies.

  • July 2021: Hitachi Elevator Asia Pte. Ltd. (Hitachi Elevator Asia), a subsidiary of Hitachi Ltd introduced new elevator technology. This technology provides hygienic, and safer elevator system that can find its application during the COVID-19 pandemic. This product has touchless control solutions which could be operated using touchless button. It can navigate lift on multiple floors and has mobile control systems.

  • June 2021: Otis Elevator Company launched Gen 3, and Gen360 elevator platforms. It has operated with digital and mobile control. This type of platform can be best suitable for low-rise as well as high-rise residential and commercial buildings. Gen360 platform has a presence in over 6 countries in the Europe region.

  • January 2021: Schindler launched ElevateMe App, a mobile application that enables passengers to call an elevator and opt for the destination floor through their smartphones without pressing any buttons outside and inside of the car.

  • October 2020: Mitsubishi Electric focused on cementing its claims on customer base in Asia Pacific. The company made several strategies for increasing manufacturing production of the company is engaged in improving distribution channels over Japan, and Thailand at strong pace.


An Infographic Representation of Elevator and Escalator Market

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The report provides an in-depth analysis of the industry dynamics and competitive landscape. The report also provides market estimation and forecast based on product, business, application, and regions. It provides various key insights, porter’s five forces analysis, including recent industry developments in the market such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and company profiles.

Report Scope and Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 7.0% from 2023 to 2030


Value (USD Billion)


By Product, By Business, By Application, and By Region

By Product

  • Elevators

  • Escalators

  • Moving Walkway

By Business

  • New Equipment

  • Maintenance

  • Modernization

By Application

  • Residential

  • Commercial

  • Industrial

By Region

  • North America (By Product, By Business, By Application, and By Country)

    • U.S. (By Product)

    • Canada (By Product)

  • Europe (By Product, By Business, By Application, and By Country)

    • Germany (By Product)

    • U.K. (By Product)

    • France (By Product)

    • Italy (By Product)

    • Turkey (By Product)

    • Rest of Europe

  • Asia Pacific (By Product, By Business, By Application, and By Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • South Korea (By Product)

    • Southeast Asia (By Product)

    • Rest of Asia Pacific

  • Middle East & Africa (By Product, By Business, By Application, and By Country)

    • GCC (By Product)

    • South Africa (By Product)

    • Rest of Middle East & Africa

  • Latin America (By Product, By Business, By Application, and By Country)

    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America

Frequently Asked Questions

As per a study by Fortune Business Insights, the market was valued at USD 83.86 billion in 2022.

In 2030, the market is expected to reach USD 142.52 billion.

The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period (2023-2030).

The elevators segment is expected to lead the market over the forecast period.

Increasing infrastructure investment and rise in adoption of energy-efficient elevators and escalator are expected to propel the market growth

Otis Corporation, Schindler, TK Elevator GmbH, and KONE Corporation are the leading companies in this market

Asia Pacific holds the highest share in the market owing to increasing residential and commercial infrastructure projects.

The increasing adoption of green labeled products is one of the emerging trends in the market.

The maintenance business is expected to lead the market over the forecast period.

The residential application leads the market owing to the high demand from residential homes, multi-family homes, and residential apartments.

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