Elevator and Escalator Market to Rise at a CAGR of 7.6% over 2025 to 2032; Industry Value to Surge with Growing Adoption of Green Lift Strategies

The global elevator and escalator market was valued at USD 94.05 billion in 2024. The market is projected to grow from USD 100.23 billion in 2025 to USD 167.62 billion by 2032, exhibiting a CAGR of 7.6% 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), and Regional Forecast, 2025-2032”.

Elevator and escalator equipment are deployed in the industrial sector for moving goods, concrete materials, and inventory from one floor to the other. The growing endeavor of industry players to provide reliability, safety, and efficiency in their offerings is anticipated to favor market expansion over the coming years.

The COVID-19 pandemic negatively affected industry expansion. This was due to a temporary halt on manufacturing units and construction activities across various regions.

Hyundai Elevator Developed New Technology to Reduce Elevator Breakdown

In February 2023, Hyundai Elevator Co., decreased the number of breakdowns and stoppages of its elevators by 43% with a technology based on AI prediction and big data. Other participants of the project included the Korea Institute of Machinery and Materials, Chung-Ang University, Inha University, ERC Co. Ltd., and the Korea Elevator Safety Agency.

The key technologies developed under the project comprise a fault pre-detection alarm service, a fault detection and classification service, a component life measurement model, and an elevator-specific IoT (Internet of Things) gateway.

Soaring Adoption of Green Strategies to Propel Industry Expansion

There has been a rise in the adoption of green strategies for the eco-modernization of traditional elevators. The surging shift toward the deployment of eco-friendly products is set to drive elevator and escalator market growth. The globally increasing consumption of green energy has led to the soaring emphasis of companies on the development and adoption of sustainable products such as water-soluble paints, LED lights, and recycled materials.

However, an upsurge in elevator and escalator casualties could restrain the industry growth to some extent.

Major Industry Players Launch New Products to Gain Competitive Edge

Leading players are focused on the launch of new products to strengthen their positions in the global market. They are also acquiring other companies to gain a competitive edge and increase their elevator and escalator market share. Otis Worldwide Corporation and SJEC Corporation are a few of the leading industry players.   

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Key Players Profiled 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)

Key Industry Development

• August 2023 – Fujitec India Private Ltd., secured a 538 elevator order for large-scale residential housing projects in Gurgaon, India. The order is set to be completed by the end of 2025.  

Further Report Findings

• In 2024, Asia Pacific registered the largest revenue in the global market. This is due to the growing endeavors of industry players to introduce new products in the market.
• The increasing renovation of high-rise building infrastructure across France, the U.K., Germany, and others is anticipated to drive the industry expansion in Europe. The demand for elevator modernization is surging in the region propelled by soaring geriatric population in Spain, the U.K., Greece, and Germany.
• On the basis of product, elevator segment led the global market revenue in 2024 considering the rising aging population in India, China, and others.
• By business, modernization segment is set to expand at the highest CAGR of 8.8% over the analysis period. This is due to increasing inclination toward the implementation of green technology.
• Based on application, residential segment accounted for a dominating market revenue propelled by mounting investment in the residential sector.  

Table of Segmentation