Elevator and Escalator Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application, Product Type

Elevator and Escalator Market Overview

The global elevator and escalator market is poised for significant growth from 2025 to 2030, driven by urbanization, infrastructure development, and technological advancements. The market is expected to grow at a compound annual growth rate (CAGR) of 5.2%-6.8% during the forecast period. By 2025, the market size is projected to reach $120 billion-$130 billion, with escalators and elevators becoming integral to modern infrastructure in both developed and emerging economies.

Market Size and Share Analysis

The elevator and escalator market is segmented by product type, application, end-use, and region. Below is a detailed analysis of each segment:

By Product Type

• Traction Elevator: Dominates the market with a share of 45%-50% due to its energy efficiency and suitability for high-rise buildings.
• Hydraulic Elevator: Holds a market share of 20%-25%, primarily used in low-rise buildings and residential applications.
• Climbing Elevator: Accounts for 5%-7% of the market, mainly used in construction and industrial settings.
• Pneumatic Elevator: Represents 3%-5% of the market, favored for its compact design and ease of installation.
• Escalator: Captures 20%-25% of the market, driven by demand in commercial spaces like malls and airports.

By Application

• Commercial: The largest application segment, contributing 40%-45% of the market revenue, driven by office buildings, shopping malls, and hotels.
• Residential: Accounts for 30%-35% of the market, fueled by urbanization and the rise of high-rise residential buildings.
• Industrial: Represents 15%-20% of the market, with demand from manufacturing plants and warehouses.
• Government: Holds a share of 5%-10%, driven by public infrastructure projects.

By End-Use

• New Installations: Accounts for 60%-65% of the market, driven by new construction projects.
• Maintenance & Modernization: Represents 35%-40% of the market, as aging infrastructure requires upgrades and repairs.

By Region

• Asia-Pacific: The largest market, contributing 45%-50% of global revenue, driven by rapid urbanization in China, India, and Southeast Asia.
• North America: Accounts for 20%-25% of the market, with demand from commercial and residential sectors.
• Europe: Holds a share of 15%-20%, driven by modernization of existing infrastructure.
• Middle East & Africa: Represents 5%-10% of the market, with growth fueled by infrastructure development in the Gulf region.
• Latin America: Accounts for 5%-7% of the market, driven by urbanization in Brazil and Mexico.

Key Players in the Market

The global elevator and escalator market is highly competitive, with key players focusing on innovation, mergers, and acquisitions to strengthen their market position. Major companies include:

• Toshiba: Known for its advanced traction elevator systems.
• Mitsubishi Electric: A leader in energy-efficient escalators and elevators.
• Hitachi: Focuses on smart elevator solutions.
• Schindler: A global leader in escalators and elevators, with a strong presence in Asia-Pacific.
• Otis: One of the oldest and most trusted brands in the industry.
• TK Elevator: Known for its innovative climbing elevators.
• Kleemann: Specializes in hydraulic elevators for residential use.
• KONE: A pioneer in eco-friendly elevator solutions.
• Hyundai: Focuses on cost-effective escalators and elevators.
• Fujitec: Known for its high-speed elevators.
• Johnson: A key player in the Chinese market.
• CANNY: Specializes in residential elevators.
• SJEC: Focuses on industrial elevators.
• DNDT: A rising player in the Middle East and Africa.
• ShenYang YuanDa: Known for its pneumatic elevators.
• SELOON Elevator: Focuses on compact elevator solutions.
• Zhejiang Meilun: A key player in the Chinese market.
• IFE: Specializes in escalators for commercial use.
• Guangri Group: Known for its cost-effective solutions.
• WINONE: Focuses on modernization and maintenance services.

Market Trends

• Smart Elevators: The adoption of IoT-enabled smart elevators is growing, with a projected CAGR of 8%-10% from 2025 to 2030.
• Energy Efficiency: Demand for energy-efficient elevators and escalators is rising, driven by green building certifications.
• Urbanization: Rapid urbanization in emerging economies is fueling demand for high-rise buildings, boosting the market.
• Maintenance Services: The modernization of aging infrastructure is creating opportunities for maintenance and repair services.

Market News on Policy and Companies

• Government Initiatives: Governments worldwide are investing in smart city projects, driving demand for elevators and escalators. For example, India's Smart Cities Mission has allocated $7.5 billion for infrastructure development.
• Mergers and Acquisitions: In 2025, Schindler acquired a leading Chinese elevator manufacturer to strengthen its presence in Asia-Pacific.
• Technological Advancements: Otis launched its Gen3 smart elevator system in 2025, featuring IoT connectivity and predictive maintenance capabilities.

Segment Forecasts (2025-2030)

• Traction Elevators: Expected to grow at a CAGR of 6%-7%, driven by demand for high-rise buildings.
• Escalators: Projected to grow at a CAGR of 5%-6%, fueled by demand in commercial spaces.
• Asia-Pacific: Anticipated to remain the fastest-growing region, with a CAGR of 7%-8%.
• Maintenance & Modernization: Expected to grow at a CAGR of 6%-7%, driven by aging infrastructure.

Conclusion

The global elevator and escalator market is set for robust growth from 2025 to 2030, driven by urbanization, infrastructure development, and technological advancements. Key players are focusing on innovation and strategic partnerships to capitalize on emerging opportunities. With a projected market size of $120 billion-$130 billion by 2025, the industry is poised for a transformative decade.