Elevator And Escalator Market Size to Cross USD 194.77 Bn by 2034
Elevator And Escalator Market Size and Growth
The elevator and escalator market size was valued at USD 98.18 billion in 2024 and is expected to cross around USD 194.77 billion by 2034 with a CAGR of 7.09%.
Get Sample Copy of Report@ https://www.precedenceresearch.com/sample/1056
Key Takeaways
- With a market share of 61%, Asia Pacific emerged as the leading region in 2024.
- Meanwhile, Europe is anticipated to grow at the fastest rate during the forecast period.
- The escalators segment is expected to register substantial growth within the product category.
- The equipment segment recorded the highest market share in 2024.
AI Impact on Elevator and Escalator Market
- Predictive Maintenance – AI-driven analytics help identify potential failures before they occur, reducing downtime and maintenance costs.
- Energy Efficiency – Smart algorithms optimize power consumption, making elevators and escalators more energy-efficient.
- Enhanced Safety – AI improves real-time monitoring, ensuring quick responses to potential hazards.
- Personalized User Experience – AI enables smart destination dispatching, reducing wait times and improving traffic flow.
- Autonomous Operations – AI-driven automation reduces human intervention, improving efficiency and reliability.
Market Scope
| Report Highlights | Details |
| Market Size in 2024 | USD 92.02 Billion |
| Market Size in 2025 | USD 92.02 Billion |
| Market Size by 2034 | USD 181.86 Billion |
| Growth Rate from 2025 to 2034 | CAGR of 7.09% |
| Largest Market | Asia Pacific |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | By Product, By Application, and By Business, |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics
Market Drivers
The elevator and escalator market is being driven by rapid urbanization, population growth, and the rising demand for high-rise buildings. With increasing construction of residential, commercial, and public infrastructure, there is a greater need for efficient vertical transportation systems. Technological advancements such as AI-driven predictive maintenance, smart elevators, and automation are further enhancing market growth. Additionally, stringent safety regulations and government policies promoting smart city development are encouraging the adoption of modern elevator and escalator systems.
Market Opportunities
The rise of IoT and AI technology presents significant opportunities in the market, allowing for improved operational efficiency and predictive maintenance. The growing trend of eco-friendly and energy-efficient building solutions is driving the demand for sustainable elevators with regenerative drive systems. Additionally, as urban spaces become more crowded, the need for efficient traffic flow within buildings is increasing, leading to the adoption of smart destination dispatch technology. Expanding infrastructure projects in emerging markets also create new growth prospects for manufacturers and service providers.
Market Challenges
Despite strong growth potential, the industry faces challenges such as high installation and maintenance costs, which can deter smaller developers from adopting advanced elevator systems. The complexity of retrofitting older buildings with new elevator technology poses financial and technical difficulties. Moreover, supply chain disruptions and fluctuations in raw material prices can impact production and project timelines. Adhering to stringent safety and compliance regulations also increases operational costs for manufacturers and service providers.
Regional Insights
Asia Pacific dominates the market due to rapid urbanization, increasing real estate investments, and strong government support for infrastructure development in countries like China and India. North America and Europe are experiencing steady growth, mainly driven by modernization projects and replacement of aging infrastructure. The Middle East and Africa are emerging as key regions due to ongoing commercial and residential construction projects. Meanwhile, Latin America is gradually expanding its market share as urbanization and smart city initiatives gain traction.
Elevator and Escalator Market Companies
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Fujitec
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
Segments Covered in the Report
By Product
- Elevators
- Moving Walkways
- Escalators
By Business
- Maintenance
- New Equipment
- Modernization
By Application
- Industrial
- Residential
- Commercial
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Ready for more? Dive into the full experience on our website@ https://www.precedenceresearch.com/
