Embedded Files
IMARC Group's report titled "Elevator and Escalator Market Report by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance and Repair, Modernization), End Use (Residential, Commercial), and Region 2025-2033". The global elevator and escalator market size reached USD 161.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 244.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033.
Factors Affecting the Growth of the Elevator and Escalator Industry:
Thriving Construction Industry:
The demand for elevators and escalators is increasing due to the boom in the construction industry. This trend provides a positive market outlook. Rapid urbanization is also a significant factor. This is leading to more residential buildings, offices, campuses, airports, and shopping malls across the world. These systems are popular because they enhance convenience and mobility. They save time by moving many people efficiently between building levels. This efficiency is fueling the market growth.
Technological Advancements:
Advancements such as IoT connectivity in elevators and escalators are fueling the market growth. Predictive maintenance technology also monitors health, reduces downtime and increases reliability. Moreover, energy-efficient features such as regenerative drives, lower costs and environmental impact. These improvements enhance user experience, safety, and sustainability. Thus, elevators and escalators are crucial in modern buildings and urban areas.
Rising Demand for Eco-Friendly Elevators and Escalators:
The demand for environmentally friendly elevators and escalators is fueling the market. These models use energy-efficient technologies, such as regenerative drives and LED lighting, to reduce power usage. They also reduce carbon emissions and reduce costs for owners. The growing interest in green building and energy conservation fuels the growth of this market. Now more people are looking for solutions that meet modern sustainability standards.
Grab a sample PDF of this report: https://www.imarcgroup.com/elevator-escalator-market/requestsample
Leading Companies Operating in the Global Elevator and Escalator Industry:
Canny Elevator Co. Ltd.
Electra Elevators
Fujitec Co. Ltd.
Gulf Elevators & Escalators Co. Ltd.
Hitachi Ltd.
Hyundai Elevator Co. Ltd.
Johnson Lifts Private Limited
Kleemann Group
KONE Corporation
Mitsubishi Electric Corporation
Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
Schindler Holding Ltd.
Sigma Elevator Company
Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)
Elevator and Escalator Market Report Segmentation:
By Type:
Elevators
Escalators
Moving Walkways
Elevators represented the largest segment due to the rising number of high-end residential spaces.
By Service:
New Installation
Maintenance and Repair
Modernization
New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.
By End Use:
Residential
Commercial
Offices
Hospitality
Mixed Block
Others
Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.
Global Elevator and Escalator Market Trends:
Major manufacturers are investing in research and development (R&D) activities to meet the safety needs of people. The integration of features such as redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is fueling the market growth. Regular maintenance is important to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Moreover, the increasing focus on updating new elevator and escalator systems with advanced systems is fueling the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
Page updated
Google Sites
Report abuse