North America Elevators and Escalators Market to Witness 7.4% CAGR by 2031

North America Elevators and Escalators Market 2025 | Trends Insight with Future Aspect Analysis

Research & Development Report: Elevators and Escalators Market (2025-2031)

1. Introduction to the Elevators and Escalators Market

The elevators and escalators market is a key segment of the global construction and infrastructure industry. These vertical and horizontal transportation systems are essential components of modern infrastructure, facilitating the smooth movement of people and goods within buildings, airports, shopping malls, hotels, and public transportation systems. The global market for elevators and escalators has seen steady growth due to rapid urbanization, increasing building construction, and technological advancements in safety, efficiency, and energy consumption.

Elevators and escalators are increasingly being integrated into commercial, residential, and industrial structures as the demand for smart, energy-efficient, and safe transportation solutions rises. The market is driven by key factors such as the global increase in urbanization, growth in high-rise buildings, infrastructure development, technological innovations, and the increasing focus on sustainability. As per industry forecasts, the elevators and escalators market is expected to grow at a CAGR of 7.4% from 2025 to 2031, reaching an estimated market value of USD 57.9 billion by 2031, up from USD 31.2 billion in 2025.

This report provides a thorough analysis of the elevators and escalators market, examining the key trends, growth drivers, challenges, and opportunities expected to shape the market from 2025 to 2031.

2. Market Overview (2025-2031)

The elevators and escalators market is poised for substantial growth over the next several years, primarily driven by the rise in construction activities, particularly in high-rise buildings, commercial properties, and mixed-use developments. The need for advanced systems to transport people quickly and safely in modern, urban environments is essential for efficient operations in dense, high-traffic areas such as airports, shopping centers, and office buildings.

Additionally, factors such as the growing demand for energy-efficient solutions, the introduction of IoT-enabled elevators, and the increasing popularity of sustainable construction practices are playing a significant role in the evolution of the elevators and escalators industry. Moreover, the increasing adoption of smart elevators and escalators equipped with advanced safety features and machine learning capabilities is further driving the market growth.

The global market for elevators and escalators is projected to grow at a CAGR of 7.4% between 2025 and 2031, with the market size reaching USD 57.9 billion by the end of the forecast period.

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3. Market Segmentation

The elevators and escalators market can be segmented by product type, application, end-user, and geography. Each segment reflects the growing demand for vertical and horizontal transportation systems and highlights specific growth opportunities in different regions and industries.

A. By Product Type:

1. Elevators: Elevators, or lifts, are used primarily for vertical transportation within buildings. They are essential in multi-story residential, commercial, and industrial buildings. The elevator segment is further divided into several subcategories:
   
   

   • Passenger Elevators: These elevators are primarily used in residential, commercial, and office buildings to transport passengers.
     
     

   • Freight Elevators: Designed for the transportation of goods, freight elevators are commonly used in warehouses, factories, and distribution centers.
     
     

   • Home Elevators: Home elevators are designed for residential use and are increasingly popular in multi-story homes, especially in luxury homes or for accessibility purposes.
     
     

   • Hydraulic Elevators: These elevators use hydraulic fluid to power the lift and are mainly used for lower-rise buildings with a capacity of up to six floors.
     
     

   • Traction Elevators: These elevators rely on counterweights and a system of cables to transport passengers, commonly used in high-rise buildings.
     
     

2. Escalators: Escalators are mechanical devices used for transporting people vertically between different floors in buildings such as malls, airports, and transit stations. The escalator market is segmented based on:
   
   

   • Commercial Escalators: Used in shopping malls, airports, and large commercial buildings for the movement of passengers between different levels.
     
     

   • Industrial Escalators: These escalators are used in industrial plants and warehouses, typically designed for transporting goods and workers between different levels.
     
     

3. Moving Walkways: A moving walkway or travelator is a type of escalator designed to transport people horizontally. These systems are commonly used in airports, transit stations, and large public spaces to transport people efficiently over long distances.
   
   

B. By Application:

1. Residential: Residential buildings, particularly multi-story homes and apartment complexes, require elevators to transport residents and visitors. The increasing trend of building taller residential towers in urban areas is driving the demand for elevators in this segment.
   
   

2. Commercial: Commercial buildings such as office towers, shopping malls, hotels, and hospitals require both elevators and escalators to manage high foot traffic efficiently. Escalators are commonly used in shopping malls and airports, while elevators are essential for office buildings and hotels.
   
   

3. Industrial: Industrial facilities and manufacturing plants require robust elevator systems to transport goods and equipment between different levels. These elevators are typically larger and designed to carry heavy loads.
   
   

4. Public Infrastructure: Airports, railway stations, and metro stations rely on escalators, elevators, and moving walkways to ensure smooth vertical transportation of passengers. These systems help manage large numbers of people in public transit hubs.
   
   

C. By End-User:

1. Construction Industry: The demand for elevators and escalators in the construction industry is primarily driven by the rapid growth in urbanization, high-rise buildings, and mixed-use developments. Residential, commercial, and industrial construction projects are major consumers of elevator and escalator systems.
   
   

2. Transportation: Airports, railway stations, and subway stations constitute significant end-users of escalators and elevators. These systems are crucial in ensuring smooth and efficient passenger flow in high-traffic public transportation infrastructure.
   
   

3. Retail and Hospitality: Retail spaces, including shopping malls and retail outlets, rely heavily on escalators to move large numbers of people between floors. Similarly, hotels and resorts use elevators to provide easy access to multiple floors for guests and staff.
   
   

4. Healthcare: Hospitals and healthcare facilities are increasingly adopting elevators, particularly for transporting patients, medical equipment, and staff between different floors. Specialized elevators, such as stretcher elevators, are used in these facilities to meet specific healthcare needs.
   
   

D. By Geography:

1. North America: North America is a mature market for elevators and escalators, with the United States and Canada being key contributors. The demand for vertical and horizontal transportation systems in North America is driven by the large number of high-rise buildings, commercial properties, and public infrastructure. Additionally, the region has seen advancements in energy-efficient systems and smart elevator technologies.
   
   

2. Europe: Europe represents a significant market for elevators and escalators due to the large number of commercial and residential buildings. Growth is particularly strong in countries like Germany, France, the UK, and Italy, where construction activities and investments in urban infrastructure are robust. The emphasis on sustainability and eco-friendly technologies in Europe is further driving the demand for energy-efficient elevator and escalator systems.
   
   

3. Asia-Pacific: The Asia-Pacific region is expected to experience the highest growth rate in the elevators and escalators market during the forecast period. This is primarily due to rapid urbanization, a booming construction industry, and the increasing number of high-rise buildings in countries such as China, India, Japan, and South Korea. The rise in public transportation infrastructure development, particularly in emerging economies, is also a key factor driving market growth in the region.
   
   

4. Rest of the World (ROW): The Rest of the World segment, which includes Latin America, the Middle East, and Africa, is expected to see moderate growth. Increased investments in infrastructure development, particularly in countries like Brazil, the UAE, and South Africa, will contribute to the demand for elevators and escalators in these regions.

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4. Market Dynamics

A. Drivers of Market Growth:

1. Urbanization and High-Rise Buildings: The global trend of rapid urbanization and the construction of high-rise buildings is driving the demand for elevators and escalators. As cities become more crowded and land becomes scarce, the need for vertical transportation systems becomes critical.
   
   

2. Technological Advancements: Technological innovations, such as the integration of IoT, AI, and smart sensors in elevator and escalator systems, are driving the market. These technologies improve efficiency, safety, and maintenance, making these systems more attractive to consumers.
   
   

3. Energy-Efficiency and Sustainability: The growing emphasis on energy-efficient and environmentally friendly construction is fueling the demand for energy-efficient elevator and escalator systems. The development of regenerative drive systems and low-energy solutions is driving the market toward sustainability.
   
   

4. Expansion of Public Infrastructure: Investments in public infrastructure, such as airports, metro stations, and transportation hubs, are fueling the demand for escalators, elevators, and moving walkways to facilitate the smooth movement of people.
   
   

B. Challenges in the Market:

1. High Installation and Maintenance Costs: The high initial installation and ongoing maintenance costs associated with elevators and escalators pose a challenge to market growth. These systems require regular inspections and maintenance, adding to the total cost of ownership.
   
   

2. Safety and Regulatory Compliance: Elevators and escalators must comply with stringent safety and regulatory standards, particularly in terms of installation, operation, and maintenance. Adhering to these regulations can be costly and time-consuming for manufacturers and building owners.
   
   

3. Space Constraints: In some older buildings or buildings with limited space, installing new elevators or escalators can be challenging. Retrofitting existing infrastructure with vertical transportation systems requires careful planning and significant investment.
   
   

C. Opportunities in the Market:

1. Integration of Smart Technologies: The integration of smart technologies, such as IoT connectivity and AI-based monitoring, presents a significant opportunity for growth. These technologies enable predictive maintenance, improved energy efficiency, and enhanced user experience.
   
   

2. Rise of Green Buildings and Sustainable Construction: The increasing focus on green buildings and sustainable construction practices presents an opportunity for the elevators and escalators market. The demand for energy-efficient systems in eco-friendly buildings will drive the market for sustainable elevator and escalator solutions.
   
   

3. Demand in Emerging Economies: The growing construction industry in emerging economies, particularly in Asia-Pacific and the Middle East, presents a major growth opportunity for elevators and escalators. As these regions develop their urban infrastructure, the demand for vertical and horizontal transportation systems will increase significantly.