Elevator & Escalator Market Outlook: Size, Share, Growth, Key Drivers, Segmentation, Regional & Recent Trends

The Elevator & Escalator Market has been expanding significantly in recent years, driven by various key factors. This report provides a comprehensive analysis of the market, including market size, trends, drivers and constraints, competitive aspects, and prospects for future growth.

Market Size & Growth:

• The Elevator & Escalator Market size reached a valuation of USD 94.05 billion in 2024.
• The Elevator & Escalator Market growth is projected to reach a valuation of USD 167.62 billion by 2032.
• The Elevator & Escalator Market share is expected to register a compound annual growth rate (CAGR) of 7.6% from 2024 to 2032.

Recent Key Trends:

• Otis Worldwide Corporation received an order for the modernization of 34 elevators in Burj Khalifa based in the U.A.E. The Burj Khalifa is the world’s tallest building. The company got a maintenance and modernization contract for ten years.
• TK Elevator GmbH launched the new EXO Renew Series of elevators for low-rise and high-rise residential buildings. It is versatile, designed for using 100% green electricity and requires 28% less energy compared to other models. 
• Fujitec India Private Ltd, a subsidiary of Fujitech Co. Ltd, received an order of 538 elevators for large-scale residential housing projects in Gurgaon, India. These elevators would be manufactured and supplied from a high-rise elevator manufacturing facility based in Chennai, India. This order would be completed by the end of 2025.  
• Schindler signed a partnership with Umm AI Qura, based in Saudi Arabia, to provide 150 elevator orders for installation at Makkah, Saudi Arabia. This order includes 65 Schindler 5000 series elevators, 44 Schindler 7000 series elevators, and five elevators for the platform. These elevators help to improve passenger transportation from restaurants and hotels. 
• Hitachi Ltd introduced a new touchless operating panel for monitoring and controlling elevators and escalators. It has features such as enabling touchless use, a simplified method, and operating through a numerical pad.

This Report includes a company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The data points provided are only related to the company's focus related to Elevator & Escalator markets. Leading global Elevator & Escalator market players and manufacturers are studied to give a brief idea about the competitions.

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Key Players:

• 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)

Regional Trends:

• North America: U.S., Canada, Mexico

• Europe: Germany, U.K., France, Italy, Spain, Rest of Europe

• Asia Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific

• Latin America: Brazil, Argentina, Rest of Latin America

• Middle East & Africa: GCC Countries, South Africa, Rest of MEA

Highlights of Our Report

Our report offers extensive market analysis, providing a deep dive into manufacturing capabilities, production volumes, and technological innovations within the Elevator & Escalator Market. It includes detailed corporate insights with in-depth reviews of company profiles, highlighting major players and their strategic moves in this competitive landscape. The report also examines consumption trends to shed light on current demand dynamics and consumer preferences. Comprehensive segmentation details illustrate the market’s distribution across various end-user segments, applications, and industries. In addition, there is a thorough pricing evaluation that explores pricing structures and the key factors influencing market strategies. Finally, the report presents a forward-looking outlook, offering predictive insights into emerging trends, growth opportunities, and potential challenges that may shape the market’s future.

Market Segmentation:

By Product

• Elevators
• Escalators
• Moving Walkway

By Business

• New Equipment
• Maintenance
• Modernization

By Application

• Residential
• Commercial
• Industrial

Key Drivers/ Restrains:

• Drivers:
  • Increasing urbanization and construction of high-rise buildings driving the demand for elevators and escalators in residential and commercial sectors.
  • Growing focus on accessibility and safety regulations promoting the installation of modern elevator and escalator systems.
• Restraints:
  • High initial installation and maintenance costs of elevators and escalators may limit adoption in some regions.
  • Space constraints in older buildings and retrofitting challenges hindering the implementation of new systems.

In Summary:

The elevator and escalator market is evolving with the integration of smart technologies, energy-efficient designs, and AI-powered predictive maintenance solutions. Touchless controls, IoT connectivity, and advanced safety features are enhancing user experience and reliability. With urbanization and infrastructure development on the rise, the market continues to grow.

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.