Elevators and Escalators Market Analysis and Global Forecast 2023-2033

Elevators and Escalators Market Overview

The Elevators and Escalators Market Size is expected to reach USD 138.54 Billion by 2033. The Elevators and Escalators industry size accounted for USD 69.25 Billion in 2023 and is expected to expand at a CAGR of 7.41% from 2023 to 2033. Elevators and escalators are vertical transportation systems designed to move people between different levels of a building efficiently and safely. Elevators typically consist of a car that travels vertically within a shaft, utilizing mechanisms such as cables and pulleys or hydraulic systems to lift and lower passengers. Escalators, on the other hand, are continuously moving staircases that convey people between floors on a looped track. Both elevators and escalators play essential roles in modern urban infrastructure, providing convenience and accessibility in high-rise buildings, shopping centers, airports, and other public spaces.

Global Elevators and Escalators Market Synopsis

COVID-19 Impact Analysis

The Elevators and Escalators market experienced a moderate impact during the COVID-19 pandemic. Initially, widespread lockdowns and restrictions led to a slowdown in construction activity, resulting in delayed or canceled projects and reduced demand for new installations. Maintenance and modernization projects were also affected as access to buildings became restricted and non-essential services were postponed. However, as restrictions eased and economic recovery efforts began, the market showed signs of resilience. Increased emphasis on hygiene and safety within elevators and escalators prompted the adoption of touchless technology, improved ventilation systems, and enhanced cleaning protocols, contributing to the gradual recovery of the market. Additionally, ongoing urbanization and infrastructure development projects in many regions continued to drive demand for vertical transportation systems.

Global Elevators and Escalators Market Dynamics

The major factors that have impacted the growth of Elevators and Escalators are as follows:

Drivers:

⮚      Rapid Urbanization and Infrastructure Development

The Elevators and Escalators market is rapid urbanization and infrastructure development worldwide. As cities grow and populations concentrate in urban areas, the demand for high-rise buildings, commercial complexes, and transportation hubs increases. This necessitates the installation of elevators and escalators to provide efficient vertical transportation solutions. Additionally, government initiatives and investments in infrastructure projects, particularly in emerging economies, further propel market growth.

Restraint:

• Economic Volatility and Uncertainty

Economic volatility and uncertainty pose significant restraints on the Elevators and Escalators market. Fluctuations in economic conditions, such as recessions or slowdowns, can lead to decreased investment in construction projects, thereby impacting the demand for new installations and modernization of existing systems. Moreover, factors such as currency fluctuations, trade tensions, and political instability in certain regions can create challenges for market players in terms of project planning, pricing, and profitability.

Opportunity:

⮚      Technological Advancements and Innovation

The ongoing technological advancements and innovations present significant opportunities for the Elevators and Escalators market. Integration of IoT (Internet of Things), artificial intelligence, and machine learning technologies enables the development of smart and connected vertical transportation systems. These systems offer features such as predictive maintenance, remote monitoring, and personalized user experiences, enhancing efficiency, safety, and user convenience. Furthermore, the increasing focus on sustainability drives the adoption of energy-efficient and eco-friendly elevator and escalator solutions, opening up new avenues for market expansion and differentiation.

Elevators and Escalators Market Segment Overview

By Type

Based on the Type, the market is segmented based on Elevator, Escalator, Moving walkways, and Others. The Elevator segment was anticipated to lead the Elevators and Escalators market due to its widespread application in high-rise buildings, commercial complexes, and transportation hubs, driven by factors such as rapid urbanization, population growth, and increasing construction activities. Additionally, technological advancements, including smart features and energy-efficient solutions, further contributed to the dominance of the elevator segment in the market.

By Service

Based on the Service, the market has been divided into New installation, Maintenance & Repair, Modernization, and Others. The New Installation segment is expected to dominate the Elevators and Escalators market, primarily driven by increasing urbanization and infrastructure development projects worldwide, which necessitate the installation of new vertical transportation systems. Moreover, the growing demand for energy-efficient and technologically advanced elevators and escalators in emerging economies, coupled with rising consumer preference for modern amenities and convenience, further boosts the growth of the new installation segment.

By End Use

Based on End Use, the market has been divided into Residential, Commercial, Institutional, and Infrastructure. The Commercial segment is positioned to capture the largest market share in the Elevators and Escalators market due to the high demand for vertical transportation systems in commercial complexes, office buildings, and retail spaces, driven by increasing urbanization and commercial development activities. Additionally, stringent safety regulations and the need for efficient mobility solutions in busy commercial environments further contribute to the dominance of this segment in the market.

Global Elevators and Escalators Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Elevators and Escalators, followed by those in Asia-Pacific and Europe.

Elevators and Escalators North America Market

North America asserts dominance in the Elevators and Escalators market due to several factors. The region, comprising the United States and Canada primarily, benefits from a mature market characterized by high standards of safety, technology, and infrastructure. With a strong emphasis on urban development and modernization, North America witnesses significant demand for vertical transportation systems in high-rise buildings, commercial complexes, and transportation hubs. Moreover, ongoing investments in smart city initiatives, coupled with stringent regulations promoting energy efficiency and sustainability, drive the adoption of advanced elevator and escalator solutions. Major players in the industry, based in North America, continually innovate to meet evolving customer needs and regulatory requirements, further solidifying the region’s dominance in the global market.

Elevators and Escalators Asia Pacific Market

The Asia-Pacific region has witnessed remarkable growth in the Elevators and Escalators market attributed to several factors. Rapid urbanization, population growth, and increasing construction activities in countries like China, India, and Japan have fueled substantial demand for vertical transportation systems. The burgeoning urban landscapes, characterized by high-rise buildings, commercial complexes, and transportation infrastructure, create a significant need for elevators and escalators to facilitate efficient mobility. Moreover, government initiatives promoting urban development and infrastructure modernization, coupled with rising standards of living and consumer expectations, further stimulate market growth. Additionally, technological advancements, including the adoption of smart features and energy-efficient solutions, cater to the evolving needs of the Asia-Pacific market, contributing to its remarkable expansion in the global Elevators and Escalators market.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as KONE Corporation, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG are some of the leading players in the global  Elevators and Escalators Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• KONE Corporation
• United Technologies
• Schindler
• Mitsubishi Electric Corporation
• ThyssenKrupp AG
• FUJITEC
• Hyundai Elevator Co., Ltd.
• Toshiba Corporation
• Hitachi Ltd.
• Electra Ltd.

Key Development

July 2023: The Miami-Dade County Board of County Commissioners sanctioned a contract to accelerate the Miami International Airport’s Modernization in Action (MIA) Plan, aiming to invest nearly USD 12 million in upgrading 372 aged elevators, escalators, and moving walkways at the Florida airport, with 145 units slated for complete modernization. Over the next five to 10 years, the airport plans to upgrade or replace at least 30 conveyance units annually under this contract.

March 2023: Sydney Metro West awarded two framework contracts to Schindler and Honeywell, focusing on a comprehensive range of systems and equipment to ensure safety, reliability, and efficiency across the metro service. The Systems Frameworks package encompasses two contracts, wherein Schindler and Honeywell will supply and maintain lifts, escalators, public address systems, CCTV cameras, passenger information displays, fire detection systems, building management control systems, and electronic access control systems.

Scope of the Report

Global Elevators and Escalators Market, by Type

• Elevator
• Escalator
• Moving walkways
• Others

Global Elevators and Escalators Market, by Service

• New installation
• Maintenance & Repair
• Modernization
• Others

Global Elevators and Escalators Market, by End Use

• Residential
• Commercial
• Institutional
• Infrastructure

Global Elevators and Escalators Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $138.54 Billion
CAGR	7.41% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Service, End-Use
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	KONE Corporation, United Technologies, Schindler, Mitsubishi Electric Corporation, ThyssenKrupp AG, FUJITEC, Hyundai Elevator Co., Ltd., Toshiba Corporation, Hitachi Ltd., Electra Ltd.
Key Market Opportunities	• Technological Advancements and Innovation • Increasing Focus on Sustainability
Key Market Drivers	• Urbanization and Infrastructure Development • Government Initiatives and Investments

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Elevators and Escalators Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Elevators and Escalators market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Elevators and Escalators market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Elevators and Escalators Market.