Global Elevators and Escalators Market, Analysis, Size, Share, Trends, COVID-19 Impact, and Forecast 2024-2032, By Elevator Type (Passenger Elevator, Goods Elevator, Capsule Elevator, Automobile Elevator, Stretcher Elevator, Hospital Elevator, Bungalow Elevators & Escalators, Hydraulic Elevator), By Installation (New Installation, Maintenance/Service, Modernization), By Application (Residential, Commercial, Industrial), By Escalators Type (Parallel, Multi parallel, Spiral type, Crisscross, Others), By Product Type (Elevator, Escalators), and By Region (North America, Europe, Asia Pacific, South America, and Middle East and Africa)

The elevators and escalators market size is poised to reach USD 117.36 Billion by 2024, with a projected escalation to USD 231.44 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2024-2032).
elevators and escalators market is experiencing significant growth driven by rapid urbanization, infrastructural development, and rising consumer demand for modern vertical transportation solutions. The market is expanding as metropolitan areas and tier-2 cities witness increased construction of high-rise residential, commercial, and mixed-use buildings, which fuels the demand for elevators and escalators. The growth in real estate development is complemented by substantial investments in public infrastructure projects, such as metro rail systems and airport expansions, which require advanced escalator systems to manage high passenger volumes efficiently. Government initiatives aimed at enhancing public infrastructure and promoting smart cities further stimulate market growth. The focus on developing integrated and sustainable urban environments creates a continuous demand for technologically advanced elevators and escalators. The competitive landscape is marked by both global and local companies vying for market share through strategic partnerships, technological advancements, and tailored solutions that address the specific needs of the Indian market.
Market Dynamics:
Driver:
elevators and escalators market is significantly influenced by rapid urbanization and extensive infrastructure development. As urban areas expand and cities grow in size and complexity, there is a pronounced shift towards constructing high-rise and multi-story buildings. This trend is driven by the need to accommodate increasing populations, create more residential spaces, and support commercial activities. The development of smart cities, which focuses on improving infrastructure, sustainability, and quality of life, further fuels this demand. High-rise buildings, including residential apartments, office towers, and mixed-use complexes, require efficient vertical transportation systems to facilitate the movement of people and goods. Elevators and escalators become essential components in these structures to ensure smooth and effective access to different floors, enhancing convenience and safety for occupants. The growing number of these high-rise projects directly correlates with the increased demand for advanced and reliable elevator and escalator solutions. Moreover, the expansion of infrastructure is not limited to urban areas alone. Semi-urban and rural regions are also experiencing development, with new buildings incorporating modern vertical transportation systems. Government initiatives and public-private partnerships aimed at improving urban infrastructure further contribute to the market growth.
Restraint:
One of the primary restraints on the elevators and escalators market is the high cost associated with installation and maintenance. The initial installation of elevators and escalators requires a significant financial outlay. This expenditure encompasses not just the cost of the equipment itself but also the installation process, which can be quite complex and expensive. The cost varies depending on several factors, including the type of building, the complexity of the installation, and the specific requirements of the system. For example, installing elevators in older buildings with limited space or outdated infrastructure can be particularly costly due to the need for structural modifications and additional safety measures.
Opportunity:
escalators and elevators market is poised for substantial growth, driven by several key opportunities that reflect broader trends in urbanization, government policies, and technological advancements. One of the primary opportunities arises from rapid urbanization and extensive infrastructure development. As India continues to urbanize at a swift pace, the demand for high-rise buildings and commercial complexes increases, necessitating advanced vertical transportation solutions. Urban expansion is characterized by the proliferation of skyscrapers, shopping malls, and public transit facilities, all of which require escalators and elevators to manage the flow of people efficiently. This trend is further accentuated by the growing middle class and increased urban density, which together fuel the need for modern, high-capacity vertical transportation systems. Additionally, supportive government initiatives play a crucial role in driving market growth.
Key Players:
•    Sigma Elevator Company
•    Tk Elevator
•    Mitsubishi Elevator India Pvt Ltd
•    Schindler Group
•    Hyundai Elevator Co., Ltd
•    Fujitec Co., Ltd
•    Kone Elevator India Private Limited
•    Johnson Lifts Private Limited
•    Omega Elevators Private Limited
•    Hitachi Lift India Pvt. Ltd
•    Otis Elevator Company Ltd.
Report Coverage    Details
Market Size in 2023:    USD 117.36 Billion
2032 Value Projection:    USD 231.44 Billion
Growth Rate (CAGR)    8.76%
Forecast Period:    2024 - 2032
Historical Period:    2018 - 2022
Segments Covered    By Elevator Type (Passenger Elevator, Goods Elevator, Capsule Elevator, Automobile Elevator, Stretcher Elevator, Hospital Elevator, Bungalow Elevators & Escalators, Hydraulic Elevator)
By Installation (New Installation, Maintenance/Service, Modernization)
By Application (Residential, Commercial, Industrial)
By Escalators Type (Parallel, Multi parallel, Spiral type, Crisscross, Others)
By Product Type (Elevator, Escalators)
Competitive Landscape    Sigma Elevator Company, Tk Elevator, Mitsubishi Elevator India Pvt Ltd, Schindler Group, Hyundai Elevator Co., Ltd, Fujitec Co., Ltd, Kone Elevator India Private Limited, Johnson Lifts Private Limited, Omega Elevators Private Limited , Hitachi Lift India Pvt. Ltd, Otis Elevator Company Ltd.
Geographies Covered    North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe)
Asia Pacific (China, Japan India, South Korea, and the Rest of Asia Pacific)
Middle East & Africa (GCC, South Africa, and the Rest of MEA)
South America (Brazil, Argentina, and Rest of South America)
Growth Drivers Which are booming the market    •    Economic Growth and Real Estate Expansion
•    Urbanization and Infrastructure Development
Challenges facing the industry    •    High Installation and Maintenance Costs
•    Market Competition and Price Pressure
Market Analysis    PESTLE Analysis, PORTERS Analysis, NOISE analysis, Value/Supply Chain Analysis
Competitive Analysis    Comprehensive mapping of the Competitive Landscape Comprising Merges & Acquisitions, Partnership /Agreements/Joint Venture, Expansion, New Product Launches, and other developments.
Company Share Analysis
Customization Scope    Available on your market scope and requirements
Recent Development:
•    In November 2023, Infosys and TK Elevator Extend Strategic Collaboration. The two companies will work together to transition the operations of all TK Elevator's business applications across North America and major markets in Europe to Infosys, thereby enabling integrated applications management. This will not only help unify the underlying infrastructure operations to enable an end-to-end, business process-focused operational paradigm, but also contribute to a simplified and agile digital landscape.
•    In March 2019, Mitsubishi Electric has Launched NEXIEZ-LITE MRL Elevator in India. The model will be added to the NEXIEZ-LITE series of elevators for midrise and low-rise residences, office buildings and hotels in India, the world’s second-largest elevator market. Manufacturer IMEC aims to sell 1,000 units in 2021.
•    In August 2023, FUJITEC CO., LTD. Has completed a second elevator plant in the suburbs of Chennai. The second plant was built to grow sales in India, where demand is increasing, and to expand exports throughout South Asia. Upon completion, the plant provided more than double the previous production space for Fujitec in the country. In addition, construction was completed for a new 78.9meter elevator research tower. Fujitec India is strengthening its development structure, including the development of high-speed elevator models, to meet the demand for elevators in India, where high-rise building construction is becoming more common.
•    In May 2023, KONE India announces grand opening of its new office in Kalyan, Maharashtra. This expansion will enable KONE to better serve its valued customers and partners in Maharashtra, further solidifying its position as a pioneer in the elevator and escalator industry.
Segment Insights:
By Product Type
The demand for elevators is being driven by several key factors, reflecting the country's rapid urbanization and infrastructural development. The primary driver is the substantial growth in urban populations and the consequent rise in high-rise buildings and skyscrapers. As cities expand vertically to accommodate increasing residential and commercial needs, the requirement for efficient vertical transportation systems like elevators becomes essential. High-rise residential complexes, commercial office buildings, and mixed-use developments all necessitate advanced elevator systems to ensure smooth and effective vertical mobility. Another significant factor is the ongoing infrastructure projects, particularly in metropolitan and tier-2 cities, which are seeing a surge in the construction of new buildings. Government initiatives aimed at enhancing urban infrastructure and developing smart cities contribute to this trend, with large-scale real estate and commercial projects demanding state-of-the-art elevator solutions. These projects often include high-rise towers, shopping malls, and business centers where elevators are crucial for operational efficiency and user convenience. In India Elevators accounted for the largest market share of 68.95% in 2023, with a market value of USD 4,198.82 Million and is projected to grow at the highest CAGR of 6.65% during the forecast period. Escalators was the second-largest market in 2023, valued at USD 1,891.09 Million in 2023; it is projected to grow at a CAGR of 5.01%.
By Application
The demand for elevators and escalators in residential applications is being driven by several key factors. One of the primary drivers is the rapid urbanization and the growing trend of high-rise residential buildings. As cities expand and land becomes scarce, developers and homeowners are increasingly opting for multi-story apartment complexes and luxury residences that necessitate efficient vertical transportation solutions. Elevators provide convenience and accessibility, particularly for high-rise buildings where the distance between floors can be significant. Another significant factor is the increasing affluence and lifestyle aspirations of the middle and upper-middle-class segments. In India Residential accounted for the largest market share of 52.64% in 2023, with a market value of USD 3,205.96 Million and is projected to grow at the highest CAGR of 6.64% during the forecast period. Commercial was the second-largest market in 2023, valued at USD 1,953.05 Million in 2023; it is projected to grow at a CAGR of 5.78%.
Regional Insights:

Asia Pacific region dominating the market across the globe. The demand for modernization of elevators and escalators in India is being driven by several key factors. As urban areas continue to expand and infrastructure develops, older elevator and escalator systems are increasingly unable to meet the growing demands for efficiency, safety, and technology. Modernization helps to address these limitations by upgrading existing systems to incorporate the latest advancements in technology, improving both functionality and reliability. Safety regulations and standards have become more stringent over time, making modernization essential for ensuring that older systems comply with current safety codes and standards. Upgrading systems helps to enhance safety features, reduce the risk of malfunctions, and ensure compliance with regulations, which is crucial for both commercial and residential buildings. Energy efficiency is another significant driver. Modernizing elevators and escalators often involves integrating energy-efficient technologies that reduce power consumption and operational costs. This shift towards greener solutions aligns with broader sustainability goals and helps building owners reduce their environmental footprint while lowering operational expenses. The increasing focus on smart technologies also propels the demand for modernization. Modern systems offer advanced features such as touchless controls, real-time monitoring, and improved user interfaces, which enhance the overall experience for passengers and streamline maintenance operations.
Segmentation:
By Elevator Type
•    Passenger Elevator
•    Goods Elevator
•    Capsule Elevator
•    Automobile Elevator
•    Stretcher Elevator
•    Hospital Elevator
•    Bungalow Elevators & Escalators
•    Hydraulic Elevator
By Installation
•    New Installation
•    Maintenance/Service
•    Modernization
By Application
•    Residential
•    Commercial
•    Industrial
By Escalators Type
•    Parallel
•    Multi parallel
•    Spiral type
•    Crisscross
•    Others
By Elevator Type
•    Elevator
•    Escalators
By Region
North America
•    USA
•    Canada
•    Mexico
Europe
•    France
•    UK
•    Spain
•    Germany
•    Italy
•    Rest of Europe
Asia Pacific
•    China
•    Japan
•    India
•    South Korea
•    Rest of Asia Pacific
Middle East & Africa
•    GCC
•    South Africa
•    Rest of the Middle East & Africa
South America
•    Brazil
•    Argentina
•    Rest of South America
What to Expect from Industry Profile?
1.    Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Elevators and Escalators market in the world.
2.    Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Elevators and Escalators market.
3.    Leading company profiles reveal details of key Elevators and Escalators market players’ global operations, strategies, financial performance & recent developments.
4.    Add weight to presentations and pitches by understanding the future growth prospects of the Global Elevators and Escalators market with forecast for the decade by both market share (%) & revenue (USD Million).
FAQ’s 1) What are the major factors driving the growth of the Global Elevators and Escalators Market?
•    Rapid urbanization and growth of infrastructure in metropolitan and tier-2 cities create significant demand for elevators and escalators.
2) What would be the CAGR of the Global Elevators and Escalators Market over the forecast period?
•    The Global Elevators and Escalators Market is poised to grow at a CAGR of 8.76% from 2024 to 2032.
3) Which region will provide more business opportunities for the growth of the Global Elevators and Escalators Market in the future?
•    The Asia Pacific region is expected to create more opportunities in the market.
4) Who are the major players dominating the Global Elevators and Escalators Market?
•    Sigma Elevator Company, Tk Elevator, Mitsubishi Elevator India Pvt Ltd, Schindler Group, Hyundai Elevator Co., Ltd, Fujitec Co., Ltd, Kone Elevator India Private Limited, Johnson Lifts Private Limited, Omega Elevators Private Limited , Hitachi Lift India Pvt. Ltd, Otis Elevator Company Ltd.
5) What are the segments in the Global Elevators and Escalators Market?
•    By Elevator, By Installation, By Application, By Escalators are the industry key segments considered for research study.
6) What is the estimated market revenue for the Global Elevators and Escalators Market in 2032?
•    The estimated revenue for the Global Elevators and Escalators Market in 2032 is USD 231.44 Billion.

Table of Contents:
1    INTRODUCTION
1.1    Study Objectives
1.2    Market Definitions
1.2.1     Inclusions & Exclusions
1.2.2     Region: Inclusions & Exclusions
1.2.3     Study Scope
1.2.3.1    Markets Covered
1.2.3.2    Regional Scope
1.2.3.3    Years Considered
1.2.4     Currency Considered
1.2.5     Limitations
1.2.6     Summary Of Report (Chapter Wise Summary)
2    RESEARCH METHODOLOGY
2.1    Research Data
2.1.1     Secondary & Primary Research
2.1.2     Secondary Data
2.1.2.1    Secondary Sources
2.1.3     Primary Data
2.1.3.1    Primary Sources
2.2    Market Breakdown & Data Triangulation
2.3    Market Size Estimation
2.3.1     Bottom-Up Approach
2.3.2     Top-Down Approach
2.4    Research Assumptions & Limitations
2.4.1     Assumptions
2.4.2     Limitations
3 EXECUTIVE SUMMARY
4    ACROSS THE GLOBE
4.1    Upcoming Attractive Market Opportunities
4.2    Country Wise Market Growth
4.3    Segment Wise Market Growth
5    MARKET OVERVIEW
5.1    Market Introduction
5.2    Market Dynamics
5.2.1    Drivers
5.2.2    Restraints
5.2.3    Opportunities
5.2.4    Challenges
5.3    PORTOR’S Five Forces Analysis
5.3.1    Threat of New Entrants
5.3.2    Threat of Substitutes
5.3.3    Bargaining Power of Suppliers
5.3.4    Bargaining Power of Buyers
5.3.5    Intensity of Competitive Rivalry
5.4    Market Premium Insights (Enterprise license)
5.4.1    Case Study Analysis
5.4.2    Country-Wise Import & Export Data (If Applicable)
5.4.3    Regulatory Bodies & Authorization Across the Globe
5.4.4    Key Conferences & Events: 2022 & 2023
5.4.5    Top Patents for The Market: 2022
6    ELEVATORS AND ESCALATORS MARKET OVERVIEW, BY ELEVATOR TYPE
6.1    Global Market Revenue & Share Analysis, By Elevator Type
6.1.1    Passenger Elevator
6.1.2    Goods Elevator
6.1.3    Capsule Elevator
6.1.4    Automobile Elevator
6.1.5    Stretcher Elevator
6.1.6    Hospital Elevator
6.1.7    Bungalow Elevators & Escalators
6.1.8    Hydraulic Elevator
6.2    Global Market Revenue & Share Analysis, 2018 – 2023
6.3    Global Market Revenue & Share Forecast Analysis, 2024 – 2032
6.4    Key Takeaways
7     ELEVATORS AND ESCALATORS MARKET OVERVIEW, BY INSTALLATION
7.1    Global Market Revenue & Share Analysis, By Installation
7.1.1    New Installation
7.1.2    Maintenance/Service
7.1.3    Modernization
7.2    Global Market Revenue & Share Analysis, 2018 – 2023
7.3    Global Market Revenue & Share Forecast Analysis, 2024 – 2032
7.4    Key Takeaways
8     ELEVATORS AND ESCALATORS MARKET OVERVIEW, BY ESCALATORS TYPE
8.1    Global Market Revenue & Share Analysis, By Escalators Type
8.1.1    Parallel
8.1.2    Multi parallel
8.1.3    Spiral type
8.1.4    Crisscross
8.1.5    Others
8.2    Global Market Revenue & Share Analysis, 2018 – 2023
8.3    Global Market Revenue & Share Forecast Analysis, 2024 – 2032
8.3.1    Key Takeaways
9     ELEVATORS AND ESCALATORS MARKET OVERVIEW, BY APPLICATION
9.1    Global Market Revenue & Share Analysis, By Application
9.1.1    Residential
9.1.2    Commercial
9.1.3    Industrial
9.2    Global Market Revenue & Share Analysis, 2018 – 2023
9.3    Global Market Revenue & Share Forecast Analysis, 2024 – 2032
Key Takeaways
10     ELEVATORS AND ESCALATORS MARKET OVERVIEW, BY REGION
10.1    Global Market Revenue & Share Analysis, By Region
10.1.1    North America
10.1.2    Europe
10.1.3    Asia Pacific
10.1.4    Middle East & Africa
10.1.5    South America
10.2    Global Market Revenue & Share Analysis, 2018 – 2023
10.3    Global Market Revenue & Share Forecast Analysis, 2024 – 2032
10.4    Key Takeaways
11    NORTH AMERICA MARKET ANALYSIS
11.1    North America Market Revenue & Share Analysis, By Elevator Type
11.2    North America Market Revenue & Share Analysis, By Installation
11.3    North America Market Revenue & Share Analysis, By Escalators Type
11.4    North America Market Revenue & Share Analysis, By Application
11.5    North America Market Revenue & Share Analysis, By Country
11.5.1    US
11.5.2    Canada
11.5.3    Mexico
11.6    Key Takeaways
12    EUROPE MARKET ANALYSIS
12.1    Europe Market Revenue & Share Analysis, By Elevator Type
12.2    Europe Market Revenue & Share Analysis, By Installation
12.3    Europe Market Revenue & Share Analysis, By Escalators Type
12.4    Europe Market Revenue & Share Analysis, By Application
12.5    Europe Market Revenue & Share Analysis, By Country
12.5.1    UK
12.5.2    Italy
12.5.3    Spain
12.5.4    Germany
12.5.5    France
12.5.6    Rest of Europe
12.6    Key Takeaways
13    ASIA PACIFIC MARKET ANALYSIS
13.1    APAC Market Revenue & Share Analysis, By Elevator Type
13.2    APAC Market Revenue & Share Analysis, By Installation
13.3    APAC Market Revenue & Share Analysis, By Escalators Type
13.4    APAC Market Revenue & Share Analysis, By Application
13.5    APAC Market Revenue & Share Analysis, By Country
13.5.1    China
13.5.2    Japan
13.5.3    India
13.5.4    South Korea
13.5.5    Rest of APAC
13.6    Key Takeaways
14    MIDDLE EAST & AFRICA MARKET ANALYSIS
14.1    MEA Market Revenue & Share Analysis, By Elevator Type
14.2    MEA Market Revenue & Share Analysis, By Installation
14.3    MEA Market Revenue & Share Analysis, By Escalators Type
14.4    MEA Market Revenue & Share Analysis, By Application
14.5    MEA Market Revenue & Share Analysis, By Country
14.5.1    GCC
14.5.2    South Africa
14.5.3    Rest of MEA
14.6    Key Takeaways
15    SOUTH AMERICA MARKET ANALYSIS
15.1    SA Market Revenue & Share Analysis, By Elevator Type
15.2    SA Market Revenue & Share Analysis, By Installation
15.3    SA Market Revenue & Share Analysis, By Escalators Type
15.4    SA Market Revenue & Share Analysis, By Application
15.5    SA Market Revenue & Share Analysis, By Country
15.5.1    Brazil
15.5.2    Argentina
15.5.3    Rest of SA
15.6    Key Takeaways
16        COMPETITIVE SCENARIO
16.1    Overview
16.2    Key Players Market Share Analysis
16.3    Recent Developments & Source Launches
16.4    Mergers & Acquisitions
16.5    Partnerships, Agreements & Collaborations
17    COMPANY PROFILES
17.1    Overview
17.2    Key players
17.2.1    Sigma Elevator Company
17.2.1.1    Business Overview
17.2.1.2    Product Offered
17.2.1.3    Financial Insights
17.2.1.4    Strategic Developments
17.2.1.4.1    New Product Launches
17.2.1.4.2    Agreements & Collaborations
17.2.1.5    Business Aspects (NOISE Analysis)
17.2.1.5.1    Key Strengths
17.2.1.5.2    Opportunities
17.2.1.5.3    Weaknesses & Competitive Threats
17.2.1.5.4    Needs & Improvements
17.2.2    Tk Elevator
17.2.3    Mitsubishi Elevator India Pvt Ltd
17.2.4    Schindler Group
17.2.5    Hyundai Elevator Co., Ltd
17.2.6    Fujitec Co., Ltd
17.2.7    Kone Elevator India Private Limited
17.2.8    Johnson Lifts Private Limited
17.2.9    Omega Elevators Private Limited
17.2.10    Hitachi Lift India Pvt. Ltd
17.2.11    Otis Elevator Company Ltd.
17.2.12    Others
18 DISCLAIMER
19 APPENDIX

Segmentation:
By Elevator Type
•    Passenger Elevator
•    Goods Elevator
•    Capsule Elevator
•    Automobile Elevator
•    Stretcher Elevator
•    Hospital Elevator
•    Bungalow Elevators & Escalators
•    Hydraulic Elevator
By Installation
•    New Installation
•    Maintenance/Service
•    Modernization
By Application
•    Residential
•    Commercial
•    Industrial
By Escalators Type
•    Parallel
•    Multi parallel
•    Spiral type
•    Crisscross
•    Others
By Elevator Type
•    Elevator
•    Escalators
By Region
North America
•    USA
•    Canada
•    Mexico
Europe
•    France
•    UK
•    Spain
•    Germany
•    Italy
•    Rest of Europe
Asia Pacific
•    China
•    Japan
•    India
•    South Korea
•    Rest of Asia Pacific
Middle East & Africa
•    GCC
•    South Africa
•    Rest of the Middle East & Africa
South America
•    Brazil
•    Argentina
•    Rest of South America

Future Market Consulting has been conducting in-depth research in order to deliver accurate and reliable information to bridge the gap between a product or service and the consumer or target market. It follows a robust research methodology which comprises of data triangulation as top-down & bottom-up approaches with other methodologies, validating through primary research. Further our experienced group of analysts provides information full of insights to estimate market size and forecasts for various segments at global, region & country level.

It is divided into different stages:

Stage 1: Secondary Research

Information Resources:

- Industry journals, Annual reports, investor presentations
- press releases, SEC filings, study reports published in industries
- websites & paid databases

Information Derived:

- Market Share, revenues, strategies, growth rate, pricings
- Region/country wise distributors, suppliers & supply chain analysis
- New product launches, technological advancement, change in processes
- Partnerships & agreements, mergers & acquisition, expansions

Stage 2: Primary Research

Information Resources:

- Telephonic or face to face Interviews with key stakeholders as directors, CEO’s, managers, distributors, government bodies
- Surveying targeted or focused groups such as suppliers or end users
- Observing individual responses

Information Derived:

- Market growth, market size, market dynamics, marketing models
- Recent technologies & trends
- Regulator scenarios & developments

Stage 3: Analysis

Analyst performs qualitative & quantitative analysis to ensure data validation and authentication for minimal errors. Some assumptions are made at this stage for future forecasting. It provides critical insights of the market such as market estimates, production & capacity of manufacturer, forecasts, and investment feasibility enhancing the quality of our reports.

Stage 4: Quality Control

The placement of data points at suitable market locations is done in an effort to draw workable conclusions. This stage heavily relies on analyst perspective and subject matter expert-based algorithmic market estimates. The process's most crucial phase is validation. We finalize the data points to be used for the final computations through validation and revalidation using a meticulously planned methodology.

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