13:31 ET Elevator and Escalator Market to Reach USD 228.94 billion by 2032 at 4.40 % CAGR - Credence Research

Market Overview , /PRNewswire/ -- Credence Research announces the publication of its latest global study on the Elevator and Escalator Market, highlighting steady growth driven by rapid urbanization, infrastructure upgrades, and the integration of digital and energy-efficient technologies. According to the report, the Elevator and Escalator Market size was valued at USD 161.73 billion in 2024 and is anticipated to reach USD 228.94 billion by 2032, at a CAGR of 4.44% during the forecast period. The study underscores how elevators and escalators have moved beyond being basic vertical transportation assets to becoming integral components of smart, sustainable, and accessible buildings. Demand is being shaped not only by new construction, but also by modernization of aging equipment, stricter safety regulations, and the rise of IoT-enabled predictive maintenance across both mature and emerging market. Market Overview The global Elevator and Escalator Market is in a structural growth phase, supported by long-term megatrends such as urbanization, demographic shifts, and the transition toward high-rise, mixed-use developments. In 2024, the market reached USD 161.73 billion, and Credence Research projects it will climb to USD 228.94 billion by 2032, reflecting a CAGR of 4.44% over the forecast horizon. This trajectory highlights the sector's resilience despite economic cycles, construction slowdowns in some geographies, and rising capital costs. New installation demand remains robust in rapidly urbanizing economies, particularly in Asia Pacific, the Middle East, and parts of Africa, where governments are investing heavily in residential towers, commercial complexes, transportation hubs, and public infrastructure. At the same time, mature markets in North America and Europe are seeing heightened emphasis on modernization and replacement as building owners seek to comply with evolving safety norms, reduce energy consumption, and enhance passenger experience. Technology is reshaping competitive dynamics. Smart elevators, destination control systems, touchless interfaces, and predictive maintenance platforms are accelerating the shift from hardware-centric to service- and software-driven revenue models. Sustainability is also a core purchasing criterion, pushing OEMs to offer regenerative drives, eco-efficient hoisting systems, and recyclable materials aligned with green building certifications and net-zero carbon goals. Given this backdrop, the market's medium-term growth outlook is healthy, with recurring maintenance and modernization revenues providing a defensive base, while new installation opportunities in emerging economies continue to expand the installed base. Browse the report and understand how it can benefit your business strategy - https://www.credenceresearch.com/report/elevator-and-escalator-market Key Growth Determinants Rapid Urbanization and High-Rise Construction One of the most powerful growth determinants is the global shift toward urban living. As populations concentrate in cities, land scarcity and rising real estate values encourage vertical development, driving the construction of high-rise residential, commercial, and mixed-use buildings. Elevators and escalators are indispensable for enabling safe, efficient vertical mobility in these structures. This trend is especially pronounced in Asia Pacific and other emerging regions, where governments promote smart cities, transit-oriented developments, and large-scale infrastructure projects. As urbanization continues and mega-cities expand, demand for both new installations and capacity upgrades is expected to remain structurally strong. Infrastructure Investments and Public Transport Hubs Large-scale infrastructure programs are another key driver of elevator and escalator demand. Airports, metro and rail stations, bus terminals, shopping malls, hospitals, and educational institutions require high-capacity, durable, and accessible vertical transportation systems to manage rising passenger flows and meet universal access requirements. Many countries are expanding and modernizing public transit networks to reduce congestion and emissions, creating sustained demand for escalators, moving walkways, and heavy-duty elevators. The integration of elevators and escalators into multimodal transportation hubs and urban regeneration projects amplifies the sector's linkage to long-term government capital expenditure pipelines and public-private partnerships worldwide. Modernization of Aging Installations and Safety Compliance A large installed base of aging elevator and escalator systems in mature markets is fueling modernization and replacement activity. Many units approaching or exceeding their typical 20–30-year lifecycle must be upgraded to comply with evolving safety codes, accessibility standards, and energy-efficiency requirements. Building owners are increasingly replacing outdated control systems, motors, and cabins with modern, digitally connected, and energy-efficient alternatives that improve ride comfort and reduce downtime. Heightened regulatory scrutiny and end-user expectations regarding safety and reliability are prompting proactive refurbishment programs, creating a steady pipeline of high-margin modernization and maintenance opportunities for market participants. Key Growth Barriers High Installation and Maintenance Costs Despite strong demand fundamentals, high upfront installation costs remain a significant barrier, particularly in price-sensitive markets and mid-scale developments. Elevators and escalators require substantial capital outlay for equipment, hoistways, structural work, and integration with building systems. Ongoing maintenance, inspection, and repair costs add to the total cost of ownership, especially as equipment ages and requires more frequent servicing or component replacement. These financial burdens can delay projects, push developers toward lower-spec solutions, or limit the adoption of advanced technologies such as destination control or regenerative drives, thereby moderating overall market penetration in some segments. Stringent Regulatory and Safety Requirements Elevator and escalator systems are subject to stringent safety codes, certification norms, and inspection regimes that vary across regions and often become more demanding over time. While these regulations are crucial for protecting passengers, they can increase compliance costs for manufacturers, installers, and building owners. Frequent updates to technical standards may require design modifications, re-certifications, and additional documentation, adding complexity and time to project delivery. Smaller regional players may find it difficult to keep up with evolving requirements, which can limit competition and constrain innovation in some markets, particularly where regulatory processes are slow or fragmented. Raw Material Volatility and Supply Chain Disruptions The manufacturing of elevators and escalators is heavily dependent on steel, aluminum, copper, electronic components, and specialized plastics materials whose prices can fluctuate sharply due to geopolitical tensions, energy costs, and global supply-demand imbalances. These cost swings compress margins and complicate pricing strategies, particularly where project contracts are fixed-price and long-duration. Supply chain disruptions, component shortages, and logistics bottlenecks can delay deliveries and installations, undermining customer satisfaction and stretching working capital. Manufacturers must increasingly adopt strategic sourcing, inventory optimization, and localization measures to mitigate these risks and maintain competitive pricing. Key Market Trends IoT-Enabled and Predictive Maintenance Solutions A defining trend is the integration of Internet of Things (IoT) technologies, sensors, and cloud analytics into elevator and escalator systems. Real-time monitoring of key components allows service providers to shift from reactive to predictive maintenance, identifying anomalies before they cause failures. This approach reduces downtime, extends equipment life, and improves passenger safety and comfort. Remote diagnostics and over-the-air software updates are reshaping service contracts, with OEMs and independent providers offering outcome-based, uptime-guaranteed models. As building owners prioritize reliability and lifecycle cost optimization, IoT-enabled maintenance platforms are becoming a major differentiator in the market. Smart Elevators, Destination Control, and User Experience Smart elevator technologies are transforming the passenger experience and building operations. Destination control systems group passengers based on selected floors, reducing waiting and travel times, improving traffic handling capacity, and optimizing energy use. Integration with building management systems and access control allows personalized services such as mobile-based calling, facial recognition access, and touchless operation capabilities that gained prominence in the wake of heightened hygiene awareness. These smart features align with broader smart building and smart city initiatives, positioning elevators and escalators as critical nodes in connected, data-driven infrastructures rather than isolated mechanical subsystems. Sustainability, Green Labels, and Energy-Efficient Designs Sustainability is no longer optional; it is a core design and procurement criterion. Building developers seeking LEED, BREEAM, and other green certifications increasingly specify energy-efficient elevators and escalators equipped with regenerative drives, LED lighting, standby modes, and lightweight materials. OEMs are responding with eco-labeled product lines and lifecycle-assessment approaches to reduce embodied carbon and facilitate recycling at end of life. Regulatory pressure to cut emissions, combined with rising energy prices, is accelerating adoption of these technologies, reinforcing the role of vertical transportation systems in achieving broader environmental, social, and governance (ESG) objectives. Key Opportunities Expansion in Emerging Markets and Smart City Programs Emerging economies present some of the most attractive opportunities for market participants. Rapid urbanization, rising disposable incomes, and ambitious smart city and affordable housing initiatives in Asia Pacific, the Middle East, Africa, and Latin America are driving demand for new installations in residential towers, commercial complexes, transit systems, and public infrastructure. Governments are prioritizing mass transit, airports, and social infrastructure, all of which require extensive vertical transportation solutions. Vendors that can offer cost-competitive, robust, and energy-efficient products tailored to local conditions stand to capture significant share as these markets continue to scale. Modernization, Retrofits, and Digital Upgrades The installed base of elevators and escalators in North America, Europe, Japan, and other mature markets represents a substantial modernization opportunity. Many units require upgrades to meet new safety codes, accessibility norms, and energy-efficiency expectations. Beyond mechanical refurbishment, building owners are investing in digital retrofits such as new control systems, connected controllers, and infotainment or communication solutions in cabins. Service providers can deepen customer relationships and secure recurring revenue streams through bundled modernization programmes that combine hardware refreshes, IoT integration, and enhanced maintenance contracts, thereby extending equipment life while improving performance and compliance. Service, Aftermarket, and Outcome-Based Business Models Aftermarket services maintenance, repair, inspection, and modernization are becoming central to profitability. As systems become more software-driven and connected, OEMs and independent service providers can leverage data insights to offer tiered service contracts, uptime guarantees, and performance-based pricing models. This shift from one-time equipment sales to long-term service relationships stabilizes revenue and strengthens customer stickiness. Companies that can combine strong local service networks, digital platforms, and flexible contracts will be well positioned to capture value across the full lifecycle of elevator and escalator assets, particularly in complex, high-traffic, and mission-critical facilities. Tailor the report to align with your specific business needs and gain targeted insights. Request Here – https://www.credenceresearch.com/report/elevator-and-escalator-market Segmentation By Product Type: Elevators, Escalators Moving Walkways By Technology: Traction Hydraulic By Service: New Installation Maintenance Based on Region: North America United States Canada Europe United Kingdom Germany France Asia-Pacific China India Japan Latin America Brazil Mexico Middle East & Africa South Africa United Arab Emirates Regional Analysis From a regional perspective, Asia Pacific is expected to remain the largest and fastest-growing market for elevators and escalators over the forecast period. The region's rapid urbanization, large-scale residential and commercial construction, and extensive investments in metro rails, airports, and smart city projects underpin strong demand for new installations and maintenance services. China, India, Southeast Asia, and Japan, in particular, are focal markets for global and regional OEMs, driven by both new builds and modernization needs in high-density urban centers. Europe presents a more mature yet attractive landscape, where modernization, retrofits, and compliance with stringent safety and energy regulations drive activity. Many buildings constructed several decades ago require equipment upgrades, and the region's strong focus on sustainability supports adoption of green, energy-efficient vertical transportation solutions. In North America, the market benefits from the refurbishment of aging commercial and residential towers, expansion and renovation of airports and mass transit systems, and continued development of high-rise office and mixed-use buildings in major metropolitan areas. Middle East & Africa and Latin America offer significant medium-term potential, supported by tourism-driven construction, infrastructure corridors, and urban development in key economies such as the Gulf countries, Brazil, Mexico, and South Africa. Although economic volatility and funding constraints can cause project delays, long-term urban infrastructure needs support positive demand fundamentals in these regions. Credence Research's Competitive Landscape Analysis Credence Research's report emphasizes that the Elevator and Escalator Market is moderately consolidated, with a core group of global OEMs competing alongside strong regional and local players. Leading companies such as Otis, Schindler, KONE, TK Elevator, Mitsubishi Electric, Hitachi, Hyundai Elevator, and Fujitec maintain broad product portfolios, extensive service networks, and strong brand recognition worldwide. These vendors are actively investing in R&D to develop smart, connected, and energy-efficient solutions, while also engaging in strategic partnerships, acquisitions, and localization initiatives to strengthen their presence in high-growth markets. At the same time, agile regional manufacturers and independent service providers are carving out niche positions by offering cost-competitive products, customized solutions for low- and mid-rise buildings, and responsive local services. The competitive landscape is increasingly shaped by digital capabilities—such as IoT platforms, predictive maintenance, AI-driven traffic management, and cloud-based service portals—where differentiation depends on software, data analytics, and user experience as much as mechanical design. Credence Research's Competitive Landscape Analysis benchmarks leading players on parameters including product innovation, regional coverage, service capabilities, strategic initiatives, and alignment with sustainability goals, enabling stakeholders to understand positioning and identify partnership or investment opportunities across the value chain. Key Player Analysis Toshiba Elevators and Building Systems Corporation Hyundai Elevator Co., Ltd. Kone Corporation SJEC Corporation Schindler Group Fujitec Hitachi, Ltd. Otis Elevator Company Mitsubishi Electric Corporation Thyssenkrupp AG Recent Industry Developments April 2025 – Mitsubishi Electric Strengthens Its European Presence Mitsubishi Electric Corporation completed the acquisition of all shares of Ascension Lifts Limited, a well-established Irish elevator company, through its subsidiary Motum AB. This strategic move aims to expand Mitsubishi Electric's elevator maintenance and renewal portfolio across Europe, particularly in Ireland, where demand is rising due to aging infrastructure and growing environmental considerations. Ascension Lifts brings extensive multi-brand technical capabilities and a strong customer base, further strengthening Mitsubishi Electric's position in the mature European market and advancing its global building systems growth strategy. April 2025 – Otis Expands U.S. Footprint with Urban Elevator Acquisition Otis announced the acquisition of eight Urban Elevator locations across the United States, significantly broadening its service coverage in major metropolitan areas. This expansion enhances Otis's capacity to deliver comprehensive elevator and escalator services, reinforcing its leadership in dense urban markets. The move aligns with Otis's long-term strategy focused on service excellence, modernization, and sustainable urban mobility solutions, complementing ongoing innovation efforts across its product and services portfolio. March 2025 – Fujitec Unveils "Wisdom Square" Quality Evaluation Facility Fujitec Co., Ltd. completed the construction of "Wisdom Square," a cutting-edge elevator and escalator quality evaluation center at its headquarters in Hikone, Shiga. Spanning 1,000 m² and equipped with 11 test elevators and one escalator, the facility supports rigorous reliability assessments, installation method development, and quality verification for global products. The center enables cross-functional collaboration through rotational programs for engineers across development and quality divisions, strengthening the Group's overall quality management practices. February 2025 – Alat and TK Elevator Form €160 Million Joint Venture in Saudi Arabia Alat, part of Saudi Arabia's Public Investment Fund (PIF), and TK Elevator (TKE) entered a €160 million joint venture to manufacture elevators and escalators within the Kingdom—the first such initiative by a global elevator company in Saudi Arabia. As part of the partnership, Alat will also acquire a 15% stake in TKE. The joint venture aims to support large-scale Saudi giga-projects, advance economic diversification, and align with Vision 2030 goals. The agreement includes local manufacturing, R&D, specialized training, and a regional sales hub to enhance urban mobility solutions across the MENA region. January 2025 – KONE Australia Introduces High-Rise MiniSpace™ DX Elevator KONE Australia launched the next-generation High-Rise MiniSpace™ DX elevator, debuting in the BLVD tower at Melbourne Square. This system enhances usable building space by enabling an additional floor while increasing elevator speed and passenger capacity. It reduces pit depth, headroom, and motor room requirements while improving energy efficiency with ISO 25745 A-class performance. Powered by KONE's UltraRope® technology, the elevator reduces carbon emissions and construction timelines. Predictive maintenance capabilities further boost uptime and reduce operational expenses, marking a major advancement in vertical transportation for high-rise structures. May 2025 – Hyundai Elevator and Samsung C&T Partner on Modular Elevator Technology Hyundai Elevator and Samsung C&T signed an MOU to develop third-generation modular elevator systems designed for skyscrapers reaching up to 500 meters. With more than 70% of components prefabricated, the modular approach aims to reduce construction time, improve on-site safety, and lead the global shift toward advanced off-site construction methodologies. November 2024 – Otis Electric Launches New Smart Elevator Otis Electric, a subsidiary of Otis, introduced a new smart elevator tailored for both modernization and new construction markets. The system integrates advanced digital technologies to improve building mobility, energy management, and operational efficiency, reflecting the organization's commitment to next-generation intelligent mobility solutions. November 2024 – Hitachi Taiwan Secures Major Taipei MRT Project Hitachi's Taiwan subsidiary secured its largest-ever order comprising 147 elevators and escalators across 13 stations in Phase 2 of Taipei's MRT Wanda–Zhonghe–Shulin Line. Scheduled for completion in 2031, the project reinforces Hitachi's regional presence and supports Taiwan's expanding mass-transit infrastructure initiatives. August 2024 – Schindler Olayan Wins Landmark Contract for The Avenues Mall Schindler Olayan secured a major contract to supply vertical transportation equipment for The Avenues, set to become the largest commercial mall in the Middle East. The agreement includes 293 units—135 elevators, 150 escalators, and 8 moving walkways. All units will be cloud-connected and monitored via Schindler's ActionBoard platform, ensuring real-time performance tracking and maintenance optimization. May 2024 – KONE Strengthens South Pacific Presence with Orbitz Acquisition KONE acquired Orbitz Elevators' service division in Australia along with its full operations in New Zealand. The acquisition expands KONE's customer portfolio and service capabilities, supported by a skilled workforce specializing in custom-designed, sustainable elevator and escalator solutions for both residential and commercial sectors. March 2024 – Otis Wins Modernization Contract for Burj Khalifa Elevators Otis Worldwide Corporation received a contract to modernize 34 elevators at the Burj Khalifa, the world's tallest building, located in the UAE. The company also secured a ten-year maintenance and modernization agreement, strengthening its role as a strategic service provider for iconic global landmarks. May 2025 – KONE to Equip Franck Muller Aeternitas Tower in Dubai KONE was selected to supply high-end elevators and escalators for the Franck Muller Aeternitas residential clock tower in Dubai, reinforcing its presence in the premium real-estate and luxury high-rise segment. April 2025 – KONE Secures People Flow Contract for Grand Paris Express KONE won a major People Flow contract for five stations along France's Grand Paris Express Line 15 West. The order includes 131 escalators and four autowalks, with operations set to commence in 2031. This project strengthens KONE's footprint in large-scale urban mobility infrastructure in Europe. February 2025 – TK Elevator–Alat Joint Venture (Duplicate Entry Consolidation) A second February 2025 announcement reaffirmed the €160 million joint venture between TK Elevator and Alat to build elevator and escalator manufacturing capacity in Saudi Arabia, with closing expected by Q3 2025. December 2024 – APi Group Acquires Elevated Facility Services Group APi Group completed the acquisition of Elevated Facility Services Group for approximately USD 570 million. This move expands APi's vertical-transport service portfolio and enhances its integrated building services capabilities. August 2025 – Otis Announces Predictive Maintenance Partnership Otis (U.S.) announced a strategic partnership with a major technology firm to develop advanced predictive maintenance solutions for elevator systems. The collaboration focuses on improving reliability, minimizing downtime, and enhancing customer satisfaction through IoT-enabled diagnostics. The initiative positions Otis as a leading innovator in smart building ecosystems. July 2025 – Schindler Launches Energy-Efficient Escalator Schindler (Switzerland) launched a new escalator model engineered to reduce energy consumption by up to 30%. This release demonstrates the company's focus on sustainability and its response to rising regulatory and consumer demand for greener mobility solutions. The design supports Schindler's goal of advancing energy-efficient urban infrastructure. September 2025 – KONE Expands Manufacturing in Asia with Vietnam Facility KONE (Finland) opened a new manufacturing plant in Vietnam as part of its strategy to localize production for the fast-growing Asian market. The facility aims to shorten delivery times, enhance supply chain resilience, and improve responsiveness to regional demand, further strengthening the company's competitive positioning in Asia. Reasons to Purchase this Report: Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion). Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region. Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years. Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning. Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions. Benefit from Porter's Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics. Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years. Tailor the report to align with your specific business needs and gain targeted insights. 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