Elevators & Escalators Market worth $113,813.8 million by 2030 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Aug. 27, 2025 /PRNewswire/ -- The report "Elevators & Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine-Room-Less, & Hydraulic), End-use Industry, and Region - Global Forecast to 2030 ", global elevators and escalators market is projected to grow from USD 98,842.2 million in 2025 to USD 113,813.8 million by 2030, at a CAGR of 2.86% between 2025 and 2030.

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The growth of the elevators and escalators market in the Asia Pacific region is propelled by the construction industry, rapid urbanization, and the surge in high-rise buildings. This has led to heightened demand and increased sales of these products. Furthermore, changing demographics, including a growing aging population and an expanding middle class seeking improved living standards, are additional factors driving market growth.

Elevator type segment to lead the market during the forecast period.

The market for elevators and escalators is expected to grow, primarily driven by various types of elevators. Several factors contribute to this growth, including an increase in the construction of high-rise buildings, urbanization, and a heightened focus on advanced and energy-efficient elevator technologies. This segment's significance is reinforced by the diverse range of elevator types available, such as traction, hydraulic, and machine-room-less traction elevators. Elevators play a vital role in vertical mobility as urban environments and infrastructure evolve. Additionally, their wide array of applications in institutional, commercial, residential, and infrastructure settings further supports the overall expansion of the market.

New installation service segment to register the second-fastest growth during the forecast period.

The new installation segment is projected to experience the second fastest growth during the forecast period. This increase in demand is closely linked to the rising construction of skyscrapers, which include a wide array of structures such as contemporary office buildings, large shopping centers, opulent residential units, and elegant hotels, all of which signify strong economic development. Elevators and escalators are crucial for providing effective vertical and horizontal transportation within these towering structures, ensuring effortless access to different floors and areas.

Machine-room-less traction elevator technology is expected to register the fastest growth in the global elevators and escalators market during the forecast period.

The market for elevators and escalators is projected to grow at a high CAGR, particularly in the area of machine-room-less traction elevator technology. This segment is supported by its efficient use of space, which eliminates the necessity for a dedicated machine room. Machine-room-less traction elevators provide effective space utilization and increased architectural flexibility. They are recognized for their energy efficiency and adherence to modern safety standards, meeting the needs of modern building designs.

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Residential segment to lead the elevators and escalators market during the forecast period.

The residential sector is projected to lead the market for elevators and escalators. This growth is driven by several factors, including increasing urbanization, the rise in tall residential buildings, shifting population trends, and a desire for modern features in smart homes. Elevators play a crucial role in enhancing accessibility and convenience in residential complexes, particularly as more individuals opt to live in high-rise buildings. The growing interest in advanced living spaces, along with the need for efficient vertical transportation, positions the residential sector as a key contributor to market expansion.

North America is expected to hold the second-largest market share during the forecast period.

The North American elevators and escalators market is growing steadily due to key factors. Rapid urbanization and ongoing construction, especially in commercial, residential, and transportation areas, are increasing the demand for vertical transportation systems. There is also a strong need to update and modernize old elevators and escalators to meet current safety, efficiency, and accessibility standards. Additionally, advancements in technology, such as energy-efficient designs, Internet of Things (IoT) integration, and smart automated solutions, are becoming popular. These improvements enhance user experience and lower operating costs.

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Key Players

The report profiles key companies such as Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), and SJEC Corporation (China).

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