Elevators and Escalators Market worth $114.88 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., June 15, 2026 /PRNewswire/ -- According to MarketsandMarkets, '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 2031', The elevators and escalators market is projected to grow from USD 99.77 billion in 2026 and to reach USD 114.88 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period.

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Elevators and Escalators Market Size & Forecast:

• Market Size Available for Years: 2021-2031
• 2026 Market Size: USD 99.77 billion
• 2031 Projected Market Size: USD 114.88 billion
• CAGR (2026-2031): 2.9%

Elevators and Escalators Market Trends & Insights:

• Modernization and replacement of older elevator and escalator systems, along with the development of smart, energy-efficient, and IoT (Internet of Things) technologies, are further driving market growth. Furthermore, new legislation regarding safety and the increased accessibility for elderly and handicapped users is driving the use of new elevator and escalator technologies.
• Asia Pacific's elevators and escalators market dominated, with a share of 47.2% in 2025.
• The escalators segment is expected to register the highest CAGR of 3.0% from 2026 to 2031, in terms of value.
• The traction elevators segment is expected to be the leading segment, in terms of value.
• The new installation segment is expected to dominate the market in terms of value.
• Residential is expected to be the leading segment in terms of value.
• Schindler, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd., TK Elevator, and Mitsubishi Electric Corporation were identified as star players in the elevators and escalators market, as they have focused on extensive product portfolios, strong global presence, and continuous technological advancements.
• Shenyang Yuanda Intellectual Industry Group Co., Ltd., ORONA, EITA Elevator, Glarie Elevator, and TRIO Elevators Co (India) Private Limited, among others, have distinguished themselves among startups and SMEs. These companies are gaining traction through competitive pricing, customized solutions, and investments in innovative technologies.

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By type, the escalators segment accounted for the second-largest market share in 2025

By type, the escalators segment recorded the second-highest market share in 2025, as commercial and public infrastructure facilities, including shopping malls, airports, metro stations, railway stations, and commercial complexes, were extensively using escalators. Escalators provide continuous passenger flow, making them a great choice for areas with high foot traffic. Escalators are also being installed to meet the demand for growing investments in transportation infrastructure and retail developments.

By elevator technology, the machine-room-less traction elevators segment accounted for the second-largest market share in 2025

The machine-room-less traction elevators had the second-largest market share, as they eliminate the need for a separate machine room, making them more efficient in terms of space utilization in any building. As demand for sustainable, cost-effective vertical transportation systems continues to rise, their use in residential, commercial, and mid-rise buildings is increasing. Additionally, developments in the miniaturization of motors and controls have improved their performance and reliability.

By service, the maintenance & repair segment accounted for the second-largest market share in 2025

In the service segment, the maintenance & repair segment recorded the second-highest market share in 2025 because regular inspections, preventive maintenance, and timely repairs are key to ensuring safety, efficiency, and compliance with regulatory standards. The older the equipment, the more maintenance it requires, creating recurring revenue for equipment service providers. Increased awareness of passenger safety and reduced downtime also contribute to demand for maintenance services and repairs.

By end-use industry, the commercial segment accounted for the second-largest share of the elevators and escalators market in 2025

By end-use industry, commercial was the second-largest segment in 2025 because the number of office buildings, shopping centers, hotels, hospitals, education institutes, and mixed-use developments has been rising. These facilities require effective vertical movement systems to accommodate large numbers of people and improve accessibility. In addition to commercial real estate and smart building projects, there has been a rise in investments in these areas, which have also fueled the installation of elevators and escalators.

North America accounted for the second-largest share of the elevators and escalators market in 2025

North America accounted for the second-highest market share in 2025, owing to its well-established infrastructure, robust commercial construction market, and large installed base of elevators and escalators. Modernization and replacement projects are taking place in the region, with a focus on enhancing safety, energy efficiency, and operational performance. The market is also experiencing expansion due to the increasing use of smart elevators, Internet of Things (IoT) based monitoring systems, and predictive maintenance technologies.

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Key Players:

The elevators and escalators market comprises major players, such as Schindler (Switzerland), Otis Worldwide Corporation (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), and others. Product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions are major strategies these key players adopt to enhance their positions in the elevators and escalators market.

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