PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2066984
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2066984
The elevators and escalators market is projected to grow from USD 99.77 billion in 2026 to USD 114.88 billion by 2031, at a CAGR of 2.9% during the forecast period. The market is set to expand due to increasing demand for logistics centers, which are rapidly increasing in number. There is also a significant demand for freight elevators within these centers, contributing to their growth.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2021-2031 |
| Base Year | 2025 |
| Forecast Period | 2026-2031 |
| Units Considered | Value (USD Million) Volume (Thousand Units) |
| Segments | Type, Elevator Technology, Service, End-use Industry, and Region |
| Regions covered | North America, Asia Pacific, Europe, the Middle East & Africa, and South America |
Additionally, as urbanization advances and consumers' lifestyles evolve, shopping malls, hospitals, supermarkets, and mixed-use developments will become key areas for elevator and escalator installation opportunities.

"The elevators segment is projected to exhibit the highest CAGR from 2026 to 2031."
The elevators segment is projected to exhibit the highest CAGR during the forecast period due to the growing construction of high-rise residential, commercial, and mixed-use buildings worldwide. The demand for advanced elevator systems is increasing due to limited land space and growing urban populations. In today's buildings, elevators are a necessity, ensuring safe, efficient, and convenient transportation between floors. The growing investments in smart cities, infrastructure projects, hospitals, hotels, and office spaces are further driving elevator installations across different end-use sectors.
"The traction elevators segment is projected to capture the largest market share in 2031."
The traction elevators segment is expected to capture the highest market share in 2031, as they offer improved performance and energy efficiency and are suitable for medium- and high-rise buildings. Unlike hydraulic elevators, traction elevators use ropes and counterweights, which allow for smoother operation and greater energy efficiency. The number of skyscrapers, commercial towers, residential complexes, and mixed-use buildings is constantly growing, and so is the demand for traction elevator systems.
"The modernization segment is projected to exhibit the highest CAGR from 2026 to 2031."
The modernization segment is projected to exhibit the highest CAGR during the forecast period because numerous systems have been operating for decades and must be upgraded to meet current safety, access, and energy-efficiency codes and standards. To upgrade systems to ensure reliability, minimize downtime, and maximize equipment life without replacing systems, building owners are increasingly investing in modernization. Modernization of control systems, drives, safety systems, and digital monitoring equipment can help improve performance.
"The residential segment is projected to capture the largest market share in 2031."
The residential segment will capture the largest market share in 2031, driven by increasing housing demand in developed and emerging countries and rapid urbanization. Growing urbanization is stimulating the development of high-rise residential buildings, condominiums, and apartment complexes. There are numerous smart-city and affordable-housing projects underway in various countries that offer ample opportunities for elevator installations.
"The North American elevators and escalators market is projected to grow at the highest CAGR during the forecast period."
The North American elevators and escalators market is expected to have the highest CAGR over the forecast period, as the region is witnessing a surge in investment in the modernization of elevators and escalators across commercial construction and smart building technologies. The area is home to a considerable number of obsolete lifts that need to be replaced and modernized to meet new safety and energy-efficient requirements. The adoption of smart elevators, Internet of Things (IoT) technologies, predictive maintenance tools, and energy-efficient technologies is accelerating in the US and Canada.
By Company Type: Sales/Exports/Marketing - 62%, Production - 26%, and R&D - 12%
By Designation: Managers - 55%, CXOs - 15%, and Executives - 30%
By Region: North America - 18%, Europe - 14%, Asia Pacific - 42%, South America - 4%, and Middle East & Africa - 22%
Companies Covered: Schindler (Switzerland), Otis Worldwide Corporation (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co. Ltd. (South Korea), and Mitsubishi Electric Corporation (Japan), among other companies, are covered in the report.
The study includes an in-depth competitive analysis of these key players in the elevators and escalators market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the elevators and escalators market based on type (elevators, escalators, and moving walkways), elevator technology (traction elevators, machine-room-less traction elevators, and hydraulic elevators), service (new installation, maintenance & repair, and modernization), end-use industry (residential, commercial, institutional, infrastructure, and other end-use industries), and region (Asia Pacific, North America, Europe, South America, and the Middle East & Africa). The report's scope covers detailed information regarding the drivers, restraints, challenges, and opportunities influencing the growth of the elevators and escalators market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products offered, and key strategies, such as product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions, associated with the elevators and escalators market. This report covers a competitive analysis of upcoming startups in the elevators and escalators market ecosystem.
Reasons to Buy the Report
The report will provide market leaders/new entrants with information on the closest approximations of revenue numbers for the overall elevators and escalators market and its subsegments. This report will help stakeholders understand the competitive landscape, gain deeper insights into how to better position their businesses, and plan suitable go-to-market strategies. The report will help stakeholders understand the market and provide information on key drivers, restraints, challenges, and opportunities.
Analysis of key drivers (Increasing focus on energy efficiency in buildings), restraints (High maintenance cost), opportunities (Technological advancements and innovation), and challenges (Compliance with standards and regulations)
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the elevators and escalators market