Elevator and Escalator Global Market Report 2026

An elevator is a room-type machine designed to transport people or freight between different levels in a building. Escalators are moving stairs that facilitate vertical movement between building levels. Both are commonly used in buildings for passenger and freight transport.

The main types of elevators and escalators include elevators, escalators, and moving walkways. Escalators consist of a moving staircase conveying people between building floors. Businesses in this industry encompass new equipment, maintenance, and modernization, utilizing various technologies such as elevator technology, traction elevators, machine roomless traction elevators, and hydraulics. Applications span across residential, commercial, institutional, infrastructure, and other end-user categories.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are affecting the elevator and escalator market by increasing costs for imported traction systems, control panels, motors, steel components, and electronic safety devices. The impact is most pronounced in Asia-Pacific and Europe, where large-scale manufacturing and export activities dominate, while emerging markets face higher installation and modernization costs. These tariffs are slowing project timelines and raising capital expenditure for commercial and infrastructure developments. At the same time, they are encouraging local manufacturing expansion, regional supplier partnerships, and innovation in modular and cost-efficient elevator and escalator systems.

The elevator and escalator market research report is one of a series of new reports from The Business Research Company that provides elevator and escalator market statistics, including elevator and escalator industry global market size, regional shares, competitors with an elevator and escalator market share, detailed elevator and escalator market segments, market trends and opportunities, and any further data you may need to thrive in the elevator and escalator industry. This elevator and escalator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The elevator and escalator market size has grown strongly in recent years. It will grow from $124.87 billion in 2025 to $134.81 billion in 2026 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to urbanization and high-rise construction growth, expansion of commercial real estate projects, increasing investments in public infrastructure, rising demand for vertical transportation, availability of advanced traction technologies.

The elevator and escalator market size is expected to see strong growth in the next few years. It will grow to $183.24 billion in 2030 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing smart city developments, growing demand for touchless elevator systems, expansion of green building initiatives, rising focus on remote monitoring solutions, increasing modernization of aging infrastructure. Major trends in the forecast period include increasing adoption of smart elevators with predictive maintenance, rising demand for energy-efficient escalator systems, growing integration of destination control technologies, expansion of modernization and retrofit services, enhanced focus on passenger safety systems.

The increase in infrastructure investment is expected to significantly drive the growth of the elevator and escalator market. As buildings continue to rise in height, the demand for elevators and escalators has surged, enhancing efficiency and accessibility for users. For instance, in September 2024, the U.S. Census Bureau reported that construction spending was estimated at a seasonally adjusted annual rate of $2,162.7 billion in July 2024, reflecting a 6.7% increase compared to July 2023. Additionally, total public construction spending rose to $270,803 million in July 2024, up from $243,948 million in the previous year. This substantial growth in infrastructure investments not only highlights the increasing need for vertical transportation solutions but also indicates a robust market outlook for elevators and escalators moving forward.

Leading companies in the elevator and escalator market are focusing on technological innovations, such as digitally connected elevators, to enhance user experiences and improve operational efficiency in modern buildings. Digitally connected elevators integrate advanced digital technologies, including the Internet of Things (IoT), cloud computing, and artificial intelligence (AI), to improve functionality, safety, and efficiency. For example, in December 2024, KONE India, an India-based manufacturer, launched the KONE I MonoSpace SMART, KONE I MiniSpace SMART, and KONE A MonoSpace SMART elevators. These elevators fully comply with the latest Indian safety standard, IS 17900, featuring advanced PESSRAL safety controllers with dual-channel redundancy and tamper-proof modules for enhanced user safety. They also offer energy-efficient operation through optional regenerative drives that can recycle up to 30% of energy, along with LED lighting and standby modes that can deliver up to 90% energy savings during idle periods.

In April 2025, Mitsubishi Electric Corp., a Japan-based multinational electronics and electrical equipment company, acquired Ascension Lifts for an undisclosed sum. Through this acquisition, Mitsubishi Electric aims to expand its global elevator and escalator business, strengthen its technological capabilities in vertical transportation solutions, enhance service offerings in the European market, and accelerate the development of innovative, energy-efficient lift systems. Ascension Lifts, based in Ireland, specializes in the design, manufacturing, and installation of elevators and related vertical transportation solutions.

Major companies operating in the elevator and escalator market are Schindler Group, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitec Co. Ltd, Hyundai Elevator Ltd, Canny Elevator Co. Ltd., WINONE Elevator Co. Ltd, Symax Lift (China) Co. Ltd, Nantong Fuji Elevator Co. Ltd, Ningbo Hosting Elevator Co. Ltd, General Elevator Co. Ltd, SAIL Intelligent Elevator (Suzhou) Co. Ltd, Huzhou Fuji Elevator Co. Ltd, Suzhou Towards Elevator Co. Ltd, SEPL India Ltd, Orbis Elevator, IEC LIFTS, IFE Elevators Co. Ltd, Expert Lift Ltd, Liftronic, Brilliant Lifts Australia, Orbitz Elevators, Yusaki Elevator, Blue Star Elevators, Omega-Elevators, Escon Elevators Pvt. Ltd, Sanei Manufacturing Co. Ltd, Vintec Elevator, Thyssenkrupp AG, Schmitt + Sohn, Delta Elevator Co. Ltd, AVT Beckett Elevators, True Canadian Elevator, Alphalift Ltd., Arabian Elevators & Engineering Co. LLC, Gulf Tech Elevators LLC, Orient Lines Elevators, HAUSLIFT, Logan Davex, Trent Park Engineering

Asia-Pacific was the largest region in the elevator and escalator market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the elevator and escalator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The elevator and escalator market consists of sales of step-type elevators, belt-type elevators, cleat-type elevators, spiral elevators, and vacuums among others. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Elevator and Escalator Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses elevator and escalator market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for elevator and escalator ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The elevator and escalator market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Product: Elevators; Escalators; Moving Walkway
• 2) By Business: New Equipment; Maintenance; Modernization
• 3) By Elevator Technology: Traction Elevator; Machine Room Less Traction Elevator; Hydraulic
• 4) By End User: Residential; Commercial; Institutional; Infrastructure; Other End Users
• Subsegments:
• 1) By Elevators: Passenger Elevators; Freight Elevators; Service Elevators; Dumbwaiters
• 2) By Escalators: Commercial Escalators; Industrial Escalators; Escalators for Public Transport
• 3) By Moving Walkways: Parallel Moving Walkways; Inclined Moving Walkways; Automated Walkways
• Companies Mentioned: Schindler Group; Otis Worldwide Corporation; KONE Corporation; Hitachi Ltd; Mitsubishi Electric Corporation; Toshiba Corporation; Fujitec Co. Ltd; Hyundai Elevator Ltd; Canny Elevator Co. Ltd.; WINONE Elevator Co. Ltd; Symax Lift (China) Co. Ltd; Nantong Fuji Elevator Co. Ltd; Ningbo Hosting Elevator Co. Ltd; General Elevator Co. Ltd; SAIL Intelligent Elevator (Suzhou) Co. Ltd; Huzhou Fuji Elevator Co. Ltd; Suzhou Towards Elevator Co. Ltd; SEPL India Ltd; Orbis Elevator; IEC LIFTS; IFE Elevators Co. Ltd; Expert Lift Ltd; Liftronic; Brilliant Lifts Australia; Orbitz Elevators; Yusaki Elevator; Blue Star Elevators; Omega-Elevators; Escon Elevators Pvt. Ltd; Sanei Manufacturing Co. Ltd; Vintec Elevator; Thyssenkrupp AG; Schmitt + Sohn; Delta Elevator Co. Ltd; AVT Beckett Elevators; True Canadian Elevator; Alphalift Ltd.; Arabian Elevators & Engineering Co. LLC; Gulf Tech Elevators LLC; Orient Lines Elevators; HAUSLIFT; Logan Davex; Trent Park Engineering
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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