Global Elevators and Escalators Market Expected to Hit $113.8 Billion by 2030

Global Elevators and Escalators Market Overview

The global market for elevators and escalators is forecasted to achieve remarkable growth, with expectations of increasing from approximately $98.8 billion in 2025 to nearly $113.8 billion by 2030. This potential increase represents a consistent annual growth rate (CAGR) of about 2.86% over the five-year period.

Drivers of Growth

The burgeoning construction sector, particularly in the Asia-Pacific region, is significantly driving this market expansion. Rapid urbanization, coupled with a surge in high-rise buildings, is leading to a substantial uptick in demand for elevators and escalators. As populations continue to grow and change, demographics such as an aging population and an expanding middle class seeking enhanced living conditions also contribute to this trend.

Types of Elevators Leading the Market

When focusing on market segments, elevators stand out as the primary driver of growth. High-rise buildings are increasingly being constructed, resulting in heightened demand for various elevator types. For instance, traction elevators, hydraulic ones, and those without dedicated machine rooms are gaining traction, especially in urban environments where vertical mobility is essential. This need for efficient vertical transport plays a critical role in the broader development of urban infrastructure.

New Installations Gaining Momentum

The new installation service segment is projected to witness the second-fastest growth during the forecast period. This surge is strongly linked to the uptick in skyscraper construction, including modern office spaces, large shopping complexes, upscale residential towers, and luxurious hotels that showcase economic advancements. Elevators and escalators are indispensable for facilitating smooth vertical and horizontal transit within these towering edifices, thereby granting effortless access across different levels and areas.

Machine-Room-Less Technology on the Rise

Machine-room-less traction elevator technology is also poised to exhibit the highest growth rate within the elevators and escalators sector. This technology excels in space efficiency, as it eliminates the need for a dedicated machine room. Aside from optimal space utilization, these elevators are also known for their energy efficiency and alignment with modern safety standards, which meet the creative demands of contemporary building designs.

Residential Sector Dominating the Market

The residential segment is anticipated to lead the overall market for elevators and escalators. Key factors facilitating this growth include urbanization, the increasing prevalence of tall residential structures, and shifting population trends towards advanced living. Elevators enhance accessibility in residential settings, especially as urban populations navigate more multi-story living environments. The evolving interest in smart homes and modern living spaces underscores the importance of dependable vertical transport systems.

North America and Global Shares

North America is forecasted to maintain the second-largest share in the elevators and escalators market over the next few years. The steady expansion in this region can be attributed to ongoing construction activities, particularly in commercial and residential sectors, alongside the necessity for modernizing older elevator systems to comply with safety and efficiency benchmarks. New technologies, like energy-efficient designs and integration with the Internet of Things (IoT), are also gaining popularity, significantly enhancing user experiences and reducing operational costs.

Key Players in the Market

Several major companies are actively contributing to the growth of the elevators and escalators market, including Schindler Group, Otis, KONE Corporation, Hitachi, and Mitsubishi Electric. Their ongoing innovations and strategic developments will play a crucial role in shaping the market landscape as consumer needs evolve.

Conclusion

In conclusion, the elevators and escalators market is witnessing significant momentum driven by urbanization and technological advancements. As the global population continues to grow, and as infrastructure focuses on optimizing vertical transport, the market is set for an impressive future.