Elevators and Escalators Market Forecasted to Reach $114.88 Billion by 2031
Elevators and Escalators Market Growth Forecast
The global market for elevators and escalators is experiencing significant growth, with projections indicating a rise from $99.77 billion in 2026 to an impressive $114.88 billion by 2031. According to recent insights from MarketsandMarkets™, this growth is supported by a Compound Annual Growth Rate (CAGR) of 2.9% anticipated over the forecast period.
Key Market Drivers
Factors contributing to this market expansion include the modernization and replacement of aging elevator and escalator systems. As technology advances, new, energy-efficient systems that integrate Internet of Things (IoT) technologies are becoming increasingly popular. New legislation focusing on safety standards and improving accessibility for elderly and disabled users also fuels the demand for modern elevator technologies.
A particularly notable point is the leadership of the Asia Pacific region, which held a share of 47.2% in the elevators and escalators market in 2025. This region's dominance is expected to continue, driven by increasing urbanization and infrastructure development.
Segment Insights
Breakdown of the market shows that the escalators segment is expected to demonstrate the highest growth rate, with a projected CAGR of 3.0% from 2026 to 2031. The traction elevators segment leads in market value, illustrating the prevailing preference for this type of elevator technology among consumers. Furthermore, the new installation market is anticipated to hold the largest share, fueled by new construction projects in both residential and commercial sectors.
Notable competitors within this marketplace include well-established companies such as Schindler, Otis Worldwide Corporation, KONE Corporation, Hitachi Ltd., TK Elevator, and Mitsubishi Electric Corporation. These companies maintain a strong global presence and focus on continual technological advancements and product expansions.
In the startup arena, companies like Shenyang Yuanda Intellectual Industry Group, ORONA, EITA Elevator, and Glarie Elevator are making headlines with competitive pricing, specialized service offerings, and innovative technological investments.
Market Composition by Segment
Type
Recent examinations reveal that the escalators segment ranks second by market share in 2025, primarily due to their extensive deployment in commercial environments—shopping malls, airports, and public transport hubs are just a few examples where escalators enhance passenger flow.
Elevator Technology
The machine-room-less traction elevators segment ranks as the second-largest in 2025. The efficiency these systems offer through space-saving designs makes them increasingly attractive options, particularly for urban developers focused on sustainable building practices.
Services
Regarding services, the maintenance and repair sector recorded the second-largest share in 2025. Regular maintenance is vital for safety and efficiency, thereby creating steady revenue streams for service providers as installation bases grow.
End-Use Industry
The commercial sector comprises the second-largest segment of the elevators and escalators market. The rise of office buildings, hotels, and hospitals underscores the crucial role elevators and escalators play in modern architecture and building accessibility.
Geographical Distribution
North America claimed the second-largest market share in 2025, thanks to a well-established infrastructure and ongoing modernization projects aimed at improving energy efficiency and operational performance of elevators. IOT-based monitoring and predictive maintenance are emerging as vital components of future market strategies.
Conclusion
With a continuing shift towards modernization and smart infrastructure, the elevators and escalators market is set not only to expand but to evolve significantly. Advances in technology paired with regulatory advancements particularly emphasize safety and sustainability. Stakeholders keen on capitalizing on this growth will need to stay informed about market dynamics and emerging technologies shaping the industry.
Topics Consumer Products & Retail）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.