How big is the Elevator and Escalator Market | Growth & Forecast 2025

Q: What is the projected size of the elevator and escalator market by 2031?

The elevator and escalator market is projected to reach over USD 98.8 billion by 2031.

Q: Which sectors contribute significantly to elevator and escalator demand?

Commercial buildings, airports, railway stations, and residential high-rises are the largest demand centers.

Q: How is technology reshaping the elevator industry?

IoT-enabled smart elevators, destination control systems, and AI-powered diagnostics are driving innovation.

Q: Which region is emerging as a major elevator market?

Asia-Pacific, led by China and India, remains the dominant due to ongoing urban expansion.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6288

Publication Date: Jul 2025

How big is the Elevator and Escalator Market?

According to 6Wresearch internal database and industry insights, the Global elevator and escalator market was valued at USD 76.55 billion in 2024 and is expected to exceed USD 98.8 billion by 2031, exhibiting a CAGR of 7.5% during the forecast period.

This growth is primarily driven by rapid urbanization, rising demand for high-rise residential and commercial buildings, and modernization of aging elevator systems across developed regions.

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Growth Drivers of the Elevator and Escalator Industry

Growing numbers of smart city projects or planned metro rail extensions globally
Increasing numbers of elevators being installed in low-rise buildings in developing economies
Replacement and modernization in North America and Europe
Aging population demands for elevators and accessibility-focused elevator systems
Integration of IoT and AI for predictive maintenance and energy savings
Building codes and safety regulations develop new innovative products

Elevator and Escalator Market Trends

Elevator and Escalator Market is showing strong momentum and demand coming from new AI-powered diagnostics and energy efficient smart elevators. Urban infrastructure projects are accelerating the demand for elevators especially in developing economies in Asia and the Middle East. In mature markets, the demand for replacing old building infrastructure is also creating a high demand for vertical transport in existing buildings or retrofitting old buildings with new vertical transport technology.

Emerging Developments in Elevator and Escalator Market

Innovations such as rope-less elevator systems, touchless control panels, and real-time service monitoring have begun transforming user experience in the Elevator and Escalator Industry. Companies are also investing in machine learning technologies for maintenance prediction and using digital twins for simulation and performance optimization. Modular elevator designs are gaining traction for faster installation in prefab construction.