IMARC Group’s report titled “Elevator and Escalator Market Report by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance and Repair, Modernization), End Use (Residential, Commercial), and Region 2025-2033“. The global elevator and escalator market size reached USD 161.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 244.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4.64% during 2025-2033.

Factors Affecting the Growth of the Elevator and Escalator Industry:

1. Thriving Construction Industry:

Demand for elevators and escalators is rising. This increase is driven by a construction boom. The market outlook is positive. Rapid urbanization plays a key role. More residential buildings, offices, campuses, airports, and shopping malls are being built worldwide. These systems are popular for their convenience and mobility. They save time by moving people efficiently between building levels. This efficiency is fueling market growth.

1. Technological Advancements:

IoT connectivity is driving growth in the elevator and escalator market. Predictive maintenance technology monitors health, reduces downtime, and boosts reliability. Energy-efficient features like regenerative drives lower costs and environmental impact. These advancements enhance user experience, safety, and sustainability. Elevators and escalators are vital in modern buildings and urban areas.

1. Rising Demand for Eco-Friendly Elevators and Escalators:

The market for eco-friendly elevators and escalators is growing. These systems use energy-efficient technologies like regenerative drives and LED lighting to cut power consumption. They also lower carbon emissions and costs for owners. As more people focus on green building and energy conservation, this trend continues. Now, many seek solutions that align with modern sustainability standards.

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Leading Companies Operating in the Global Elevator and Escalator Industry:

1. Canny Elevator Co. Ltd.

2. Electra Elevators

3. Fujitec Co. Ltd.

4. Gulf Elevators & Escalators Co. Ltd.

5. Hitachi Ltd.

6. Hyundai Elevator Co. Ltd.

7. Johnson Lifts Private Limited

8. Kleemann Group

9. KONE Corporation

10. Mitsubishi Electric Corporation

11. Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)

12. Schindler Holding Ltd.

13. Sigma Elevator Company

14. Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Elevator and Escalator Market Report Segmentation:

By Type:

1. Elevators

2. Escalators

3. Moving Walkways

Elevators represented the largest segment due to the rising number of high-end residential spaces.

By Service:

1. New Installation

2. Maintenance and Repair

3. Modernization

New installation accounted for the majority of the market share as advanced elevator and escalator systems align with stringent safety regulations.

By End Use:

1. Residential

2. Commercial

   1. Offices

   2. Hospitality

   3. Mixed Block

   4. Others

Commercial holds the biggest market share due to the increasing number of office buildings, shopping malls, and airports.

Market Breakup by Region:

1. North America (United States, Canada)

2. Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

3. Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

4. Latin America (Brazil, Mexico, Others)

5. Middle East and Africa

Asia Pacific enjoys a leading position in the elevator and escalator market on account of the rising demand for more advanced and comfortable elevator and escalator systems.

Global Elevator and Escalator Market Trends:

Major manufacturers are investing in research and development (R&D) activities to meet the safety needs of people. Integration of features such as redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is fueling the market growth. Regular maintenance is important to ensure the safety and reliability of these systems. Additionally, upgrading old systems with energy-efficient technology and improved safety features is a cost-effective solution. Moreover, the increasing focus on updating new elevator and escalator systems with advanced systems is fueling the market growth.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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