In today’s fast-paced urban world, the demand for efficient vertical transportation systems has never been greater. As cities grow upward and population density increases, elevators and escalators are becoming vital elements of infrastructure across residential, commercial, and industrial developments. The global elevators and escalators market is witnessing robust growth, driven by urbanization, modernization of existing infrastructure, and technological advancements that are enhancing safety, energy efficiency, and automation.

As per MRFR Analysis, the Global Elevators and Escalators Market was valued at USD 109.60 Billion in 2023 and is projected to reach USD 231.44 Billion by 2032, growing at a CAGR of 8.76% from 2024 to 2032. The market growth is driven by rising investments in commercial and residential infrastructure, urbanization, and increasing population migration towards cities. The demand for elevators and escalators is particularly high in the Asia-Pacific region, which is expected to hold the largest market share due to its populous countries and ongoing infrastructure development.

Key Market Trends & Highlights

Key trends driving the Elevators and Escalators market include urbanization and technological advancements.

• Urban population is expected to reach 60% by 2030, increasing demand for elevators and escalators.
• Escalators segment held the majority share in 2021, driven by commercial infrastructure needs.
• Machine room-less elevators are projected to be the fastest-growing segment during 2022-2030.

Key Market Drivers

1. Urbanization and Infrastructure Development

As urban areas expand, particularly in emerging economies like India, China, and Southeast Asia, the need for high-rise buildings and vertical mobility solutions is accelerating. Smart city initiatives and government-funded infrastructure projects further drive demand for elevators and escalators.

2. Modernization and Replacement

Many aging buildings in North America and Europe require modernization of existing elevator systems to comply with new safety regulations and energy standards. This need for upgrades is fueling significant growth in the maintenance and modernization segments of the market.

3. Technological Advancements

The integration of IoT (Internet of Things), AI (Artificial Intelligence), and machine learning into elevators is revolutionizing the industry. Smart elevators now offer features like predictive maintenance, touchless operation, and destination control systems, enhancing user experience and system efficiency.

4. Aging Population and Accessibility

As the global population ages, the demand for elevators in residential buildings and healthcare facilities is rising. Providing accessibility to people with mobility challenges is a key focus in both new constructions and renovations.

5. Green Building and Sustainability Trends

With growing awareness about environmental sustainability, builders and developers are choosing energy-efficient elevators and escalators. Regenerative drives, LED lighting, and efficient traction systems help reduce power consumption and carbon emissions.