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". offers a comprehensive analysis of the industry, which comprises insights on the global elevator and escalator market share. The global 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:

• Thriving Construction Industry:

The demand for elevators and escalators is rising due to the booming construction industry. This trend offers a positive market outlook. Rapid urbanization is also a key factor. It's leading to more residential buildings, offices, complexes, airports, and shopping malls worldwide. These systems are popular because they enhance convenience and mobility. They save time by efficiently moving many people between building levels. This efficiency is driving market growth.

• Technological Advancements:

Advancements in elevators and escalators, like IoT connectivity, are boosting market growth. Predictive maintenance technology also monitors health, cuts downtime, and boosts reliability. Furthermore, energy-efficient features, such as regenerative drives, lower costs and environmental impact. These improvements enhance user experience, safety, and sustainability. Thus, elevators and escalators are vital in modern buildings and urban areas.

• Rising Demand for Eco-Friendly Elevators and Escalators:

The demand for eco-friendly elevators and escalators is boosting the market. These models use energy-efficient technologies, like regenerative drives and LED lighting, to cut power use. They also reduce carbon emissions and lower costs for owners. The growing interest in green building and energy conservation fuels this market growth. More people are now seeking solutions that meet modern sustainability standards.

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Leading Companies Operating in the Global Elevator and Escalator Industry:

• Canny Elevator Co. Ltd.
• Electra Elevators
• Fujitec Co. Ltd.
• Gulf Elevators & Escalators Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• Johnson Lifts Private Limited
• Kleemann Group
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd (Otis Worldwide Corporation)
• Schindler Holding Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation (Toshiba Corporation)

Elevator and Escalator Market Report Segmentation:

By Type:

• Elevators
• Escalators
• Moving Walkways

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

By Service:

• New Installation
• Maintenance and Repair
• 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:

• Residential
• Commercial
  • Offices
  • Hospitality
  • Mixed Block
  • Others

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

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• 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:

Key manufacturers are investing in research and development (R&D) activities to meet the safety requirements of people. The integration of features like redundant safety systems, emergency communication devices, and automatic rescue devices in elevator and escalator systems is impelling the market growth.

Regular maintenance is crucial to ensure the safety and reliability of these systems. Additionally, upgrading older systems with energy-efficient technology and improved safety features is a cost-effective solution. Furthermore, the rising focus on updating new elevator and escalator systems with advanced systems is propelling 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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