1 Global Elevators and Escalators Market Size (Revenue) and CAGR (2024-2033)
Global Elevators and Escalators market generated revenue of USD 84974.4 Million in 2024 with a CAGR of 5.08% during 2024 to 2033.
The current situation of the elevators and escalators market is characterized by steady growth and increasing demand across various regions. The market’s expansion is driven by several key factors, including urbanization, aging populations, and the continuous development of infrastructure. In particular, the Asia-Pacific region remains a significant driver of growth, with countries like China and India leading the demand for new installations and modernization projects.
Moreover, technological advancements are playing a crucial role in shaping the market. Innovations such as energy-efficient systems, smart elevators with IoT capabilities, and enhanced safety features are becoming more prevalent. These advancements not only improve the efficiency and reliability of elevators and escalators but also contribute to the overall market value.
Figure Global Elevators and Escalators Market Size (M USD) Outlook (2024-2033)
2 Elevators and Escalators Market Trends Analysis
Table Market Trends of Elevators and Escalators
Market Trends | Description |
Application of new technologies | The application of new technology of elevators and escalators represents the main direction of the development of elevators and escalators industry today, and energy conservation, environmental protection and intelligence have become the main development trend of elevators and escalators products. Energy saving refers to the use of permanent magnet synchronization, energy feedback and other technologies to reduce the unit time power consumption of elevator products; environmental protection refers to the use of small machine room, no machine room and harmonic and other technologies to reduce the vibration, noise, electromagnetic wave and other effects of elevator operation; intelligent refers to based on powerful computer software and hardware resources and elevator group control and other technologies, so that the elevator not only has the advantages of traditional artificial intelligence, but also has the advantages of dynamic and intelligent power consumption. The ability to deal with various problems randomly, so that the intelligent group control system of elevators can be combined with all the automated service equipment in the building to form an overall intelligent system. Improve the process that does not meet the production requirements, use new materials, automation products and information science and technology to research and develop parts of elevators and escalators, optimize the structure of elevators and escalators products, and create a new generation of elevators and escalators. With the upgrading of technology, the green, energy-saving, safe, reliable, comfortable, high-speed and intelligent elevators and escalators have become the mainstream of the market. |
3 Global Elevators and Escalators Market by Type in 2024
The global elevators and escalators market encompasses a variety of vertical transportation solutions, each serving distinct purposes and contributing to the overall market dynamics. In 2024, the market was segmented into three primary product types: Elevators, Escalators, and Moving Walkways.
Elevators are vertical transportation systems designed to move people or goods between floors of a building. They are essential in residential, commercial, and industrial settings, providing convenience and accessibility. In 2024, the elevator segment accounted for the largest market share, holding approximately 58.53% of the total market value. This dominance can be attributed to the widespread need for vertical transportation in high-rise buildings, residential complexes, and commercial centers. The market value for elevators in 2024 was $49,732.3 million USD, reflecting their critical role in modern infrastructure.
Escalators, on the other hand, are inclined moving staircases that transport passengers between different levels of a building. They are commonly found in shopping malls, airports, and subway stations, where high foot traffic necessitates efficient movement. In 2024, the escalator segment held a market share of 26.90%, with a market value of $22,858.5 million USD. Escalators are particularly important in public spaces where continuous movement is required, making them an indispensable part of modern urban infrastructure.
Moving Walkways are horizontal or inclined conveyor belts designed to transport people over short to medium distances. They are often used in airports, train stations, and large commercial complexes to facilitate the movement of large crowds. In 2024, moving walkways accounted for 14.57% of the market share, with a market value of $12,383.6 million USD. While they represent a smaller segment compared to elevators and escalators, moving walkways play a crucial role in enhancing the efficiency of pedestrian traffic in busy areas.
In summary, the elevators and escalators market in 2024 was dominated by the elevator segment, which held the largest market share at 58.53%. However, the escalator segment demonstrated the fastest growth rate, driven by the increasing demand for efficient transportation solutions in public spaces. Moving walkways, while representing a smaller portion of the market, also played a significant role in facilitating pedestrian movement in busy areas.
Table Global Elevators and Escalators Market Size and Share by Type in 2024
Product Type | Market Size (M USD) | Market Share (%) |
|---|---|---|
Elevators | 49,732.3 | 58.53 |
Escalators | 22,858.5 | 26.90 |
Moving Walkways | 12,383.6 | 14.57 |
Total | 84,974.4 | 100.00 |
4 Global Elevators and Escalators Market by Application in 2024
The global elevators and escalators market serves a diverse range of applications, each with its unique requirements and market dynamics. In 2024, the market was segmented into five primary applications: Commercial, Industrial, Residential, Government, and Others.
Commercial applications include the use of elevators and escalators in office buildings, shopping malls, hotels, and other commercial complexes. These installations are crucial for ensuring smooth operations and enhancing the accessibility of commercial spaces. In 2024, the commercial segment accounted for the largest market share, holding approximately 29.04% of the total market value. The market value for commercial applications was $24,676.3 million USD, reflecting the significant demand for vertical transportation solutions in commercial settings.
Industrial applications involve the use of elevators and escalators in factories, warehouses, and other industrial facilities. These systems are essential for moving heavy machinery, goods, and personnel between different levels of industrial buildings. In 2024, the industrial segment held a market share of 9.64%, with a market value of $8,190.6 million USD. The growth in this segment is driven by the expansion of industrial infrastructure and the increasing need for efficient material handling.
Residential applications include the installation of elevators and escalators in apartment complexes, condominiums, and private residences. These installations enhance accessibility and convenience for residents, particularly in high-rise buildings. In 2024, the residential segment accounted for 29.98% of the market share, with a market value of $25,474.6 million USD. The residential segment’s growth is closely tied to the construction of new residential developments and the increasing demand for modern, accessible living spaces.
Government applications involve the use of elevators and escalators in public buildings, airports, subway stations, and other government-owned facilities. These installations are critical for ensuring accessibility and efficient movement in public spaces. In 2024, the government segment held a market share of 13.99%, with a market value of $11,889.1 million USD. The growth in this segment is driven by ongoing infrastructure projects and the need to modernize existing facilities.
Other applications include a variety of sectors such as healthcare, education, and entertainment, where elevators and escalators are used to enhance accessibility and movement. In 2024, this segment accounted for 17.35% of the market share, with a market value of $14,743.7 million USD. The diverse nature of this segment ensures a steady demand for vertical transportation solutions across various industries.
In terms of growth rates, the commercial segment exhibited the fastest growth rate in 2024. This rapid expansion can be attributed to the increasing demand for modern, accessible commercial spaces and the continuous development of urban infrastructure. As cities expand and commercial activities grow, the need for efficient vertical transportation solutions in commercial buildings is expected to remain strong.
In summary, the elevators and escalators market in 2024 was dominated by the commercial segment, which held the largest market share at 29.04%. However, the commercial segment also demonstrated the fastest growth rate, driven by the increasing demand for modern, accessible commercial spaces. The residential and government segments also played significant roles, reflecting the widespread need for vertical transportation solutions in various applications.
Table Global Elevators and Escalators Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Share (%) |
|---|---|---|
Commercial | 24,676.3 | 29.04 |
Industrial | 8,190.6 | 9.64 |
Residential | 25,474.6 | 29.98 |
Government | 11,889.1 | 13.99 |
Others | 14,743.7 | 17.35 |
Total | 84,974.4 | 100.00 |
5 Global Elevators and Escalators Market by Region in 2024
In 2024, the global elevators and escalators market exhibited significant regional disparities in terms of market size and growth dynamics. The market was segmented across several key regions, each contributing uniquely to the overall industry landscape. These regions include North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America remained a stable market with a focus on modernization and maintenance of existing installations. The region’s market value in 2024 was $4314.3 million USD. Despite its relatively small share, North America demonstrated steady growth driven by technological advancements and the increasing need for energy-efficient solutions.
Europe continued to be a significant player in the global market, with a market value of $14627.1 million USD in 2024. European demand was driven by urbanization, infrastructure modernization, and the need for high-capacity transportation solutions in public spaces. The region’s growth was steady, supported by strong demand from countries like Germany, the UK, and France.
Asia-Pacific emerged as the largest regional market, with a market value of $61717.7 million USD in 2024. This dominance can be attributed to rapid urbanization, economic growth, and the increasing demand for high-rise buildings in countries like China and India. The region’s growth was further bolstered by ongoing infrastructure projects and the modernization of existing facilities.
Middle East & Africa contributed a market value of $1913.9 million USD in 2024. The region’s growth was driven by the expansion of urban infrastructure, particularly in the Gulf countries, and the increasing demand for modern transportation solutions in public spaces.
South America had a market value of $2401.5 million USD in 2024. The region’s growth was influenced by economic recovery efforts and the increasing need for vertical transportation solutions in urban areas.
In terms of growth rates, Asia-Pacific also emerged as the fastest-growing region. Its dynamic economic environment, coupled with significant investments in infrastructure and real estate, positioned it as a key driver of industry expansion. The region’s growth was further supported by technological advancements and the increasing adoption of energy-efficient and smart elevator systems.
Table Global Elevators and Escalators Market Size, Region Wise in 2024
Region | Market Size (M USD) |
|---|---|
North America | 4314.3 |
Europe | 14627.1 |
Asia-Pacific | 61717.7 |
Middle East & Africa | 1913.9 |
South America | 2401.5 |
Total | 84,974.4 |
6 Global Elevators and Escalators Market Top 3 Players
Company Introduction and Business Overview: Otis Elevators, founded in 1853, is one of the oldest and most reputable names in the industry. The company operates globally, with manufacturing plants distributed across the Americas, Europe, and Asia. Otis specializes in manufacturing and servicing a wide range of elevators, escalators, and moving walkways. The company’s business model emphasizes innovation, safety, and customer satisfaction, making it a trusted choice for both commercial and residential applications.
Products Offered: Otis offers a comprehensive range of products, including high-speed elevators, escalators, and moving walkways. Their flagship products include the Gen2® series, which features advanced technologies such as energy-efficient systems and smart monitoring capabilities. Otis also provides modernization services, ensuring that existing installations remain up-to-date with the latest technological advancements.
Revenue in the 2020: In 2020, Otis Elevators reported a revenue of $8623.3 million USD. This figure reflects the company’s strong market position and its ability to meet diverse customer needs through innovative solutions and reliable service.
Company Introduction and Business Overview: Schindler, established in 1874, is a leading manufacturer and provider of elevators, escalators, and moving walkways. The company operates globally, with manufacturing plants in the US, Brazil, Europe, China, and India. Schindler’s business model focuses on delivering high-quality products and services, supported by a strong emphasis on research and development. The company’s solutions are widely used in commercial buildings, residential complexes, airports, and shopping centers.
Products Offered: Schindler offers a diverse range of products, including the Schindler 3100 series, which is designed for low-rise buildings, and the Schindler 9300 series, which caters to high-rise applications. The company also provides smart elevator solutions, such as the PORT Technology, which enhances user experience through personalized services and efficient traffic management.
Revenue in 2020: In 2020, Schindler reported a revenue of $7905.5 million USD. This revenue underscores the company’s strong market presence and its commitment to delivering innovative and reliable transportation solutions.
Company Introduction and Business Overview:
Thyssenkrupp, founded in 1811, is a global industrial conglomerate with a significant presence in the elevators and escalators market. The company operates manufacturing plants across Europe, Asia, and the Americas, serving customers worldwide. Thyssenkrupp’s business model emphasizes innovation, sustainability, and customer-centric solutions. The company’s products are known for their reliability and advanced technological features, making them a preferred choice for various applications.
Products Offered:
Thyssenkrupp offers a wide range of products, including the Velino escalator series, which is designed for commercial use, and the TWIN elevator system, which allows two cabins to operate independently in a single shaft. The company also provides modernization services, focusing on enhancing the efficiency and safety of existing installations.
Revenue in 2020: In 2020, Thyssenkrupp reported a revenue of $6744.9 million USD. This figure highlights the company’s robust market position and its ability to deliver high-quality products and services that meet the evolving needs of the industry.
Table Global Elevators and Escalators Production Share of Top3 Players in 2020
Company | 2020 |
Otis Elevators | 11.55% |
Schindler | 9.38% |
Thyssenkrupp | 5.94% |