엘리베이터 및 에스컬레이터 시장 - 규모, 점유율, 성장률, 산업 분석 : 유형별, 용도별, 지역별 인사이트 및 예측(2026-2034년)

Growth Factors of elevator and escalator Market

The global elevator and escalator market was valued at USD 100.23 billion in 2025 and is projected to grow from USD 107.11 billion in 2026 to USD 199.21 billion by 2034, exhibiting a strong CAGR of 8.10% during the forecast period (2026-2034). Asia Pacific dominated the global market with a 44.45% share in 2025, driven by rapid urbanization, infrastructure expansion, and high-rise construction activity.

Elevators, escalators, and moving walkways are essential vertical transportation solutions used across residential, commercial, and industrial spaces. These systems are widely deployed in apartment complexes, offices, malls, airports, metro stations, and industrial facilities to enable efficient movement of people and goods.

Market Trends

Smart Elevators and Green Lift Technologies

The market is witnessing a significant shift toward smart elevators and green lift strategies. Manufacturers are increasingly adopting energy-efficient motors, gearless systems, magnetic motors, LED lighting, recycled materials, and regenerative drives to reduce energy consumption and environmental impact.

Eco-modernization of traditional elevators is gaining momentum as green building standards become more stringent. Additionally, touchless and AI-enabled technologies are transforming user experience. For instance, in March 2023, Hyundai Elevator announced the development of a non-contact elevator button using infrared sensors and AI technology operated via smartphones and API platforms.

Market Growth Factors

Increasing Investment in Infrastructure Development

Rising global infrastructure investment is a key growth driver. Governments across emerging and developed economies are investing heavily in airports, metro systems, smart cities, highways, and commercial buildings, driving demand for elevators and escalators.

According to Invest India, the country plans to invest USD 1.4 trillion in infrastructure between 2024 and 2029. Similarly, China's smart city investments and large-scale urban development projects continue to fuel demand. In addition, mega-skyscraper projects-such as Saudi Arabia's USD 500 billion twin skyscraper project announced in January 2024-are expected to significantly boost market growth.

Restraining Factors

Safety Concerns and Accident Risks

Despite strong growth prospects, safety concerns related to elevator and escalator accidents remain a challenge. According to the U.S. Bureau of Labor Statistics, nearly 17,000 injuries and over 30 fatalities were reported in the U.S. in 2020 due to elevator and escalator-related incidents.

However, improved safety regulations, preventive maintenance services, and technological advancements such as predictive maintenance and real-time monitoring are expected to reduce accident rates and mitigate this restraint over time.

Segmentation Analysis

By Product

The market is segmented into elevators, escalators, and moving walkways.

• The elevator segment dominated with a 69.64% share and USD 74.59 billion market size in 2026, driven by demand from residential and commercial sectors and the growing aging population.
• The escalator segment is growing steadily due to increasing installations in shopping malls, metro stations, and commercial complexes.
• Moving walkways are witnessing moderate growth, mainly in airports and transit hubs.

By Business

Based on business type, the market includes new equipment, maintenance, and modernization.

• The maintenance segment led the market with a 51.39% share and USD 55.04 billion in 2026, supported by long-term service contracts.
• The modernization segment is expected to grow at the highest CAGR of 8.8%, driven by green technology upgrades and smart system integration.

By Application

The residential segment dominated with a 68.48% share in 2026, fueled by rising apartment construction and housing investments. Commercial and industrial segments are also expanding steadily due to demand from offices, hotels, factories, and logistics centers.

Regional Insights

Asia Pacific led the market with USD 44.45 billion in 2025, rising to USD 47.83 billion in 2026. China remains the largest contributor, projected to reach USD 34.41 billion in 2026, driven by urban expansion and smart product adoption.

North America is growing steadily due to modernization projects and smart building adoption. The U.S. market is expected to reach USD 28.42 billion by 2032.

Europe is witnessing moderate growth due to renovation of aging infrastructure, while the Middle East & Africa and Latin America are benefiting from high-rise construction and government infrastructure investments.

Key Industry Players

Major players include Kone Corporation, Schindler, Otis Worldwide Corporation, TK Elevator GmbH, Mitsubishi Electric Corporation, Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator, and SJEC Corporation. These companies focus on product launches, modernization contracts, digital solutions, and acquisitions to strengthen market presence.

Conclusion

The global elevator and escalator market is poised for strong and sustained growth, expanding from USD 100.23 billion in 2025 to USD 199.21 billion by 2034. Growth is driven by increasing infrastructure investment, rapid urbanization, rising demand for smart and green buildings, and continuous modernization of existing systems. While safety concerns and accident risks present challenges, advancements in AI-enabled monitoring, energy-efficient technologies, and predictive maintenance are expected to address these issues. Overall, the market offers significant long-term opportunities across residential, commercial, and industrial sectors worldwide.

Segmentation By Product, By Business, By Application, and By Region

Segmentation By Product

• Elevators
• Escalators
• Moving Walkway

By Business

• New Equipment
• Maintenance
• Modernization

By Application

• Residential
• Commercial
• Industrial

By Region

• North America (By Product, By Business, By Application, and By Country)
  • U.S. (By Product)
  • Canada (By Product)
• Europe (By Product, By Business, By Application, and By Country)
  • Germany (By Product)
  • U.K. (By Product)
  • France (By Product)
  • Italy (By Product)
  • Turkey (By Product)
  • Rest of Europe
• Asia Pacific (By Product, By Business, By Application, and By Country)
  • China (By Product)
  • India (By Product)
  • Japan (By Product)
  • South Korea (By Product)
  • Southeast Asia (By Product)
  • Rest of Asia Pacific
• Middle East & Africa (By Product, By Business, By Application, and By Country)
  • GCC (By Product)
  • South Africa (By Product)
  • Rest of the Middle East & Africa
• Latin America (By Product, By Business, By Application, and By Country)
  • Brazil (By Product)
  • Mexico (By Product)
  • Rest of Latin America

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Opportunities and Trends
• 3.3. Impact of COVID-19

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Elevator and Escalator Key Players Market Share/Ranking, 2025

5. Global Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 5.1. Key Findings
• 5.2. By Product (USD)
  • 5.2.1. Elevator
  • 5.2.2. Escalator
  • 5.2.3. Moving Walkways
• 5.3. By Business (USD)
  • 5.3.1. New Equipment
  • 5.3.2. Maintenance
  • 5.3.3. Modernization
• 5.4. By Application (USD)
  • 5.4.1. Residential
  • 5.4.2. Commercial
  • 5.4.3. Industrial
• 5.5. By Country (USD)
  • 5.5.1. North America
  • 5.5.2. Europe
  • 5.5.3. Asia Pacific
  • 5.5.4. Middle East & Africa
  • 5.5.5. Latin America

6. North America Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 6.1. Key Findings
• 6.2. By Product (USD)
  • 6.2.1. Elevator
  • 6.2.2. Escalator
  • 6.2.3. Moving Walkways
• 6.3. By Business (USD)
  • 6.3.1. New Equipment
  • 6.3.2. Maintenance
  • 6.3.3. Modernization
• 6.4. By Application (USD)
  • 6.4.1. Residential
  • 6.4.2. Commercial
  • 6.4.3. Industrial
• 6.5. By Country (USD)
  • 6.5.1. U.S.
    • 6.5.1.1. By Product
      • 6.5.1.1.1. Elevator
      • 6.5.1.1.2. Escalator
      • 6.5.1.1.3. Moving Walkways
  • 6.5.2. Canada
    • 6.5.2.1. By Product
      • 6.5.2.1.1. Elevator
      • 6.5.2.1.2. Escalator
      • 6.5.2.1.3. Moving Walkways

7. Europe Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 7.1. Key Findings
• 7.2. By Product (USD)
  • 7.2.1. Elevator
  • 7.2.2. Escalator
  • 7.2.3. Moving Walkways
• 7.3. By Business (USD)
  • 7.3.1. New Equipment
  • 7.3.2. Maintenance
  • 7.3.3. Modernization
• 7.4. By Application (USD)
  • 7.4.1. Residential
  • 7.4.2. Commercial
  • 7.4.3. Industrial
• 7.5. By Country (USD)
  • 7.5.1. Germany
    • 7.5.1.1. By Product
      • 7.5.1.1.1. Elevator
      • 7.5.1.1.2. Escalator
      • 7.5.1.1.3. Moving Walkways
  • 7.5.2. France
    • 7.5.2.1. By Product
      • 7.5.2.1.1. Elevator
      • 7.5.2.1.2. Escalator
      • 7.5.2.1.3. Moving Walkways
  • 7.5.3. U.K.
    • 7.5.3.1. By Product
      • 7.5.3.1.1. Elevator
      • 7.5.3.1.2. Escalator
      • 7.5.3.1.3. Moving Walkways
  • 7.5.4. Italy
    • 7.5.4.1. By Product
      • 7.5.4.1.1. Elevator
      • 7.5.4.1.2. Escalator
      • 7.5.4.1.3. Moving Walkways
  • 7.5.5. Turkey
    • 7.5.5.1. By Product
      • 7.5.5.1.1. Elevator
      • 7.5.5.1.2. Escalator
      • 7.5.5.1.3. Moving Walkways
  • 7.5.6. Rest of Europe

8. Asia Pacific Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 8.1. Key Findings
• 8.2. By Product (USD)
  • 8.2.1. Elevator
  • 8.2.2. Escalator
  • 8.2.3. Moving Walkways
• 8.3. By Business (USD)
  • 8.3.1. New Equipment
  • 8.3.2. Maintenance
  • 8.3.3. Modernization
• 8.4. By Application (USD)
  • 8.4.1. Residential
  • 8.4.2. Commercial
  • 8.4.3. Industrial
• 8.5. By Country (USD)
  • 8.5.1. China
    • 8.5.1.1. By Product
      • 8.5.1.1.1. Elevator
      • 8.5.1.1.2. Escalator
      • 8.5.1.1.3. Moving Walkways
  • 8.5.2. India
    • 8.5.2.1. By Product
      • 8.5.2.1.1. Elevator
      • 8.5.2.1.2. Escalator
      • 8.5.2.1.3. Moving Walkways
  • 8.5.3. Japan
    • 8.5.3.1. By Product
      • 8.5.3.1.1. Elevator
      • 8.5.3.1.2. Escalator
      • 8.5.3.1.3. Moving Walkways
  • 8.5.4. South Korea
    • 8.5.4.1. By Product
      • 8.5.4.1.1. Elevator
      • 8.5.4.1.2. Escalator
      • 8.5.4.1.3. Moving Walkways
  • 8.5.5. Southeast Asia
    • 8.5.5.1. By Product
      • 8.5.5.1.1. Elevator
      • 8.5.5.1.2. Escalator
      • 8.5.5.1.3. Moving Walkways
  • 8.5.6. Rest of Asia Pacific

9. Middle East & Africa Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 9.1. Key Findings
• 9.2. By Product (USD)
  • 9.2.1. Elevator
  • 9.2.2. Escalator
  • 9.2.3. Moving Walkways
• 9.3. By Business (USD)
  • 9.3.1. New Equipment
  • 9.3.2. Maintenance
  • 9.3.3. Modernization
• 9.4. By Application (USD)
  • 9.4.1. Residential
  • 9.4.2. Commercial
  • 9.4.3. Industrial
• 9.5. By Country (USD)
  • 9.5.1. GCC
    • 9.5.1.1. By Product
      • 9.5.1.1.1. Elevator
      • 9.5.1.1.2. Escalator
      • 9.5.1.1.3. Moving Walkways
  • 9.5.2. South Africa
    • 9.5.2.1. By Product
      • 9.5.2.1.1. Elevator
      • 9.5.2.1.2. Escalator
      • 9.5.2.1.3. Moving Walkways
  • 9.5.3. Rest of Middle East & Africa

10. Latin America Elevator and Escalator Market Size Estimates and Forecasts, By Segments, 2021-2034

• 10.1. Key Findings
• 10.2. By Product (USD)
  • 10.2.1. Elevator
  • 10.2.2. Escalator
  • 10.2.3. Moving Walkways
• 10.3. By Business (USD)
  • 10.3.1. New Equipment
  • 10.3.2. Maintenance
  • 10.3.3. Modernization
• 10.4. By Application (USD)
  • 10.4.1. Residential
  • 10.4.2. Commercial
  • 10.4.3. Industrial
• 10.5. By Country (USD)
  • 10.5.1. Brazil
    • 10.5.1.1. By Product
      • 10.5.1.1.1. Elevator
      • 10.5.1.1.2. Escalator
      • 10.5.1.1.3. Moving Walkways
  • 10.5.2. Mexico
    • 10.5.2.1. By Product
      • 10.5.2.1.1. Elevator
      • 10.5.2.1.2. Escalator
      • 10.5.2.1.3. Moving Walkways
  • 10.5.3. Rest of Latin America

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. Fujitech Co. Ltd
  • 11.1.1. Overview
    • 11.1.1.1. Key Management
    • 11.1.1.2. Headquarters
    • 11.1.1.3. Offerings/Business Segments
  • 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.1.2.1. Employee Size
    • 11.1.2.2. Past and Current Revenue
    • 11.1.2.3. Geographical Share
    • 11.1.2.4. Business Segment Share
    • 11.1.2.5. Recent Developments
• 11.2. Hitachi Ltd
  • 11.2.1. Overview
    • 11.2.1.1. Key Management
    • 11.2.1.2. Headquarters
    • 11.2.1.3. Offerings/Business Segments
  • 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.2.2.1. Employee Size
    • 11.2.2.2. Past and Current Revenue
    • 11.2.2.3. Geographical Share
    • 11.2.2.4. Business Segment Share
    • 11.2.2.5. Recent Developments
• 11.3. Hyundai Elevator Co Ltd
  • 11.3.1. Overview
    • 11.3.1.1. Key Management
    • 11.3.1.2. Headquarters
    • 11.3.1.3. Offerings/Business Segments
  • 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.3.2.1. Employee Size
    • 11.3.2.2. Past and Current Revenue
    • 11.3.2.3. Geographical Share
    • 11.3.2.4. Business Segment Share
    • 11.3.2.5. Recent Developments
• 11.4. Kone Corporation
  • 11.4.1. Overview
    • 11.4.1.1. Key Management
    • 11.4.1.2. Headquarters
    • 11.4.1.3. Offerings/Business Segments
  • 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.4.2.1. Employee Size
    • 11.4.2.2. Past and Current Revenue
    • 11.4.2.3. Geographical Share
    • 11.4.2.4. Business Segment Share
    • 11.4.2.5. Recent Developments
• 11.5. Mitsubishi Electric Corporation
  • 11.5.1. Overview
    • 11.5.1.1. Key Management
    • 11.5.1.2. Headquarters
    • 11.5.1.3. Offerings/Business Segments
  • 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.5.2.1. Employee Size
    • 11.5.2.2. Past and Current Revenue
    • 11.5.2.3. Geographical Share
    • 11.5.2.4. Business Segment Share
    • 11.5.2.5. Recent Developments
• 11.6. Otis Worldwide Corporation
  • 11.6.1. Overview
    • 11.6.1.1. Key Management
    • 11.6.1.2. Headquarters
    • 11.6.1.3. Offerings/Business Segments
  • 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.6.2.1. Employee Size
    • 11.6.2.2. Past and Current Revenue
    • 11.6.2.3. Geographical Share
    • 11.6.2.4. Business Segment Share
    • 11.6.2.5. Recent Developments
• 11.7. Schindler
  • 11.7.1. Overview
    • 11.7.1.1. Key Management
    • 11.7.1.2. Headquarters
    • 11.7.1.3. Offerings/Business Segments
  • 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.7.2.1. Employee Size
    • 11.7.2.2. Past and Current Revenue
    • 11.7.2.3. Geographical Share
    • 11.7.2.4. Business Segment Share
    • 11.7.2.5. Recent Developments
• 11.8. SJEC Corporation
  • 11.8.1. Overview
    • 11.8.1.1. Key Management
    • 11.8.1.2. Headquarters
    • 11.8.1.3. Offerings/Business Segments
  • 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.8.2.1. Employee Size
    • 11.8.2.2. Past and Current Revenue
    • 11.8.2.3. Geographical Share
    • 11.8.2.4. Business Segment Share
    • 11.8.2.5. Recent Developments
• 11.9. TK Elevator GmbH
  • 11.9.1. Overview
    • 11.9.1.1. Key Management
    • 11.9.1.2. Headquarters
    • 11.9.1.3. Offerings/Business Segments
  • 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.9.2.1. Employee Size
    • 11.9.2.2. Past and Current Revenue
    • 11.9.2.3. Geographical Share
    • 11.9.2.4. Business Segment Share
    • 11.9.2.5. Recent Developments
• 11.10. Toshiba Corporation
  • 11.10.1. Overview
    • 11.10.1.1. Key Management
    • 11.10.1.2. Headquarters
    • 11.10.1.3. Offerings/Business Segments
  • 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.10.2.1. Employee Size
    • 11.10.2.2. Past and Current Revenue
    • 11.10.2.3. Geographical Share
    • 11.10.2.4. Business Segment Share
    • 11.10.2.5. Recent Developments