Elevator & Escalator Market Size, Share & Growth Forecast to 2032
Explore the global Elevator & Escalator Market Size, Share, Growth Trends, Key Drivers, Restraints, and Opportunities with a detailed forecast up to 2032.
The Elevator & Escalator Market is set for significant market growth thanks to robust urbanization and infrastructure investment worldwide. In 2024, the global elevator & escalator market size was valued at USD 94.05 billion and is expected to reach USD 167.62 billion by 2032, reflecting steady market growth at a CAGR of 7.6% during the forecast period. The Asia Pacific region leads with the largest market share, holding 43.77% in 2024, while the U.S. market is projected to hit USD 28.42 billion by 2032, driven by government initiatives and modernization trends.
📊 Elevator & Escalator Market Snapshot:
2024 Market Size: USD 94.05 Billion
2025 Estimate: USD 100.23 Billion
2032 Forecast: USD 167.62 Billion
CAGR: 7.6% (2025–2032)
Dominant Region: Asia Pacific holds 43.77% market share in 2024
✅ Drivers Fueling Elevator & Escalator Market Growth:
Infrastructure Investment Boosts Market Size: Large-scale urbanization and smart city projects worldwide.
Modernization Demand Grows Market Share: Increased focus on upgrading old elevators & escalators for energy efficiency and safety.
Commercial Development Expands Market Growth: Rising demand for vertical transport in malls, airports, and office complexes.
⚠️ Restraints Impacting Elevator & Escalator Market Growth:
High Initial Costs Limit Market Size Expansion: Expensive installation and maintenance can restrain market adoption.
Regulatory Compliance Affects Market Share: Stringent safety and environmental standards pose operational challenges.
Skilled Labor Shortage Hinders Market Growth: Need for specialized technicians for maintenance and modernization.
🌟 Opportunities for Elevator & Escalator Market Expansion:
Green Building Initiatives Drive Market Share Growth: Adoption of energy-efficient and smart elevator systems.
Modernization Projects Expand Market Size: Aging infrastructure worldwide presents lucrative upgrade opportunities.
Emerging Markets Fuel Market Growth: Rising urban population and investments in developing economies create new demand.
🏢 Top Elevator & Escalator Companies:
Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator Co Ltd, Kone Corporation, Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler, SJEC Corporation, TK Elevator GmbH, Toshiba Corporation.
Key Industry Development:
Otis Modernization Deal: In March 2024, Otis won a 10-year contract to modernize 34 elevators in the Burj Khalifa, the world’s tallest building.
TK Elevator Green Launch: In October 2023, TK Elevator introduced the EXO Renew Series using 100% green electricity and 28% less energy.
👉 Get the Full Elevator & Escalator Market Report with Detailed Insights, Size & Forecast:
https://www.fortunebusinessinsights.com/elevator-escalator-market-102722