Elevator And Escalator Market Size, Share & Trends Analysis Report By Type (Elevators Escalators, Moving Walkways), By Service (New Installation, Maintenance & Repair, Modernization), By Region, And Segment Forecasts, 2023 To 2030

The elevator and escalator market is a rapidly growing industry that plays a vital role in modern infrastructure development. This market involves manufacturing, installing, maintaining elevators, escalators, and moving walkways, which are used in various public and private buildings, such as shopping malls, airports, hospitals, and residential complexes.

The market has grown significantly in recent years due to the increasing demand for vertical transportation systems in high-rise buildings. The growth is driven by urbanization, rising population, and increasing construction activities in developing economies. The market is also influenced by technological advancements and innovations such as energy-efficient and smart elevators that use advanced sensors and control systems.

The market is witnessing several trends shaping the industry's future. There is a growing demand for elevators and escalators that consume less energy, are more environmentally friendly, and reduce operating costs. The industry is responding to this trend by developing energy-efficient products and incorporating advanced technologies such as regenerative drives and intelligent control systems.

Integrating the Internet of Things (IoT) technology is one of the critical trends fueling industry growth. Elevator and escalator manufacturers’ are increasingly incorporating IoT technology into their products, allowing for real-time monitoring, remote diagnostics, and predictive maintenance. IoT-enabled elevators and escalators can also improve the user experience by providing personalized services such as traffic analysis and elevator dispatch optimization. Smart elevators use advanced sensors, algorithms, and artificial intelligence (AI) to optimize performance and improve passenger experience. These elevators can recognize individual users, adjust elevator speed and direction based on traffic patterns, and even predict the floors passengers are likely to visit.

Asia-Pacific is one of the leading markets for elevators and escalators due to the increasing demand for high-rise buildings and the growing construction industry in China, Malaysia, and India. In September 2022, Adrian Smith and Gordon Gill’s architecture, in conjunction with Thornton Tomasetti Engineers, completed the construction of the Wuhan Greenland Center China. North America and Europe are also growing markets for the industry due to the high number of existing buildings and the increasing demand for retrofitting elevators and escalators in these regions.

Elevator and Escalator Market Segmentation

• By Type

  • Elevators

  • Escalators

  • Moving Walkways

• By Service

  • New Installation

  • Maintenance & Repair

  • Modernization

• By Elevator Technology

  • Traction

  • Machine-Room-Less

  • Hydraulic

• By End-Use

  • Residential

  • Non-Residential

• Key players

  • EITA Elevator (M) Sdn. Bhd.

  • Electra Elevators

  • Escon Elevators Pvt. Ltd

  • FUJITEC CO., LTD.

  • Hitachi Ltd.

  • HYUNDAIELEVATOR CO., LTD.

  • KONE Corporation Finland

  • Mitsubishi Electric Corporation

  • Orona

  • OTIS WORLDWIDE CORPORATION

  • Schindler

  • Sigma Elevator Company

  • thyssenkrupp AG

  • Toshiba Elevators and Building Systems Corporation.