Global elevators and escalators market projected to reach $113.81 billion by 2030, driven by urbanization, smart technologies, and high-rise construction demand, according to MarketsandMarkets.
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| Driven by global urbanization and digital building technologies, the elevators and escalators market is set to hit $113.8 billion by 2030, with Asia-Pacific leading and North America modernizing rapidly. Image: CH |
Delray Beach, United States – August 27, 2025:
The global elevators and escalators market is forecast to grow from USD 98.84 billion in 2025 to USD 113.81 billion by 2030, according to a new report by MarketsandMarkets. This projected growth reflects a compound annual growth rate (CAGR) of 2.86%, underpinned by rapid urbanization, an expanding base of high-rise residential and commercial buildings, and increasing demand for energy-efficient, technologically advanced mobility solutions.
Asia-Pacific is expected to maintain its dominance as the largest regional market, fueled by significant infrastructure expansion, population growth, and rising middle-class expectations in countries like China, India, and Japan. The surge in residential high-rises and commercial towers is accelerating demand for vertical transport systems across the region. Meanwhile, North America is projected to hold the second-largest share of the global market. The region is experiencing renewed growth as older elevator systems are being modernized to meet today’s safety, energy, and accessibility standards, and as smart technologies become increasingly integrated into building designs.
The report emphasizes that the elevator segment will lead the market throughout the forecast period. The proliferation of different elevator technologies—such as traction, machine-room-less (MRL), and hydraulic systems—is addressing the varying architectural and efficiency needs of urban infrastructure. Among these, machine-room-less traction elevators are expected to register the fastest growth, largely due to their compact design, space optimization benefits, and reduced construction costs. These systems offer improved energy performance while allowing architects greater freedom in building layout and design.
New installations are projected to experience the second-fastest growth among service segments. This trend is directly linked to the global boom in skyscraper construction, particularly in developing economies where office towers, mixed-use developments, luxury hotels, and residential complexes continue to reshape city skylines. The growing need for reliable and smooth vertical and horizontal mobility in such environments is contributing to sustained investment in new systems.
On the end-use side, the residential segment is forecasted to lead the market, supported by rising demand for accessibility, safety, and comfort in high-rise living spaces. This is especially relevant as global populations age and the concept of smart living gains popularity. Elevators are playing a crucial role in elevating standards of convenience and inclusivity in both mid- and high-income housing developments.
The report profiles leading global companies including Otis (US), KONE Corporation (Finland), Schindler Group (Switzerland), Mitsubishi Electric Corporation (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevators and Building Systems Corporation (Japan), Fujitec Co., Ltd. (Japan), TK Elevator (Germany), and SJEC Corporation (China). These companies continue to innovate, focusing on digital integration, sustainability, and advanced safety features to differentiate themselves in a competitive global marketplace.
As urban centers continue to densify and building technologies evolve, the elevators and escalators market is positioned to be a central player in shaping the future of vertical mobility and smart infrastructure worldwide.