Base Year & Forecast Market Size
According to the latest report from Reed Intelligence, the global Elevator and Escalator market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2031.

Key Highlights

The largest region in the global elevator and escalator market is the Asia-Pacific (APAC) region, thanks to its large population, rapid urbanization and rising infrastructure investment.

The fastest-growing region over the forecast period is also APAC, reflecting booming demand for new installations and modernization projects.

By product type segmentation, the market covers Elevators, Escalators and Moving Walkways. Among these, Elevators remain dominant in usage across residential, commercial and industrial buildings.

By application segmentation, the market is divided into Residential Area, Commercial Office, Transportation Hub Area, Industrial Area.

Market Dynamics
The global elevator and escalator market is being propelled by accelerating urbanization, increasing construction of high-rise residential and commercial buildings, and growing adoption of smart buildings requiring modern vertical mobility solutions. According to the report, these factors are among the primary drivers of market growth.

At the same time, rising demand for energy efficiency, AI-powered elevator systems, and predictive maintenance solutions present significant opportunities for market expansion. As building owners and developers seek to modernize aging installations and upgrade to more efficient systems, the modernization segment — including retrofit and maintenance — is poised to contribute meaningfully to overall growth.

On the flip side, the market may face restraints including regulatory compliance challenges, supply-chain disruptions, and economic uncertainties, which could slow adoption in certain regions or segments. However, these restraints also offer opportunities: companies able to innovate — for example through energy-efficient systems, AI/IoT integration, and compliance-ready solutions — can capture underserved markets and differentiate competitively.

Top Market Players
Key global players identified in the report include:

Otis

Schindler Group

ThyssenKrupp

Kone

Mitsubishi Electric

Toshiba

Hitachi

Fujitec

Hyundai

Yungtay Engineering

Canny Elevator

Volkslift

Syney Elevator

Sicher Elevator

SJEC

Guangri Elevator

Hangzhou XiOlift

Edunburgh Elevator

Suzhou Diao

CNYD

Meilun Elevator

IFE Elevators

Joylive Elevator

Dongnan Elevator

Segmentation (by Region)
The market segmentation by region as per the report includes:

North America (e.g. United States, Canada)

Europe (e.g. UK, Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe)

Asia-Pacific (including China, India, Japan, Korea, Australia, Singapore, Taiwan, Southeast Asia, Rest of Asia-Pacific)

Middle East & Africa (MEA)

Latin America (LATAM) / LAMEA

About The Report
The report titled “Global Elevator and Escalator Market Size, Share and Trends Analysis By Type, By Application, By Region (North America, Europe, Asia Pacific, LAMEA) and Forecasts, 2023–2031” provides a comprehensive view of the global market. It includes in-depth analysis of market size, growth drivers, challenges, segmentation by type and application, regional breakdown, competitive landscape, and trend insights such as smart building adoption and maintenance demand.