Elevator and Escalator Industry Report 2026-2035: A $183 Billion Market by 2030, Driven by Smart City Developments, Energy-efficient and Touchless Systems, Predictive Maintenance, Modernization
Dublin, Feb. 27, 2026 (GLOBE NEWSWIRE) -- The "Elevator and Escalator Market Report 2026" has been added to ResearchAndMarkets.com's offering.
The elevator and escalator market is poised for significant growth, projecting an increase from $124.87 billion in 2025 to $183.24 billion in 2030, reflecting an 8% CAGR. This expansion is driven by factors such as urbanization, high-rise construction, and public infrastructure investments. Growing demand for advanced traction technologies and vertical transportation solutions further boost this trend.
Anticipated future catalysts include smart city developments, the rise of touchless elevator systems, and an increasing focus on green building initiatives. As a result, there's a notable shift towards energy-efficient and digital solutions, with innovations in smart elevators featuring predictive maintenance and destination control technologies becoming prominent. Enhanced passenger safety systems are equally emerging as critical components in the industry.
The momentum in infrastructure investment is a significant driver. The U.S. Census Bureau reported a 6.7% increase in construction spending to $2.16 trillion in July 2024 compared to the previous year, underscoring the growing need for efficient vertical transportation solutions. This aligns with the overall positive market outlook.
Technology plays a pivotal role in transforming the market landscape. Companies like KONE India are leading the charge, introducing digitally connected elevators that utilize IoT, cloud, and AI technologies to improve operational efficiency and safety. In December 2024, KONE launched the KONE I MonoSpace SMART, integrating dual-channel redundancy safety controllers and energy-efficient operations.
Strategic acquisitions further bolster market growth and innovation. In April 2025, Mitsubishi Electric Corp. expanded its capabilities by acquiring Ascension Lifts, an Irish company specializing in vertical transportation solutions, aiming to fortify its market presence and develop more energy-efficient systems.
The competitive landscape is rich with prominent players like Schindler Group, Otis Worldwide Corporation, KONE Corporation, and Mitsubishi Electric Corporation, who are strategically focusing on technological advancements to cater to the growing global demand.
The Asia-Pacific region stands out as both the largest and fastest-growing market for elevators and escalators, with extensive coverage across key markets such as China, India, and Japan. This region's growth trajectory highlights the crucial role of emerging markets in the industry's future.
Overall, the elevator and escalator market encompasses a diverse range of products and services, indicating a robust and dynamic sector poised for continued expansion and innovation driven by global urbanization trends and technological advancements.
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Global Elevator and Escalator Market Trends
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