Elevator and Escalator Market to Grow by USD 90.1 Billion from 2025-2029, Driven by Demand for Smart Elevators, Report on How AI is Driving Market Transformation - Technavio

NEW YORK, Feb. 13, 2025 /PRNewswire/ -- Report with the AI impact on market trends - The elevator and escalator market and it is set to grow by USD 90.1 billion from 2025 to 2029. However, the growth momentum will progressing at a CAGR of almost 10.8% during the forecast period, according to Technavio. The elevator and escalator market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.  Braun Elevator, Brobeil Aufzuge GmbH and Co.KG, ESCON Elevators Pvt. Ltd., Fuji Electric Co. Ltd., Fuji Elevators Co., Fujitec Co. Ltd., HIRO LIFT Hillenkotter and Ronsieck GmbH, Hitachi Ltd., Hyundai Elevator Co. Ltd., KOHLER Elevator GmbH, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Savaria Corp., SCHAEFER GmbH, Schindler Holding Ltd., TK Elevator GmbH, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH are some of the major market participants -. To know about the vendor offerings - Request a sample report

Elevator And Escalator Market 2025-2029: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The elevator and escalator market report covers the following areas:

• Elevator And Escalator Market Size
• Elevator And Escalator Market Trends
• Elevator And Escalator Market Industry Analysis
• Porter's Five Forces Analysis
• Customer Landscape

The elevator and escalator market is fragmented, and the degree of fragmentation will accelerate. The increasing demand for smart elevators will offer immense growth opportunities. However, the Reluctance to modernize elevators and reduce their energy use will hamper the market growth

Elevator And Escalator Market 2025-2029: Drivers & Challenges

The Elevators and Escalators market is driven by various factors. Infrastructure development in commercial establishments such as Deyaar Development and Stansted Airport, high-speed metro systems, and construction of new buildings are key growth drivers. Economic growth and the need for vertical transportation in offices, malls, residential apartments, healthcare facilities, and other vertical conveyance systems are also significant drivers. The construction industry's focus on sustainability, energy efficiency, and safety regulations is increasing the demand for smart elevators and escalators. Construction activities in Massachusetts and other regions with aging infrastructure require modernization and replacement of old elevators and escalators. The transportation infrastructure sector, including airports and leisure parks, also relies heavily on elevators and escalators for passenger and freight movement. Skilled labor is essential for the installation, maintenance, and repair of these systems. Overall, the market for Elevators and Escalators is expected to grow due to the increasing demand for vertical transportation solutions.

The Elevators and Escalators market encompasses various types, including residential and industrial elevators, hydraulic and cable lifts, wheelchair lifts, pneumatic lifts, glass lifts, and high-rise solutions. Challenges include safety measures, temporary bans due to infrastructure issues, raw material availability, and implementation of green technologies like recycled materials, LED lights, and watersoluble paints. Deyaar Development, Stansted Airport, and high-speed metro projects are significant consumers. Vertical transportation in commercial establishments, offices, malls, residential apartments, healthcare facilities, and retail establishments drives growth. Economic growth, new buildings, and passenger, freight, hospital, observation, and overall elevator demands continue to fuel market expansion. Energy efficiency, elevator traffic, and smart elevators are key trends.

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Segment Overview 

This elevator and escalator market report extensively covers market segmentation by  

• Product
• Elevators
• Escalators
• Application
• Commercial
• Residential
• Industrial
• Geography
• APAC
• Europe
• Middle East And Africa
• North America
• South America

1.1 Elevators-  The Elevator and Escalator market encompasses the production, sales, and installation of vertical transportation systems. These systems include elevators and escalators used in commercial, residential, and industrial buildings. Market growth is driven by increasing construction activities and the need for efficient vertical transportation solutions. Key players in this market include Otis Elevator Company, Schindler Group, and Kone Corporation.

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Elevator And Escalator Market 2025-2029: Key Highlights

• CAGR of the market during the forecast period 2025-2029
• Detailed information on factors that will assist elevator and escalator market growth during the next five years
• Estimation of the elevator and escalator market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the elevator and escalator market across APAC, Europe, Middle East and Africa, North America, and South America
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of elevator and escalator market vendors

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio