Elevator and Escalator Market to Reach USD 194.97 Billion by 2030, Driven by Urbanization and Smart Building Technologies

The Elevator and Escalator Market Size is projected to grow from USD 127.97 billion in 2023 to USD 194.97 billion by 2030, at a CAGR of 6.2% during the forecast period. This growth is fueled by rapid urbanization, increasing high-rise construction projects, and the adoption of smart and energy-efficient vertical transportation solutions.



Drivers & Opportunities for Market Growth

The surge in infrastructure development, particularly in emerging economies, is a key driver of the elevator and escalator market. The growing need for modernization of aging infrastructure, coupled with advancements in automation and IoT-enabled elevators, is further boosting demand. Additionally, the increasing focus on sustainability and energy efficiency in building design is driving innovations in regenerative drive technology and smart maintenance systems, creating new market opportunities.

Discover In-Depth Insights: Get Your Free Sample of Our Latest Report Today @ https://www.maximizemarketresearch.com/request-sample/17439/ 

Segmentation Analysis

The elevator and escalator market is segmented based on product type, service, and end-user industry.

by Product Type, the market includes elevators, escalators, and moving walkways. Elevators dominate the market, particularly traction elevators, which are preferred in high-rise buildings due to their energy efficiency and smooth operation.

based on Service, the market is divided into new installations, maintenance & repair, and modernization. The maintenance & repair segment holds the largest market share, driven by the need for regular servicing and upgrades in commercial and residential buildings.

by End-User Industry, the market consists of residential, commercial, industrial, and infrastructure sectors. The commercial sector leads the market, with increasing demand for elevators and escalators in shopping malls, office buildings, and airports. The residential sector is also witnessing significant growth due to rising high-rise apartment constructions in urban areas.

Discover Key Insights: Request a Free Sample of Our Report Today @ https://www.maximizemarketresearch.com/request-sample/17439/ 

Country-Level Analysis

United States: The U.S. market is driven by the increasing adoption of smart elevators, growing renovation projects, and rising demand for energy-efficient solutions.

China dominates the global elevator and escalator market, fueled by rapid urbanization, large-scale infrastructure projects, and high investments in smart cities.

India is emerging as a key market, with growing demand for high-rise buildings, metro rail projects, and smart infrastructure developments.

Germany is witnessing steady growth, driven by stringent safety regulations, modernization of old buildings, and advanced automation technologies in elevators.

United Arab Emirates (UAE): The UAE is experiencing strong market demand, particularly in commercial skyscrapers, luxury hotels, and expanding metro systems.

Competitive Landscape

The elevator and escalator market is highly competitive, with key players focusing on technological advancements, mergers & acquisitions, and sustainability-driven innovations to strengthen their market presence.

Otis Elevator Company: A leading global player, Otis is focusing on smart elevator technologies and AI-based predictive maintenance solutions.

Schindler Group: Schindler is investing in digitalization and automation to enhance user safety, efficiency, and remote diagnostics in elevators and escalators.

KONE Corporation: KONE is pioneering eco-efficient elevators with regenerative drive technology to improve sustainability in urban infrastructure.

Thyssenkrupp Elevator: Thyssenkrupp is developing high-speed and multi-directional elevators to cater to the growing demand for high-rise and futuristic buildings.

Mitsubishi Electric Corporation: Mitsubishi Electric is expanding its elevator portfolio with AI-driven traffic prediction and smart connectivity features.

Recent Developments in the Market

Otis Elevator Company introduced AI-powered predictive maintenance solutions to enhance safety and efficiency.

Schindler Group launched its next-generation modular escalators with energy-saving features.

KONE Corporation developed an eco-efficient high-rise elevator system to support smart city developments.

Thyssenkrupp Elevator unveiled MULTI, a rope-free, multi-directional elevator system designed for next-gen skyscrapers.

Mitsubishi Electric Corporation expanded its production facilities to meet the rising demand for high-speed elevators in Asia.

Simply Click Here To Buy Full Report @ https://www.maximizemarketresearch.com/checkout/?method=PayPal&reportId=17439&type=Single%20User 

Conclusion

The global elevator and escalator market is set for substantial growth, driven by increasing urbanization, technological advancements, and sustainability initiatives. As high-rise buildings and smart infrastructure projects continue to expand, elevator and escalator manufacturers are focusing on automation, energy efficiency, and predictive maintenance solutions. With continued investments in innovation and safety, the market is poised to redefine the future of vertical transportation worldwide.

Explore More: Visit our website for Additional reports:

India Elevator Market https://www.maximizemarketresearch.com/market-report/india-elevator-market/110912/ 

Traction Elevators Market https://www.maximizemarketresearch.com/market-report/traction-elevators-market/188908/ 

Global Bucket Elevators Market https://www.maximizemarketresearch.com/market-report/global-bucket-elevators-market/105018/ 

About Maximize Market Research:

Maximize Market Research is a global market research and business consulting firm with offices in India, the USA, and the UAE. Our contribution to revenue and our mission-driven nature of research translates to being one of the proud partners of majority of Fortune 500 companies. Serving all major industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare etc., we have a diversified industry portfolio.

Contact Maximize Market Research:

MAXIMIZE MARKET RESEARCH PVT. LTD.

⮝ 3rd Floor, Navale IT park Phase 2,

Pune Banglore Highway, Narhe

Pune, Maharashtra 411041, India.

✆ +91 9607365656

🖂 sales@maximizemarketresearch.com

🌐 www.maximizemarketresearch.com