Elevators and Escalators Market worth $114.88 billion by 2031 - Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., June 15, 2026 /PRNewswire/ -- According to MarketsandMarkets, ' Elevators & Escalators Market by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine-room-less, Hydraulic), End-use Industry, and Region - Global Forecast to 2031', The elevators and escalators market is projected to grow from USD 99.77 billion in 2026 and to reach USD 114.88 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=221792102
Elevators and Escalators Market Size & Forecast:
Elevators and Escalators Market Trends & Insights:
Browse in-depth TOC on 'Elevators and Escalators Market'
370 - Tables
60 - Figures
300 - Pages
Request Sample Pages : https://www.marketsandmarkets.com/requestsampleNew.asp?id=221792102
By type, the escalators segment accounted for the second-largest market share in 2025
By type, the escalators segment recorded the second-highest market share in 2025, as commercial and public infrastructure facilities, including shopping malls, airports, metro stations, railway stations, and commercial complexes, were extensively using escalators. Escalators provide continuous passenger flow, making them a great choice for areas with high foot traffic. Escalators are also being installed to meet the demand for growing investments in transportation infrastructure and retail developments.
By elevator technology, the machine-room-less traction elevators segment accounted for the second-largest market share in 2025
The machine-room-less traction elevators had the second-largest market share, as they eliminate the need for a separate machine room, making them more efficient in terms of space utilization in any building. As demand for sustainable, cost-effective vertical transportation systems continues to rise, their use in residential, commercial, and mid-rise buildings is increasing. Additionally, developments in the miniaturization of motors and controls have improved their performance and reliability.
By service, the maintenance & repair segment accounted for the second-largest market share in 2025
In the service segment, the maintenance & repair segment recorded the second-highest market share in 2025 because regular inspections, preventive maintenance, and timely repairs are key to ensuring safety, efficiency, and compliance with regulatory standards. The older the equipment, the more maintenance it requires, creating recurring revenue for equipment service providers. Increased awareness of passenger safety and reduced downtime also contribute to demand for maintenance services and repairs.
By end-use industry, the commercial segment accounted for the second-largest share of the elevators and escalators market in 2025
By end-use industry, commercial was the second-largest segment in 2025 because the number of office buildings, shopping centers, hotels, hospitals, education institutes, and mixed-use developments has been rising. These facilities require effective vertical movement systems to accommodate large numbers of people and improve accessibility. In addition to commercial real estate and smart building projects, there has been a rise in investments in these areas, which have also fueled the installation of elevators and escalators.
North America accounted for the second-largest share of the elevators and escalators market in 2025
North America accounted for the second-highest market share in 2025, owing to its well-established infrastructure, robust commercial construction market, and large installed base of elevators and escalators. Modernization and replacement projects are taking place in the region, with a focus on enhancing safety, energy efficiency, and operational performance. The market is also experiencing expansion due to the increasing use of smart elevators, Internet of Things (IoT) based monitoring systems, and predictive maintenance technologies.
Request Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=221792102
Key Players:
The elevators and escalators market comprises major players, such as Schindler (Switzerland), Otis Worldwide Corporation (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), TK Elevator (Germany), Hyundai Elevator Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), and others. Product launches, agreements, collaborations, partnerships, acquisitions, contracts, and expansions are major strategies these key players adopt to enhance their positions in the elevators and escalators market.
Get access to the latest updates on Elevators and Escalators Companies and Elevators and Escalators Market Size
Browse Adjacent Market: Building and Construction Market Research Reports & Consulting
Related Reports:
Doors Market - Global Forecast to 2030
Ceramic Tiles Market - Global Forecast to 2030
Fire Protection System Pipes Market - Global Forecast to 2027
Flooring Market - Global Forecast to 2028
Construction Glass Market - Global Forecast to 2029
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.
Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.
The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.
MarketsandMarkets™ SalesPlay is an AI-driven Revenue Intelligence Co-Pilot designed to help revenue teams prioritize the right accounts, identify critical changes early, and surface opportunities ahead of demand, so pipeline builds naturally and deals close with greater consistency.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/
SOURCE MarketsandMarkets