Global Elevators & Escalators Market to Reach USD 145.7 Billion by 2033, Driven by High-Rise Growth, Metro Expansion & Massive Modernization Demand

Phoenix Research predicts the global elevators & escalators market will keep humming at a steady 5.0 % CAGR, as Asia-Pacific Leads and Middle East Emerges as the Fastest-Growing Region

— December 6, 2025 | New Delhi, India — Phoenix Research
Phoenix Research has released its latest industry intelligence report titled “Global Elevators & Escalators Market Size, Share & Forecast 2025–2033,” revealing strong multi-sector momentum supported by rapid urbanization, infrastructure expansion, and aging assets requiring modernization. According to the Phoenix Demand Forecast Engine, the Global Elevators & Escalators Market is valued at USD 98.3 billion in 2025 and is forecasted to reach USD 145.7 billion by 2033, growing at a CAGR of ~5.0%.

“The industry is undergoing a major shift from hardware-centric deployments to digital, service-led models powered by IoT, AI diagnostics, predictive maintenance, and energy-efficient systems,” said Rachna Patni, Senior Analyst at Phoenix Research.
She added, “With over 20 million installed units globally approaching modernization age, 2025–2033 will see the fastest upgrade cycle the industry has ever experienced.”

Global elevators & escalators market highlights

• High-rise residential, commercial towers, airports, metros, malls, logistics hubs, and hospitals continue to drive installation growth.

• Modernization demand surges as legacy lifts require upgrades to meet safety, digital, and energy standards.

• IoT-driven predictive maintenance, destination control, touchless interfaces, and regenerative drives accelerate smart-elevator adoption.

• Aftermarket services—AMC, remote monitoring, predictive maintenance—represent the most profitable and stable revenue stream.

• Middle East giga-projects (NEOM, Lusail, Expo City, new metro lines) emerge as the fastest-growth catalyst.

Key Market Drivers

• Rapid Urbanization & High-Rise Construction across dense cities.

• Metro Rail & Airport Expansion fueling smart escalator and elevator deployments.

• Aging Installed Base → Modernization Boom across Europe, Japan, and developed APAC.

• Technological Advancements such as AI-based monitoring and digital twins.

• Aftermarket Growth with high service contract penetration.

• Stricter Global Safety Regulations increasing retrofit volumes.

Regional Insights

• Asia-Pacific (Largest Market): Dominated by China, India, Japan; strong housing & metro expansion.

• Middle East (Fastest Growing): Dubai, Abu Dhabi, Riyadh, Jeddah driving luxury high-rise and transport demand.

• Europe: Strongest modernization market due to aging infrastructure.

• North America: Mature replacement market with high digital service adoption.

• Latin America & Africa: Cost-sensitive but expanding urban infrastructure.

Competitive Landscape in the global elevators & escalators market

Top Global Players:
OTIS Elevator Company, KONE Corporation, Schindler Group, TK Elevator, Mitsubishi Electric, Hitachi, Fujitec, Hyundai Elevator, Toshiba Elevators.

Competitive Priorities:
IoT/AI monitoring, predictive maintenance, modernization kits, energy-efficient traction systems, digital service ecosystems.

Final Takeaway of the global elevators & escalators market

The Global Elevators & Escalators Market is entering a modernization-led, service-driven era. While new installations remain strong in Asia-Pacific and the Middle East, modernization, IoT-enabled maintenance, digital dispatch, and energy-efficient traction systems will shape the next decade of industry growth. Companies that excel in connected service platforms, predictive maintenance, safety retrofitting, and digital building integration are poised to lead the future of vertical mobility.

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Global Elevators and Escalators Market share and size and analysis 2025-2033