Elevators and escalators market seen reaching $249.6 billion by 2035

Market Research Future projects the global elevators and escalators market will grow from about $137.27 billion in 2025 to $249.60 billion by 2035, driven by urbanization, high-rise construction, modernization and smart-building upgrades. Asia-Pacific remains the largest region, while modernization and predictive maintenance emerge as key growth areas.

Why it matters: - The elevators and escalators market is shifting from a new-construction story to a broader infrastructure, modernization and services business. - That matters for building owners, transit systems and manufacturers because demand is increasingly tied to aging equipment, energy efficiency and connected service contracts.

What happened: - Market Research Future said the global elevators and escalators market was valued at about $137.27 billion in 2025. - The firm projects the market will reach $249.60 billion by 2035. - The forecast implies a 6.15% CAGR from 2026 to 2035. - The market covers elevators, escalators and moving walkways used in residential towers, commercial buildings, airports, railway stations, shopping centers, hospitals and industrial facilities.

The details: - Elevators accounted for about 74.0% of market revenue in 2025, making them the largest product category. - Traction technology held about 65.1% of market revenue in 2025. - Machine-room-less elevators are projected to grow at about 7.3% CAGR, the fastest among the technology segments. - New installation generated about 44.5% of market revenue in 2025. - Modernization is projected to grow at about 7.4% CAGR between 2026 and 2035. - Residential buildings represented about 40.3% of market revenue in 2025. - Infrastructure applications are projected to grow at about 6.4% CAGR, supported by metro and airport investment. - Asia-Pacific accounted for about 58.4% of global revenue in 2025 and is projected to grow at a 6.63% CAGR. - Europe held about 19.2% of global revenue in 2025. - Middle East and Africa are forecast to grow at about 6.8% CAGR. - The competitive field includes Otis Worldwide, KONE, Schindler, TK Elevator, Mitsubishi Electric, Hitachi, Toshiba, Fujitec and Hyundai Elevator. - The source includes sample, purchase and report links: Sample request, Buy now and Read more.

Between the lines: - Aging installations in Europe, Japan and North America are turning modernization into a recurring revenue stream that can offset slower new construction. - Smart elevators, predictive maintenance and AI-based dispatch systems are becoming core differentiators, not add-ons. - Energy efficiency is increasingly a buying criterion, which pushes demand toward regenerative drives, efficient motors, LED lighting and standby modes. - The market still faces headwinds from skilled-labor shortages, high installation costs, regulatory fragmentation and construction-cycle volatility.

What's next: - Growth is likely to come from modernization of existing buildings, connected service contracts and infrastructure buildouts in fast-urbanizing markets such as India, Vietnam and Indonesia. - Manufacturers are expected to keep investing in digital service platforms, predictive maintenance tools and energy-saving systems. - Asia-Pacific, the Middle East and Africa are positioned to outgrow more mature markets as urban density and transit investment expand.

The bottom line: - Elevators and escalators are becoming a tech-enabled infrastructure market, with the biggest upside now in modernization, service and intelligent building systems rather than just new construction.