Inside The Elevator Market’s Quiet Power Struggle

The global elevator and escalator industry is quietly expanding, expected to grow from USD 128.29 billion in 2025 to USD 180.30 billion by 2031, according to a market analysis by Mordor Intelligence. That steady climb, at a 5.75% CAGR, reflects a world building upward, even as parts of that ambition stall. China, long the engine of high-rise construction, now tells a more cautious story. Of 259 stalled skyscraper projects worldwide, 193 sit there. On paper, pipelines still look full. In reality, near-term demand for elevators in some markets is softer than projections suggest. Yet elsewhere, the skyline is still rising. The Gulf is stepping in to fill the gap, with Saudi Arabia alone planning hundreds of thousands of homes and millions of square metres of office space by 2030. India, meanwhile, has emerged as the second-largest market by volume, installing 60,000 units in 2024 as cities shift from sprawl to vertical living.

The Real Growth Story: Fixing What Already Exists
If new buildings once drove the industry, today the bigger opportunity lies in the past. Elevators age, and there are a lot of them. By 2024, an estimated 7 million elevators worldwide had crossed the 20-year mark. That number could double by 2034. In Europe, where most buildings pre-date 2001, safety codes are forcing upgrades. Regulations like EN 81-80 don’t just recommend changes, they compel them, from door locks to emergency systems. This is not optional spending. Insurance companies are beginning to deny claims on non-compliant lifts. In countries like Switzerland, building owners can even be held liable for accidents tied to outdated systems. The result is a surge in modernization contracts, often bundled with long-term maintenance deals. For companies, this means predictable, recurring revenue. For building owners, it’s a necessary cost of staying compliant and insurable.

Smarter Machines, Quieter Efficiency
Technology is reshaping what an elevator is expected to do. Today’s systems are less about moving people and more about managing buildings. Machine-room-less designs free up usable space. Regenerative drives cut energy consumption. Predictive maintenance, powered by sensors and analytics, can resolve faults before they become breakdowns. Companies are leaning heavily into this shift. Connected platforms now monitor vibration, usage patterns, and door cycles in real time. Some systems can fix up to 70% of issues before anyone notices a problem. Others reduce repair times significantly by learning from millions of past service calls. Even retrofitting older elevators with IoT comes at a modest cost, typically paying for itself within 18 months through reduced downtime and fewer emergency repairs.

What People Use—and Where
Passenger elevators dominate the market, accounting for over 64% of share. That’s unlikely to change, given the continued growth of residential towers and office buildings. But the fastest-growing segment is less vertical. Moving walkways, especially in airports, are expanding quickly as global travel infrastructure evolves. Escalators remain staples of malls and metro stations, though ultra-tall buildings are shifting budgets toward high speed lifts and sky-lobby systems instead. Traction elevators, particularly machine-room-less variants, are becoming the standard. Hydraulic systems are losing ground, squeezed by environmental regulations and energy inefficiency. Meanwhile, innovations like ultra light carbon-fibre ropes are pushing the limits of how high elevators can travel.

Regions Tell Different Stories
Asia-Pacific still dominates, contributing nearly two thirds of global revenue. India’s growth is increasingly driven by smaller cities, while China balances slower new construction with a vast modernization opportunity. In North America and Europe, growth is steadier but less dramatic, driven largely by regulatory upgrades and energy efficiency mandates. The Middle East and Africa stand out for future potential, fuelled by large-scale developments and tourism infrastructure. South America remains uneven, with investment rising in some pockets and delayed in others

Market Snapshot: Passenger Lifts Lead, Modernisation Drives Future Growth
Global Elevator And Escalator Market Trends and Insights By product type, passenger elevators led with 64.1% of elevator & escalator market share in 2025, while moving walkways are projected to expand at a 7.4% CAGR to 2031. By technology, traction systems accounted for 70% share of the elevator & escalator market size in 2025, and machine-room-less variants are growing at a 7.8% CAGR through 2031. By service, new installations held 47.9% of 2025 revenue, whereas modernisation is forecast to register an 8.0% CAGR between 2026-2031. By end-user, residential captured 43.3% share in 2025, while infrastructure applications advance at a 6.9% CAGR to 2031. By geography, Asia-Pacific commanded 62.8% of global revenue in 2025 and is expected to post a 6.2% CAGR during 2026-2031.