Elevator and Escalator Market to Reach USD 207.4 Billion by 2028, Driven by Asia-Pacific Growth

According to the report “Elevator and Escalator Market – Global Forecast to 2028” by MarketsAndMarkets, the global elevator and escalator market is projected to grow from USD 152.1 billion in 2023 to USD 207.4 billion by 2028, at a compound annual growth rate (CAGR) of 6.4% over the forecast period.

Asia-Pacific: The Engine of Market Growth

The Asia-Pacific region is expected to experience the fastest growth in the global elevator and escalator market. This momentum is fueled by:

• A booming construction industry
• Rapid urbanization
• The increasing number of high-rise buildings

These factors have significantly boosted demand and sales in the vertical mobility sector. Additionally, demographic shifts—such as an aging population and a growing middle class seeking improved living standards—are further accelerating market expansion.

Key Industry Players

Several leading companies are shaping the global elevator and escalator market, including:

• Schindler Group (Switzerland)
• Otis (USA)
• KONE Corporation (Finland)
• Hitachi Ltd. (Japan)
• Hyundai Elevator Co., Ltd. (South Korea)
• Fujitec Co., Ltd. (Japan)

Recent Developments

• Schindler Group signed a global partnership with citizenM Hotels, the Netherlands-based boutique hotel chain, to provide modernization and service for all existing properties and future mobility solutions across new hotel developments.
• Otis acquired Bay State Elevator, expanding its footprint in the northeastern United States. The acquisition includes Bay State's service portfolio and operations across Massachusetts, Connecticut, Vermont, and upstate New York.
• KONE Corporation completed the sale of its Russian operations to S8 Capital, a diversified Russian holding company. In addition, KONE executed a share buyback in November 2022, acquiring 1,083,500 Class B shares at an average price of USD 49.5 per share.
• Hitachi Ltd. successfully acquired all outstanding shares of Yungtay Engineering Co., Ltd., a Taiwan-based manufacturer and service provider of elevators and escalators. This strategic move aims to strengthen Hitachi’s presence in China and the broader Asian market.

Asia-Pacific: Poised for Sustained Leadership

The Asia-Pacific elevator and escalator market is set to record the highest CAGR globally between 2023 and 2028. Key economies such as China, India, and Japan are expected to contribute significantly to this growth and maintain substantial market shares throughout the forecast period.

China, in particular, remains a critical influencer, home to numerous manufacturing facilities and a key player in setting global market dynamics.

With rapid industrialization, robust economic development, and a strong pipeline of urban infrastructure projects, the Asia-Pacific region offers a fertile environment for sustained market expansion in vertical mobility solutions. (Photo: Freepik)