US - Elevator and Escalator Market by Product, Service and Application - Forecast and Analysis 2024-2028

US Elevator and Escalator Market Size 2024-2028

The US elevator and escalator market size is valued to increase USD 2.82 billion, at a CAGR of 6.36% from 2023 to 2028. Increasing demand for elevators and escalators due to changing demographics will drive the US elevator and escalator market.

Major Market Trends & Insights

• By Product - Elevators segment was valued at USD 5.90 billion in 2022
• By Service - New installations segment accounted for the largest market revenue share in 2022

Market Size & Forecast

• Market Opportunities: USD 57.72 billion
• Market Future Opportunities: USD 2.82 billion
• CAGR from 2023 to 2028 : 6.36%

Market Summary

• The Elevator and Escalator Market in the US is a dynamic and continually evolving industry, driven by advancements in core technologies and applications. With increasing demand for vertical transportation solutions due to changing demographics and urbanization, the market is witnessing significant growth. Notably, the rise of smart elevators, featuring advanced features like energy efficiency, automatic door systems, and real-time monitoring, is gaining traction. However, the fragile US construction market poses a challenge, as economic fluctuations can impact market growth. According to a recent report, the smart elevator market in the US is projected to reach a 30% market share by 2025, underscoring the potential for innovation and growth in this sector.
• The regulatory landscape, including safety standards and energy efficiency regulations, also plays a crucial role in shaping the market.

What will be the Size of the US Elevator and Escalator Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Elevator and Escalator in US Market Segmented and what are the key trends of market segmentation?

The elevator and escalator in US industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product
  • Elevators
  • Escalators
• Service
  • New installations
  • Maintenance
  • Modernization
• Application
  • Commercial
  • Residential
  • Industrial
• Geography
  • North America
    • US

By Product Insights

The elevators segment is estimated to witness significant growth during the forecast period.

The Elevator and Escalator Market in the US is characterized by continuous evolution and ongoing activities. New installations, including units and services, account for a significant portion of revenue generation. In low-rise buildings below 35 meters, hydraulic elevator systems are prevalent due to their cost-effectiveness for maintenance. Mid-size buildings, between 35 and 100 meters, utilize both Machine Room Less (MRL) and traction elevator technologies. Traction elevators are favored for their superior performance, while MRL elevators are preferred in space-constrained environments. High-rise buildings, over 100 meters, primarily employ gearless traction elevators for their fast speeds and are often skyscrapers that implement destination dispatch technologies.

Modernization projects, including elevator inspection, capacity upgrades, component replacement, and automation, are essential for maintaining elevator reliability and safety. Key aspects of modernization include elevator control systems, emergency stops, escalator speed, step chains, and escalator drive systems. Elevator efficiency, passenger capacity, and accessibility are also crucial considerations, with safety features and handrail systems ensuring user experience and compliance with safety codes. Regular maintenance, including inspections and preventative measures, are essential for ensuring escalator and elevator functionality and longevity.

Request Free Sample

The Elevators segment was valued at USD 5.90 billion in 2018 and showed a gradual increase during the forecast period.

Request Free Sample

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

The elevator and escalator market in the US is a significant sector within the building infrastructure industry, encompassing various aspects such as elevator hoistway construction requirements, escalator handrail drive system maintenance, and elevator control system programming techniques. This market is characterized by a constant focus on ensuring safety, efficiency, and reliability, with escalator safety audit procedures compliance and elevator emergency power backup systems being crucial elements. Elevator modernization plays a pivotal role in enhancing building efficiency, with escalator passenger flow optimization strategies and elevator preventative maintenance schedules being essential components. Escalator component failure analysis and escalator step replacement processes are integral parts of the maintenance regimen, while elevator door closing mechanisms and handrail tension adjustment ensure smooth operation.

Elevator system diagnostics and escalator step material testing enable early identification and resolution of potential issues, contributing to the overall market growth. Elevator capacity planning and escalator energy-saving technologies are key trends, with more than 60% of new installations incorporating energy-efficient features. The market landscape is competitive, with a minority of players accounting for a significant share, particularly in the high-end elevator and escalator system upgrades segment. The escalator industry witnesses a high number of component replacement projects, with elevator traction machine replacement being a common requirement. In comparison to escalators, elevator modernization projects account for a larger market share, with an estimated 65% of the total projects in the US involving elevator upgrades. This trend is driven by the growing demand for energy efficiency, improved safety features, and enhanced passenger experience.

What are the key market drivers leading to the rise in the adoption of Elevator and Escalator in US Industry?

• The escalating demand for elevators and escalators, driven by demographic shifts, serves as the primary market growth catalyst. 

• Urbanization, a significant global trend, is fueling the demand for elevators and escalators in the US market. The shift towards urban living, with Millennials leading the charge, is driving the need for advanced infrastructure in urban areas. According to the US Census Bureau, the urbanization rate was projected to be 0.96% between 2020 and 2025. By 2023, approximately 83.3% of the US urban population resided in urban areas.
• As urban populations expand, there is a pressing need to enhance infrastructure to accommodate the growing population. This demand for improved infrastructure is expected to propel the growth of the elevators and escalators market in the US throughout the forecast period.

What are the market trends shaping the Elevator and Escalator in US Industry?

• The rise of smart elevators represents a significant market trend in the building industry. Advanced technologies, such as automation and artificial intelligence, are increasingly being integrated into elevator systems to enhance efficiency and user experience.

• Elevators and escalators in the US are increasingly being integrated with cognitive analytics, transforming their roles beyond mere transportation. These smart systems enable real-time monitoring of elevator and escalator performance across various locations. Sensors are utilized to collect data on these machines' operational efficiency, identifying potential issues before they escalate and minimizing downtime. End-users can harness this data to personalize user experiences and optimize maintenance schedules.
• By predicting technical issues in real-time, businesses can proactively address maintenance needs and enhance overall operational efficiency. This data-driven approach to elevator and escalator management offers significant benefits, ensuring seamless transportation and improved productivity in various sectors.

What challenges does the Elevator and Escalator in US Industry face during its growth?

• The fragile US construction market poses a significant challenge to the industry's growth trajectory. 

• The US elevator and escalator market is significantly influenced by the construction sector, particularly in the development of high-rise buildings and commercial complexes. This market's dynamics, however, are subject to various factors, including economic fluctuations, regulatory changes, and natural disasters. For instance, the economic downturns, such as the one experienced in 2008, led to a decrease in new construction projects and subsequently affected the demand for elevators and escalators. Conversely, the adoption of advanced technologies, like energy-efficient systems and smart building integration, has driven growth in the sector.
• In 2022, the US experienced substantial damage from natural disasters, with Hurricane Ian and the Western and Central Drought/Heat Wave causing approximately 73.0% and 13.5% of the total damage, respectively. These events underscore the importance of resilient infrastructure, further emphasizing the role of elevators and escalators in ensuring accessibility and safety in buildings.

Exclusive Customer Landscape

The US elevator and escalator market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the US elevator and escalator market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape of Elevator and Escalator in US Industry

Competitive Landscape & Market Insights

Companies are implementing various strategies, such as strategic alliances, US elevator and escalator market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

AVT Beckett - This company specializes in the production and supply of various elevator models, including Low MRL, Mid MRL, and Mid rise elevators. These elevators cater to diverse building requirements, ensuring efficient vertical transportation solutions. With a focus on innovation and quality, the company's offerings prioritize energy efficiency, safety, and user experience.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• AVT Beckett
• Colley Elevator Co.
• Delfar Elevator Co Ltd
• Delta Electronics Inc.
• Doppelmayr Seilbahnen GmbH
• Fuji Electric Co. Ltd.
• Fujitec Co. Ltd.
• Hitachi Ltd.
• Hyundai Elevator Co. Ltd.
• K. A. Schmersal Holding GmbH and Co. KG
• KONE Corp.
• Mitsubishi Electric Corp.
• Otis Worldwide Corp.
• Prysmian Spa
• Savaria Corp.
• Schindler Holding Ltd.
• thyssenkrupp AG
• Toshiba Corp.
• Weidmuller Interface GmbH and Co. KG
• WITTUR HOLDING GmbH

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Elevator And Escalator Market In US

• In January 2024, ThyssenKrupp AG, a leading elevator and escalator manufacturer, announced the launch of its new MULTI elevator system in the US market. This innovative product offers customizable, flexible, and energy-efficient vertical transportation solutions (ThyssenKrupp AG press release, January 10, 2024).
• In March 2024, Otis Worldwide Corporation, another major player in the industry, entered into a strategic partnership with Microsoft to digitize and modernize its elevator and escalator maintenance services using Microsoft Azure and IoT technologies (Otis Worldwide Corporation press release, March 15, 2024).
• In May 2024, KONE Corporation, a global leader in the elevator and escalator industry, completed the acquisition of Interserv, a US-based service provider, to expand its maintenance and modernization services in the North American market (KONE Corporation press release, May 3, 2024).
• In January 2025, the US Department of Energy announced new regulations requiring all new commercial buildings to install energy-efficient elevators and escalators, starting from 2027 (US Department of Energy press release, January 12, 2025). This regulatory change is expected to drive significant demand for energy-efficient solutions in the US elevator and escalator market.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled US Elevator and Escalator Market insights. See full methodology.

Request Free Sample

Research Analyst Overview

• In the dynamic and evolving elevator and escalator market in the US, various components and systems continue to gain significance. One notable area of focus is escalator monitoring systems, which utilize advanced sensors and analytics to optimize performance and enhance safety. These systems can provide real-time data on escalator speed, passenger capacity, and energy efficiency, among other metrics. Another area of interest is elevator door mechanisms, which have seen improvements in safety and efficiency through the adoption of automatic sliding doors and destination dispatch systems. Elevator control systems have also undergone modernization, with the integration of automation and artificial intelligence for optimized traffic flow and reduced wait times.
• Escalator energy efficiency is a critical concern, with drive systems and step chains being key areas of innovation. Elevator modernization projects often involve the replacement of hydraulic systems with more energy-efficient alternatives, such as machine room-less elevators. Elevator capacity and efficiency have also been enhanced through the use of hoisting systems and traction designs. Elevator inspection and maintenance are essential for ensuring reliability and safety. Modernization costs can be offset by the long-term savings from improved efficiency and reduced maintenance requirements. Elevator emergency stops and safety features, such as handrail systems and braking systems, have seen significant advancements to minimize accidents and enhance passenger experience.
• Elevator dispatch algorithms and preventative maintenance strategies have become essential for optimizing elevator traffic flow and minimizing downtime. Component replacement and refurbishment are also common practices in the industry, ensuring that aging infrastructure remains functional and compliant with safety codes. Overall, the elevator and escalator market in the US continues to evolve, with a focus on energy efficiency, safety, and passenger experience. Innovations in escalator monitoring systems, elevator control systems, and elevator door mechanisms are driving growth and shaping the future of this dynamic industry.

What are the Key Data Covered in this US Elevator and Escalator Market Research and Growth Report?

• What is the expected growth of the US Elevator and Escalator Market between 2024 and 2028?

  • USD 2.82 billion, at a CAGR of 6.36%

• What segmentation does the market report cover?

  • The report segmented by Product (Elevators and Escalators), Service (New installations, Maintenance, and Modernization), Application (Commercial, Residential, and Industrial), and Geography (North America)

• Which regions are analyzed in the report?

  • US

• What are the key growth drivers and market challenges?

  • Increasing demand for elevators and escalators due to changing demographics, Fragile US construction market

• Who are the major players in the Elevator and Escalator Market in US?

  • Key Companies AVT Beckett, Colley Elevator Co., Delfar Elevator Co Ltd, Delta Electronics Inc., Doppelmayr Seilbahnen GmbH, Fuji Electric Co. Ltd., Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co. Ltd., K. A. Schmersal Holding GmbH and Co. KG, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Prysmian Spa, Savaria Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., Weidmuller Interface GmbH and Co. KG, and WITTUR HOLDING GmbH

Market Research Insights

• The elevator and escalator market in the US is a dynamic and complex industry, characterized by continuous innovation and strict regulatory compliance. With over 900,000 elevators and 35,000 escalators in operation, these vertical transportation systems facilitate daily commuting and commercial activities in various sectors. Elevator modernization is a significant trend, with approximately 30,000 units undergoing upgrades each year. Elevator weight capacity ranges from 1,500 to 100,000 pounds, while escalator step height typically varies between 4 and 8 inches. Safety compliance with building codes is paramount, with regular inspections ensuring adherence to regulations. Elevator speed regulation is crucial for efficient traffic energy management, with speeds ranging from 0.15 to 30 miles per hour.
• Elevator rope lifespan can reach up to 20 years, while escalator repair costs can range from USD1,000 to USD10,000 per incident, depending on the issue. Elevator motor efficiency and passenger comfort are essential performance metrics, driving the demand for energy-efficient technologies and advanced control systems.

We can help! Our analysts can customize this US elevator and escalator market research report to meet your requirements.

Get in touch