North America Elevator and Escalator Market Report, By Product Type (Elevators, Escalators, Moving Walkways), By Application (Residential Buildings, Commercial Complexes, Airports and Transportation Hubs, Hospitals and Healthcare Facilities, Shopping Malls), and Regions 2025-2033

Market Overview:

"The North America elevator and escalator market was valued at US$ 24.6 billion in 2024 and is expected to register a CAGR of 5.5% over the forecast period and reach US$ 39.8 billion in 2033."

Report Attributes	Details
Base Year	2024
Forecast Years	2025-2033
Historical Years	2021-2024
North America Elevator and Escalator Market Growth Rate (2025-2033)	5.5%

Elevators and escalators serve as essential vertical mobility solutions in urban infrastructure. These machines enable efficient transportation within buildings, improving accessibility, saving time, and enhancing convenience. Elevators and escalators are widely used in commercial complexes, residential buildings, airports, and transportation hubs, as these systems play a vital role in accommodating the needs of people with reduced mobility. Demand is driven by rapid urbanization, need for energy-efficient designs, safety considerations, and rising preference for smart and automated solutions that enhance user experience and optimize space utilization.

The North America elevator and escalator market is registering steady revenue growth due to increasing construction activities and renovation of aging infrastructure. Higher urbanization, particularly in cities, is driving demand for vertical transportation solutions. Alongside new installations, maintenance and modernization services gain significance, ensuring safety and optimal functionality. Technological advancements, such as energy-efficient designs and Internet of Things (IoT) integration, contribute to market revenue growth. Regulatory compliance and initiatives promoting sustainable practices further support revenue growth of the market, reflecting a balance between modernization, safety, and efficiency.

North America Elevator and Escalator Market Trends and Drivers:

Urbanization and Infrastructure Development: Rapid urban growth in cities across North America is driving demand for elevators and escalators in high-rise buildings, commercial complexes, and transportation hubs.

Aging Infrastructure: Rising need to modernize and replace outdated systems in older buildings and facilities is generating demand for elevator and escalator modernization services.

Accessibility Requirements: Regulatory mandates and a focus on inclusivity drive installation of elevators and escalators to ensure accessibility for individuals with reduced mobility.

Safety and Compliance: Stringent safety regulations and standards mandate regular maintenance and modernization, boosting demand for reliable and compliant systems.

Technological Advancements: Integration of smart technologies, energy-efficient designs, predictive maintenance, and remote monitoring enhances user experience and operational efficiency, driving market revenue growth.

Green and Sustainable Solutions: Increasing emphasis on energy efficiency is leading to adoption of eco-friendly designs and technologies, aligning with sustainability goals.

IoT Integration: Integration of Internet of Things (IoT) is transforming the elevator and escalator machines, enabling remote monitoring, predictive maintenance, and enhanced user experience.

Modernization Services: Inclining trend of modernizing existing installations with advanced technology and safety features ensures system longevity and enhances safety standards.

Customization and Aesthetics: Increasing demand for personalized designs and aesthetics tailored to building interiors is driving customization trend.

Rise of Smart Buildings: Elevators and escalators are integral components of smart building ecosystems, contributing to seamless vertical transportation in smart cities.

North America Elevator and Escalator Market Restraining Factors:

Regulatory Complexity: Stringent safety regulations and compliance requirements can lead to delays in project approvals, installations, and maintenance, negatively impacting market revenue growth.

High Maintenance Costs: Elevator and escalator maintenance costs can be significant, impacting the budgets of building owners and managers, especially in aging infrastructure.

Economic Volatility: Fluctuations in the economy can influence construction activity and investments, affecting demand for new installations and modernization projects.

Supply Chain Disruptions: Supply chain disruptions can lead to delays in equipment manufacturing and delivery, affecting project timelines.

Technical Challenges: Integrating new technologies and ensuring compatibility with existing systems can pose technical challenges, potentially leading to implementation delays.

Environmental Concerns: Eco-friendly solutions and energy-efficient systems might come with higher upfront costs, deterring some customers from adoption.

North America Elevator and Escalator Market Opportunities:

Retrofit and Modernization: Aging infrastructure offers opportunities for retrofitting and modernization projects, upgrading existing systems with energy-efficient technologies, safety enhancements, and improved aesthetics.

Smart Building Integration: Integration of elevators and escalators into smart building ecosystems, offering seamless vertical transportation, predictive maintenance, and enhanced user experiences.

Accessibility Upgrades: Increasing focus on inclusivity and accessibility mandates the installation of elevators and escalators in existing buildings to cater to individuals with reduced mobility.

Urbanization and High-Rise Buildings: The ongoing trend of urbanization and the construction of high-rise buildings in metropolitan areas drives demand for vertical transportation solutions.

Energy Efficiency and Sustainability: Demand for eco-friendly and energy-efficient designs aligns with sustainability goals, offering opportunities for manufacturers to develop greener solutions.

Maintenance and Services: A consistent demand for maintenance and servicing of existing installations, ensuring safety, compliance, and optimal functionality.

Collaborative Partnerships: Collaborations with architects, developers, and contractors can lead to integrated vertical transportation solutions in building projects.

Modern Aesthetics and Customization: Growing interest in personalized aesthetics and interior designs for elevators and escalators provides avenues for customization.

Replacement Cycles: Regular replacement of old systems and components creates a recurring revenue stream for manufacturers and service providers.

North America Elevator and Escalator Market Segmentation:

By Product Type:

• Elevators
• Passenger Elevators
• Freight Elevators
• Residential Elevators
• Escalators
• Moving Walkways

By Technology:

• Conventional Elevators
• Hydraulic Elevators
• Machine-Room-Less (MRL) Elevators
• Traction Elevators
• Electric Escalators

By Service Type:

• New Installation
• Modernization
• Maintenance

By Application:

• Residential Buildings
• Commercial Complexes
• Airports and Transportation Hubs
• Hospitals and Healthcare Facilities
• Shopping Malls

By End-Use:

• Commercial
• Offices
• Retail
• Hospitality
• Healthcare
• Residential
• Industrial
• Transportation

North America Elevator and Escalator Market, By Country:

• United States
• Canada

North America elevator and escalator market presents thriving landscape driven by urbanization and infrastructure development. The United States and Canada are key contributors to market growth, with expanding commercial and residential sectors demanding efficient vertical transportation solutions. Rapid urban migration and need for modernization are driving market expansion. In addition, stringent safety regulations and sustainability concerns are encouraging technological innovations in the industry. As urban spaces evolve, the market for elevators and escalators in North America continues to evolve, adapting to demands of modern living and urban mobility.

The United States (US) elevator and escalator market share incline is driven by factors such as urbanization, a rise in high-rise construction, and an emphasis on safety and accessibility. Revenue growth of the market in this country is due to combination of retrofitting projects, modernization initiatives, and integration of smart technologies. In addition, stringent safety regulations and increasing awareness of eco-friendly solutions contribute to evolution. With a strong demand for maintenance services and a focus on energy efficiency, companies in the US elevator and escalator market reflect a balance between innovation, safety, and urban convenience in the vertical transportation landscape.

The Canada elevator and escalator market register a steady revenue growth driven by urban development and modernization. With a rising emphasis on accessibility and safety, there is product demand from both new installations and retrofit projects. In addition, technological integration, including IoT-driven monitoring and energy-efficient designs, is driving market revenue growth in the country. Moreover, increasing awareness about sustainable solutions aligns with eco-conscious values. As urban centers expand and infrastructure evolves, the Canada elevator and escalator market exhibits a blend of innovation, safety, and efficiency, contributing to enhanced vertical mobility in the country's diverse urban environment.

Leading Companies in North America Elevator and Escalator Market & Competitive Landscape:

The North America elevator and escalator market competitive landscape is characterized by established players such as Otis, KONE, Schindler, and Thyssenkrupp Elevator. These companies lead with extensive product portfolios, global presence, and a focus on technological advancements. Increasingly, innovative startups are entering the market, introducing smart technologies and sustainable solutions. Competition is driven by factors such as safety compliance, energy efficiency, and modernization services. Collaborations with architects, developers, and real estate firms to offer comprehensive vertical mobility solutions contribute to the dynamic competitive environment, determining urban transportation infrastructure in the region.

 Company List:

• Otis Elevator Company
• KONE Corporation
• Schindler Group
• Thyssenkrupp Elevator
• Mitsubishi Electric Corporation
• Fujitec America, Inc.
• Hitachi Elevator Systems
• Toshiba Elevator and Building Systems Corporation
• Hyundai Elevator Co., Ltd.
• Canny Elevator Co., Ltd.
• Motion Control Engineering, Inc.
• Delta Elevator Co. Ltd.
• Stannah Elevator Company
• GARAVENTA Lift
• Waupaca Elevator Company Inc.

Research Scope

Report Metric	Report Details
North America Elevator and Escalator Market size available for the years	2021-2033
Base Year	2024
Forecast Period	2025-2033
Compound Annual Growth Rate (CAGR)	5.5%
Segment covered	By Product Type, Technology, Service Type, Application, End-Use, and Country
Countries Covered	The U.S. & Canada
Fastest Growing Country in North America	The U.S.
Driving Factors	Increasing construction activities and renovation of aging infrastructure, higher urbanization particularly in cities, are some of the major driving factors
Key Players	Otis Elevator Company, KONE Corporation, Schindler Group, Thyssenkrupp Elevator, Mitsubishi Electric Corporation, Fujitec America, Inc., Hitachi Elevator Systems, Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Canny Elevator Co., Ltd., Motion Control Engineering, Inc., Delta Elevator Co. Ltd., Stannah Elevator Company, GARAVENTA Lift, Waupaca Elevator Company Inc., and among others.