As cities continue to grow and evolve, the elevator and escalator market is experiencing unprecedented growth, driven by urbanization, technological advancements, and infrastructure development. Considering Rapid urbanization, initially, it is a major driver, particularly in densely populated regions where the construction of high-rise buildings is essential to accommodate growing urban populations. This trend is prominent in countries like India and the UK, where cities are expanding vertically due to limited land availability. Furthermore, innovations in elevator and escalator technologies, such as the integration of IoT for predictive maintenance, energy-efficient systems, and advanced safety features, are significantly enhancing the functionality and efficiency of these systems. These advancements are crucial for meeting modern safety and environmental standards.

According to TechSci Research “Elevator & Escalator Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Type (Elevator, Escalator & Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By End User Industry (Residential, Commercial, Institutional, Infrastructural & Others), By Elevator Technology (Traction, Hydraulic & Machine room-Less traction), By Elevator Door Type (Automatic and Manual), By Region” Global Elevator & Escalator Market was valued at USD82473.94 million in 2021 and is anticipated to project a steady growth in the forecast period with a CAGR of 4.91% owing to rapidly increasing development in high-rise buildings and ever-growing cash inflow in real estate businesses.

Infrastructure development is another major catalyst for market growth. Across the globe, new construction projects and the modernization of existing facilities are driving demand for advanced elevator and escalator systems. Countries like Saudi Arabia and India are investing heavily in infrastructure, which includes everything from new residential and commercial buildings to expansive transportation hubs and healthcare facilities​. For instance, Saudi Arabia’s ambitious infrastructure projects, part of its Vision 2030 plan, include the construction of smart cities and the modernization of existing urban areas. These initiatives are not only transforming the country’s landscape but also boosting the demand for state-of-the-art vertical transportation solutions.

Elevator And Escalator Companies: Dominant Market Players

1.   Otis Elevator Company

Otis Elevator Company, commonly known as Otis, is a leading global manufacturer and maintainer of elevators, escalators, and moving walkways. Otis is known for pioneering the development of the "safety elevator" in 1852, which used a special mechanism to lock the elevator car in place should the hoisting ropes fail. The company was acquired by United Technologies in 1976 but was spun off as an independent company in April 2020. The company boats itself in designing and manufacturing various models of elevators for residential, commercial, and industrial uses. Its technological innovations include:

1.    Gen2 Elevator System:

The Gen2 controller is compact enough to fit inside the wall of the top elevator landing, eliminating the need for a separate control room. Also, the machine is 70-80% smaller than conventional systems and reduces energy consumption by up to 75% compared to conventional elevators.

2.    ReGen Drive

The ReGen™ Drive is a regenerative elevator drive system developed by Otis Elevator Company that reclaims excess energy generated during braking and returns it to the building's electrical grid.

o   It reduces energy usage by up to 75% compared to non-regenerative drives

o   It regenerates 11.9% of total power used back to the grid

o   It lowers overall building operating costs and delivers significant annual savings

3. CompassPlus® System

The CompassPlus System is a cutting-edge elevator dispatch management system developed by Otis Elevator Company. It is designed to provide a seamless and efficient passenger experience by utilizing advanced technology and innovative features. Its well known for its integration capabilities and compatibility.

2.   Canny Elevator Co., Ltd

Canny Elevator Co., Ltd is a prominent Chinese company specializing in the research, development, manufacturing, installation, and maintenance of elevators, escalators, and moving walkways. The company is recognized for its commitment to innovation, quality, and customer satisfaction, serving a broad international market. Its technological innovations include:

1.    Permanent Magnet Synchronous Gearless Traction Machines: Increase energy efficiency and reduce noise.

2.    Intelligent Group Control System: Optimizes elevator dispatching, reducing wait times and improving passenger flow.

3.    Remote Monitoring Systems: Real-time monitoring and diagnostic capabilities to ensure optimal performance and quick response to issues.

4.    Advanced Brake Systems: Ensure safe and reliable stopping

In addition, Canny Elevator's traction machine is designed to be 50% lighter than traditional machines, resulting in energy savings of over 40% and reduced maintenance needs. The company also excels in car elevators which are specifically designed for the vertical transportation of vehicles.

The company offers a comprehensive product range, including passenger, panoramic, freight, and hospital elevators, as well as escalators and moving walkways. Canny Elevator is known for its innovative technologies, such as energy-saving traction machines, regenerative drive systems, and intelligent control systems.

3.   Orona S. Coop

Orona S. Coop is a prominent European company based in Spain, specializing in the design, manufacturing, installation, maintenance, and modernization of elevators, escalators, and moving walkways. As part of the Mondragon Corporation, Orona emphasizes innovation, sustainability, and quality in its operations, serving a global market with its comprehensive vertical transportation solutions. Orona invests significantly in research and development, accounting for around 2-3% of its annual revenue. This commitment ensures continuous innovation and advancement in technology. Its technological innovations revolve around:

·         Smart and Connected Solutions

Orona 3G is a generation of elevators with improved energy efficiency and design flexibility. Similarly, Orona e-Connect is a remote monitoring system that provides real-time data on elevator performance, thereby enabling maintenance.

·         Energy Efficiency

Regenerative Drive Technology tends to recover the energy generated by the elevator during use and feeds it back to the building’s power supply. Its Efficient Traction System utilizes gearless traction machines to improve energy efficiency and reduce noise.

·         Safety and Reliability

The company’s products incorporate state of the art safety mechanisms to ensure passenger safety. In addition, its Seismic Resistant Features are designed to protect and operate safely in seismic zones.

Orona is one of the top 10 companies in the global elevator and escalator market, with a particularly strong position in the European market. Also, Orona has been involved in numerous high-profile projects worldwide, including installations in landmark buildings, airports, and metro systems.

4.   Fujitec Co., Ltd.

Fujitec Co., Ltd. is a global leader in the design, manufacture, installation, and service of elevators, escalators, and moving walkways. The company is renowned for its innovative solutions, high-quality products, and exceptional service standards. Fujitec operates extensively in Asia, North America, Europe, and other regions, catering to a diverse range of clients from residential to commercial and industrial sectors. Their escalator models are designed for high-traffic areas such as shopping malls, airports, and metro stations. In addition, their moving walkways are in horizontal and inclined models in order to facilitate movement in large spaces like airports, etc.

Its technological innovations include:

·         Use of DOAS (Destination Oriented Allocation System) – It optimizes elevator dispatching by grouping passengers going to the same or nearby floors, thereby reducing wait and travel times. It includes a touch-screen hall panel with a card reader, which allows passengers to input their destination floor number and receive a clear indication of which elevator to take.

·         Microprocessor-Based Control Systems – It enhances performance and reliability through advanced microprocessor technology. Fujitec developed an elevator group control system with a learning function in 1982, which used microprocessors to optimize group control performance. These microprocessor-based control systems have enabled Fujitec to develop more sophisticated, efficient, and reliable elevator products. For instance, Fujitec's Rexia elevator model utilizes a distributed control system with multiple microcomputers to optimize elevator operation. Fujitec is known for its innovative technologies such as regenerative drive systems, advanced control systems, and smart connected solutions. The company’s commitment to safety, energy efficiency, and design customization has made it a trusted name in the vertical transportation sector worldwide.

5.   Toshiba Elevator and Building Systems Corporation

Toshiba Elevator and Building Systems Corporation is a renowned global provider of elevators, escalators, and vertical transportation solutions. With a legacy of innovation and engineering excellence dating back to 1967, Toshiba Elevator has established itself as a leader in the industry, delivering high-quality products and services to customers worldwide. The company acquires a portfolio of Passenger Elevators, High-Speed Elevators, Freight Elevators, Observation Elevators, etc.

The company’s specifically designed regenerative drive system tends to utilize technology to capture and reuse the latter during operations, thereby contributing to energy efficiency and reduced environmental impact.

·         Destination Control System (DCS)

It enhances elevator dispatching by analyzing passenger traffic patterns and then grouping them towards similar floors, hence reducing wait times and improving efficiency.

·         Traffic Management System

The company’s dedicated traffic management system monitors and manages the flow of elevators and escalators in high-traffic areas to minimize congestion.

Toshiba's "SPACEL-III" and "ELCOSMO-III" elevator series utilize regenerative drive systems that recover energy during braking, reducing energy consumption by up to 50% compared to previous models. LED lighting is also used to further optimize energy efficiency. Also, the "ELFRESH" modernization package allows for the exchange of existing induction motors with permanent magnet synchronous motors (PMSM) driven by new inverter control systems. This upgrade reduces energy consumption and extends the elevator system's lifespan.

Toshiba Elevator and Building Systems Corporation's elevator and escalator portfolio demonstrates a commitment to innovation, energy efficiency, and technological advancement. By offering high-speed, energy-saving, and modernization solutions, along with digital tools for optimization, Toshiba aims to provide reliable, comfortable, and sustainable vertical transportation systems for buildings of all types and sizes.

6.   TK Elevator (ThyssenKrupp Elevator)

The company was founded in 1834 by August Thyssen, initially focusing on manufacturing steel products before expanding into the elevator industry. TK Elevator (ThyssenKrupp Elevator) offers a wide range of elevator and escalator solutions for various applications, including residential high-rise buildings, commercial projects like hotels, casinos, office buildings, and mixed-use developments such as malls or shopping centers.

-       Elevators

The company boasts itself in passenger elevators for residential, commercial, and mixed-use buildings. Their range of high speed elevators are used for skyscrapers and high rise buildings.

-       Escalators

Their entire line of escalators are used in shopping malls, airports, and public spaces, including moving walks for airports and convention centers.

Key Escalator Products by the company:

1.    Velino

Velino is described as TK Elevator's "most advanced escalator" designed for commercial applications and offers a blend of eye-catching design, exceptional efficiency, and enhanced flexibility and comfort.

2.    Victoria

Victoria by TK Elevator is a "powerhouse escalator for high heights" that can travel up to 164 feet (50 m), along with being capable of handling heavy loads non-stop in any weather conditions.

3.    Tugela

Tugela is an "innovative escalator for high-traffic areas" such as metros and airports and is specifically designed to perform reliably and safely while transporting high passenger volumes.

Therefore, the company emphasizes the smart product design, superior quality, and compelling features and options available in their escalator offerings to cater to the diverse needs of their customers.

7.   Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a global leader in the manufacture and provision of a wide range of electrical and electronic equipment. Established in 1921 in Japan, the company has expanded its operations globally, with a strong focus on innovation, quality, and customer satisfaction. Mitsubishi Electric's products and services span multiple sectors, including industrial automation, air conditioning, automotive equipment, and elevator and escalator systems.

Mitsubishi Electric has been distributing elevators and escalators in India since 1995 through a local agent, primarily in the premium segment like luxury hotels and offices. However, in 2022, Mitsubishi Elevator India Pvt. Ltd. was established as the sole official business entity for selling, manufacturing, installing, and providing maintenance for Mitsubishi Elevators & Escalators in India.

Its products in the category of elevators include:

-       NEXIEZ-S

It is a machine-room-less system tailored for residential buildings, small offices, and private residencies.

-       ELENESSA Series-IP/AP Version 3

A machine-room-less system designed for various applications including medium-rise buildings, hotels, and hospitals.

-       MAXIEZ-CZ

It is a machine-room-less system best for medium-rise buildings, hotels, commercial buildings, and more.

Mitsubishi Electric also offers smart and connected elevator and escalator solutions that utilize IoT technology for remote monitoring, predictive maintenance, and real-time data analytics, ensuring maximum uptime and reliability. Their products are known for their reliability, safety, and energy efficiency, and they continue to invest in technology and research to drive the future of vertical transportation.

8.   Schindler Group

The Schindler Group is a leading global manufacturer of elevators, escalators, and moving walkways. Founded in 1874 in Switzerland, Schindler has grown to become one of the largest and most respected companies in the vertical transportation industry. The company operates in more than 100 countries, providing innovative and sustainable mobility solutions to customers around the world.

Elevators:

Schindler offers a wide range of elevators for various applications, including residential, commercial, and high-rise buildings. Their elevator portfolio includes the Schindler 5500, Schindler 7000, and Schindler 1000 Plus, among others. For instance, Schindler 5500 is a machine-room-less elevator for mid-rise commercial buildings, offering a smooth and quiet ride. Similarly, Schindler 7000 is a high-rise elevator for buildings upto 500m tall.

Escalators:

Schindler provides escalators for commercial and public spaces, including the Schindler 9300, Schindler 9700, and Schindler 9500AE inclined moving walk. For instance, Schindler 9300 is designed for commercial and public spaces. Similarly, Schindler 9700 Escalator is known to be Ideal for large public spaces with high-traffic demands like airports and train stations. On the other hand, Schindler 9500AE inclined moving walk is tailored for shopping malls to offer quiet and comfortable transportation between floors.

Other Technologies and Innovations:

PORT Technology

An advanced destination control system that optimizes traffic flow in buildings by directing passengers to the most efficient elevator.

Schindler Ahead

Digital platform that uses IoT technology for predictive maintenance and real-time monitoring of elevator and escalator systems.

The company is known for its innovative technologies, such as PORT Technology and Schindler Ahead, which enhance the efficiency, safety, and sustainability of its vertical transportation solutions. With a strong commitment to quality and customer satisfaction, Schindler continues to be a trusted name in the industry.

9.   Hyundai Elevator Co., Ltd.

Hyundai Elevator Co., Ltd. is a leading global manufacturer of elevators, escalators, and moving walkways. Established in 1984 in South Korea, Hyundai Elevator has grown rapidly to become one of the most trusted names in the vertical transportation industry. The company is known for its commitment to quality, innovation, and customer satisfaction, serving a diverse range of clients worldwide. Engineered for tall buildings and skyscrapers, Hyundai Elevator's high-speed elevators provide rapid vertical transportation with advanced technology and smooth operation.

·         Passenger Elevators

The company offers passenger elevators with varying speeds between 60 to 150m/min and are designed for residential, commercial, and high-rise buildings.

·         Freight Elevators

The company provides freight elevators for industrial and commercial applications, offering high capacity and efficient transportation.

·         Glass & Observation Elevators

The company offers glass and observation elevators for luxury buildings, providing a unique and panoramic view of the surrounding environment.

LUXEN

It is a high speed elevator with speeds ranging from 60 to 150 m/min, designed for luxury buildings and high-rise structures.

NEW YZER

It is another high speed elevator model with speeds ranging between 60 to 150 m/min, offering a blend of luxurious design, comfortable ride experience, efficiency, and environmentally-friendly performance.

Hyundai Elevator is known for its commitment to quality, innovation, and customer satisfaction, offering reliable, energy-efficient, and technologically advanced vertical transportation solutions. With a strong presence in the global market, Hyundai Elevator continues to be a trusted partner for architects, developers, and building owners.

10.     KONE Corporation

KONE Corporation is a global leader in the elevator and escalator industry, providing innovative and sustainable solutions for vertical transportation. Established in 1910 in Finland, KONE has a long history of engineering excellence and customer-centric approach. The company operates in over 60 countries and serves a wide range of customers, from residential buildings to commercial complexes, airports, and public transportation hubs.

KONE is committed to innovation and sustainability, continuously developing new technologies to improve the performance, safety, and energy efficiency of its elevator and escalator systems. Its elevator portfolio includes:

-       KONE Monospace

It’s a machine-room-less elevator, specifically designed for low to mid-rise buildings.

-       KONE Minispace

It’s a compact elevator solution for low to mid rise buildings.

-       KONE Ecodisc

An energy-efficient elevator that utilizes up to 30% less energy than previous models.

Its Escalator portfolio includes:

-       KONE Escalators

The company provides escalators for public and commercial spaces, including airports, shopping centres, and public transportation hubs.

-       KONE Autowalks

The company offers autowalks for efficient passenger transportation in airports, subways, and other public areas.

In other words, KONE offers smart and connected elevator and escalator solutions that utilize IoT technology for remote monitoring, predictive maintenance, and real-time data analytics. This ensures maximum uptime and reliability while minimizing downtime and service costs. With a strong presence in the global market, KONE continues to shape the future of urban mobility and vertical transportation.

11.     SJEC Corporation

The company “SJEC Corporation” boasts a well-diversified range of elevators, escalators, and passenger conveyors. The company has rapidly grown to become a key player in the vertical transportation industry, serving clients both domestically and internationally. SJEC is committed to innovation, quality, and customer satisfaction, offering a diverse range of products tailored to meet the needs of various building types and infrastructure projects.

With an annual manufacturing capacity of around 30,000 units of elevators, escalators, and passenger conveyors, the company has gained a reputation, both domestically and internationally for its technology and innovation.

-       Provides various types of elevators, including passenger elevators, freight elevators, and special elevators.

-       Their main elevator products are certified by TUV Germany and have also obtained CE certificate. Some of those models are M300M1600D10S-CO-6/6 (A passenger elevator model with a capacity of 1,600 kg), M300M0630D10S-C0-4/4 (A passenger elevator model with a capacity of 630 kg), S100M4000D10R-DO-3/3/6 (A high-capacity passenger elevator model with a 4,000 kg load capacity), etc.

It is to note that SJEC's commercial escalators are designed for high-traffic areas such as shopping malls, airports, and train stations. They are known for their reliability, durability, and safety features. In addition, SJEC provides escalators specifically designed for public transportation hubs, ensuring efficient passenger flow and reliable operation in demanding environments. With an unwavering commitment to prioritizing safety, optimizing operational efficiency, and offering tailored customization options, SJEC persistently extends its footprint across the expansive global marketplace, actively propelling the evolution of urban mobility and vertical transportation.

Summing Up

As urbanization accelerates and cities expand, the elevator and escalator market undergoes unprecedented growth, fueled by technological advancements and infrastructure development. Rapid urbanization, particularly prevalent in densely populated regions like India and the UK, necessitates the construction of high-rise buildings to accommodate growing populations. This trend underscores the vital role of vertical transportation solutions. Innovations in elevator and escalator technologies, such as IoT integration for predictive maintenance and energy-efficient systems, are revolutionizing the functionality and efficiency of these systems, aligning with modern safety and environmental standards.

Infrastructure development also drives market growth globally, with countries like Saudi Arabia and India investing heavily in new construction and modernization projects. These initiatives, including smart city developments and transportation hub expansions, spur demand for advanced elevator and escalator systems. Leading companies like Otis, Canny Elevator, and Orona capitalize on this momentum, leveraging their expertise in innovative technologies and comprehensive product portfolios to meet evolving market demands.

Furthermore, companies such as Mitsubishi Electric, Schindler Group, and KONE Corporation demonstrate a commitment to excellence through their cutting-edge solutions and sustainable practices. From regenerative drive systems to smart connectivity, these industry giants continue to shape the future of urban mobility and vertical transportation, enhancing safety, efficiency, and user experience.

Therefore, in conclusion, the elevator and escalator industry's growth trajectory reflect the dynamic interplay between urbanization, technological innovation, and infrastructure development. As cities evolve, the demand for advanced vertical transportation solutions will remain robust, driving continued innovation and investment in the sector. With a focus on safety, efficiency, and sustainability, industry leaders are poised to navigate this transformative landscape and contribute to the advancement of urban mobility worldwide.