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North America Elevator and Escalator - Market Size & Growth Forecast 2023-2029

PUBLISHED DATE : Jul 2023 | Pages : 123

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THE NORTH AMERICA ELEVATOR AND ESCALATOR MARKET SIZE WAS VALUED AT 38.5 THOUSAND UNITS (NEW INSTALLATION) IN 2022 AND IS EXPECTED TO REACH 46.9 THOUSAND UNITS BY 2029, GROWING AT A CAGR OF 2.84% FROM 2022-2029

North America Elevator and Escalator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization (In Billion)
  • Maintenance (In Billion)

North America Elevator Market Size (Volume) 

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

North America Escalator Market Size by Volume  

  • Installation Base
  • New Installation Type
  • Modernization & Maintenance (In Million)

North America Elevator and Escalator Size, Share, & Trends Analysis Report by 

Elevator Market Segmentation

  • Machine Type: Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others (Climbing Elevators and Industrial Elevators)
  • Carriage Type: Passenger and Freight
  • Capacity:2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above 
  • End-User: Commercial, Residential, Industrial, and Others (Public Transit, Institutional, and Infrastructural)

Escalator Market Segmentation

  • Product Type: Parallel, Multi Parallel, Walkway, and Crisscross
  • End-User: Public Transit, Commercial, and Others (Institutional Sector, Infrastructure & Industrial)

The Industry Analysis Report Provides Industry Trends, Drivers, Opportunities, Competitive Outlook, Market Size, Sales, and Growth Forecast for 2023-2029

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16 Tables

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6 Market Segment

NORTH AMERICA ELEVATOR AND ESCALATOR MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE BY NEW INSTALLATIONS (2029) 46.9 thousand units
MARKET SIZE BY NEW INSTALLATIONS (2022) 38.5 thousand units
CAGR (2022-2029) 2.84%
MARKET SIZE BY INSTALLED BASE (2029) 1,509.5 thousand units
BASE YEAR 2022
FORECAST YEAR 2023-2029
SEGMENTATION BY CARRIAGE TYPE Passenger and Freight
SEGMENTATION BY CAPACITY 2-15 Persons, 16-24 Persons, 25-33 Persons, and 34 Persons and Above
SEGMENTATION BY END-USER Commercial, Residential, Industrial, and Others
SEGMENTATION BY TYPE Hydraulic and Pneumatic, Machine Room Traction, Machine Room Less Traction, and Others

INDUSTRY OUTLOOK

The North America elevator and escalator market size by new installations accounted for 38.5 thousand units in 2022, which is expected to reach 46.9 thousand units by 2029 growing at a CAGR of 2.84% during the forecast period. Technological innovation and safety aspects like sky bridges, modular construction, and cybersecurity adoption in buildings propel the demand for intelligent elevator systems. Further, increased digitized and intelligent systems in elevators and escalators in the region are demand drivers for the North America elevator and escalator market.

By the installed base, the North America elevator market is expected to reach 1,444.8 units thousand units by 2029. Elevators used in the residential sector accounted for the largest share in 2022, concerning high government expenditure on construction projects. Further, potential upcoming aspects in additive manufacturing to propel the demand for vertical transportation equipment.

KEY HIGHLIGHTS

  • The U.S. Department of Transportation published a Notice of Funding Opportunity (NOFO) for USD 1.5 billion in grant funding through the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) discretionary grant program 2023. The popular program helps communities nationwide carry out projects with significant local or regional impact. In 2022, RAISE funded 166 projects in all 50 states.
  • Developing buildings with sky bridges is the latest trend in the building sector for easier movement within high-rise buildings in the North America elevator and escalator market. For these buildings, ropeless technology and multidirectional mobility system have been considered, as they enhance building structure and balance the transportation capacity by being easily available to commuters.
  • According to International Energy Agency(IEA), Floor area is expected to increase by around 20% by 2030 – more than North America's built floor area. More than 80% of this floor area growth is expected in emerging and developing economies. With a growing population and increased housing demand, Canada's cities must supply more housing units on limited, expensive, developable land. Flat development is rising even in places like Calgary and Edmonton, which have traditionally thrived by expanding their urban fringe.
  • Manufacturers, suppliers, operators, and facility managers are now responsible for guaranteeing that the lifts resist cyber threats. If not, they will be responsible for the fallout from the cyberattack when it occurs. Although there is currently no best run-through or mandated cybersecurity framework on the market, it is rapidly being incorporated into laws and technical standards for lifts and their safety components, such as ISO 8102-20.
  • A more radical approach is anticipated with ropeless elevator systems, using robots and co-bots (collaborative robots) in the installation process for preparation work and assembly, adjustment, and quality checks. Intelligent co-bots augment human experts and reduce their workload. VR and AR ensure a seamless and error-free installation, ensuring each module occupies the proper position in the automatic recording and confirmation by the BIM design.

Rapid Housing Initiative and Increasing Construction of Skyscrapers to Hike Elevator Demand

  • A surge in migration to metropolitan cities seeking economic opportunities has influenced the housing needs in countries. Various residential developments in the pipeline as a factor in urbanization drive the demand. As per Council on Tall Buildings and Urban Habitat, the U.S. ranks second with 1,091 buildings with 150m+ and above height. There is an increase in construction spending from USD 1,811.1 billion in September 2022 compared to August 2022, which was USD 1,807.0 billion; due to this, the North America elevator and escalator market has a great opportunity in the U.S. region.
  • The Rapid Housing Initiative (RHI) financing, included in Budget 2022, is intended to address urgent housing requirements, aiming to allocate all funds by March 31, 2024. The goal is to build new, long-term, affordable housing units for populations and individuals that are at risk and are the focus of the National Housing Strategy (NHS). Thanks to the additional funds, four thousand five hundred new affordable units will be developed. USD 1 billion was allotted to the Projects Stream and USD 500 million to the Cities Stream out of a total of USD 1.5 billion made available.
  • In 2022, housing starts in Toronto increased by 7.7% to their highest level since 2012. Strong presales over the previous two years led to more condominium apartments being built, which caused the surge.

Increased Infrastructure Investments and Adoption of Next-Generation Elevator Solutions Directed to Surge in New Installations in the North American Region

  • The adoption of Near Field Communication (NFC) technology, infrared technology, and robotics are the primary trends in the hotel industry. Increasing tourist footfall to mandate hotel constructions in countries further impacts the region's new installations in the North America elevator and escalator market.
  • Through funding from the IIJA (Infrastructure Investment and Jobs Act), the PIDP (Port Infrastructure Development Program) will increase to USD 450 million in annual grants for the following five years, totaling USD 2.25 billion for financial years 2022 through 2026.
  • Newly constructed skyscrapers and high-rises can significantly reduce urban sprawl and its effects using next-generation lift solutions like TWIN and MULTI. However, older structures can also be made more sustainable or “greener” by updating their vertical mobility system. Furthermore, building users can benefit from touchless lift access and increased security using IoT-connected equipment with Openpath’s lift access control and braXos’ destination control system. In a fire event, an integrated lift security system can rapidly lock down the lifts and notify security and emergency personnel. Motorola Solutions manufactures this security system with headquarters in Chicago, Illinois.
  • Building owners should be aware of the elevator standards set forth by the Americans with Disabilities Act (ADA) while considering new construction or remodeling existing buildings. Every structure must have at least one elevator that complies with accessibility standards.

Modernizing Through Digitized Solutions Like AGILE, MAX, Along With VR Headsets for Technicians Can Drastically Bring Transformation in Service Industry

  • An NY1 study found that in 2018 there were more than 44,000 outages in the 3,200 lifts in New York City’s public housing, with an average of 14 malfunctions per lift yearly. A study from New York University found that the metro lifts in New York City experienced 53 breakdowns annually on average.
  • Digital technologies like MAX and AGILE DSC can also improve operations and energy efficiency by modernizing older structures. The industry is anticipated to emphasize technical and ecologically sustainable lift components increasingly.
  • Virtual reality headsets could completely change how lift technicians perform their duties. They can assess elevator problems using VR headsets rather than hanging from a lift shaft or scaling numerous stories.

GEOGRAPHICAL ANALYSIS

  • The U.S. retains the largest share of the North America elevator and escalator market. The non-residential segments comprise the majority of market volumes in the U.S. region. Further, the aging installed base provides structural growth opportunities in modernization.
  • Canada’s commercial real estate market is challenging prospects as investors buy skyscrapers in Vancouver, Toronto, and Montreal to profit from on rolling demand by occupants for prime urban space.

VENDOR LANDSCAPE

  • Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the North America elevator and escalator market, with a share of 67%.
  • OTIS achieved Gold-level TRUE (Total Resource and Use Efficiency) certification for zero waste efforts at its manufacturing facility in Florence, SC, in December 2022. The Otis plant is the first in the elevator industry to be TRUE certified. It is also the first building-infrastructure facility to be certified in South Carolina.
  • KONE supported more than 125 leading building automation suppliers by promoting BAC net as a communication protocol to help manage smart buildings in January 2020. BACnet International is an industry association that facilitates the successful use of the BACnet protocol in building automation and control systems through interoperability testing, educational programs, and promotional activities. This helps KONE play a key role in developing an integrated smart Building Management System(BMS).

North America Elevator and Escalator - Market Size & Growth Forecast 2023-2029

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Frequently Asked Questions

How big is the North America elevator and escalator market?

The North America elevator and escalator market size by new installations accounted for 38.5 thousand units in 2022 and is expected to reach 46.9 thousand units by 2029.

What will be the growth rate of the North America elevator and escalator market?

The North America elevator and escalator market share by new installations is expected to grow at a CAGR of 2.84% during the forecast period (2023-2029).

What is the number of installed bases in the North America elevator and escalator market in 2022?

The number of installed bases in the North America elevator and escalator market accounts for approximately 1,343.8 thousand units in 2022.

What are the key opportunities in the North America elevator and escalator industry?

The key opportunities in the North America elevator and escalator industry are the building sector investments & pressure from clients to reduce carbon impact on buildings to push the demand for new installations, affordable housing schemes to ascent the demand for new installations, digitization enhancing lucrative demand for smart elevators, and green certifications stimulus to pave the way for energy-efficient elevators.

What are the key North America elevator and escalator market players?

The key players in the North America elevator and escalator market are Otis, KONE, Schindler, TK Elevator, Mitsubishi Electric, Fujitec, and Hyundai Elevator.

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The North America elevator and escalator market size by new installations was estimated at 38.5 thousand units in 2022 and is expected to reach 46.9 thousand units by 2029, growing at a CAGR of 2.84% during the forecast period.

The following factors are likely to contribute to the growth of the North America elevator & escalator market during the forecast period:

  • The Increasing Homeownership of Elderly Population Across Country to Create Demand For Elevators
  • Rising Building Permits And Renovation of Buildings to Drive New Installations and Modernization Market in North America
  • Adopting Various Construction Practices to Boost Advanced Elevator Market’s Growth

Base Year: 2022

Forecast Year: 2023-2029

The report considers the present North America elevator & escalator market scenario and market dynamics from 2023 to 2029. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes the volume and value sales with a segment analysis of the North America elevator & escalator market.

Key Vendors

  • Otis
  • KONE
  • Schindler
  • TK Elevator
  • Mitsubishi Electric
  • Fujitec
  • Hyundai Elevator

Other Prominent Vendors

  • AVT Beckett
  • Colley Elevator
  • Cambridge Elevating
  • HIDRAL
  • Waupaca Elevator Company
  • Advanced Elevator
  • ATTA Elevators
  • Alcor Elevator Ltd.

Elevator Market Segmentation by

Machine Type

  • Hydraulic and Pneumatic
  • Machine Room Traction
  • Machine Room Less Traction
  • Others 
    • Climbing
    • Elevators
    • Industrial Elevators

Carriage Type

  • Passenger
  • Freight 

Capacity

  • 2-15 Persons
  • 16-24 Persons
  • 25-33 Persons
  • 34 Persons and Above 

End-User

  • Commercial
  • Residential
  • Industrial
  • Others 
    • Public Transit
    • Institutional
    • Infrastructural

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross

End-User

  • Public Transit
  • Commercial
  • Others
    • Institutional Sector
    • Infrastructure
    • Industrial

Section 1 – Introduction

  • Market Scope
  • Market Snapshot of Elevators
  • Market Snapshot of Escalators
  • Executive Summary

Section 2 – North America Elevators Market

2.1Future Outlook -North America Elevator Market By Volume

2.2- North America Escalators Market- By Segments


2.2.1- North America Escalators Market, By Volume

North America Escalators Market Size and Forecast, Volume (Units in Thousand), 2020–2029

2.2.1.1. North America Elevators Market, By Type

Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2020–2029

Machine Room Traction, Market Size and Forecast, Volume (Units), 2020–2029

Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020–2029

Others, Market Size and Forecast, Volume (Units), 2020–2029

2.2.1.2. North America Elevators & Escalators Market by Carriage Type

Passenger, Market Size and Forecast, Volume (Units), 2020–2029

Freight, Market Size and Forecast, Volume (Units), 2020–2029

 

2.2.1.3. North America Elevators Market by Persons

2-15 Persons, Market Size and Forecast, Volume (Units), 2020–2029

16-24 Persons, Market Size and Forecast, Volume (Units), 2020–2029

25-33 Persons, Market Size and Forecast, Volume (Units), 2020–2029

34 Persons and Above, Market Size and Forecast, Volume (Units), 2020–2029

 

2.2.1.4. North America Elevators Market by End Users

Commercial, Market Size and Forecast, Volume (Units), 2020–2029​

Residential, Market Size and Forecast, Volume (Units), 2020–2029​

Industrial, Market Size and Forecast, Volume (Units), 2020–2029​

Others, Market Size and Forecast, Volume (Units), 2020–2029


Section 3- North America Escalators Market
3.1Future Outlook - North America Escalators Market by Volume

 

 3.2- North America Escalators Market- By Segments


 3.2.1- North America Escalators Market, By Volume

North America Escalators Market Size and Forecast, Volume (Units), 2020–2029

 

3.2.1.1 North America Escalator Market by Type
Parallel, Market Size and Forecast, Volume (Units), 2020–2029

Multi-parallel, Market Size and Forecast, Volume (Units), 2020–2029

Walkway, Market Size and Forecast, Volume (Units), 2020–2029

Crisscross, Market Size and Forecast, Volume (Units), 2020–2029


3.2.1.2 North America Escalator Market by End Users
Commercial, Market Size and Forecast, Volume (Units), 2020–2029

Public Transit, Market Size, and Forecast, Volume (Units), 2020–2029

Others, Market Size and Forecast, Volume (Units), 2020–2029


Section 4 North America Elevators &Escalators Market, By Service (Maintenance & Modernization)


Section 5-Geographical Analysis

Key Economic Countries in North America

Section 6- Market Dynamics

  • Market Drivers, Opportunities, Restraints, Trends

Section 7 – Technological Development
Section 8– Competitive Landscape
1. Company Profile of Major Vendors
2. Other Prominent vendors


Section 9 – Report Summary

List of Abbreviations

Section 10– Appendix (Report Scope & Definition)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

  1. North America Elevator & Escalator Installed Base by Volume 2020-2029 (Units)
  2. North America Elevator & Escalator New Installations by Volume 2020-2029 (Units)
  3. Market Share 2022: Maintenance
  4. Market Share 2022: Modernization
  5. North America Installed Base: Volume (Units in Thousands)
  6. North America New Installations: Volume (Units in Thousands)
  7. Installed base of elevators by volume (units in thousands)
  8. New Installations of elevators by volume (units in thousands)
  9. Maintenance & Modernization Value($Million)
  10. Maintenance & Modernization 2022(%)
  11. Installed base of escalators by volume (units in thousand)
  12. New Installations of escalators by volume (units in thousand)
  13. Maintenance & Modernization Value($Million)
  14. Maintenance & Modernization 2022(%)
  15. Installed base and New installations of Elevators (Units)
  16. New Installations of Elevators (Units)
  17. Average Life Expectancy Of Elevator Components
  18. Hydraulic & Pneumatic Elevators Installed base and New Installations (Units)
  19. Machine Room less Traction Elevators Installed base and New Installations (Units)
  20. Machine Room Traction Elevators Installed base and New Installations (Units)
  21. Others Machine Elevators Installed base and New Installation (Units)
  22. Installed base and new installations of Passenger Elevators (Units)
  23. Installed base and new installations of Freight Elevators (Units)
  24. Installed base and new installations of 2–15 persons elevators (Units)
  25. Installed base and new installations of 16-24 persons elevators (Units)
  26. Installed base and new installations of 25-33 persons elevators (Units)
  27. Installed base and new installations of 34 persons and above elevators (Units)
  28. Installed base and new installations of Commercial Elevators (Units)
  29. Installed base and new installations of Residential Elevators (Units)
  30. Installed base and new installations of Industrial Elevators (Units)
  31. Installed base and new installations of other end-user Elevators (units)
  32. Installed base and new installations of escalators (Units)
  33. New installations of escalators (Units)
  34. Installed base and new installations of Parallel Escalators (Units)
  35. Installed base and new installations of Multi parallel Escalators (Units)
  36. Installed base and new installations of Moving Walkway Escalators (Units)
  37. Installed base and new installations of Criss cross Escalators (units)
  38. Installed base and new installations of Public Transit Escalators (Units)
  39. Installed base and new installations of Commercial Escalators (Units)
  40. Installed base and new installations of Other End user Escalators (units)
  41. North America Elevators & Escalators Maintenance Market ($ Bn)
  42. North America Elevators & Escalators Modernization Market ($ Bn)
  43. Elevators and Escalators market: Geographic Analysis
  44. Building Permits in US by Region -2022
  45. Housing Construction starts and Completions By Region -2022
  46. Elevator: US Installed base and New Installation (Units)
  47. Escalator: US Installed base and New Installation (Units)
  48. % Share of Apartment Structures Started by Building size in Canada-2022
  49. Housing Starts by Building Type in Canada -2022
  50. Value of Total Construction Permits in 2022 in Canada by Building Type
  51. Elevator: Canada Installed base and New Installation (Units)
  52. Escalator: Canada Installed base and New Installation (Units)
  53. Home Ownership by Age in US -2021
  54. Building Permits on Surge in United States
  55. Housing Starts in Canada by Building Type -2022
  56. Market share 2020(% share)
  57. Otis total sales 2020-2022($billion)
  58. KONE, total sales by segment 2022(%share)
  59. Schindler, total sales 2017-2022($billion)
  60. TKE total sales 2020-2022($billion)
  61. Mitsubishi, total sales by segment2022(%share)
  62. Fujitec net sales 2017-2022($billion)

 List of Tables

  1. North American Countries and Skyscrapers
  2. Buildings Under Construction in North America
  3. By Machine, New Installations, Total Incremental Opportunity, 2022-2029
  4. By Carriage Type, New Installations, Total Incremental Opportunity, 2022-2029
  5. By Capacity (Persons), New Installations, Total Incremental Opportunity, 2022-2029
  6. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  7. By Product, New Installations, Total Incremental Opportunity, 2022-2029
  8. By End User, New Installations, Total Incremental Opportunity, 2022-2029
  9. Developments/ projects
  10. Elevators market size & forecast by type (Units)
  11. Elevators by Carriage Type Market Size & Forecast (Units)
  12. Elevators market size & forecast, by persons (Units)
  13. Elevators by End-Users Market Size & Forecast (Units)
  14. Escalators market size & forecast, by type (Units)
  15. Escalators market size & forecast, by end users (Units)
  16. List of abbreviations

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