Europe Elevator and Escalator Report 2024: High Investment in Railway Networks and Public Infrastructure Projects to Propel the Market - 4.78% Projected CAGR from 2023-2029

Dublin, April 24, 2024 (GLOBE NEWSWIRE) -- The "Europe Elevator and Escalator Market - Size & Growth Forecast 2024-2029" report has been added to's offering.

The European elevator and escalator market by new installations is expected to grow at a CAGR of 4.78% from 2023-2029, from 155,608 Units in 2023 to reach 205,901 units by 2029.

Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Europe elevator and escalator market, with a share of 54%.


  • The German contractor, Hochtief, won a public-private partnership (PPP) deal to renovate and build new offices for the Institute for Federal Real Estate in Berlin. The project involves refurbishing four existing properties, which will be linked with new buildings and extensions.
  • The second part of the Elizabeth Line, Crossrail 2, will be a new train route going up and down London. It will start in Surrey and Hertfordshire in the south and go up to Essex and Hertfordshire in the north. There will be 32 stops along the way. They plan to finish building by 2035.
  • I.G Capital, one of the leading asset investment firms in 2023, announced that one of its affiliates has acquired Classic Lifts Limited, a leading UK lift engineering and maintenance service provider.
  • In November 2023, Infosys announced its long-term collaboration with TK Elevator. In this collaboration, Infosys and TK Elevator will manage the smooth transition of business applications in North America and major European markets. The partnership is a significant step for the European elevator and escalator market.
  • The Austrian government's 2040 Rail Network Expansion Initiative involves the strategic development of new railway lines, enhancement of existing infrastructure, and railway station expansion. The objective is to establish a more efficient and sustainable rail network accommodating the growing population.
  • The lift company Kone has taken over the maintenance and emergency call business of the Austrian Flugel Aufzuge GmbH as of 1 January 2023. All maintenance and emergency call center staff will also transfer from Flugel Aufzuge to Kone and the responsible office staff.
  • Citymesh, Belgian's private network provider and industrial connectivity specialist, announced its smart-city consortium project, which received a USD 4.3 million grant from the European Digital Fund. It includes building a private 5G network to make the city, a half hour from the EU HQ in Brussels, a greener and smarter city. The funding came from the EU's Connecting Europe Facility (CEF) to support the region's digital transformation through 2027.

High Investment in Railway Networks and Public Infrastructure Projects to Propel the Europe Elevator and Escalator Market

  • In July 2022, the German government announced the liquidation of approximately USD 15.6 billion per year in subsidies for airport renovations. During the same period, the government also mentioned spending considerably to renovate old infrastructure (residential & commercial) and install energy-efficient facilities.
  • One of the most expensive and important projects is the construction of the Sports Center on Costanilla de los Desamparados Street, which has attracted investment worth USD 11.7 million. The Madrid Chamartin Clara Campoamor Railway Station Expansion is also one of Spain's most significant infrastructure projects. The project is designed to increase the capacity of the railway station.
  • Germany's residential program aims to complete the extensive renovation of 40,000 homes by 2026, as stated in its 2021-2026 National Recovery and Resilience Plan (NRRP). This measure will use municipal living laboratories for the energy transition to perform pilot programs that explore new ideas for an effective and sustainable energy supply in urban areas.
  • The National Recovery and Resilience Plan (NRRP), backed by USD 256.9 billion from the European Union (EU), allocated substantial funds for infrastructure projects, specifically targeting the focus on sustainability, digital advancement, and efficient transportation methods. Significant accomplishments in 2023 included initiating investment for high-speed rail systems, enhancing water infrastructure, and establishing the National Digital Data Platform. The plan is projected to support the expansion of the Europe elevator and escalator market.
  • Otis Germany signed an agreement with the Max Bogl Group to develop a new business model allowing clients to get elevator modules in high-quality serial manufacturing from a single source, bringing the 'Living Modular' idea to life. Otis will provide elevator components with cutting-edge technology, which Otis will build at the Max Bogl factory.

Airport Expansion and Major Railway Projects in Pipeline to Boost New Installations in the Europe Elevator and Escalator Market

  • In Italy, some key high-speed rail projects under NRRP include Treviglio-Brescia and Milan-Genoa lines, with an approximate value of USD 2.1 billion and USD 12.7 billion, respectively, for the expansion of Fiumicino airport in Rome, which is planned to be completed by 2044. The local Italian government also planned to build new metro lines in major cities, such as the M4 underway in Rome and the Metro C.
  • Frankfurt Airport Terminal 3 in Germany is undergoing the development of a cutting-edge terminal aimed at boosting capacity. The project involves creating a new terminal accommodating 25 million passengers annually. It will incorporate advanced facilities such as automated baggage handling, self-service check-in counters, and ample lounge spaces. The construction is slated for completion by 2026 and will support the growth of the Europe elevator and escalator market during the forecast period.
  • Redevelopment and rehabilitation of the docks of the 1.3 km long Shuwaikh port, as well as maintenance work for the western dock of the port and the suspended part of dock 8.

Rising Residential Building Permits and Energy-Efficient Renovations to Drive New Installations and Modernization in the Europe Elevator and Escalator Market

  • In the EU, many buildings were built before 1970, and about 42% of non-residential and 38% of residential buildings fall into this category. Many of these buildings need renovations to meet energy efficiency goals. Only 12% of EU residential buildings and 9% of non-residential buildings have been renovated for climate change goals. The EU has a significant opportunity to make residential and non-residential buildings more energy-efficient.
  • Many multi-family housing projects have started to meet the growing demand in Europe. For example, the UK Sackville Road Residential Community project, worth USD 332 million, involves building a community with six blocks ranging from 2 to 15 stories on 3.59 hectares of land. It started in Q2 2025 and aims to transform the Sackville Trading Estate and Hove Goods Yard site for better regional housing.

Vendor Landscape

  • Otis, Schindler, TK Elevator, and KONE are the top 4 manufacturers in the Europe elevator and escalator market, with a share of 54%.
  • KONE Corporation secured an order to provide People Flow solutions, delivering 38 KONE elevators for seven new stations in the Stockholm metro's blue line extension by Region Stockholm. The southern route encompasses stations like Sotia, Tammarby Kanal, Sickla, Jarla, Nacka, Gullmarsplan, and Slakthusomradet. Sofia station, the deepest in the Nordics, will feature eight elevators, with KONE supplying 13 KONE Minispace DX and 25 KONE MonoSpace 700 DX elevators.

Key Vendors

  • OTIS
  • TK Elevator
  • Schindler
  • KONE
  • Mitsubishi Electric
  • Fujitec
  • Hyundai Elevator
  • Hitachi
  • Orona Elevators

Other Prominent Vendors

  • Titan Elevators
  • KOHLER Elevator GmbH
  • Alimak
  • Stannah Lifts Holdings Ltd.
  • GMV Lifts
  • Cibes Lift Group
  • Ascensores Excelsior
  • Wittur Elevator Components
  • Doppler Lifts
  • AKE Elevators and Escalators
  • Ascensores Carbonell
  • SJEC
  • Morris Vermaport Limited
  • Pickering Lifts
  • MP Lifts
  • Schmitt + Sohn Lifts

Key Attributes:

Report AttributeDetails
No. of Pages164
Forecast Period2023 - 2029
Estimated Market Value in 2023155608 Units
Forecasted Market Value by 2029205901 Units
Compound Annual Growth Rate4.7%
Regions CoveredEurope


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


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


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

Escalator Market Segmentation by

Product Type

  • Parallel
  • Multi Parallel
  • Walkway
  • Crisscross


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

Segmentation by Region

  • Europe
  • Germany
  • Italy
  • France
  • Spain
  • The U.K.
  • Greece
  • Turkey
  • Switzerland
  • Poland
  • Austria
  • Belgium

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European Elevator and Escalator Market

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