The global elevators and escalators market is projected to grow from USD 134.4 billion in 2021 to USD 183.2 billion by 2026, at a CAGR of 6.4% from 2021 to 2026.

The increasing migration of a large population base from rural areas toward cities has consequently increased the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs.