Skyscraper Trends Fuel VT Growth Around the Globe

The vertical-transportation (VT) industry's projected growth from US$128.29 billion in 2025 to US$180.30 billion in 2031 reflects a "world building upward, even as parts of that ambition stall," Realty+ reports. In China, much high-rise construction has stalled, with 193 of the 259 stalled global skyscraper projects — nearly 75% — located there. Other parts of the world are filling the gap. In the Middle East, Saudi Arbia is planning hundreds of thousands of homes and millions of square feet of office space. India, meanwhile, installed 60,000 VT units in 2024 "as cities shift from sprawl to vertical living.” Another global VT business driver is modernization, with approximately 7 million elevators passing the 20-year mark in 2024. Most buildings pre-date 2021 in Europe, and VT regulations like EN 81-80 are mandating upgrades "from door locks to emergency systems." While passenger elevators dominate the global market at 64%, the fastest growing segment is moving walks, especially in airports as infrastructure expands and global travel evolves. Looking at the big VT picture, the "Asia-Pacific still dominates, contributing nearly two-thirds of global revenue and India's growth is increasingly driven by smaller cities" as China balances slower new construction with the need for modernization.