According to Arizton’s latest research report, the Spain elevator and escalator market is growing at a CAGR of 1.08% during 2023-2029. 

       

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Report Summary        

Market Size by New Installation (2029): 16.4 Thousand Units  

Market Size by New Installation (2023): 15.4 Thousand Units  

CAGR by New Installation (2023-2029): 1.08%  

Market Size by Installed Base (2029): 1,139.9 Thousand Units 

Market Size by Modernization (2023): USD 1.37 Billion  

Historic Year: 2020-2022 

Base Year: 2023 

Forecast Year: 2024-2029 

 

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High Investment in the Tourism Sector and Development of Public Infrastructure Projects to Witness a Hike in Elevator Demand 

• In 2023, despite macroeconomic challenges, Spain’s tourism sector recovered strongly. The country witnessed a significant increase in international visitors, rising 130% from 31.2 million in 2021 to 71.6 million in 2023. 

• In 2023, 133 hotels and 17,754 rooms were transacted, compared with 127 hotels and 19,043 rooms in 2021. Another 30 assets, such as land for hotel developments and buildings for hotel conversion, were also transacted. 

• In June 2024, Travelodge expanded its presence in Spain by opening five new hotels, adding 635 rooms. The new locations are Alicante Puerto, Barcelona del Valles, Madrid Alcala de Henares, Malaga Aeropuerto, and Murcia. This expansion, part of Travelodge’s strategy to grow in Spain, includes the brand’s first hotels in Alicante, Murcia, and Malaga. The growth in the hotel industry has had a significant positive impact on the Spain elevator and escalator market. 

• The iconic Sagrada Família in Barcelona will be completed by 2026, marking 144 years since its construction began. Recent efforts have included the completion of the Evangelists towers and ongoing work on the Chapel of the Assumption and the central tower, which will be the tallest structure in Barcelona at 172.5 meters. The project has resumed after pandemic delays, with active construction and significant funding from tourism. 

 

Market Drivers 

Spain is experiencing a hotel construction boom, with a 64.8% increase in new hotel projects and refurbishments in early 2024. Investment reached over $2,102 billion for 412 projects in the first quarter, marking a record high and continuing the growth trend from 2023. Major projects include the Villa Padierna Beach Resort in Marbella, costing $698 million, and other significant developments in Malaga. This surge aims to meet the rising tourist demand, positioning 2024 as a potentially historic year for Spain’s hotel industry. 

Additionally, Sercotel Hotels is expanding in Spain with four new hotels planned for 2025 and 2026. Two new four-star hotels in Valencia, a first property in Alicante, and a third hotel in Malaga will enhance their portfolio. This expansion includes modern amenities and strategic locations, strengthening their presence in key tourist destinations. Sercotel currently manages 90 hotels in Spain and Andorra, with additional projects under development, emphasizing their commitment to growth and the tourism sector’s economic development. 

 

Recent Technology Adoption by Major Vendors 

• KONE Destination Signalization has a touchscreen and user-friendly operating panels. 

• Gen3 elevators combine industry-leading Gen2 elevators’ established architecture with the connectivity of the Otis ONE IoT digital platform. This unique technology in Gen3 elevators monitors the health and performance of equipment in real-time, 24 hours a day and seven days a week. 

 

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Key Vendors 

• Otis 

• KONE 

• Schindler 

• TK Elevator 

• Mitsubishi Electric 

• Fujitec 

• Hyundai Elevator 

• Hitachi 

• Orona Elevators 

• Cibes Lift Group 

• Wittur 

• Ascensores Excelsior 

• Ascensores Carbonell 

• MP Lifts 

• OMEGA Elevators 

• TRESA 

• Ascensores Alapont 

• Farré Accessibilitat 

• Ascensores Pascual 

• Ascensores Valencia Asmen-Val 

• Neulift S.p.A. 

• Duplex Elevación S.L. 

 

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 

 

Key Questions Answered in the Report:       

How big is the Spain elevator and escalator market? 

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

What are the key opportunities in the Spain elevator and escalator market? 

What are the key Spain elevator and escalator market players? 

What is the number of installed bases in the Spain elevator and escalator market in 2023? 

 

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