Elevator Market Size & Share, by Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), End-user (Building & Construction [Residential, Institutional, Commercial, Industrial) & Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Elevator Market size exceeded USD 81.1 Billion in 2023 and is poised to reach USD 130.2 Billion by 2032, growing at over 5.4% CAGR between 2024 and 2032. Urbanisation, population density, and the demand for effective vertical movement in tall buildings have all contributed to the elevator market's constant rise over the years. The size of the global elevator market is significant, with Asia-Pacific, notably China, being a key growing region.

There are many different kinds of elevators available on the market, including home elevators, freight elevators, passenger elevators, and specialised elevators for places like hospitals and industrial facilities. The demand for high-speed elevators and cutting-edge technologies to transfer people effectively inside tall buildings is driven by the growing urban population and the construction of skyscrapers in urban regions. Due to urbanisation and infrastructure development, emerging economies, notably those in Asia and the Middle East, present significant growth prospects.

• Base Year Value (2023): USD 81.1 Billion
• CAGR (2024-2032): 5.4%
• Forecast Year Value (2032): USD 130.2 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers and Opportunities:

Adoption of elevators in construction activities

Cities are seeing population increases and densification as urbanisation continues to spread across the globe. The demand for elevators is being driven by this trend, which calls for larger structures and increased vertical mobility. The development of tall buildings and skyscrapers is a key factor in the expansion of the elevator market. For the effective movement of people and commodities inside these buildings, high-tech elevators are required. Building of office buildings, housing complexes, commercial complexes and mixed-use developments is increasing. To accommodate inhabitant needs, each of these building types frequently needs more than one elevator. Elevators are frequently used in large infrastructure projects like stadiums, hospitals, transit hubs and airports to improve accessibility and traffic flow.

Elevator maintenance and service market growth in the European region

There are a large number of outdated buildings and elevator systems in many European nations. The demand for elevator maintenance services rises as these elevators need more frequent upkeep and improvements. In Europe, a large percentage of the population lives in urban areas, indicating a high level of urbanisation. High-rise building construction and a growth in the requirement for elevators are both influenced by urbanisation, which also increases the need for maintenance services. Elevator upgrades are frequently a part of older building restoration and refurbishment. Modernization services to enhance the functionality, security, and energy efficiency of existing elevators may be included in maintenance contracts.

Report Scope

Report Coverage	Details
Segments Covered	Product, End Use
Regions Covered	• North America (United States, Canada, Mexico)   • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)   Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)   • Latin America (Argentina, Brazil, Rest of South America)   • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Otis Elevator, Electra Elevators, Escon Elevators, Fujitec Co., Ltd., Hitachi Ltd., Eita Elevator, Kleemann, Kone Corporation, Mitsubishi Electric Corporation, Orona, Hyundai Elevator, Schindler Group, Sigma Elevator Company, Thyssenkrupp AG, and Toshiba Elevators And Building Systems Corporation

 

Industry Restraints & Challenges

Huge cost associated in installation and maintenance

For property developers, the sizeable up-front cost needed for elevator installation can be a hurdle, especially in smaller projects or in areas with tight budgets. The continuing costs for elevator service and maintenance can make up a sizable portion of a building's operating costs. Building owners and operators with tight budgets may find this particularly difficult. Construction projects might be postponed or reduced during economic downturns, which would affect the need for new elevator installations.

Regional Forecast:

North American Market

North America is anticipated to dominate the Elevator market from 2024 to 2033. North America has a sizable and steadily expanding elevator market. Market expansion is influenced by elements including urbanisation, population increase, and the erection of tall structures. The demand for high-speed and high-capacity elevators has increased as urbanisation trends in North American cities, particularly in tall buildings, have become more prevalent. In order to improve the passenger experience and building efficiency, smart technologies like destination dispatching, IoT sensors, and predictive maintenance are becoming more prevalent in North American elevators. The market is expanding as a result of factors such the deteriorating elevator infrastructure, the demand for more vertical mobility in cities, and the focus on environmentally friendly and energy-efficient construction methods.

Asia Pacific Market

Asia Pacific Elevator market is projected to grow by 3.3% between 2024 to 2033. The elevator market is significantly impacted by the APAC region. High-rise building construction, rapid urbanisation, and population increase all contribute to its robust growth. Some of the most populous and quickly expanding cities in the world are found in APAC. Elevators are becoming more in demand in both commercial and residential structures as a result of urbanisation trends. With numerous infrastructure projects, commercial buildings, and residential complexes, the construction industry is witnessing a considerable boom in the Asia-Pacific region. The need for elevators and escalators is fueled by this. APAC's residential elevator market is expanding as more homeowners want convenience and better accessibility, especially in affluent urban regions.

Segmentation Analysis:

Insights by Product

The MR traction segment is estimated to reach USD 53.36 billion by 2033.The use of machine room traction elevators is appropriate for high-rise and skyscraper construction. There is a growing need for elevators that can serve tall structures as urbanisation progresses and cities expand vertically. Modern machine room traction lift systems are becoming more and more popular as manufacturers create them with energy-saving parts, regenerative drives, and smart technologies. The modernization of older structures has advantages for the machine room traction elevator section as well. To comply with current safety and energy efficiency standards, many property owners decide to upgrade their old elevators.

Insights by End Use

The building and construction segment is expected to reach USD 96.49 Billion through 2033. More buildings are being built in metropolitan areas as a result of the global urbanisation trend. Elevators are needed in high-rise and mid-rise buildings to efficiently convey people and products, which is a result of urbanisation. The development of high-rise structures, such as residential towers and skyscrapers, is a key factor in the expansion of the elevator market. These structures require cutting-edge lift systems with tremendous capacity and speed. In residential structures, elevators are being constructed more frequently, especially in upscale apartments and homes. Apartment buildings and other residential construction projects also help to fuel the expansion of the elevator market.

Competitive Landscape:

Major players in the market

• Otis Elevator
• Electra Elevators
• Escon Elevators
• Fujitec Co., Ltd.
• Hitachi Ltd.
• Eita Elevator
• Kleemann
• Kone Corporation
• Mitsubishi Electric Corporation
• Orona
• Hyundai Elevator
• Schindler Group
• Sigma Elevator Company
• Thyssenkrupp AG
• Toshiba Elevators And Building Systems Corporation