Elevators Market Size - By Product Type (Hydraulic, Traction, Machine Room-Less Traction), By Deck Type (Single Deck, Double Deck), By Building Height, By Speed, By Destination Control, By Business, By Application, By End Use and Forecast, 2024 – 2032.

Elevators Market Size

Elevators Market was valued at USD 81.91 billion in 2023 and is anticipated to register a CAGR of 2.5% from 2024 to 2032, attributed to increasing urbanization, advancements in technology, and changing consumer preferences. As the world's urban population grows, so does the need for high-rise structures and skyscrapers. This emphasizes the necessity for effective vertical transportation options, such as elevators, to move people and products within huge structures.
 

The elevator business is being transformed by innovations such as destination control systems, regenerative drives, energy-efficient motors, and Internet of Things-enabled monitoring and maintenance solutions. A rising number of large-scale infrastructure investment plans in the United States, such as hotels and hospitals, are expected to fuel the expansion of the construction sector, generating demand for elevators in commercial buildings.

According to the United Nations, the world population is expected to reach 9.7 billion in 2050, an increase of 2 billion over the next 30 years. The significant growth of the world's population is facilitated by the improvement of people's living standards, the increase in life expectancy, the decrease in mortality and the continuous development of medical technology and drugs. As a result, new housing projects are launched all over the world. This is expected to have a positive impact on market growth. Rapid urbanization with increasing demand for energy efficient products is increasing the demand for residential heat pumps. Favorable government initiatives and tax incentives for installation of energy efficient products are expected to increase the demand for the products.
 

Elevators Market Trends

Modern elevators have a wide range of applications, including the transfer of products and people, as well as their employment in ships, dams, and specialized buildings such as rocket launchers. Furthermore, in the next years, demand for elevators will be pushed by the expansion of communal operation, which is popular in residential complexes and hospitals because to its low cost. Toshiba Johnson Elevators India (TJEI), for example, uses technology and design to improve people's lives. TJEI's wide product range includes ultra-premium and premium-class elevators. TJEI sells two products in the ultra-luxury and premium segments: SPACEL-III and High-end ELCOSMO III. The ELBRIGHT series of elevators uses a compact traction machine to save time and energy while reducing the size of the machine room by up to half.
 

Elevators Market Analysis

Based on product, the MRT segment was worth USD 12.36 billion in 2023 and is projected to surpass USD 17.47 billion by 2032, due to the growing urbanization and infrastructure development and strong demand for technology in mid-rise structures. The residential sector has played a significant role in driving demand for MRL passenger elevators, since high-rise apartment complexes and condos have grown in popularity. MRL elevators are popular among homeowners and developers due to their compact form and energy efficiency, making them an appealing option for modern living areas. MRL elevators in commercial and industrial applications provide design and installation flexibility, meeting a wide range of architectural requirements.
 

Based on end use, the commercial segment accounted for over 76.2% share of the elevators market in 2023 and likely to exceed USD 80.06 billion by 2032. The expansion of smart cities and growth in the industrial sectors are driving demand for elevators, as is the growing deployment of innovative technologies linked to power consumption reduction and passenger safety. Furthermore, machine room less technology integrates compact, gearless, and highly efficient geared machines with variable speed and frequency, as well as cutting-edge digital technology, which is boosting market growth.
 

Along with modernization, there are advancements in the trends and technologies of elevators that are newly placed in construction structures. Smart elevators are intended for new installations with the goal of efficiency and energy savings. Many elevators in modern buildings use the internet. These elevators include sensors that collect data on usage and other factors. The information is retained in a cloud-based platform the predicts the future problem and helps technicians to maintain it before breakdown. The aforementioned factors are expected to drive demand for commercial elevators over time.
 

The North America region dominated 20% share of the of the elevators market in 2023 and is predicted to hit USD 19.31 billion by 2032, as a result of favorable government policies and greater investment by both public and private entities. These include construction, mining, food, and energy and utilities. North American countries are seeing an increase in the construction of various business and residential infrastructures.
 

Europe region holds a market share of 28.3% of the overall market and is anticipated to cross USD 27.59 billion by 2032. Technological improvements that result in the implementation of many digital security controls may also present prospective growth prospects for industry participants. Economic benefits such as cost savings from decreased power use may potentially drive demand throughout the anticipated period. Reduced passenger wait time and improved traffic management efficiency are also expected to propel the smart elevator industry considerably.
 

The Asia Pacific region holds a market share of 34.9% of the overall market and is expected to reach USD 37.71 billion by 2032. The need for elevators in APAC has risen due to the building industry's rapid development and growing outputs in countries such as India, China, and South Korea, among others. The regional market has expanded dramatically in recent years as a result of significant population increase, rural exodus, and industrial development.
 

The India elevators market is at a critical crossroads, displaying a dynamic environment marked by significant growth, driven by a variety of causes and recent notable advances by industry participants. The market is rapidly expanding, owing mostly to India's fast urbanization, population growth, and increasing middle class. Further, government initiatives, such as Smart Cities mission have boosted infrastructure development of the country. Moreover, the growing need for energy-efficient buildings, as well as increased governmental and private investment in smart cities are driving market expansion.
 

Elevators Market Share

The key players operating in the market are Schindler, FUJITEC CO., LTD., Mitsubishi Electric Corporation, KONE, Hitachi, Ltd. all together comprises a market share of 20 - 25% in 2023. The market is highly fragmented as it has a large number of companies competing for market share, with no single player dominating the landscape. The market players offer various absorption chillers, catering to different needs and budgets. This opens the door for specialization among manufacturers.
 

Elevators Market Companies

Major players operating in the elevators industry include:

• Schindler
• FUJITEC CO., LTD.
• Mitsubishi Electric Corporation
• KONE
• Hitachi, Ltd.
• TK Elevator
• HYUNDAIELEVATOR CO.,LTD.
• Toshiba Group
• Aritco Lift AB
• EMAK
• Sigma Elevator Company
• Schumacher Elevator Company
• ESCON Elevators Pvt Limited
• Electra Elevators
• CANNY ELEVATOR CO, LTD.
   

Elevators Industry News

• In December 2023, Schindler announced the partnership with Umm Al Qura, a development and construction company, to provide additional elevators and escalators to the latest development of Masar, Saudi Arabia. These will feature 44 Schindler 7000 elevators, 65 Schindler 5500 elevators, 36 Schindler 9300 escalators, and 5 platform elevators, helping to transfer people and products through the stores and restaurants on street level, as well as to the hotels.

• In June 2022, KONE Corporation, a multinational elevator and escalator company, will sell its operations in Russia to local management. The ideas for local ownership and operations will give a stronger long-term solution for both staff and customers.

This elevators market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand units) from 2021 to 2032, for the following segments:

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Market, By Product

• Hydraulic
• Traction
• Machine Room-Less Traction

Market, By Deck Type

• Single Deck
• Double Deck

Market, By Building Height

• Low-rise
• Mid-rise
• High-rise

Market, By Speed

• Less than 1m/s
• Between 1 m/s to 3 m/s
• Between 4 m/s to 6 m/s
• Between 7 m/s to 10 m/s
• Above 10 m/s

Market, By Destination Control

• Smart
• Conventional

Market, By Business

• New Equipment
• Maintenance
• Modernization

Market, By Application

• Passenger
• Freight

Market, By End Use

• Residential
  • Home Lifts
  • Others
• Industrial
• Commercial
  • Office
  • Hotels
  • Healthcare
  • Others (Shopping Malls)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA