Europe Elevators Market Size - By Product, By Deck Type, By Building Height, By Speed, By Destination Control, By Business, By Application, By End Use Analysis, Share, Growth Forecast, 2024 - 2032

Europe Elevators Market Size

The Europe elevators market was valued at USD 23.15 billion in 2023 and is estimated to grow at a CAGR of over 2% from 2024 to 2032.
 

The IoT refrigerators market is expected to accelerate across the board particularly because of the rising hybrid demand for smart elevators. The growing operational costs as well as the improvement in features such as real time location tracking, energy management, installation, predictive maintenance, and more have made elevators more cost effective and efficient for the consumers and building operators alike.
 

There has also been a notable increase in attention towards sustainable as well as energy efficient solutions, such as regenerative drives along with other ecofriendly systems. According to the European Lift Association, energy efficient elevators can achieve energy savings of around 50%. In congruence, The European Commissions voltage driven emphasizes on the requirement for invigorated infrastructure development across the sector of urbanization and for smart cities. The brief description suited alongside the innovative technology advocates reflects the amplification in scope this sector holds on the era of smart everything as Europe endeavours at elevating user experiences.

Europe Elevators Market Trends

• In Europe, increasing number of buildings are making use of modern elevators and as a result there is an increase in safety, comfort and efficiency. These types of elevators which utilize IoT technology have telemetry devices which measure real-time input for planning maintenance ahead of time.
   
• The initiative taking approach does not only identify problems earlier but also minimizes the downtime of all the equipment while increasing the useful life of the equipment.
   
• Furthermore, modern elevators contain systems enabling destination control, touchless opening of doors and adaptive answering to the traffic flow which all in turn increase the effectiveness and lower the waiting time. With the increase in smart city initiatives in
   
• Europe, such advanced elevator solutions are expected to become popular. This is part of a larger trend towards more automation and sophisticated building management systems.
   

Europe Elevators Market Analysis

• High maintenance costs make up a significant part of the European elevators market due to the renovation of aging buildings to meet safety and efficiency standards. Regular upkeep of elevators, modernization, and compliance with strict EU guidelines inflate costs for the providers and the building owners.
   
• Due to the widespread use of elevators in many of Europe’s older buildings, funds spent on their repair can quickly add up; sometimes even more than hiring specialized contractors or ordering new parts, both of which become necessary due to an increase in the need for efficient service.
   
• More recent models of elevators are also notorious for their servicing issues. These excessive costs, however, prevent property owners from upgrading their facilities and jeopardize the effectiveness of elevators. After a while, expenditure on the repairs tends to surpass the actual value of the elevators which poses new problems the market will have to deal with.

The Europe elevators market can be classified on the basis of product into hydraulic, machine room less traction and traction. The hydraulic product segment was valued at approximately USD 12.4 billion in 2023, with the forecast period between 2024 and 2032 expecting stable growth at a CAGR of 1.4% during 2024 to 2032.
 

• This segment is the most well-known throughout Europe as it is the most suitable for low-to-mid-rise buildings which constitute most of the region, specifically those up to eight stories. Traction elevators are generally more expensive than hydraulic systems, due to the fact that they require more complex machinery to be installed.
   
• In addition, hydraulic systems do not need machine rooms which can be an advantage for buildings with spatial constraints, especially during renovations. These systems, as freight and service elevators would require, possess a significant degree of durability and heavy lifting capacity.
   
• There are many factors contributing towards making these elevators the popular choice in the residential and low-level commercial buildings throughout Europe.

By deck type Based on the deck type, the Europe elevators market is subdivided into single deck and double deck. The single deck share of the elevator market in Europe was more than 56% during the year 2023 and is supposed to experience a growth of about 1.7% during the forecasted period.
 

• Widely used in the mid-rise buildings, they are less expensive to install and to service as their design is simple with fewer components. They also require additional structural height and have a smaller shaft, which is a benefit in cities where there are height limitations enabling greater room within buildings.
   
• As lifters, these are energy efficient as well, as they are light in weight and have fewer moving parts. This also lowers the operating costs and supports the green policy in construction as it provides the buildings with sustainability certificates which lowers carbon emissions.

The Europe elevators market was estimated at USD 23.15 billion in 2023 and is expected to register CAGRs exceeding 2% between 2024 and 2032.
 

• Such growth is attributed to the rise in the European elevators market due to technological advancements. Smart elevators enhanced digital security and energy efficient models are some of the major innovations on the market. Real-time monitoring and predictive maintenance of Smart elevators, which employ the Internet of Things (IoT), shorten waiting times and enhance efficiency.
   
• Biometric access, card readers, and video surveillance systems are improved digital security components that augment safety and enable remote management of lodgings and their functions. There are energy-efficient models of elevators with regenerative drives and motors which comply with the energy policies of the European Union and aim at green technologies.
   
• Data analytics coupled with artificial intelligence assist in enhancing the performance of elevators as they analyze usage trends, estimate when the maintenance will be required and increase reliability. Such an approach lowers operational costs and encourages sustainable elevator infrastructure.
   

Europe Elevators Market Share

Market share held by the major players in the industry like Fujitec, Hitachi, Kone, Mitsubishi electric, Schindler etc. was around 5%-10% currently in the year 2023. These companies are oriented in on digitization and modern trends including usage of IoT devices and AI. They produce eco-friendly as well as energy efficient solutions so as to comply with the regulations in Europe.
 

Additionally, these companies provide supportive services that are customer oriented, for example: custom made maintenance and modernization and development of their service networks. They work on new solutions for the market and invest in R&D of security features and flexible solutions that ensure their strong presence in various markets.
 

Europe Elevators Market Companies

Major players operating in the Europe Elevators industry are:

• Aritco lift AB
• Cibes Lift AB
• Fujitec
• Hitachi
• Hyundai elevator
• Kleemann
• Kone
• Mitsubishi Electric
• Oti’s elevators
• Schindler
• Stannah Europe
• ThyssenKrupp Elevator Europe
• TK elevator
• Toshiba group
   

Europe Elevators Industry News

• In September of 2024, Otis Elevator acquired Jardine Schindler Lifts Limited located in Taiwan from the Jardine Schindler Group.
   
• In August of 2024, KONE revealed agreement with Capitol Elevator explaining that this is a strategic move that blends the exceptional local reputation of Capitol Elevator for their customer service with the global brand strength/portfolio and market presence of KONE.
   
• In June of 2023, Hyundai Elevator matured into a large multifunctional business based in Korea and has released "MIRI," which is an advanced elevator maintenance service combining IoT, AI, cloud computing, big data, and robotics technology.
   

This Europe Elevators Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & 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)

Market, By Country

• UK
• Germany
• France
• Italy
• Spain
• Russia
• Poland
• BENELUX
• Austria