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, due to rapidly growing technologies and a rising demand for smart elevators. Advances in IoT technology have added smart features to elevator systems, making them more convenient and safer. These features, like predictive maintenance, real-time monitoring, and energy efficiency management, help both consumers and building operators reduce costs and improve service quality.
 

There is also a strong focus on sustainability and energy efficiency, leading to eco-friendly elevator solutions such as regenerative drives and energy-efficient systems. The European Lift Association (ELA) states that energy-efficient elevators can cut energy use by up to 50%. Urbanization and the growth of smart cities, which need advanced infrastructure, are increasing the demand for smart elevators. The European Commission's Smart Cities Marketplace initiative also emphasizes the importance of advanced infrastructure in urban development. As Europe focuses more on improving user experiences and adding smart technology to buildings, the elevators industry is set for significant growth, meeting the needs of modern urban areas.
 

Europe Elevators Market Trends

Across Europe, a growing number of buildings are integrating smart and connected elevators, significantly boosting safety, convenience, and efficiency. Utilizing IoT technology, these elevators continuously monitor real-time data, paving the way for predictive maintenance. This initiative-taking strategy not only detects issues early but also reduces downtime and extends the equipment's lifespan. Additionally, smart elevators feature destination control systems, touchless entry, and adaptive traffic flow responses, all of which enhance efficiency and reduce waiting times. As smart city projects proliferate across Europe, the demand for these advanced elevator solutions is poised to escalate, reflecting a broader trend towards automation and advanced building management systems.
 

Europe Elevators Market Analysis

European elevators industry, high maintenance costs are a major challenge. Aging buildings need frequent upgrades to meet new safety and efficiency standards. This increases expenses for building owners and elevator providers. Regular maintenance, modernization, and strict European Union regulations add to these costs. Many older buildings in Europe have outdated elevator systems that need more frequent upkeep, often requiring expensive parts and specialized labor. Newer elevator models, while more efficient, also have maintenance needs that sometimes require costly, specialized technicians. These excessive costs can discourage property owners from making timely updates, risking the reliability of their elevator systems and creating ongoing challenges for the market.
 

Based on product, the hydraulic product segment accounted for revenue of around USD 12.4 billion in 2023 and is estimated to grow at a CAGR of over 1.4% from 2024 to 2032. Hydraulic elevators are the most popular in Europe because they work well in low- to mid-rise buildings, which are common in the region. They are best for buildings with fewer than eight floors and are often cheaper to install than traction elevators.
 

Hydraulic systems need less complex machinery and do not require a separate machine room, making them easier to install in buildings with limited space, especially during upgrades. They are also durable, need less maintenance, and are good for heavy lifting, such as in freight and service elevators. These benefits make hydraulic elevators a preferred choice in Europe’s residential and low-rise commercial buildings.
 

Based on the deck type, the single deck segment held around 56% of the market share in 2023 and is anticipated to grow at a CAGR of 1.7% during 2024 to 2032. In Europe, single-deck elevators have a large market share because they are cost-effective, save space, and use less energy. They are cheaper to install and maintain due to their simple design and fewer parts, making them ideal for mid-rise buildings. They also need less structural height and have a compact shaft, which is useful in cities with height restrictions, allowing more usable space in buildings.
 

Additionally, single-deck elevators use less power because they are lighter and have fewer moving parts. This reduces operational costs and supports green building initiatives, helping buildings get sustainability certifications and lower their carbon footprints. These benefits make single-deck elevators a popular choice for developers and building owners in Europe.
 

The Europe elevators market size surpassed USD 23.15 billion in 2023 and is estimated to grow at a CAGR of over 2% from 2024 to 2032. Technological advancements are driving the growth of the European elevators market. Key innovations include smart elevators, better digital security, and energy-efficient models. Smart elevators use the Internet of Things (IoT) for real-time monitoring and predictive maintenance, which reduces wait times and improves efficiency. Enhanced digital security features like biometric access, card readers, and video surveillance increase passenger safety and allow building managers to monitor operations remotely.
 

Energy-efficient models with regenerative drives and motors meet EU energy regulations and support green technologies. Data analytics and artificial intelligence further improve performance by analyzing usage patterns, predicting maintenance needs, and increasing reliability. This approach reduces operational costs and promotes sustainable elevator infrastructure.
 

Europe Elevators Market Share

In 2023, key companies like Fujitec, Hitachi, Kone, Mitsubishi electric , Schindler and others held a combined market share of 5%-10%. These companies are focusing on digital transformation and smart technologies like IoT and AI to improve efficiency and user convenience. They develop energy-efficient and eco-friendly products to meet European regulations. These companies also offer customer-focused services, including customized maintenance and modernization, while expanding their service networks. They invest in R&D for new safety features and flexible solutions to meet different market needs, ensuring a strong market presence.
 

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 2024, Otis Elevator Company finalized its acquisition of Jardine Schindler Lifts Limited in Taiwan, purchasing it from the Jardine Schindler Group.
   
• In August 2024, KONE revealed its agreement to acquire Capitol Elevator, KONE emphasized that this strategic move merges Capitol Elevator's renowned expertise and customer service reputation with KONE's global brand strength, extensive portfolio, and broad market presence.
   
• In June 2023, Hyundai Elevator launched "MIRI," an advanced elevator maintenance service that integrates Internet of Things (IoT), artificial intelligence (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