Europe Elevators Market Analysis

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 Many older buildings in Europe have outdated elevator systems that need more frequent upkeep, often requiring expensive parts and specialized labor.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.

To get key market trends

  Download Free Sample

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.