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Europe Elevators Market Size

Report ID: GMI12139
Published Date: Nov 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Elevators Market Size in 2023:	USD 23.15 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	2%
2032 Value Projection:	USD 27.59 Billion
Historical Data for:	2021 - 2023
No. of Pages:	85
Tables, Charts & Figures:	60
Segments covered:	Product, Deck Type, Building Height, Speed, Destination Control, Business, Application, End Use, Country
Growth Drivers:	Development of innovative technologies and rising demand for smart elevators Renovation and Modernization Growing urbanization and infrastructure development
Pitfalls & Challenges:	High Maintenance Costs Skilled Labor shortage

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The European market for elevators was reached USD 23.15 billion in 2023 and is estimated to grow at a CAGR of over 2% from 2024 to 2032, driven by rapidly advancing technologies and rising demand for smart elevators.

The hydraulic product segment was worth about USD 12.4 billion in 2023 and is projected to grow at a CAGR of over 1.4% from 2024 to 2032, as they are ideal for low- to mid-rise buildings.

The single deck segment held around 56% of the market share in 2023 and is anticipated to grow at a CAGR of 1.7% from 2024 to 2032, due to their cost-effectiveness, space-saving design, and energy efficiency.

Technological advancements, including smart elevators, enhanced digital security, and energy-efficient models, are driving the growth of the Europe elevators market.

Key players in the Europe elevators industry include 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, and Toshiba group.