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.