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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.
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 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 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