Elevator Market Size, Share, and Growth Analysis

Elevator Market By Product (Hydraulic, Traction), By Deck Type (Single Deck, Double Deck), By End Use (Commercial, Industrial), By Region -Industry Forecast 2025-2032


Report ID: SQMIG20I2316 | Region: Global | Published Date: February, 2025
Pages: 195 |Tables: 113 |Figures: 72

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Elevator Market Insights

Global Elevator market size was valued at USD 86.43 billion in 2023 and is poised to grow from USD 88.57 billion in 2024 to USD 107.99 billion by 2032, growing at a CAGR of 2.50% in the forecast period (2025-2032).

The global elevator market growth is driven by the fast pace of urbanization and the rising construction of multistorey buildings, offices, and other institutions globally. As more people start to live in cities, there is a more acute need for efficient vertical transportation solutions, hence the wide adoption of elevators. Further pushing the demand for lifts is the need to increase comfort levels for occupants, improve access, and decrease travel time in high-rise structures. The primary reason for the rapidly growing installation of elevators is the advancement of elevator systems that are modern, low in maintenance, space-saving, cost-effective, and long-lasting. Today's elevators are more secure and energy efficient, which makes them a more appealing option for both commercial and residential purposes. In addition, the rising construction of skyscrapers and government plans to build smart cities accelerate the expansion of this market even more.

Throughout the forecast period, technology in elevators is going to act as a vital driver for the growth of the market. The emergence of intelligent elevators with IoT-enabled sensors, AI, and cloud connectivity is revolutionizing industry. These technologies are bringing predictive maintenance, real-time monitoring, and a higher level of comfort for the end-user, thus catapulting the requirement for high-level elevator solutions within the urban setup across the globe.

Market snapshot - (2025-2032)

Global Market Size

USD 86.43 billion

Largest Segment

Single Deck

Fastest Growth

Double Deck

Growth Rate

2.50% CAGR

Global Elevator Market ($ Bn)
Country Share for North America (%)

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Elevator Market Segments Analysis

The global elevator market is segmented into product, deck type, destination control, end use, and region. By product, the market is classified into hydraulic, traction, and machine room-less traction. Depending on deck type, it is divided into single deck and double deck. According to destination control, the market is bifurcated into smart and conventional. As per end use, it is categorized into residential, industrial, and commercial. Regionally, it is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Deck Type

As per the 2024 global elevator market analysis, the single-deck segment finds wider application in residential buildings, commercial spaces, and mid-rise structures. It is preferred on account of the simplicity of such structures, with low maintenance costs and flexibility in their applications along with various designs of buildings. The installation of single deck elevators is commonly done in apartments, offices, shopping malls, and hotels, which have moderate passenger flow. Moreover, due to their relatively affordable cost and ease of installation, they have been the preference of developers and property owners. Despite all these improvements in multi-level elevator systems, single deck elevators continue to be the biggest market share holders, mainly in emerging economies where mid-rise building construction is widespread, and they remain dominant in the industry.

The growth in the double-deck elevators segment is anticipated to be the highest during the forecast period. It is attributed primarily to increasing demand for the construction of high-rise buildings and skyscrapers. The two cabins work at the same time, one on top of the other, thereby effectively reducing waiting time and improving the movement of passengers through highly populated structures. Space optimization and energy-efficient transport systems fuel adoption. In addition, the smart city projects and investment of governments in infrastructure boost developers to install modern elevators. Double-deck elevators are also expected to be in high demand as urbanization is on the rise, for instance in a megacity that would likely have high-rise structures.

Analysis By End Use

Based on the 2024 global elevator market forecast, the commercial segment accounted for more than 76.2% share. The expansion of smart cities and growth in the commercial sectors are driving demand for elevators, as is the growing deployment of innovative technologies linked to power consumption reduction and passenger safety. Another factor is the integration of machine room less technology, with compact, gearless, and very efficient geared machines combined with variable speed and frequency as well as high-end digital technology boosting the market growth. In addition to modernization, new construction structures have trends and technologies in the placement of elevators. Smart elevators are meant for new installations in an effort to attain efficiency and energy saving.

The industrial sector is expected to witness a huge growth in the elevators market due to the increasing demand for efficient vertical transportation solutions in warehouses, factories, and manufacturing plants. With the rise in industries, the demand for freight and heavy-duty elevators is increasing to transport goods, equipment, and personnel from one floor to another. With the increasing use of automation and smart manufacturing, the demand for technologically advanced elevators with safety, durability, and load-carrying capacity is on the rise. Government efforts to enhance industrial infrastructure and the development of smart factories are fueling market growth. Throughout the projection period, integration of IoT and AI-based elevator systems will promote industrial facility efficiencies as well as enhance operational dependability.

Global Elevator Market By Deck Type

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Elevator Market Regional Insights

North America accounted for approx 20% of the elevator market share in 2024. Favorable government policies and substantial investments from public and private sectors are boosting its growth. Demand for elevators is growing because of industries in construction, mining, food, and energy & utilities. The region is experiencing more commercial and residential infrastructure projects, which will further accelerate market growth. Another impressive product and solution category is in smart building solutions, with increased pressure on energy-efficient and sustainable elevator systems underpinning this innovation. Well-positioned for further solidification of its market position, key industry players and advanced elevator technologies in the region underpin this optimism for North America.

Modern elevators usage is bound to speed up due to continuous technical progress, thus Europe is predicted to cross USD 27.59 billion by 2032. The features that include AI traffic management for enhanced performance, digital security controls, and predictive maintenance enabled smart elevator adoption in the region to lead. Another factor is saving costs since energy-efficient elevators cut down power savings for the business, increasing demand for the same solutions. Increasing urbanization, infrastructure development, and demanding building regulations by government on safety and energy efficiency are factors propelling the market growth. The expanded high-rise buildings and government-backed smart city projects add to the industry's expansion.

Global Elevator Market By Geography
  • Largest
  • Fastest

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Elevator Market Dynamics

Drivers

Rapid Infrastructure Development and Urbanization

  • Elevators are now increasingly becoming unavoidable due to the growing urban population's demand for high-rise buildings, apartment houses, and business places. The business is expanding through government spending on smart city projects and infrastructural renewal. The construction of new buildings and the renovation of old ones with advanced elevator systems are helping to increase their acceptance in urban transportation to achieve efficiency, convenience, and accessibility as cities grow.

Development of Intelligent and Energy-Saving Elevators

  • The industry is changing with the growing demand for cloud, AI, and IoT connected smart elevators. In the features, these include destination control systems, real-time monitoring, and predictive maintenance. Energy-efficient elevators with regenerative motors and eco-friendly designs are also increasingly adopted to minimize power consumption and operating costs. With these advancements being in line with global environmental targets, adoption of such technologies becomes fast in residential and commercial buildings.

Restraints

High Costs of Installation and Maintenance

  • The installation of an elevator can be expensive, especially in high-rise buildings. More advanced features, including AI-driven control systems and energy-efficient technology, also add to costs. The operation cost is further increased due to the demand for modernization, safety compliance, and routine maintenance. The modern elevator technology may be out of reach for small developers and businesses, limiting market development in high-cost locations.

Tight Safety Rules and Challenges of Compliance

  • There are strict regulations on the safety of elevators, which vary by region. Operations are cumbersome with stringent needs for safety certificates, legal restraints, and routine checks. Noncompliance will get them penalized or stop the operations. The ongoing necessity for improvements to meet fire safety regulations, accessibility standards, and smart infrastructure requirements creates difficulties for building developers and elevator makers.

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Elevator Market Competitive Landscape

Major global elevator industry players, to be able to obtain an advantage in this highly competitive industry, focus on innovation through technological development, merger, and strategic alliance. Some leading firms that focus on developing new smart, energy-efficient, high-speed elevators include Otis, Schindler, KONE, and Thyssenkrupp. To be competitive in this industry, new entrants continue to invest money in green-friendly designs, AI-based predictive maintenance, and IoT connectivity. The highly competitive urban market is located primarily in Asia-Pacific, North America, and Europe.

Top Player’s Company Profile

  • Otis Elevator Company
  • Schindler Group
  • KONE Corporation
  • Thyssenkrupp Elevator
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • Fujitec Co., Ltd.
  • Hyundai Elevator Co., Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • Sigma Elevator (a subsidiary of Otis)
  • Stannah Lifts Holdings Ltd.
  • Kleemann Hellas SA
  • Dover Corporation
  • Orona Group
  • Cibes Lift Group

Recent Developments

  • In December 2023, Schindler announced that it had formed a partnership with Umm Al Qura, a development and construction company, to add more elevators and escalators to the newest development of Masar, Saudi Arabia. It will include 44 Schindler 7000 elevators, 65 Schindler 5500 elevators, 36 Schindler 9300 escalators, and 5 platform elevators that will help to transfer people and products through the stores and restaurants on street level and to the hotels.
  • In June 2022, KONE Corporation, a multinational elevator and escalator company, is due to sell its operations in Russia to local management. Ideas on local ownership and operations will offer a stronger long-term solution for both staff and customers.
  • In February 2022, Schindler installed Schindler's Robotic Installation System for Elevators. It was the world's first self-climbing and autonomous robotic system to conduct the installation work inside an elevator shaft. This is the first time such an installation has been utilized in customer projects in the Asia-Pacific region.

Elevator Key Market Trends

Elevator Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the increasing number of high-rise buildings, rising population in cities, and the development of smart elevator technology are expected to change the global elevator market outlook gradually. The market is changing due to demand for AI-powered, Internet of Things-integrated, energy-efficient elevators that enhance sustainability, convenience, and safety. Though various obstacles must be dealt with, including high installation prices and stringent safety regulations, continuing advances and government programs on smart cities and green buildings are bringing new opportunities into play. Otis, Schindler, KONE, and Thyssenkrupp are battling with each other head-on in North America, Europe, and Asia-Pacific markets. The use of smart and sustainable elevator solutions would boost market growth during the next coming years as city infrastructure continues expanding.

Report Metric Details
Market size value in 2023 USD 86.43 billion
Market size value in 2032 USD 107.99 billion
Growth Rate 2.50%
Base year 2024
Forecast period (2025-2032)
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Hydraulic, Traction, and Machine Room-Less Traction
  • Deck Type
    • Single Deck and Double Deck
  • Destination Control
    • Smart and Conventional
  • End Use
    • Residential, Commercial, and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Otis Elevator Company
  • Schindler Group
  • KONE Corporation
  • Thyssenkrupp Elevator
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • Fujitec Co., Ltd.
  • Hyundai Elevator Co., Ltd.
  • Toshiba Elevator and Building Systems Corporation
  • Sigma Elevator (a subsidiary of Otis)
  • Stannah Lifts Holdings Ltd.
  • Kleemann Hellas SA
  • Dover Corporation
  • Orona Group
  • Cibes Lift Group
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Elevator Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Elevator Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Elevator Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Elevator Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Elevator Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Elevator Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Elevator market size was valued at USD 86.43 billion in 2023 and is poised to grow from USD 88.57 billion in 2024 to USD 107.99 billion by 2032, growing at a CAGR of 2.50% in the forecast period (2025-2032).

Major global elevator industry players, to be able to obtain an advantage in this highly competitive industry, focus on innovation through technological development, merger, and strategic alliance. Some leading firms that focus on developing new smart, energy-efficient, high-speed elevators include Otis, Schindler, KONE, and Thyssenkrupp. To be competitive in this industry, new entrants continue to invest money in green-friendly designs, AI-based predictive maintenance, and IoT connectivity. The highly competitive urban market is located primarily in Asia-Pacific, North America, and Europe. 'Otis Elevator Company', 'Schindler Group', 'KONE Corporation', 'Thyssenkrupp Elevator', 'Mitsubishi Electric Corporation', 'Hitachi Ltd.', 'Fujitec Co., Ltd.', 'Hyundai Elevator Co., Ltd.', 'Toshiba Elevator and Building Systems Corporation', 'Sigma Elevator (a subsidiary of Otis)', 'Stannah Lifts Holdings Ltd.', 'Kleemann Hellas SA', 'Dover Corporation', 'Orona Group', 'Cibes Lift Group'

Elevators are now increasingly becoming unavoidable due to the growing urban population's demand for high-rise buildings, apartment houses, and business places. The business is expanding through government spending on smart city projects and infrastructural renewal. The construction of new buildings and the renovation of old ones with advanced elevator systems are helping to increase their acceptance in urban transportation to achieve efficiency, convenience, and accessibility as cities grow.

Touchless and AI-Powered Elevators: The touchless technologies and artificial intelligence (AI) are changing the elevator business. The advancement of voice-activated controls, face recognition, and mobile app-based operation will enhance user convenience and cleanliness in the post-pandemic era. AI-powered elevators reduce wait times, monitor traffic patterns, and enhance overall building efficiency. These innovations are driving market development for smart buildings and modern commercial space.

North America accounted for approx 20% of the elevator market share in 2024. Favorable government policies and substantial investments from public and private sectors are boosting its growth. Demand for elevators is growing because of industries in construction, mining, food, and energy & utilities. The region is experiencing more commercial and residential infrastructure projects, which will further accelerate market growth. Another impressive product and solution category is in smart building solutions, with increased pressure on energy-efficient and sustainable elevator systems underpinning this innovation. Well-positioned for further solidification of its market position, key industry players and advanced elevator technologies in the region underpin this optimism for North America.

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Elevator Market

Report ID: SQMIG20I2316

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