Top Elevator Companies

Global Elevator Market size was valued at USD 92.05 Billion in 2024 and is poised to grow from USD 98.03 Billion in 2025 to USD 162.24 Billion by 2033, growing at a CAGR of 6.5% during the forecast period (2026–2033). 

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 Worldwide Corporation (United States) ', 'Kone Corporation (Finland) ', 'Schindler Group (Switzerland) ', 'ThyssenKrupp Elevator AG (Germany) ', 'Mitsubishi Electric Corporation (Japan) ', 'Fujitec Co., Ltd. (Japan) ', 'Hitachi, Ltd. (Japan) ', 'Toshiba Elevator and Building Systems Corporation (Japan) ', 'Hyundai Elevator Co., Ltd. (South Korea) ', 'Canny Elevator Co., Ltd. (China) ', 'Zhejiang Meilun Elevator Co., Ltd. (China) ', 'IFE Elevators Co., Ltd. (China) ', 'Kleemann Hellas SA (Greece) ', 'Orona Group (Spain) ', 'Stannah Lifts Holdings Ltd. (United Kingdom) ', 'Sicher Elevator Co., Ltd. (China) ', 'Express Lift Company (United Kingdom) ', 'Sigma Elevator Company (South Korea) ', 'Escon Elevators Pvt. Ltd. (India)'

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.