Global Elevator Market

Elevator Market Size, Share, Growth Analysis, 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

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

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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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Global Elevator Market

Report ID: SQMIG20I2316

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