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