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 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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Elevator Market

Report ID: SQMIG20I2316

$5,300
BUY NOW GET FREE SAMPLE