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Base Year
Historical Year
Forecast Year
The global elevators market size reached approximately USD 88.57 billion in 2023. The market is projected to grow at a CAGR of 2.50% between 2024 and 2032, reaching a value of around USD 110.61 billion by 2032.
Global Elevators Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 88.57 |
Market Size 2032 | USD Billion | 110.61 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 2.5% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 2.8% |
CAGR 2024-2032 - Market by Country | India | 3.6% |
CAGR 2024-2032 - Market by Country | China | 3.1% |
CAGR 2024-2032 - Market by Control | Smart | 4.1% |
CAGR 2024-2032 - Market by End Use | Building and Construction | 3.7% |
Market Share by Country 2023 | India | 4.6% |
An elevator, also known as lift, is used to carry passengers or freight vertically between the floors of multistorey buildings. They are operated using electric motors and provide enhanced convenience to the passengers. The different components of an elevator include an electric motor, speed-controlling system, shaft, cabin, doors, drive unit, buffers, and safety device.
One of the major factors driving the elevators market growth is the increasing construction of multistorey buildings, offices, and other institutions worldwide owing to rapid urbanization, which is leading to the increased utilisation of lifts to provide comfort to the occupants and reduce travel time. The growing installation of elevators can be attributed to the availability of low-maintenance, space-saving, cost-friendly, safe, and durable elevators. Additionally, the expanding construction of high-rise buildings or skyscrapers and the government investments to develop smart cities are accelerating the market development. Over the forecast period, the development of smart elevators that are equipped with sensors and cloud connectivity is expected to augment the market growth.
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Application of advanced control algorithms; demand for energy-efficient elevator technologies; development of high-rise buildings; and integration of elevators with building management systems are the major trends in the elevators market
Date | Company | Event |
Jun 30, 2023 | Hitachi Elevator Engineering Company (Hong Kong) | Secured an order to supply 160 units to Sun Hung Kai Properties. |
Oct 11, 2023 | Elevator Systems Contracting Company (ESCCO) (which represents HYUNDAI Elevators exclusively in Saudi Arabia) | The company was awarded multiple contracts by Red Sea Global for the provision and installation of elevators across some of its high-end resorts in Triple Bay at AMAALA. |
Oct 31, 2023 | Kone Elevators India | Established an R&D facility dedicated to elevators, featuring a test tower and laboratories, near Chennai. |
Trends | Impact |
Development of high-rise buildings and skyscrapers | High-rise buildings and skyscrapers, which are increasingly being developed in countries around the world, contribute to the demand for safe and durable elevators. |
Application of advanced control algorithms in elevators | Advanced control algorithms in elevator systems support superior performance, enhanced distribution of load, and better time results. |
Demand for energy-efficient elevator technologies | The rising eco-consciousness is driving the demand for energy-efficient elevator technologies like machine room-less elevators and regenerative drive systems. |
Increased integration of elevators with building management systems | Elevators are increasingly being integrated into holistic building management systems (BMS), allowing for coordinated operations with other building services. |
The integration of elevators into holistic Building Management Systems (BMS) represents a significant shift towards smarter, more efficient, and user-friendly buildings. Elevators integrated with BMS can operate more energy-efficiently and contribute significantly to the elevators market development. For example, during off-peak hours, the system can reduce the number of elevators in operation or use energy-saving modes to minimise power consumption. Additionally, regenerative braking technology in elevators can feed energy back into the building's power grid, further enhancing overall energy efficiency.
With the increasing construction of high-rise buildings and smart cities, the demand for durable elevators for buildings or complexes is expected to increase. In October 2023, Hitachi Elevator Engineering Hong Kong, operating as a subsidiary of the global conglomerate Hitachi, successfully obtained a significant contract from Sun Hung Kai Properties, a prominent property developer in Hong Kong. This contract entails the supply of a total of 160 units, which encompasses a variety of vertical and horizontal transportation solutions, including elevators for transporting people vertically within buildings, escalators for easy movement between floors, and moving sidewalks (also known as travelators) for horizontal transportation across longer distances within buildings or complexes.
“Elevators Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup | Categories |
Type | Hydraulic and Pneumatic, Machine Room (MR) Traction, Machine Room-less (MRL) Traction |
Deck | Single Deck, Double Deck |
Building Height | Low Rise, Mid Rise, High Rise |
Speed | Less than 1 m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10 m/s |
Application | Passenger, Freight |
Control | Smart, Conventional |
Installation | New Installation, Maintenance and Modernisation |
End Use | Building and Construction (Residential, Institutional, Commercial), Industrial |
Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Double deck elevators account for the majority of the elevators market share due to their increased convenience
Based on deck, the demand for double deck elevators, owing to their exceptional benefits, is witnessing a rapid growth. Double deck elevator offers enhanced convenience to users by reducing the rush during peak hours and eliminating extended waiting periods, as it enables passengers from two consecutive floors to use the elevator simultaneously. Additionally, these elevators occupy less building space and lead to more efficient use of space, thus resulting in their increased adoption over traditional single-deck elevators.
The use of a single elevator shaft for two cabins plays a critical role in reducing construction costs, and it also lowers energy consumption. Also, these elevators, owing to their architectural designs and advanced engineering work, can adjust the distance between the two cabins, and the aerodynamic capsules minimise cabin vibration and noise, which is leading to their increased demand in high-rise buildings.
Meanwhile, single deck elevators are in high demand for residential and smaller commercial buildings where the passenger traffic is moderate and does not justify the complexity and cost of double deck or multi-deck systems. Their simplicity, cost-effectiveness, and efficiency in such settings make them a preferred choice, adding to the elevators market value.
CAGR 2024-2032 - Market by | Country |
India | 3.6% |
China | 3.1% |
Canada | 2.4% |
Germany | 2.1% |
Italy | 1.9% |
USA | XX% |
UK | XX% |
France | XX% |
The building and construction sector dominates the elevators market due to their growing installation in residential, commercial, and institutional buildings
The elevators market is supported by the growing installation of elevators across residential, institutional, and commercial sectors. The global trend towards urbanisation has led to an increase in high-rise residential buildings, especially in cities with limited land space. Elevators are essential in these buildings for providing access to upper floors, making them a critical component of modern residential design.
The institutional sector encompasses hospitals, education facilities, and government buildings. Hospitals and healthcare facilities require elevators for transporting patients, medical equipment, and staff efficiently across different floors. The demand in this sector emphasises the need for larger elevators capable of accommodating stretchers and medical equipment.
In the commercial sector, elevators are crucial in office buildings for moving a large number of employees and visitors between floors quickly and efficiently and the demand here focuses on speed, capacity, and the integration of advanced features like destination dispatch systems to reduce wait times and improve traffic flow.
The market players are increasing their collaboration and research and development activities to gain a competitive edge in the market
Company | Founded | Headquarters | Operations |
Fujitec Co., Ltd. | 1948 | Shiga, Japan | Manufacture, installation, and service of elevators, escalators, and moving walkways. |
KONE Corporation | 1910 | Espoo, Finland | Design, manufacture, maintenance, and modernisation of elevators, escalators, and automatic building doors. |
Mitsubishi Electric Corporation | 1921 | Tokyo, Japan | Development, installation, and maintenance of elevators and escalators. |
Hyundai Elevator Co., Ltd | 1984 | Gyeonggi, South Korea | Korea’s no.1 elevator provider for 16 years in a row; recorded an annual elevator production capacity of 23,413 in 2022. |
Other major players in the elevators market include GLARIE Elevator Co., Ltd. and Hitachi Ltd., among others. These players are actively engaged in improving their strategies to enhance their market position, drive growth, and address the evolving needs of the sector.
The demand for elevators in the Asia Pacific region is experiencing significant growth, driven by several key factors. The Asia Pacific is undergoing rapid urbanisation, with a significant portion of its population moving to cities in search of better employment and living conditions. This urban influx is leading to the development of high-rise residential, commercial, and mixed-use buildings, particularly in megacities across China, India, and Southeast Asia, thereby boosting the demand for elevators.
Governments across the Asia Pacific are investing heavily in infrastructure development, including airports, metro stations, and public buildings, to support economic growth and improve public services and such projects further fuel the demand for advanced and high-capacity elevator systems.
The North America elevators market is also expected to witness a moderate growth in the forecast period. While North America is already highly urbanised, there is a continuing trend towards the development of high-rise residential and commercial buildings in urban centres. Cities like New York, Toronto, and San Francisco are seeing growth in high-rise construction to accommodate population growth and optimise land use, driving demand for new elevator installations.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Deck |
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Breakup by Building Height |
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Breakup by Speed |
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Breakup by Application |
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Breakup by Control |
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Breakup by Installation |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global elevators market attained a value of nearly USD 88.57 billion.
The market is assessed to grow at a CAGR of 2.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 110.61 billion by 2032.
The major market drivers include the rising construction of skyscrapers, growing installation to offer convenience to passengers, demand for double deck elevators, rapid urbanisation, availability of cost-effective and safe lifts, and application of Advanced Control Algorithms for the superior performance of elevators.
The key trends guiding the growth of the market include the increasing focus on designing environment-friendly elevators, government investments to develop smart cities, and launch of smart elevators.
The major regions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of elevators include hydraulic and pneumatic, machine room (MR) traction, and machine room-less (MRL) traction.
The various decks considered in the market report include single deck and double deck.
The different building heights include low rise, mid rise, and high rise.
The various speeds of elevators include less than 1 m/s, between 1 to 3 m/s, between 4 to 6 m/s, between 7 to 10 m/s, and above 10 m/s.
The major applications of elevators include passengers and freight.
The different segments based on control include smart and conventional.
The significant segments based on installation include new installation, and maintenance and modernisation.
The major end uses of elevators include building and construction, and industrial.
The major players in the market are Fujitec Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, GLARIE Elevator Co., Ltd., Hyundai Elevator Co., Ltd., and Hitachi Ltd., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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