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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Elevators Market Outlook

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%

Key Takeaways

  • The development of high-rise structures is a key force driving the market growth.
  • Increasing smart city initiatives are expected to contribute to the demand for elevators, especially smart elevators.
  • There is a surge in demand for energy-efficient elevator technologies with a growing focus on energy conservation.

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.

elevators-market

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Key Trends and Developments

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.

Elevators Market Trends

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.

Market Segmentation

“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.

Competitive Landscape

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.

Elevators Market Analysis by Region

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.

Key Highlights of the Report

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:

  • Type
  • Deck
  • Building Height
  • Speed
  • Application
  • Control
  • Installation
  • End Use
  • Region
Breakup by Type
  • Hydraulic and Pneumatic
  • Machine Room (MR) Traction
  • Machine Room-less (MRL) Traction
Breakup by Deck
  • Single Deck
  • Double Deck
Breakup by Building Height
  • Low Rise
  • Mid Rise
  • High Rise
Breakup by 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
Breakup by Application
  • Passenger
  • Freight
Breakup by Control
  • Smart
  • Conventional
Breakup by Installation
  • New Installation
  • Maintenance and Modernisation
Breakup by End Use
  • Building and Construction
  • Industrial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Fujitec Co., Ltd.
  • KONE Corporation
  • Mitsubishi Electric Corporation
  • GLARIE Elevator Co., Ltd.
  • Hyundai Elevator Co., Ltd.
  • Hitachi Ltd.
  • Others
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*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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Key Questions Answered in the Report

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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