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Global Elevators Market: By Type: Hydraulic and Pneumatic, Machine Room (MR) Traction, Others; By Deck; By Building Height; By Speed; By Application; By Control; By Installation; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Elevators Market Outlook
The global elevators market reached a value of about USD 84.3 billion in 2021. The market is further estimated to grow at a CAGR of 2.50% in the forecast period of 2023-2028 to reach a value of around USD 97.76 billion by 2027.
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Rising Demand for Double Deck Elevators to Aid the Market Growth of Elevators
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 elevator waiting periods as it enables the passengers on two 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. Over the forecast period, double deck elevators are expected to represent a significant share of the global elevators market.
Market Segmentation
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.
The market for elevators, by type, is divided into:
- Hydraulic and Pneumatic
- Machine Room (MR) Traction
- Machine Room-less (MRL) Traction
Based on deck, the market is bifurcated into:
- Single Deck
- Double Deck
On the basis of building height, the market is segmented into:
- Low Rise
- Mid Rise
- High Rise
Based on speed, the market is classified into:
- 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
On the basis of application, the market is bifurcated into:
- Passenger
- Freight
Based on control, the market is divided into:
- Smart
- Conventional
On the basis of installation, the market is segmented into:
- New Installation
- Maintenance and Modernisation
Based on end use, the market is classified into:
- Building and Construction
- Residential
- Institutional
- Commercial
- Industrial
The regional markets for elevators can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increasing Infrastructural Development Projects to Drive the Market Growth of Elevators
The increasing construction of multistorey buildings, offices, and other institutions worldwide owing to rapid urbanisation is leading to the increased utilisation of lifts to provide comfort to the occupants and reduce the travel time. The growing installation of elevators can be attributed to the availability of low-maintenance, space-saving, cost-friendly, safe, and durable elevators. The application of Advanced Control Algorithms is leading to the development of efficient elevators that provide superior performance, enhanced distribution of load, and better time results. Furthermore, the escalating eco-consciousness is leading to the rising demand for energy-efficient machine room-less elevators over hydraulic lifts. The increasing adoption of regenerative drive systems in elevators to conserve power during peak hours and reduce the need for machine room cooling is aiding the elevators market growth. 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.
Key Players in the Global Market for Elevators
The report gives a detailed analysis of the following key players in the global elevators market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Fujitec Co., Ltd.
- KONE Corporation
- Mitsubishi Electric Corporation
- GLARIE Elevator Co., Ltd.
- Hyundai Elevator Co., Ltd.
- Hitachi Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 |
|
| Breakup by Building Height |
|
| Breakup by Speed |
|
| Breakup by Application |
|
| Breakup by Control |
|
| Breakup by Installation |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Elevators Market Analysis
8.1 Key Industry Highlights
8.2 Global Elevators Historical Market (2018-2022)
8.3 Global Elevators Market Forecast (2023-2028)
8.4 Global Elevators Market by Type
8.4.1 Hydraulic and Pneumatic
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Machine Room (MR) Traction
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Machine Room-less (MRL) Traction
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Elevators Market by Deck
8.5.1 Single Deck
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Double Deck
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Elevators Market by Building Height
8.6.1 Low Rise
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Mid Rise
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 High Rise
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.7 Global Elevators Market by Speed
8.7.1 Less than 1 m/s
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Between 1 to 3 m/s
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Between 4 to 6 m/s
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Between 7 to 10 m/s
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Above 10 m/s
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
8.8 Global Elevators Market by Application
8.8.1 Passenger
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Freight
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.9 Global Elevators Market by Control
8.9.1 Smart
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Conventional
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.10 Global Elevators Market by Installation
8.10.1 New Installation
8.10.1.1 Market Share
8.10.1.2 Historical Trend (2018-2022)
8.10.1.3 Forecast Trend (2023-2028)
8.10.2 Maintenance and Modernisation
8.10.2.1 Market Share
8.10.2.2 Historical Trend (2018-2022)
8.10.2.3 Forecast Trend (2023-2028)
8.11 Global Elevators Market by End Use
8.11.1 Building and Construction
8.11.1.1 Market Share
8.11.1.2 Historical Trend (2018-2022)
8.11.1.3 Forecast Trend (2023-2028)
8.11.1.4 Breakup by Type
8.11.1.4.1 Residential
8.11.1.4.2 Institutional
8.11.1.4.3 Commercial
8.11.2 Industrial
8.11.2.1 Market Share
8.11.2.2 Historical Trend (2018-2022)
8.11.2.3 Forecast Trend (2023-2028)
8.12 Global Elevators Market by Region
8.12.1 North America
8.12.1.1 Market Share
8.12.1.2 Historical Trend (2018-2022)
8.12.1.3 Forecast Trend (2023-2028)
8.12.2 Europe
8.12.2.1 Market Share
8.12.2.2 Historical Trend (2018-2022)
8.12.2.3 Forecast Trend (2023-2028)
8.12.3 Asia Pacific
8.12.3.1 Market Share
8.12.3.2 Historical Trend (2018-2022)
8.12.3.3 Forecast Trend (2023-2028)
8.12.4 Latin America
8.12.4.1 Market Share
8.12.4.2 Historical Trend (2018-2022)
8.12.4.3 Forecast Trend (2023-2028)
8.12.5 Middle East and Africa
8.12.5.1 Market Share
8.12.5.2 Historical Trend (2018-2022)
8.12.5.3 Forecast Trend (2023-2028)
9 North America Elevators Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Elevators Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Elevators Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Elevators Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Elevators Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code – 842820)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Fujitec Co., Ltd.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 KONE Corporation
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Mitsubishi Electric Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 GLARIE Elevator Co., Ltd.
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Hyundai Elevator Co., Ltd.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Hitachi Ltd.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Elevators Market: Key Industry Highlights, 2018 and 2028
2. Global Elevators Historical Market: Breakup by Type (USD Billion), 2018-2022
3. Global Elevators Market Forecast: Breakup by Type (USD Billion), 2023-2028
4. Global Elevators Historical Market: Breakup by Deck (USD Billion), 2018-2022
5. Global Elevators Market Forecast: Breakup by Deck (USD Billion), 2023-2028
6. Global Elevators Historical Market: Breakup by Building Height (USD Billion), 2018-2022
7. Global Elevators Market Forecast: Breakup by Building Height (USD Billion), 2023-2028
8. Global Elevators Historical Market: Breakup by Speed (USD Billion), 2018-2022
9. Global Elevators Market Forecast: Breakup by Speed (USD Billion), 2023-2028
10. Global Elevators Historical Market: Breakup by Application (USD Billion), 2018-2022
11. Global Elevators Market Forecast: Breakup by Application (USD Billion), 2023-2028
12. Global Elevators Historical Market: Breakup by Control (USD Billion), 2018-2022
13. Global Elevators Market Forecast: Breakup by Control (USD Billion), 2023-2028
14. Global Elevators Historical Market: Breakup by Installation (USD Billion), 2018-2022
15. Global Elevators Market Forecast: Breakup by Installation (USD Billion), 2023-2028
16. Global Elevators Historical Market: Breakup by End Use (USD Billion), 2018-2022
17. Global Elevators Market Forecast: Breakup by End Use (USD Billion), 2023-2028
18. Global Elevators Historical Market: Breakup by Region (USD Billion), 2018-2022
19. Global Elevators Market Forecast: Breakup by Region (USD Billion), 2023-2028
20. North America Elevators Historical Market: Breakup by Country (USD Billion), 2018-2022
21. North America Elevators Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Europe Elevators Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Europe Elevators Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Asia Pacific Elevators Historical Market: Breakup by Country (USD Billion), 2018-2022
25. Asia Pacific Elevators Market Forecast: Breakup by Country (USD Billion), 2023-2028
26. Latin America Elevators Historical Market: Breakup by Country (USD Billion), 2018-2022
27. Latin America Elevators Market Forecast: Breakup by Country (USD Billion), 2023-2028
28. Middle East and Africa Elevators Historical Market: Breakup by Country (USD Billion), 2018-2022
29. Middle East and Africa Elevators Market Forecast: Breakup by Country (USD Billion), 2023-2028
30. Major Exporting Countries by Value
31. Major Importing Countries by Value
32. Major Exporting Countries by Volume
33. Major Importing Countries by Volume
34. Global Elevators Market Structure
Key Questions Answered in the Report
In 2021, the global elevators market attained a value of nearly USD 84.3 billion.
The market is assessed to grow at a CAGR of 2.50% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach almost USD 97.76 billion by 2027.
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.
Analyst Review
The global elevators market attained a value of nearly USD 84.3 billion in 2021, driven by the increasing infrastructural development projects. Aided by the development of smart elevators, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 2.50%. The market is estimated to reach about USD 97.76 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for elevators, by type, is divided into hydraulic and pneumatic, machine room (MR) traction, and machine room-less (MRL) traction. Based on deck, the market is bifurcated into single deck and double deck. On the basis of building height, the market is segmented into low rise, mid rise, and high rise. Based on speed, the market is classified into 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. On the basis of application, the market is bifurcated into passengers and freight. Based on controls, the market is divided into smart and conventional. On the basis of installation, the market is classified into new installation, and maintenance and modernisation. Based on end use, the market is divided into building and construction, and industrial. The major regional markets for elevators are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Fujitec Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, GLARIE Elevator Co., Ltd., Hyundai Elevator Co., Ltd., and Hitachi Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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