Product Code: GVR-4-68040-037-1
Elevators Market Growth & Trends:
The global elevators market size is expected to reach USD 116.14 billion by 2030, registering a CAGR of 6.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The need for elevators is projected to be driven by growing urbanization and a significant rise in the elderly population. Elevators are typically constructed in locations like train stations, apartment buildings, hospitals, metro stations, shopping centers, office buildings, schools, and airports. Furthermore, elevator installation in high-rise and mid-rise buildings has become necessary, which is assisting the market's growth in the coming years.
The Asia Pacific region has been particularly affected by the global trend of rapid urbanization due to extremely high population density. Moreover, countries like China, India, and Japan are thought to have a significant potential for growth in terms of standard of life. A significant increase in the construction industry is also anticipated in the area, which can be ascribed to the expansion of both private and governmental infrastructure development projects. The demand for elevators will be driven by the aforementioned factors over the forecast period.
Various types of switches, sensors, alarms, and communication systems, are included in elevator safety systems. A growing number of sensors are being included in elevators due to growing safety concerns. Additionally, big data, machine learning, and artificial intelligence are being combined with these systems to improve the operation of safety systems and elevators. These aforementioned technological advancements will drive the demand for elevators in the coming years.
The World Population Prospects report from the United Nations estimates that by 2050, there will be about 2.1 billion older people alive. Elevators can help the elderly population improve their quality of life. The majority of older people experience preventable ailments like arthritis or cardiovascular disease. By preventing them from climbing a painful flight of stairs, elevators will help the older population live longer, driving up demand from this group of people in society. As a result, the market is anticipated to grow more quickly throughout the forecast period.
As a result of the housing shortage, high-rise buildings are becoming more prevalent. With the advancement and modernization of mankind, the most recent generations of elevators not only provide the fundamental goal of people flow in buildings, but also provide aesthetics, a secure operating system, and other unique features to satisfy the needs of urban users. For instance, Otis India, a producer of elevators and escalators, anticipates a rise in demand as a result of an increase in home sales and the government's push for infrastructure spending.
To expand their geographic reach, manufacturers are engaging in mergers, acquisitions, and product launches. For instance, TK Elevator acquired Accurate Elevator in June 2021; Accurate Elevator had long been a prominent elevator service provider in the Florida Keys. For commercial and residential structures in The Florida Keys, Accurate Elevator provides new installation, modernization, preventive maintenance, and repair services.
Renting out machinery to manufacturers and regularly charging them for its use is known as providing equipment as a service (EaaS). For instance, Mitsubishi Elevator developed a distinctive circular business model which is known as equipment as a service, in which the user pays to use an elevator as opposed to purchasing one. In essence, the elevator is a service. As Mitsubishi still owns the elevator and is in charge of maintenance, it has a longer lifespan than "normal" elevators.
Elevators Market Report Highlights:
- The traction type segment led the market and accounted for 55.2% of the global revenue share in 2024. Traction elevators are frequently used in industrial and commercial structures.
- The new equipment business segment led the market and accounted for 47.7% of the global revenue share in 2024.
- The residential application segment led the market and accounted for 69.1% of the global revenue share in 2024.
- The elevator market in Asia Pacific accounted for a market share of 41.5% in 2024. The need for elevators in APAC has increased because of the building industry's strong expansion and rising outputs in nations like India, China, and South Korea, and among others.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope and Assumptions
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Elevator Market Variables, Trends, & Scope
- 3.1. Market Segmentation & Scope
- 3.2. Concentration & Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Regulatory Framework
- 3.5. Technology Overview
- 3.6. Elevator Market - Market dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Opportunity Analysis
- 3.6.4. Market Challenge Analysis
- 3.7. Industry Analysis Tools: Elevator Market
- 3.7.1. Porter's Analysis
- 3.7.2. Macroeconomic Analysis
- 3.8. Economic Mega Trends Analysis
Chapter 4. Elevator Market: Type Estimates & Trend Analysis
- 4.1. Type Movement Analysis & Market Share, 2024 & 2030
- 4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.2. Hydraulic
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.3. Traction
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.4. Machine Room-Less Traction
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 4.5. Others
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 5. Elevator Market: Business Estimates & Trend Analysis
- 5.1. Business Movement Analysis & Market Share, 2024 & 2030
- 5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.2. New Equipment
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.3. Maintenance
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 5.4. Modernization
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 6. Elevator Market: Application Estimates & Trend Analysis
- 6.1. Application Movement Analysis & Market Share, 2024 & 2030
- 6.2. Residential
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.3. Commercial
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 6.4. Industrial
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
Chapter 7. Elevator Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2024 & 2030
- 7.2. North America
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.2. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.2.3. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.2.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.2.5. U.S.
- 7.2.5.1. U.S. Macroeconomic Outlook
- 7.2.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.5.3. Market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- 7.2.5.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.2.5.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.2.6. Canada
- 7.2.6.1. Canada Macroeconomic Outlook
- 7.2.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.6.3. Market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- 7.2.6.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.2.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.2.7. Mexico
- 7.2.7.1. Mexico Macroeconomic Outlook
- 7.2.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.2.7.3. Market estimates and forecasts, by type, 2018 - 2030 (USD Billion)
- 7.2.7.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.2.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3. Europe
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.2. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.3. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3.5. UK
- 7.3.5.1. UK Macroeconomic Outlook
- 7.3.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.5.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.5.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.5.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3.6. Germany
- 7.3.6.1. Germany Macroeconomic Outlook
- 7.3.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.6.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.6.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3.7. France
- 7.3.7.1. France Macroeconomic Outlook
- 7.3.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.7.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.7.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3.8. Italy
- 7.3.8.1. Italy Macroeconomic Outlook
- 7.3.8.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.8.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.8.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.8.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.3.9. Spain
- 7.3.9.1. Spain Macroeconomic Outlook
- 7.3.9.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.3.9.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.3.9.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.3.9.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4. Asia Pacific
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.2. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.3. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.5. China
- 7.4.5.1. China Macroeconomic Outlook
- 7.4.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.5.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.5.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.5.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.6. India
- 7.4.6.1. India Macroeconomic Outlook
- 7.4.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.6.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.6.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.7. Japan
- 7.4.7.1. Japan Macroeconomic Outlook
- 7.4.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.7.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.7.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.8. Australia
- 7.4.8.1. Australia Macroeconomic Outlook
- 7.4.8.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.8.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.8.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.8.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.9. South Korea
- 7.4.9.1. South Korea Macroeconomic Outlook
- 7.4.9.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.9.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.9.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.9.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.10. Indonesia
- 7.4.10.1. Indonesia Macroeconomic Outlook
- 7.4.10.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.10.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.10.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.10.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.4.11. Malaysia
- 7.4.11.1. Malaysia Macroeconomic Outlook
- 7.4.11.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.4.11.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.4.11.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.4.11.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.5. Latin America
- 7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.2. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.5.3. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.5.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.5.5. Brazil
- 7.5.5.1. Brazil Macroeconomic Outlook
- 7.5.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.5.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.5.5.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.5.5.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.5.6. Argentina
- 7.5.6.1. Argentina Macroeconomic Outlook
- 7.5.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.5.6.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.5.6.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.5.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.6. Middle East & Africa
- 7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.2. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.6.3. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.6.4. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.6.5. UAE
- 7.6.5.1. UAE Macroeconomic Outlook
- 7.6.5.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.5.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.6.5.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.6.5.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.6.6. Saudi Arabia
- 7.6.6.1. Saudi Arabia Macroeconomic Outlook
- 7.6.6.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.6.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.6.6.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.6.6.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
- 7.6.7. South Africa
- 7.6.7.1. South Africa Outlook
- 7.6.7.2. Market estimates and forecasts, 2018 - 2030 (USD Billion)
- 7.6.7.3. Market estimates and forecasts by type, 2018 - 2030 (USD Billion)
- 7.6.7.4. Market estimates and forecasts by business, 2018 - 2030 (USD Billion)
- 7.6.7.5. Market estimates and forecasts by application, 2018 - 2030 (USD Billion)
Chapter 8. Elevator Market: Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Overview
- 8.5. Product Benchmarking
- 8.6. Company Market Positioning
- 8.7. Company Market Share Analysis, 2024
- 8.8. Company Heat Map Analysis, 2024
- 8.9. Strategy Mapping
- 8.10. Company Profiles
- 8.10.1. TK Elevator
- 8.10.1.1. Participant's overview
- 8.10.1.2. Financial performance
- 8.10.1.3. Product benchmarking
- 8.10.1.4. Recent developments
- 8.10.2. Schindler
- 8.10.2.1. Participant's overview
- 8.10.2.2. Financial performance
- 8.10.2.3. Product benchmarking
- 8.10.2.4. Recent developments
- 8.10.3. KONE Corporation
- 8.10.3.1. Participant's overview
- 8.10.3.2. Financial performance
- 8.10.3.3. Product benchmarking
- 8.10.3.4. Recent developments
- 8.10.4. Hitachi Ltd.
- 8.10.4.1. Participant's overview
- 8.10.4.2. Financial performance
- 8.10.4.3. Product benchmarking
- 8.10.4.4. Recent developments
- 8.10.5. HYUNDAIELEVATOR CO.,LTD.
- 8.10.5.1. Participant's overview
- 8.10.5.2. Financial performance
- 8.10.5.3. Product benchmarking
- 8.10.5.4. Recent developments
- 8.10.6. Toshiba Group
- 8.10.6.1. Participant's overview
- 8.10.6.2. Financial performance
- 8.10.6.3. Product benchmarking
- 8.10.6.4. Recent developments
- 8.10.7. FUJITEC CO., LTD.
- 8.10.7.1. Participant's overview
- 8.10.7.2. Financial performance
- 8.10.7.3. Product benchmarking
- 8.10.7.4. Recent developments
- 8.10.8. Aritco Lift AB
- 8.10.8.1. Participant's overview
- 8.10.8.2. Financial performance
- 8.10.8.3. Product benchmarking
- 8.10.8.4. Recent developments
- 8.10.9. EMAK
- 8.10.9.1. Participant's overview
- 8.10.9.2. Financial performance
- 8.10.9.3. Product benchmarking
- 8.10.9.4. Recent developments
- 8.10.10. Sigma Elevator Company
- 8.10.10.1. Participant's overview
- 8.10.10.2. Financial performance
- 8.10.10.4. Recent developments
- 8.10.11. Mitsubishi Electric Corporation
- 8.10.11.1. Participant's overview
- 8.10.11.2. Financial performance
- 8.10.11.3. Product benchmarking
- 8.10.11.4. Recent developments
- 8.10.12. Schumacher Elevator Company
- 8.10.12.1. Participant's overview
- 8.10.12.2. Financial performance
- 8.10.12.3. Product benchmarking
- 8.10.12.4. Recent developments
- 8.10.13. ESCON Elevators Pvt Limited
- 8.10.13.1. Participant's overview
- 8.10.13.2. Financial performance
- 8.10.13.3. Product benchmarking
- 8.10.13.4. Recent developments
- 8.10.14. Electra Elevators
- 8.10.14.1. Participant's overview
- 8.10.14.2. Financial performance
- 8.10.14.3. Product benchmarking
- 8.10.14.4. Recent developments
- 8.10.15. CANNY ELEVATOR CO.,LTD.
- 8.10.15.1. Participant's overview
- 8.10.15.2. Financial performance
- 8.10.15.3. Product benchmarking
- 8.10.15.4. Recent developments