Product Code: ETC13259538 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 绿帽社 | Author: Ravi Bhandari | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 绿帽社 internal database and industry insights, the Global Elevator Market was valued at USD 75.3 Billion in 2024 and is expected to reach USD 113.4 Billion by 2031, growing at a compound annual growth rate of 8.02% during the forecast period (2025-2031).
The Global Elevator Market is experiencing steady growth driven by urbanization, high-rise construction projects, and increasing demand for efficient vertical transportation solutions. The market, valued at over $70 billion in 2020, is expected to reach $100 billion by 2026, with a CAGR of around 6%. Key trends shaping the market include the adoption of smart technologies like IoT and AI for elevator systems, focus on energy efficiency and sustainability, and the integration of advanced safety features. Asia Pacific dominates the market due to rapid urban development in countries like China and India, while North America and Europe also contribute significantly. Major players in the market include Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp, and Mitsubishi Electric, driving innovation and competition in the industry.
The Global Elevator Market is witnessing a surge in demand due to rapid urbanization, high-rise building construction, and increasing focus on smart and energy-efficient elevators. Key trends include the adoption of advanced technologies such as IoT, machine learning, and destination control systems to enhance elevator performance and user experience. The market is also experiencing a shift towards eco-friendly and sustainable elevator solutions to meet stringent environmental regulations. Opportunities lie in emerging markets like Asia Pacific and Latin America, where urbanization is rapidly increasing, leading to a growing demand for elevators in residential and commercial buildings. Additionally, the retrofitting of existing buildings with modern elevator systems presents a significant growth opportunity for elevator manufacturers and service providers.
The Global Elevator Market faces several challenges, including increasing competition among key players leading to pricing pressures, stringent regulatory requirements related to safety and energy efficiency, and the need for continuous technological advancements to meet the evolving needs of customers. Additionally, the high initial investment cost associated with installing elevators, especially in developing countries, acts as a barrier to market growth. Furthermore, the COVID-19 pandemic has disrupted the supply chain and construction sector, impacting the demand for elevators. To navigate these challenges, companies in the Global Elevator Market are focusing on innovation, enhancing their service offerings, and expanding into emerging markets to sustain growth and remain competitive in the industry.
The global elevator market is primarily driven by rapid urbanization and the increasing construction of high-rise buildings, particularly in emerging economies. The growing focus on smart and energy-efficient buildings has also fueled the demand for advanced elevator technologies. Additionally, the aging population and the need for improved accessibility in buildings have further boosted the market growth. Technological advancements such as destination control systems, regenerative drives, and IoT integration are enhancing the efficiency, safety, and convenience of elevators, driving their adoption worldwide. The demand for modernization and maintenance services to ensure the smooth operation of existing elevators is also contributing to the market expansion. Overall, the increasing demand for vertical transportation solutions in urban areas is a key driver shaping the global elevator market.
Government policies related to the Global Elevator Market vary by country but typically focus on safety standards, energy efficiency requirements, and disability access regulations. Many countries have established codes and regulations that elevator manufacturers and building owners must adhere to in order to ensure the safety of passengers. In terms of energy efficiency, some governments offer incentives or mandates for the installation of energy-efficient elevators to reduce energy consumption and carbon emissions. Additionally, there are regulations in place in various countries to promote accessibility for individuals with disabilities, such as requirements for elevator size, braille signage, and audible announcements. Overall, government policies play a crucial role in shaping the Global Elevator Market by setting standards for safety, energy efficiency, and accessibility.
The Global Elevator Market is projected to witness steady growth in the coming years, driven by increasing urbanization, infrastructure development, and the growing trend of high-rise buildings worldwide. Technological advancements such as smart elevators, energy-efficient systems, and predictive maintenance solutions are expected to further propel market growth. Additionally, the emphasis on sustainability and green building practices will likely boost the demand for eco-friendly elevator solutions. Emerging markets in Asia-Pacific and the Middle East are anticipated to offer significant opportunities for market expansion. However, factors such as high installation and maintenance costs, stringent regulations, and the impact of the COVID-19 pandemic on construction activities may pose challenges to the market growth. Overall, the Global Elevator Market is poised for a positive outlook with innovation and sustainability driving industry trends.
In the global elevator market, Asia holds the largest share due to rapid urbanization and infrastructure development in countries like China and India. North America follows closely with a focus on smart technology integration in elevators to enhance efficiency and safety. Europe is experiencing growth driven by increasing construction activities in countries like Germany and the U.K. The Middle East and Africa region is witnessing a surge in demand for elevators in commercial and residential sectors, particularly in cities like Dubai and Johannesburg. Latin America is also showing promising growth prospects, with Brazil and Mexico leading the market expansion through investments in modernizing buildings and infrastructure. Overall, the global elevator market is projected to continue growing across all regions due to urbanization trends and technological advancements.
Global Elevator Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Elevator Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Elevator Market Revenues & Volume, 2021 & 2031F |
3.3 Global Elevator Market - Industry Life Cycle |
3.4 Global Elevator Market - Porter's Five Forces |
3.5 Global Elevator Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Elevator Market Revenues & Volume Share, By Product, 2021 & 2031F |
3.7 Global Elevator Market Revenues & Volume Share, By Deck Type, 2021 & 2031F |
3.8 Global Elevator Market Revenues & Volume Share, By Application, 2021 & 2031F |
3.9 Global Elevator Market Revenues & Volume Share, By Destination Control, 2021 & 2031F |
3.10 Global Elevator Market Revenues & Volume Share, By Technology, 2021 & 2031F |
3.11 Global Elevator Market Revenues & Volume Share, By Installation, 2021 & 2031F |
4 Global Elevator Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Elevator Market Trends |
6 Global Elevator Market, 2021 - 2031 |
6.1 Global Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Elevator Market, Revenues & Volume, By Hydraulic and Pneumatic, 2021 - 2031 |
6.1.3 Global Elevator Market, Revenues & Volume, By Machine Room [MR] Traction, 2021 - 2031 |
6.1.4 Global Elevator Market, Revenues & Volume, By Machine Room-Less [MRL] Traction, 2021 - 2031 |
6.2 Global Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Elevator Market, Revenues & Volume, By Single Deck, 2021 - 2031 |
6.2.3 Global Elevator Market, Revenues & Volume, By Double Deck, 2021 - 2031 |
6.3 Global Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Elevator Market, Revenues & Volume, By Passengers, 2021 - 2031 |
6.3.3 Global Elevator Market, Revenues & Volume, By Freight, 2021 - 2031 |
6.4 Global Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Elevator Market, Revenues & Volume, By Smart, 2021 - 2031 |
6.4.3 Global Elevator Market, Revenues & Volume, By Conventional, 2021 - 2031 |
6.5 Global Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Elevator Market, Revenues & Volume, By Traction elevator, 2021 - 2031 |
6.5.3 Global Elevator Market, Revenues & Volume, By Machine room less traction elevator, 2021 - 2031 |
6.5.4 Global Elevator Market, Revenues & Volume, By Hydraulic, 2021 - 2031 |
6.6 Global Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
6.6.1 Overview & Analysis |
6.6.2 Global Elevator Market, Revenues & Volume, By New Installation, 2021 - 2031 |
6.6.3 Global Elevator Market, Revenues & Volume, By Maintenance, 2021 - 2031 |
6.6.4 Global Elevator Market, Revenues & Volume, By Modernization, 2021 - 2031 |
7 North America Elevator Market, Overview & Analysis |
7.1 North America Elevator Market Revenues & Volume, 2021 - 2031 |
7.2 North America Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Elevator Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Elevator Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Elevator Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
7.4 North America Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
7.5 North America Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
7.6 North America Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
7.7 North America Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
7.8 North America Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
8 Latin America (LATAM) Elevator Market, Overview & Analysis |
8.1 Latin America (LATAM) Elevator Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Elevator Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Elevator Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Elevator Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Elevator Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
8.4 Latin America (LATAM) Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
8.5 Latin America (LATAM) Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
8.6 Latin America (LATAM) Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
8.7 Latin America (LATAM) Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
8.8 Latin America (LATAM) Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
9 Asia Elevator Market, Overview & Analysis |
9.1 Asia Elevator Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Elevator Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Elevator Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Elevator Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Elevator Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
9.4 Asia Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
9.5 Asia Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
9.6 Asia Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
9.7 Asia Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
9.8 Asia Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
10 Africa Elevator Market, Overview & Analysis |
10.1 Africa Elevator Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Elevator Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Elevator Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Elevator Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Elevator Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
10.4 Africa Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
10.5 Africa Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
10.6 Africa Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
10.7 Africa Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
10.8 Africa Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
11 Europe Elevator Market, Overview & Analysis |
11.1 Europe Elevator Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Elevator Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Elevator Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Elevator Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Elevator Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
11.4 Europe Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
11.5 Europe Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
11.6 Europe Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
11.7 Europe Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
11.8 Europe Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
12 Middle East Elevator Market, Overview & Analysis |
12.1 Middle East Elevator Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Elevator Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Elevator Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Elevator Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Elevator Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Elevator Market, Revenues & Volume, By Product, 2021 - 2031 |
12.4 Middle East Elevator Market, Revenues & Volume, By Deck Type, 2021 - 2031 |
12.5 Middle East Elevator Market, Revenues & Volume, By Application, 2021 - 2031 |
12.6 Middle East Elevator Market, Revenues & Volume, By Destination Control, 2021 - 2031 |
12.7 Middle East Elevator Market, Revenues & Volume, By Technology, 2021 - 2031 |
12.8 Middle East Elevator Market, Revenues & Volume, By Installation, 2021 - 2031 |
13 Global Elevator Market Key Performance Indicators |
14 Global Elevator Market - Export/Import By Countries Assessment |
15 Global Elevator Market - Opportunity Assessment |
15.1 Global Elevator Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Elevator Market Opportunity Assessment, By Product, 2021 & 2031F |
15.3 Global Elevator Market Opportunity Assessment, By Deck Type, 2021 & 2031F |
15.4 Global Elevator Market Opportunity Assessment, By Application, 2021 & 2031F |
15.5 Global Elevator Market Opportunity Assessment, By Destination Control, 2021 & 2031F |
15.6 Global Elevator Market Opportunity Assessment, By Technology, 2021 & 2031F |
15.7 Global Elevator Market Opportunity Assessment, By Installation, 2021 & 2031F |
16 Global Elevator Market - Competitive Landscape |
16.1 Global Elevator Market Revenue Share, By Companies, 2024 |
16.2 Global Elevator Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |