Elevators Market Size was valued at USD 54.10 Billion in 2023. The Elevators industry is projected to grow from USD 56.99 Billion in 2024 to USD 89.50 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032). Rising urbanisation, energy-efficient lift and escalator investment, and a large increase in the number of elderly persons, are the key market drivers enhancing the market growth.
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
It is anticipated that the market will expand as a result of developing economies' increased infrastructure spending. Additionally, the UNCTAD Trade and Development report analyses over 40 developing nations with a focus on infrastructure initiatives. As a result, the market is anticipated to be driven by the growing government initiatives from various emerging nations to drive their economies, which are likely to result in the development of bridges, dams, and urban infrastructure growth such as roads, schools, ports, and airports. In the next five years, India, for instance, expects to invest USD 1.4 trillion in infrastructure. Additionally, the growth of smart cities is anticipated to propel the market. For instance, according to the Policy Forum, China invested around USD 30.4 billion in smart cities in 2018 and is projected to invest more than USD 59.9 billion by 2023. Additionally, the market is expanding as a result of the strong demand for high-speed elevators brought on by the expansion of skyscraper building. For instance, the 644-meter-tall Merdeka PNB 118 skyscraper that is being built in Malaysia. The highest structure in Southeast Asia is anticipated to be this tower.
Elevators have a large energy consumption improvement potential and account for 2% to 7% of the total energy used in the entire structure. As a result, lift manufacturers are putting their efforts into creating energy-efficient lifts. These lifts are more compact and consume less energy thanks to better hardware controls. Additionally, it is anticipated that the increase in government attempts to conserve energy will encourage development in the sales of energy-efficient products. For instance, the Swiss government stated that Schindler Switzerland would be its technological partner in 2019 for the rehabilitation of ageing lifts to result in energy efficiency. As a result, there will probably be a big need for efficient electrical lifts.
Modern lifts can be used in a variety of settings, such as ships, dams, and specialised buildings like rocket launchers. They can also be used to carry both people and products. The development of collective operation, which involves a lift or group of lifts that enables enhanced automatic operation and is popular in residential complexes and hospitals due to its cost, will also be a major factor in the demand for lifts in the upcoming years. Toshiba Johnson Elevators India (TJEI) is one such business that enhances lives via technology and design. Additionally, TJEI's wide range of products includes premium-class and ultra-premium lifts. TJEI sells SPACEL-III and High-end ELCOSMO-III products in the ultra-luxury and premium market. These lifts, known as the ELBRIGHT series, use a tiny traction machine to reduce the size of the machine room by up to 50% while saving time and energy. The need for lifts in the upcoming years will be driven by the aforementioned considerations.
Thus, driving the Elevators market revenue.
The Elevators market segmentation, based on type, includes passenger elevator, goods elevator, capsule elevator, automobile elevator, stretcher elevator, and hydraulic elevator. Passenger elevator segment accounted for the largest revenue share in 2022. The usage of passenger lifts is common in commercial and industrial buildings. The expansion of infrastructure projects for office complexes, shopping malls, and retail establishments would also increase market demand. Furthermore, thanks to favourable government initiatives supporting the construction industry, the market will experience profitable expansion.
The Elevators market segmentation, based on application, includes residential and commercial. Residential segment dominated the elevators market in 2022. Due to increased urbanisation and a higher level of life in developing countries like China and India, there will be an increase in demand for lifts in the coming years. Thus, the construction of high-rise buildings—many of which include intelligent elevators—will further stimulate the need for elevators for residential purposes. Additionally, increasing residential development investment will support market expansion. For instance, investment in new residential structures increased by 14.6% in October 2020 when compared to the same month in 2019.
Figure 1: Elevators Market, by Application, 2022 & 2032 (USD Billion)
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Elevators Market dominated this market in 2022 (45.80%). A significant factor in the industry's growth, particularly in the United States, is the efforts made by international manufacturers to establish their presence in the local market. Through smart mergers and acquisitions of the leading domestic players, a number of well-established market players are attempting to advance their operations and build a strong client base in the region. For instance, in order to strengthen its position in the local market, TK Elevator completed the acquisition of Accurate Elevator in June 2021. Additionally, TK Elevator has made five acquisitions in a row in the North American market thus far in 2021. Further, the U.S. Elevators market held the largest market share, and the Canada Elevators market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: ELEVATORS MARKET SHARE BY REGION 2022 (USD Billion)
Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Elevators market accounted for the healthy market share in 2022. In Europe, the government has recommended the adoption of regional policies to ensure that all floors of completed and ongoing structures are accessible to those with disabilities. For instance, every new structure must to have at least one lift that can accommodate wheelchairs. Further, the German Elevators market held the largest market share, and the U.K Elevators market was the fastest growing market in the European region
The Asia Pacific Elevators market is expected to register significant growth from 2023 to 2032. The building sector's rapid growth and expanding outputs in countries like India, China, and South Korea, among others, have increased the demand for lifts in APAC. The regional lift market has expanded significantly in recent years as a result of the rapid population growth, rural emigration, and industrial growth. For instance, the American Institute of Architects Shanghai estimates that by 2025, China will have constructed the equivalent of about 10 cities the size of New York. As socioeconomic conditions in nations like China, Indonesia, and other Southeast Asian markets continue to improve, the market will expand. Moreover, China’s Elevators market held the largest market share, and the Indian Elevators market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Elevators market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Elevators industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Elevators industry to benefit clients and increase the market sector. In recent years, the Elevators industry has offered some of the most significant advantages to medicine. Major players in the Elevators market, including Omega Elevators, Armor, Sigma, Mitsubishi, Schindler, Hyundai, Fujitec, Dover, Thyssenkrupp AG, and Kone Corporation, are attempting to increase market demand by investing in research and development operations.
In addition to developing and manufacturing moving walks, escalators, and elevators, Schindler Holding Ltd. (Schindler) also installs, maintains, and updates outdated equipment in residential, commercial, and office buildings. Schindler is a producer of transit-management systems. The business also provides replacement options, repair services, and services for non-Schindler equipment and original equipment manufacturer spare parts. Customers of Schindler are located in the Americas, Asia-Pacific, Europe, the Middle East, and Africa. The company's products are used in a variety of well-known structures around the globe, including office buildings, airports, shopping malls, retail stores, and speciality structures. It has branch offices all over the world as well as production facilities in the US, Vietnam, Brazil, China, India, Switzerland, and Switzerland. The headquarters of Schindler are located in Hergiswil, Nidwalden, Switzerland. In February 2021, Schindler and citizenM hotels, the top boutique hotel chain based in the Netherlands, entered into a partnership agreement to service and update the escalators and lifts in all of the Group's current buildings around the world as well as to install future vertical mobility solutions in the chain's new hotels.
Manufacturer of unique organic chemical compounds is Huntsman Corp (Huntsman). A wide variety of chemicals and formulations are available, including amines, maleic anhydride, MDI, formulations for epoxy-based polymers, textile chemicals, and dyes. The business markets its goods to a variety of retail and business clients. The adhesives, aerospace, personal care and hygiene, automotive, construction, durable and non-durable consumer goods, digital inks, electronics, power generation, refining, medical, packaging, coatings and construction, synthetic fiber, textile chemicals, and dyes industries are just a few industries where Huntsman products are used. The business is run through a worldwide network of administrative, R&D, and production facilities located in North America, the Middle East, Europe, and Asia. Huntsman's US headquarters are in Texas. Huntsman International LLC revealed its plans to expand in the Pan-American region in July 2020. Azelis Americas CASE, LLC was chosen by Huntsman International LLC to be its partner in distribution in North America. The arrangement will make it possible for Azelis CASE LLC to take the lead in North American coating, adhesive, sealant, and elastomer distribution.
March 2023: ThyssenKrupp Elevator announced that it had won a contract to supply 100 elevators for the Jeddah Tower in Saudi Arabia. The Jeddah Tower is the tallest building in the world, and the elevators will be the fastest in the world, with a speed of 20.5 meters per second.
April 2023: Mitsubishi Electric announced that it had won a contract to supply 120 elevators for the Grand Tower in Ho Chi Minh City, Vietnam. The Grand Tower is the tallest building in Vietnam, and the elevators will be the first in the country to use Mitsubishi Electric's new "elevator of the future" technology.
May 2023: Schindler Elevator announced that it had won a contract to supply 150 elevators for the One Vanderbilt building in New York City. The One Vanderbilt building is the tallest office building in New York City, and the elevators will be the first in the city to use Schindler's new "Intelligent Drive" technology.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 54.10 Billion |
| Market Size 2023 | USD 56.99 Billion |
| Market Size 2032 | USD 89.50 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Omega Elevators, Armor, Sigma, Mitsubishi, Schindler, Hyundai, Fujitec, Dover, Thyssenkrupp AG, and Kone Corporation |
| Key Market Opportunities | The green engineering concept |
| Key Market Dynamics | Increasing investment in infrastructure and energy-efficient elevator and escalator, escalating urbanization, a significant rise in the number of elderly people |
Elevators Market Highlights:
Frequently Asked Questions (FAQ) :
The Elevators Market size was valued at USD 54.10 Billion in 2023.
The Elevators Market is projected to grow at a CAGR of 5.80% during the forecast period, 2024-2032.
North America had the largest share in the Elevators Market.
The key players in the Elevators Market are Omega Elevators, Armor, Sigma, Mitsubishi, Schindler, Hyundai, Fujitec, Dover, Thyssenkrupp AG, and Kone Corporation.
The Passenger Elevator Type dominated the Elevators Market in 2023.
The Residential Application had the largest share in the Elevators Market.
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Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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