Global Elevators Market Overview
Elevators Market Size Was Valued At USD 93.57 Billion In 2024. The Global Elevators Industry Is Projected To Grow From USD 99.94 Billion In 2025 To USD 199.03 Billion By 2035, Exhibiting A Compound Annual Growth Rate (CAGR) Of 7.80% During The Forecast Period (2025 - 2035).
Growing Construction Industry And Rapid Industrialization And Safety And Accessibility Requirements is driving the Global Elevators Market.
As per Analyst at MRFR,” The expanding construction industry serves as a primary driver for the elevators market, fostering increased demand for vertical transportation solutions. As urbanization continues to propel the growth of cities worldwide, the construction sector is witnessing a surge in infrastructure projects, including high-rise buildings, commercial complexes, and residential towers. The need for efficient vertical mobility within these structures fuels the demand for elevators, positioning them as indispensable components in modern construction projects.”
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Elevators Market Trends
The adoption of Smart Elevator Solutions represents a significant and transformative opportunity within the elevators market. As the world transitions towards smart buildings and the Internet of Things (IoT), elevators are evolving from traditional transportation devices to intelligent systems that enhance efficiency, user experience, and building management. Smart elevators leverage IoT technology to provide real-time data monitoring, predictive maintenance, and advanced connectivity features, allowing building operators to optimize performance and energy usage.
This opportunity is driven by the increasing demand for connected and automated solutions in the construction industry. Smart elevators offer benefits such as improved energy efficiency, reduced downtime through predictive maintenance, and enhanced security features. Building owners and operators are increasingly recognizing the value of these smart technologies in optimizing operational costs and creating a more seamless and secure vertical transportation experience for occupants.
Manufacturers entering the smart elevator space have the opportunity to differentiate themselves by offering innovative features and integrated solutions. These may include touchless controls, personalized user interfaces, and data analytics for predictive maintenance. The growing awareness of the long-term advantages of smart technologies in elevators positions this segment as a key driver of market growth, as businesses and building developers seek solutions that align with the broader goals of sustainability, efficiency, and connectivity in modern structures.
Elevators Market Segment Insights
Global Elevators Type Insights
This chapter consists of a detailed study of the global Elevators market. It provides an overview of the various TYPE of the Elevators market. The Elevators Market is segmented, based on TYPE, into. Passenger Elevators, Goods Elevators, Capsule Elevators, Automobile Elevators, Others. The Passenger Elevators segment dominated the global market in 2024, while the Capsule Elevators is projected to be the fastest–growing segment during the forecast period. Passenger elevators represent a pivotal segment within the global elevator market, playing a crucial role in vertical transportation within buildings and structures.
These elevators are specifically designed to transport people efficiently and safely between different floors, making them an indispensable component of modern urban infrastructure. With advancements in technology, passenger elevators have evolved to offer enhanced features such as faster speed, energy efficiency, and advanced safety systems, catering to the growing demands of urbanization and high-rise construction.One key trend in the passenger elevator market is the increasing focus on smart and connected solutions. Elevator manufacturers are integrating IoT (Internet of Things) capabilities to enable remote monitoring, predictive maintenance, and real-time data analysis. This not only enhances the overall performance of passenger elevators but also contributes to a more seamless and convenient user experience. Additionally, sustainable practices are gaining prominence, with the development of energy-efficient elevator systems that reduce environmental impact and operating costs.
Global Elevators Application Insights
This chapter consists of a detailed study of the global Elevators market. It provides an overview of the various Application of the Elevators market. The Elevators Market is segmented, based on Application, into: Commercial, Institutional, Residential. The Residential segment dominated the global market in 2024, while the Residential is projected to be the fastest–growing segment during the forecast period. The Residential segment within the elevators market caters to the vertical transportation needs of residential buildings, including condominiums, apartments, and private homes. Elevators in this segment serve as convenient solutions for enhancing accessibility, mobility, and comfort for residents, particularly in high-rise or multi-story buildings. With a focus on space efficiency, aesthetics, and safety, residential elevators are designed to seamlessly integrate into home environments while providing reliable and smooth vertical transportation.
One of the primary drivers of demand in the Residential segment is the growing trend of urbanization and the construction of high-rise residential buildings in densely populated cities. As urban populations increase and land becomes scarce, vertical expansion becomes a practical solution for accommodating housing demand. Residential elevators offer convenience and luxury to homeowners, providing ease of access between floors and adding value to properties, especially in upscale residential developments where premium amenities are sought after.
Figure 1: Global Elevators Market, by Application, 2024 & 2035 (US$ Billion)
Global Elevators By Service Insights
This chapter consists of a detailed study of the global Elevators market. It provides an overview of the various Service of the Elevators market. The Elevators Market is segmented, based on Service, into: New Installation, Maintenance and Repair, Modernization. The New Installation segment dominated the global market in 2024, while the Modernization is projected to be the fastest–growing segment during the forecast period. The New Installation segment in the elevators market pertains to the installation of brand-new elevator systems in various settings, including commercial, residential, institutional, and industrial buildings. This segment is characterized by the installation of elevators in newly constructed structures or as part of major renovation projects. New installation services encompass a comprehensive process, from initial design and planning to the installation, testing, and commissioning of the elevator system, ensuring compliance with safety standards and regulations.
One of the key drivers of demand in the New Installation segment is the ongoing construction activity in urban areas, driven by population growth, urbanization, and infrastructure development. As cities expand and modernize, there is a continuous need for vertical transportation solutions to facilitate efficient movement within buildings and ensure accessibility for occupants and visitors. New installations cater to the evolving needs of building owners, architects, and developers who seek state-of-the-art elevator systems that enhance the functionality, safety, and aesthetics of their properties.
Global Elevators Technology Insights
This chapter consists of a detailed study of the global Elevators market. It provides an overview of the various Technology of the Elevators market. The Elevators Market is segmented, based on Technology, into Fertilizer, Pharmaceuticals, Food Additives, Industrial, Chemical and others .The Machine Room Less Traction Elevator segment dominated the global market in 2024, while the Machine Room Less Traction Elevator is projected to be the fastest–growing segment during the forecast period. The Machine room less traction elevator segment of the Elevators market is rapidly expanding, with a market size of $ 32,237.09 Million and a remarkable CAGR of 9.69%.
The Machine Room-Less (MRL) Traction Elevator segment represents a significant advancement in elevator technology, offering a space-saving and efficient vertical transportation solution. Unlike traditional traction elevators that require a separate machine room for housing the motor and control equipment, MRL traction elevators integrate these components within the elevator shaft itself, eliminating the need for a dedicated machine room. This innovation allows for greater flexibility in building design, reduces construction costs, and maximizes usable space, making MRL traction elevators particularly suitable for modern urban environments with space constraints.
One of the primary drivers of demand for MRL Traction Elevators is the increasing trend towards sustainable and efficient building practices. MRL elevators offer significant energy savings compared to traditional traction elevators, as they utilize gearless or compact gear traction machines that operate more efficiently and consume less power. Additionally, the elimination of the machine room reduces the overall footprint of the elevator system, contributing to greater resource efficiency and environmental sustainability in building design and construction.
Global Elevators Regional Insights
Based on the region, the Elevators Market has been segmented into North America, Europe, Asia-Pacific, South America, Middle East & Africa. Asia-Pacific accounted for the largest market share in 2024 and is anticipated to reach USD 199.03 billion by 2035. The Asia Pacific region accounted for the largest share of the Elevators market in 2024 and is projected to remain the major region during the forecast period. The elevator market in the Asia-Pacific region has experienced remarkable growth, propelled by rapid urbanization, robust construction activities, and the need for efficient vertical transportation solutions. As countries across the region continue to undergo significant economic development, the demand for elevators has surged, driven by both residential and commercial construction projects.
China, as the largest market in the region, has played a pivotal role in shaping the dynamics of the Asia-Pacific elevator market. The country's massive urbanization efforts, coupled with a burgeoning middle class, have led to a substantial increase in the construction of high-rise buildings, creating a significant demand for elevators. The market in China is characterized by the presence of both domestic and international elevator manufacturers, contributing to a competitive landscape with a diverse range of products and technologies.
India, another key player in the region, has witnessed a surge in elevator demand due to rapid urbanization, population growth, and increased infrastructure investments. The government's focus on affordable housing and smart city initiatives has further fueled the need for elevators, with manufacturers catering to diverse market segments.
Market in North America is expected to register a 7.69% CAGR In the global Elevators market, The elevator market in North America has witnessed steady growth driven by several factors, including urbanization, infrastructural development, and technological advancements. With rapid population growth in urban centers across the region, the demand for efficient vertical transportation solutions has surged. Additionally, stringent regulations regarding accessibility and safety standards have compelled building owners and developers to invest in modern elevator systems equipped with advanced features.
North America is home to several prominent players in the elevator industry, contributing to intense competition and innovation within the market. These companies continuously strive to enhance their product offerings by integrating smart technologies such as IoT connectivity, destination dispatch systems, and energy-efficient designs. Moreover, the region's focus on sustainable development has led to a growing demand for eco-friendly elevator solutions, further propelling market growth.
Furthermore, the ongoing trend towards the construction of high-rise buildings in major metropolitan areas is expected to sustain the demand for elevators in North America. Cities like New York, Chicago, and Toronto are witnessing a surge in skyscraper construction, driving the installation of sophisticated elevator systems capable of handling high traffic volumes efficiently. As urbanization continues unabated and the need for vertical mobility escalates, the elevator market in North America is poised for further expansion in the coming years.
Figure 2: Global Elevators Market, by region, 2024 & 2035 (US$ Billion)
Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, France, Rest Of Europe, UK, Japan, Chaina, India, Rest of Asia Pacific , Middle East, Africa, South America.
Global Elevators Key Market Players & Competitive Insight
Many global, regional, and local vendors characterize the Elevators Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.
The major players in the market include SCHINDLER GROUP, KONE CORPORATION, MITSUBISHI ELECTRIC CORPORATION, OTIS ELEVATOR COMPANY, TK ELEVATOR, ACURO ORGANICS LIMITED, HITACHI, LTD, ARITCO LIFT AB, SIGMA ELEVATOR COMPANY, SCHUMACHER ELEVATOR COMPANY, CANNY ELEVATOR CO, LTD ,among others. The Elevators Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.
Key Companies in the Elevators Market include.
- SCHINDLER GROUP
- KONE CORPORATION
- MITSUBISHI ELECTRIC CORPORATION
- OTIS ELEVATOR COMPANY
- TK ELEVATOR
- ACURO ORGANICS LIMITED
- HITACHI, LTD
- ARITCO LIFT AB
- SIGMA ELEVATOR COMPANY
- SCHUMACHER ELEVATOR COMPANY
- CANNY ELEVATOR CO, LTD
Elevators Market Segmentation
Elevators Market By Type Outlook (US$ Billion, 2019-2035)
- Passenger Elevators
- Goods Elevators
- Capsule Elevators
- Automobile Elevators
- Others
Elevators Market By Application Outlook (US$ Billion, 2019-2035)
- Commercial
- Institutional
- Residential
Elevators Market by Service Outlook (US$ Billion, 2019-2035)
- New Installation
- Maintenance and Repair
- Modernization
Elevators Market by Technology Outlook (US$ Billion, 2019-2035)
- Traction Elevator
- Machine Room Less Traction Elevator
- Hydraulic
Global Elevators Regional Outlook
- North America
- Europe
- UK
- France
- Germany
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
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Report Attribute/Metric
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Details
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Market Size 2024
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USD 93.57 Billion
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Market Size 2025
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USD 99.94 Billion
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Market Size 2035
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USD 199.03 Billion
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Compound Annual Growth Rate (CAGR)
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7.80% (2025-2035)
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Base Year
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2024
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Market Forecast Period
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2025-2035
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Historical Data
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2019- 2023
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Market Forecast Units
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Value (US$ Billion, Thousand Units)
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Report Coverage
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Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
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Segments Covered
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By Type, By Application, By Service, By Technology, And Region
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Geographies Covered
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North America, Europe, Asia-Pacific, South America, Middle East & Africa.
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Countries Covered
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The U.S., Canada, Mexico, Germany, France, United, Kingdom, Spain, Italy, Austria, Romania, Switzerland, Netherland, Poland
, Ireland, Finland, Denmark, Sweden, Norway, Hungary, Belgium ,Rest of Europe, Japan, Chaina, India, Rest of Asia Pacific, Middle East, Africa, South America.
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Key Companies Profiled
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SCHINDLER GROUP, KONE CORPORATION, MITSUBISHI ELECTRIC CORPORATION, OTIS ELEVATOR COMPANY, TK ELEVATOR, ACURO ORGANICS LIMITED, HITACHI, LTD, ARITCO LIFT AB, SIGMA ELEVATOR COMPANY, SCHUMACHER ELEVATOR COMPANY, CANNY ELEVATOR CO, LTD., among others.
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Key Market Opportunities
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· SMART ELEVATOR SOLUTIONS
· ENERGY-EFFICIENT ELEVATORS
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Key Market Dynamics
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· GROWING CONSTRUCTION INDUSTRY
· RAPID INDUSTRIALIZATION
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Elevators Market Highlights:
Frequently Asked Questions (FAQ) :
The Elevators Market size is expected to be valued at USD 199.03 Billion in 2035.
The global market is projected to grow at a CAGR of 7.80% during the forecast period, 2024-2035.
Asia Pacific had the largest share of the global market.
The key players in the market are Astec Industries SCHINDLER GROUP, KONE CORPORATION, MITSUBISHI ELECTRIC CORPORATION, OTIS ELEVATOR COMPANY, TK ELEVATOR, ACURO ORGANICS LIMITED, HITACHI, LTD, ARITCO LIFT AB, SIGMA ELEVATOR COMPANY, SCHUMACHER ELEVATOR COMPANY, CANNY ELEVATOR CO, LTD., among others.
Machine Room Less Traction Elevator dominated the market in 2024.
New Installation segment had the largest revenue share of the global market.
