PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1886939
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1886939
Elevator Maintenance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of elevator maintenance Market
The global elevator maintenance market is witnessing sustained growth as urbanization intensifies and buildings rely increasingly on vertical transportation systems. According to the latest industry assessment, the global elevator maintenance market size reached USD 33.45 billion in 2024, driven by rising installation of new elevators, strict compliance requirements, and expanding smart building infrastructures. The market is projected to increase to USD 35.76 billion in 2025, supported by continued modernization initiatives, and is expected to climb to USD 61.12 billion by 2032, expanding at a strong CAGR of 8.0% between 2025 and 2032.
Asia Pacific dominated the global market landscape in 2024 with 44.04% share, reflecting rapid urban growth, large high-rise construction activity, and continuously rising demand for residential and commercial elevators. As the built environment expands across both mature and emerging cities, demand for maintenance services continues to rise due to safety mandates, reliability needs, and lifecycle optimization.
Market Trends
The elevator maintenance market is undergoing a digital transformation as IoT sensors and cloud monitoring systems propel predictive and condition-based maintenance. Connected elevators now collect real-time data from motors, brakes, door mechanisms, and control panels, enabling early detection of faults and minimizing downtime. This shift is reducing dependence on reactive maintenance and lowering operational costs for building owners. Service providers are also transitioning toward digital service models, using analytics and remote monitoring to deliver higher service efficiency, optimize technician dispatch, and enhance equipment reliability.
Market Dynamics
Drivers: Technology Adoption Enables Predictive Maintenance
Elevator downtime has become increasingly unacceptable in vertically expanding urban centers. Predictive maintenance solutions powered by IoT, AI, and real-time sensors are enabling early detection of component failures, improving safety compliance, and extending equipment lifespan. As cities continue constructing taller and more complex buildings, reliable elevator performance becomes a core requirement for commercial and residential infrastructure, thereby driving maintenance demand.
Restraints: Aging Infrastructure
A key challenge faced globally is the presence of outdated elevator systems-particularly in Europe-where many units exceed 20 years of use. Aging systems require specialized maintenance, face parts shortages, and experience higher downtime, contributing to higher service costs. Some building owners delay modernization due to budget limitations, slowing maintenance cycles and posing safety concerns.
Opportunities: Expansion in Construction and Smart Cities
Technological advances in construction-such as robotics, drones, automation, and AI-are accelerating the development of smart buildings and sustainable infrastructure. As governments invest in smart cities and eco-friendly high-rise projects, demand for advanced elevators and continuous maintenance will expand further, creating strong opportunities for service companies.
Segmentation Analysis
By Component Maintained
The traction systems segment held the highest market share in 2024 due to their widespread use in high-rise buildings and complex mechanical design that requires frequent servicing. Door and safety systems represent another significant segment due to safety mandates and the high frequency of door-related service needs. Control systems are expected to grow at the fastest pace as buildings integrate smart elevator technologies requiring continuous updates and monitoring.
By Building Type
Residential buildings dominated the market in 2024, driven by rising urban populations and widespread installation of elevators in mid- and high-rise apartments. Commercial buildings such as malls and offices also represent a strong segment. The hotel and hospitality sector is expected to expand at the fastest CAGR, propelled by tourism growth and increasing investments in luxury and high-rise hotels.
Regional Outlook
Asia Pacific
In 2024, the Asia Pacific market reached USD 14.73 billion, driven by high-rise construction, smart city initiatives, and modernization projects. China remains the regional leader due to large-scale urbanization and continued investment in predictive maintenance technologies.
North America
North America shows stable, tech-driven growth supported by strict safety regulations, modernization of aging buildings, and adoption of IoT-enabled maintenance platforms.
Europe
Europe's market is driven by modernization mandates, sustainability goals, and a large stock of aging elevators requiring upgrades and maintenance.
Rest of the World
Regions such as the Middle East, Africa, and Latin America are experiencing growing demand due to rapid urban development and increased safety awareness.
Conclusion
Growing from USD 33.45 billion in 2024 to USD 35.76 billion in 2025, and projected to reach USD 61.12 billion by 2032, the elevator maintenance market is positioned for robust expansion. With IoT-driven predictive maintenance, rapid urbanization, and rising safety standards, the market will continue evolving into a highly technology-driven service industry over the coming decade.
Segmentation By Component Maintained
- Traction Systems
- Hydraulic Systems
- Control System
- Cabin Interiors
- Door & Safety Systems
- Communication Systems
- Others
By Building Type
- Residential Buildings
- Commercial Buildings (Offices & Malls)
- Industrial Facilities
- Public Infrastructure
- Hotels & Hospitality
By Region
- North America (By Component Maintained, Building Type, and Country)
- U.S. (By Building Type)
- Canada (By Building Type)
- Europe (By Component Maintained, Building Type, and Country)
- Germany (By Building Type)
- U.K. (By Building Type)
- France (By Building Type)
- Spain (By Building Type)
- Italy (By Building Type)
- Scandinavia (By Building Type)
- Rest of Europe
- Asia Pacific (By Component Maintained, Building Type, and Country)
- China (By Building Type)
- Japan (By Building Type)
- India (By Building Type)
- Australia (By Building Type)
- Southeast Asia (By Building Type)
- South Korea (By Building Type)
- Rest of Asia Pacific
- Rest of the World
Table of Content
1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
2. Executive Summary
3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Elevator Maintenance Key Players (Top 3 - 5) Market Share/Ranking, 2024
5. Global Elevator Maintenance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Component Maintained (USD)
- 5.2.1. Traction Systems
- 5.2.2. Hydraulic Systems
- 5.2.3. Control System
- 5.2.4. Cabin Interiors
- 5.2.5. Door & Safety Systems
- 5.2.6. Communication Systems
- 5.2.7. Others
- 5.3. By Building Type (USD)
- 5.3.1. Residential Buildings
- 5.3.2. Commercial Buildings (Offices & Malls)
- 5.3.3. Industrial Facilities
- 5.3.4. Public Infrastructure
- 5.3.5. Hotels & Hospitality
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of World
6. North America Elevator Maintenance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Component Maintained (USD)
- 6.2.1. Traction Systems
- 6.2.2. Hydraulic Systems
- 6.2.3. Control System
- 6.2.4. Cabin Interiors
- 6.2.5. Door & Safety Systems
- 6.2.6. Communication Systems
- 6.2.7. Others
- 6.3. By Building Type (USD)
- 6.3.1. Residential Buildings
- 6.3.2. Commercial Buildings (Offices & Malls)
- 6.3.3. Industrial Facilities
- 6.3.4. Public Infrastructure
- 6.3.5. Hotels & Hospitality
- 6.4. By Country (USD)
- 6.4.1. United States
- 6.4.1.1. By Building Type (USD)
- 6.4.2. Canada
- 6.4.2.1. By Building Type (USD)
- 6.4.1. United States
7. Europe Elevator Maintenance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Component Maintained (USD)
- 7.2.1. Traction Systems
- 7.2.2. Hydraulic Systems
- 7.2.3. Control System
- 7.2.4. Cabin Interiors
- 7.2.5. Door & Safety Systems
- 7.2.6. Communication Systems
- 7.2.7. Others
- 7.3. By Building Type (USD)
- 7.3.1. Residential Buildings
- 7.3.2. Commercial Buildings (Offices & Malls)
- 7.3.3. Industrial Facilities
- 7.3.4. Public Infrastructure
- 7.3.5. Hotels & Hospitality
- 7.4. By Country (USD)
- 7.4.1. United Kingdom
- 7.4.1.1. By Building Type (USD)
- 7.4.2. Germany
- 7.4.2.1. By Building Type (USD)
- 7.4.3. France
- 7.4.3.1. By Building Type (USD)
- 7.4.4. Italy
- 7.4.4.1. By Building Type (USD)
- 7.4.5. Spain
- 7.4.5.1. By Building Type (USD)
- 7.4.6. Scandinavia
- 7.4.6.1. By Building Type (USD)
- 7.4.7. Rest of Europe
- 7.4.1. United Kingdom
8. Asia Pacific Elevator Maintenance Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Component Maintained (USD)
- 8.2.1. Traction Systems
- 8.2.2. Hydraulic Systems
- 8.2.3. Control System
- 8.2.4. Cabin Interiors
- 8.2.5. Door & Safety Systems
- 8.2.6. Communication Systems
- 8.2.7. Others
- 8.3. By Building Type (USD)
- 8.3.1. Residential Buildings
- 8.3.2. Commercial Buildings (Offices & Malls)
- 8.3.3. Industrial Facilities
- 8.3.4. Public Infrastructure
- 8.3.5. Hotels & Hospitality
- 8.4. By Country (USD)
- 8.4.1. China
- 8.4.1.1. By Building Type (USD)
- 8.4.2. India
- 8.4.2.1. By Building Type (USD)
- 8.4.3. Japan
- 8.4.3.1. By Building Type (USD)
- 8.4.4. South Korea
- 8.4.4.1. By Building Type (USD)
- 8.4.5. Southeast Asia
- 8.4.5.1. By Building Type (USD)
- 8.4.6. Australia
- 8.4.6.1. By Building Type (USD)
- 8.4.7. Rest of Asia Pacific
- 8.4.1. China
9. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 9.1. Otis
- 9.1.1. Overview
- 9.1.1.1. Key Management
- 9.1.1.2. Headquarters
- 9.1.1.3. Offerings/Business Segments
- 9.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.1.2.1. Employee Size
- 9.1.2.2. Past and Current Revenue
- 9.1.2.3. Geographical Share
- 9.1.2.4. Business Segment Share
- 9.1.2.5. Recent Developments
- 9.1.1. Overview
- 9.2. Kone
- 9.2.1. Overview
- 9.2.1.1. Key Management
- 9.2.1.2. Headquarters
- 9.2.1.3. Offerings/Business Segments
- 9.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.2.2.1. Employee Size
- 9.2.2.2. Past and Current Revenue
- 9.2.2.3. Geographical Share
- 9.2.2.4. Business Segment Share
- 9.2.2.5. Recent Developments
- 9.2.1. Overview
- 9.3. Schindler
- 9.3.1. Overview
- 9.3.1.1. Key Management
- 9.3.1.2. Headquarters
- 9.3.1.3. Offerings/Business Segments
- 9.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.3.2.1. Employee Size
- 9.3.2.2. Past and Current Revenue
- 9.3.2.3. Geographical Share
- 9.3.2.4. Business Segment Share
- 9.3.2.5. Recent Developments
- 9.3.1. Overview
- 9.4. Thyssenkrupp
- 9.4.1. Overview
- 9.4.1.1. Key Management
- 9.4.1.2. Headquarters
- 9.4.1.3. Offerings/Business Segments
- 9.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.4.2.1. Employee Size
- 9.4.2.2. Past and Current Revenue
- 9.4.2.3. Geographical Share
- 9.4.2.4. Business Segment Share
- 9.4.2.5. Recent Developments
- 9.4.1. Overview
- 9.5. Mitsubishi Electric
- 9.5.1. Overview
- 9.5.1.1. Key Management
- 9.5.1.2. Headquarters
- 9.5.1.3. Offerings/Business Segments
- 9.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.5.2.1. Employee Size
- 9.5.2.2. Past and Current Revenue
- 9.5.2.3. Geographical Share
- 9.5.2.4. Business Segment Share
- 9.5.2.5. Recent Developments
- 9.5.1. Overview
- 9.6. Fujitec
- 9.6.1. Overview
- 9.6.1.1. Key Management
- 9.6.1.2. Headquarters
- 9.6.1.3. Offerings/Business Segments
- 9.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.6.2.1. Employee Size
- 9.6.2.2. Past and Current Revenue
- 9.6.2.3. Geographical Share
- 9.6.2.4. Business Segment Share
- 9.6.2.5. Recent Developments
- 9.6.1. Overview
- 9.7. Hyundai Elevator
- 9.7.1. Overview
- 9.7.1.1. Key Management
- 9.7.1.2. Headquarters
- 9.7.1.3. Offerings/Business Segments
- 9.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.7.2.1. Employee Size
- 9.7.2.2. Past and Current Revenue
- 9.7.2.3. Geographical Share
- 9.7.2.4. Business Segment Share
- 9.7.2.5. Recent Developments
- 9.7.1. Overview
- 9.8. Hitachi
- 9.8.1. Overview
- 9.8.1.1. Key Management
- 9.8.1.2. Headquarters
- 9.8.1.3. Offerings/Business Segments
- 9.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.8.2.1. Employee Size
- 9.8.2.2. Past and Current Revenue
- 9.8.2.3. Geographical Share
- 9.8.2.4. Business Segment Share
- 9.8.2.5. Recent Developments
- 9.8.1. Overview
- 9.9. Toshiba
- 9.9.1. Overview
- 9.9.1.1. Key Management
- 9.9.1.2. Headquarters
- 9.9.1.3. Offerings/Business Segments
- 9.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.9.2.1. Employee Size
- 9.9.2.2. Past and Current Revenue
- 9.9.2.3. Geographical Share
- 9.9.2.4. Business Segment Share
- 9.9.2.5. Recent Developments
- 9.9.1. Overview
- 9.10. Johnson Lifts
- 9.10.1. Overview
- 9.10.1.1. Key Management
- 9.10.1.2. Headquarters
- 9.10.1.3. Offerings/Business Segments
- 9.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 9.10.2.1. Employee Size
- 9.10.2.2. Past and Current Revenue
- 9.10.2.3. Geographical Share
- 9.10.2.4. Business Segment Share
- 9.10.2.5. Recent Developments
- 9.10.1. Overview
10. Key Takeaways
List of Tables
- Table 1: Global Elevator Maintenance Market Size Estimates and Forecasts, 2019 - 2032
- Table 2: Global Elevator Maintenance Market Size Estimates and Forecasts, By Component Maintained, 2019 - 2032
- Table 3: Global Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 4: Global Elevator Maintenance Market Size Estimates and Forecasts, By Region, 2019 - 2032
- Table 5: North America Elevator Maintenance Market Size Estimates and Forecasts, 2019 - 2032
- Table 6: North America Elevator Maintenance Market Size Estimates and Forecasts, By Component Maintained, 2019 - 2032
- Table 7: North America Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 8: North America Elevator Maintenance Market Size Estimates and Forecasts, By Country, 2019 - 2032
- Table 9: U.S. Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 10: Canada Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 11: Europe Elevator Maintenance Market Size Estimates and Forecasts, 2019 - 2032
- Table 12: Europe Elevator Maintenance Market Size Estimates and Forecasts, By Component Maintained, 2019 - 2032
- Table 13: Europe Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 14: Europe Elevator Maintenance Market Size Estimates and Forecasts, By Country, 2019 - 2032
- Table 15: Germany Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 16: France Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 17: Italy Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 18: Spain Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 19: U.K. Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 20: Scandinavia Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 21: Asia Pacific Elevator Maintenance Market Size Estimates and Forecasts, 2019 - 2032
- Table 22: Asia Pacific Elevator Maintenance Market Size Estimates and Forecasts, By Component Maintained, 2019 - 2032
- Table 23: Asia Pacific Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 24: Asia Pacific Elevator Maintenance Market Size Estimates and Forecasts, By Country, 2019 - 2032
- Table 25: China Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 26: Japan Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 27: India Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 28: South Korea Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 29: Southeast Asia Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
- Table 30: Australia Elevator Maintenance Market Size Estimates and Forecasts, By Building Type, 2019 - 2032
List of Figures
- Figure 1: Global Elevator Maintenance Market Revenue Share (%), 2024 and 2032
- Figure 2: Global Elevator Maintenance Market Revenue Share (%), By Component Maintained, 2024 and 2032
- Figure 3: Global Elevator Maintenance Market Revenue Share (%), By Building Type, 2024 and 2032
- Figure 4: Global Elevator Maintenance Market Revenue Share (%), By Region, 2024 and 2032
- Figure 5: North America Elevator Maintenance Market Revenue Share (%), 2024 and 2032
- Figure 6: North America Elevator Maintenance Market Revenue Share (%), By Component Maintained, 2024 and 2032
- Figure 7: North America Elevator Maintenance Market Revenue Share (%), By Building Type, 2024 and 2032
- Figure 8: North America Elevator Maintenance Market Revenue Share (%), By Country, 2024 and 2032
- Figure 9: Europe Elevator Maintenance Market Revenue Share (%), 2024 and 2032
- Figure 10: Europe Elevator Maintenance Market Revenue Share (%), By Component Maintained, 2024 and 2032
- Figure 11: Europe Elevator Maintenance Market Revenue Share (%), By Building Type, 2024 and 2032
- Figure 12: Europe Elevator Maintenance Market Revenue Share (%), By Country, 2024 and 2032
- Figure 13: Asia Pacific Elevator Maintenance Market Revenue Share (%), 2024 and 2032
- Figure 14: Asia Pacific Elevator Maintenance Market Revenue Share (%), By Component Maintained, 2024 and 2032
- Figure 15: Asia Pacific Elevator Maintenance Market Revenue Share (%), By Building Type, 2024 and 2032
- Figure 16: Asia Pacific Elevator Maintenance Market Revenue Share (%), By Country, 2024 and 2032
- Figure 17: Global Elevator Maintenance Key Players' Market Share/Ranking (%), 2024
