U.S. Elevator Installation & Service Market Size & Share Analysis - Key Trends, Future Opportunities, Growth Strategies, and Forecasts (2025

Description

The U.S. elevator installation and service market is expected to experience steady growth, with a market size of USD 5.7 billion in 2024. The market is projected to grow at a compound annual growth rate (CAGR) of 2.8% from 2025 to 2032, reaching an estimated USD 7 billion by 2032. This growth is driven by the rising demand for vertical transportation solutions in both residential and commercial sectors, alongside increasing building construction and modernization projects.

Elevators are essential for providing safe and efficient movement in high-rise buildings, and as urbanization continues to rise, so does the need for advanced elevator systems. Furthermore, the growing trend of smart and energy-efficient buildings is driving the adoption of modern elevator technologies. With an emphasis on sustainability, safety, and convenience, the market is benefiting from ongoing innovations in elevator systems, along with increasing investments in infrastructure development.

Key Insights

The U.S. elevator installation and service market is expected to grow at a CAGR of 2.8% from 2025 to 2032, reaching a market size of USD 7 billion by 2032, up from USD 5.7 billion in 2024.

The market's growth is driven by the increasing demand for vertical transportation systems in commercial and residential buildings, as well as new construction and modernization projects.

A significant portion of the growth is attributed to the rising number of high-rise buildings and urbanization, creating a need for efficient and reliable elevator solutions.

The market is witnessing a growing emphasis on energy-efficient elevators that incorporate sustainable practices, which align with the rising demand for green buildings and smart infrastructure.

The integration of advanced technologies such as AI, IoT, and predictive maintenance is improving elevator system efficiency, safety, and overall performance, leading to greater adoption in both new installations and modernization projects.

With the increasing focus on safety standards and regulations, the demand for regular maintenance services and safety upgrades for existing elevator systems is rising, contributing to the service segment's growth.

The service market is benefiting from the growing need for regular maintenance, modernization, and repairs to ensure that aging elevator systems continue to operate safely and efficiently.

The market is also seeing growing interest in smart and connected elevator systems, which offer features like touchless controls, remote monitoring, and enhanced energy efficiency.

The competitive landscape features global players such as Otis, Schindler, Kone, and Thyssenkrupp, as well as regional and local companies that focus on both installation and ongoing maintenance services for elevators.

The increase in building construction, particularly in urban areas, is expected to drive continued demand for new elevator installations, while the rising need for modernization will fuel further growth in the service sector.

The market also benefits from an expanding focus on accessibility, with the demand for elevators that meet ADA (Americans with Disabilities Act) requirements growing, particularly in public buildings and transportation hubs.

Product Code: 13492

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Service
- 1.4.2. Market Size Breakdown, by Product Type
- 1.4.3. Market Size Breakdown, by Technology
- 1.4.4. Market Size Breakdown, by Ownership
- 1.4.5. Market Size Breakdown, by End User
1.5. Market Data Reporting Unit
- 1.5.1. Revenue
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Industry Background
5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
5.3. Impact of COVID-19
5.4. Sociopolitical Impact
5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
5.6. Innovation and Technology Trends
5.7. Economic and Regulatory Impact
5.8. Market Entry Strategies

Chapter 6. Competitive Landscape

6.1. List of Market Players and their Offerings
6.2. Market Share of Key Players (2024)
6.3. Competitive Benchmarking of Key Players
6.4. Product Benchmarking of Key Players
6.5. Recent Strategic Developments by Key Players
6.6. Company Leadership Matrix

Chapter 7. U.S. Market

7.1. Overview
7.2. Market Revenue, by Service (2019-2032)
7.3. Market Revenue, by Product Type (2019-2032)
7.4. Market Revenue, by Technology (2019-2032)
7.5. Market Revenue, by Ownership (2019-2032)
7.6. Market Revenue, by End User (2019-2032)
7.7. Market Revenue, by Country (2019-2032)

Chapter 8. Northeast Market

8.1. Overview
8.2. Economic Indicators
8.3. Demographics and Population Insights
8.4. Regional Hotspots
8.5. Growth Drivers
8.6. Challenges and Barriers
8.7. Competitive Strategies
8.8. Emerging Players
8.9. Import/Export Policies
8.10. Compliance Requirements
8.11. Emerging Investment Areas
8.12. Major Ongoing Projects
8.13. Market Size and Forecast
- 8.13.1. Market Revenue, by Service (2019-2032)
- 8.13.2. Market Revenue, by Product Type (2019-2032)
- 8.13.3. Market Revenue, by Technology (2019-2032)
- 8.13.4. Market Revenue, by Ownership (2019-2032)
- 8.13.5. Market Revenue, by End User (2019-2032)

Chapter 9. Midwest Market

9.1. Overview
9.2. Economic Indicators
9.3. Demographics and Population Insights
9.4. Regional Hotspots
9.5. Growth Drivers
9.6. Challenges and Barriers
9.7. Competitive Strategies
9.8. Emerging Players
9.9. Import/Export Policies
9.10. Compliance Requirements
9.11. Emerging Investment Areas
9.12. Major Ongoing Projects
9.13. Market Size and Forecast
- 9.13.1. Market Revenue, by Service (2019-2032)
- 9.13.2. Market Revenue, by Product Type (2019-2032)
- 9.13.3. Market Revenue, by Technology (2019-2032)
- 9.13.4. Market Revenue, by Ownership (2019-2032)
- 9.13.5. Market Revenue, by End User (2019-2032)

Chapter 10. South Market

10.1. Overview
10.2. Economic Indicators
10.3. Demographics and Population Insights
10.4. Regional Hotspots
10.5. Growth Drivers
10.6. Challenges and Barriers
10.7. Competitive Strategies
10.8. Emerging Players
10.9. Import/Export Policies
10.10. Compliance Requirements
10.11. Emerging Investment Areas
10.12. Major Ongoing Projects
10.13. Market Size and Forecast
- 10.13.1. Market Revenue, by Service (2019-2032)
- 10.13.2. Market Revenue, by Product Type (2019-2032)
- 10.13.3. Market Revenue, by Technology (2019-2032)
- 10.13.4. Market Revenue, by Ownership (2019-2032)
- 10.13.5. Market Revenue, by End User (2019-2032)

Chapter 11. West Market

11.1. Overview
11.2. Economic Indicators
11.3. Demographics and Population Insights
11.4. Regional Hotspots
11.5. Growth Drivers
11.6. Challenges and Barriers
11.7. Competitive Strategies
11.8. Emerging Players
11.9. Import/Export Policies
11.10. Compliance Requirements
11.11. Emerging Investment Areas
11.12. Major Ongoing Projects
11.13. Market Size and Forecast
- 11.13.1. Market Revenue, by Service (2019-2032)
- 11.13.2. Market Revenue, by Product Type (2019-2032)
- 11.13.3. Market Revenue, by Technology (2019-2032)
- 11.13.4. Market Revenue, by Ownership (2019-2032)
- 11.13.5. Market Revenue, by End User (2019-2032)

Chapter 12. Company Profiles

Chapter 13. Appendix

13.1. Sources and References
13.2. Related Reports

U.S. Elevator Installation & Service Market Size & Share Analysis - Key Trends, Future Opportunities, Growth Strategies, and Forecasts (2025 - 2032)