PUBLISHER: The Business Research Company | PRODUCT CODE: 1822933
PUBLISHER: The Business Research Company | PRODUCT CODE: 1822933
Hydraulic passenger elevators are elevator systems that operate using a hydraulic piston mechanism powered by fluid pressure, which moves the elevator cab up and down along a vertical path. These elevators are typically installed in low- to mid-rise buildings because they can smoothly handle heavy loads, provide reliable performance, and offer a more cost-effective installation compared to traction-based elevator systems.
The main types of hydraulic systems used in hydraulic passenger elevators include traditional hydraulic elevators, holeless hydraulic elevators, low-rise hydraulic elevators, and high-rise hydraulic elevators. Traditional hydraulic elevators use a fluid-driven piston located at the bottom of the shaft to move the cab vertically, generally requiring a deep underground cylinder to accommodate the piston's full range of motion. These systems incorporate various control types such as manual, automatic, smart control, and remote monitoring systems, and can be installed as new units, modernizations of existing elevators, or retrofits. They support a range of elevator capacities, including small capacity (up to 1,000 kg), medium capacity (1,001 kg to 2,500 kg), and large capacity (over 2,500 kg), and serve diverse end users such as hospitals, shopping malls, office buildings, airports, and others.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.
The hydraulic passenger elevators market research report is one of a series of new reports from The Business Research Company that provides hydraulic passenger elevators market statistics, including hydraulic passenger elevators industry global market size, regional shares, competitors with a hydraulic passenger elevators market share, detailed hydraulic passenger elevators market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic passenger elevators industry. The hydraulic passenger elevators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hydraulic passenger elevators market size has grown strongly in recent years. It will grow from $11.31 billion in 2024 to $12.08 billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth during the historic period can be attributed to the expansion of commercial infrastructure, rising demand for affordable vertical transportation, growth in residential apartment developments, an increase in hotel and hospitality construction, and the implementation of basic lift safety regulations.
The hydraulic passenger elevators market size is expected to see strong growth in the next few years. It will grow to $15.52 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth anticipated in the forecast period can be attributed to the increasing demand for touchless and hygienic elevator features, a growing elderly population needing accessible mobility, expanding urban infill development, growth in low- to mid-rise mixed-use buildings, and the adoption of eco-friendly hydraulic fluids. Key trends during this period include advancements in energy-efficient elevator systems, smart load-sensing technology, integration with building management systems, touchless control panels, and AI-based maintenance prediction.
The expansion in residential construction is anticipated to drive the growth of the hydraulic passenger elevator market in the coming years. Residential construction involves building or renovating homes and living spaces intended for habitation, such as houses, apartments, and townhouses. This sector is growing due to rapid urbanization, which pushes large populations toward cities, generating urgent demand for new housing infrastructure to support the expanding urban workforce and families seeking improved living standards. Hydraulic passenger elevators are particularly beneficial in residential construction because they provide a space-efficient and cost-effective solution for low- to mid-rise buildings, improving accessibility and comfort for residents. For example, according to the United States Census Bureau, a US government agency, the seasonally adjusted annual rate of privately owned housing completions reached 1,526,000 in May 2025, representing a 5.4% increase (+-12.0%) compared to the revised April estimate of 1,448,000. Hence, the growth in residential construction is fueling the hydraulic passenger elevator market.
Key players in the hydraulic passenger elevator market are focusing on launching innovative products such as low-rise hydraulic elevators, aimed at improving energy efficiency, ride comfort, and space utilization in residential and small commercial buildings. Low-rise hydraulic elevators are vertical transport systems designed specifically for buildings with fewer floors, usually up to 5 or 6 stories. For instance, in January 2024, TK Elevator GmbH, a Germany-based company specializing in vertical transportation solutions, introduced the EOX-H, a new low-rise hydraulic elevator designed for buildings with up to three landings or 28 feet of rise. The EOX-H combines the advanced digital features and safety technologies of the EOX platform with an efficient, quiet, and reliable holeless hydraulic propulsion system optimized for low-rise use. It includes smart sensors to enhance passenger safety, an in-car multimedia infotainment display, and advanced traffic pattern learning to improve uptime and ride quality. The elevator also supports energy-saving eco- and standby modes, consuming power only when ascending, and integrates with MAX, TK Elevator's cloud- and IoT-based predictive maintenance system.
In May 2025, Savaria Corporation, a Canada-based company specializing in accessibility equipment and patient care products, acquired Western Elevator for an undisclosed amount. Through this acquisition, Savaria aims to expand its presence on Canada's West Coast by leveraging Western Elevator's strong local relationships and expertise in the Vancouver area while maintaining continuity of leadership and service quality. Western Elevator is a Canadian professional elevator company offering various lift solutions, including hydraulic passenger lifts, for multiple building types.
Major players in the hydraulic passenger elevators market are Hitachi Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Otis Elevator Company, Schindler Holding Ltd, Hyundai Elevator Co. Ltd., Fujitec Co. Ltd., Savaria Corporation, Canny Elevator, Yungtay Engineering, Orona Group, Kleemann Hellas SA, Stannah Lifts Holdings Ltd., Gulf Elevators & Escalators Co. Ltd., Joylive Elevator, Intec Elevator, FUJIHD Elevator & Escalator, Escon Elevators Pvt. Ltd., Sicher Elevator, IGV Group, and Johnson Lifts Pvt. Ltd.
North America was the largest region in the hydraulic passenger elevators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in hydraulic passenger elevator report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the hydraulic passenger elevator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydraulic passenger elevator market consists of sales of roped hydraulic elevators, telescopic hydraulic elevators, machine room hydraulic elevators, energy-efficient hydraulic elevators, and customized hydraulic elevators. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydraulic Passenger Elevators Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydraulic passenger elevators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydraulic passenger elevators ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The hydraulic passenger elevators market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.