Elevators Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Service, By Technology, By Door Type, By End-User, By Region, By Competition, 2020-2030F

Description

The Global Elevators Market was valued at USD 87.47 billion in 2024 and is projected to reach USD 126.76 billion by 2030, growing at a CAGR of 6.22% during the forecast period. The elevators market encompasses the production, installation, and maintenance of vertical transportation systems used for moving people and goods within residential, commercial, and industrial buildings. Elevators are an essential component of modern architecture, enabling efficient vertical traffic flow in high-rise and large-scale structures.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 87.47 Billion
Market Size 2030	USD 126.76 Billion
CAGR 2025-2030	6.22%
Fastest Growing Segment	Maintenance & Repair
Largest Market	North America

The market includes a wide variety of systems, such as passenger elevators, freight elevators, and specialized solutions designed for hospitals, hotels, and shopping centers. Powered by electric motors, elevators operate through mechanisms like traction, hydraulic, and pneumatic systems. Rapid urbanization, growing construction of high-rise buildings, and rising demand for advanced features such as energy efficiency, smart technology integration, and enhanced safety standards are key factors driving market growth in both developed and emerging economies.

Key Market Drivers

Urbanization and Infrastructure Development

Urbanization is a critical growth driver for the elevators market, as it spurs the construction of residential, commercial, and mixed-use buildings that require vertical transportation solutions. According to the United Nations, nearly 68% of the global population is expected to reside in urban areas by 2050, up from 55% in 2018.

This trend necessitates the development of skyscrapers, high-rise apartments, and office buildings, all dependent on modern elevator systems for internal mobility. In China, for example, urbanization has led to the construction of over 10,000 high-rise buildings annually across major cities.

Emerging markets in Asia-Pacific and Africa are further fueling demand as economic growth and rising disposable incomes drive expectations for higher living standards, including access to advanced elevator technologies. Mega-projects like the Burj Khalifa in Dubai highlight the critical role of elevators in supporting vertical expansion in urban environments. As cities grow and land becomes scarcer, the need for efficient, reliable vertical transportation will continue to propel market expansion.

Key Market Challenges

High Installation and Maintenance Costs

The high cost of installation and maintenance poses a significant challenge for the elevators market. Installing elevators, particularly in high-rise buildings, requires substantial capital investment, making it a barrier for adoption in developing regions and among small to medium-sized enterprises.

In addition to high initial costs, elevators require ongoing maintenance to ensure safety and operational efficiency. Globally, approximately USD 2 billion is spent annually on elevator maintenance. In regions like North America, monthly maintenance costs can range from USD 500 to USD 1,000 per unit, depending on the system's age and complexity.

These financial pressures can slow adoption rates, particularly where cost sensitivity is high, challenging elevator companies and property developers to balance safety and efficiency needs against budget constraints.

Key Market Trends

Smart and Connected Elevators: Integration of IoT and Automation

The integration of Internet of Things (IoT) and automation technologies is rapidly transforming the elevators market. As urbanization increases, there is a growing demand for smarter, more efficient vertical transportation systems. Smart elevators, equipped with AI, predictive maintenance capabilities, and real-time IoT connectivity, offer significant improvements in operational efficiency, energy management, and user experience.

These systems can communicate with building management platforms to optimize traffic flow, reduce waiting times, and predict maintenance needs before breakdowns occur. In the Asia-Pacific region-particularly China, India, and Japan-the growing emphasis on smart cities and infrastructure modernization is driving accelerated adoption of these technologies.

Smart elevators not only enhance operational efficiency but also contribute to sustainability efforts, making them a major trend shaping the future of the global elevators market.

Key Market Players

TK Elevator
Schindler Group
KONE Corporation
Hitachi Ltd.
Mitsubishi Electric Corporation
Toshiba Group
FUJITEC CO., LTD.
Sigma Elevator Company
Schumacher Elevator Company
ESCON Elevators Pvt Limited

Report Scope:

In this report, the Global Elevators Market has been segmented into the following categories, alongside detailed industry trend analysis:

Elevators Market, By Service:

New Installation
Maintenance & Repair
Modernization

Elevators Market, By Technology:

Machine Room Less Traction
Machine Room Above Traction

Elevators Market, By Door Type:

Automatic
Manual

Elevators Market, By End-User:

Residential
Commercial
Industrial
Infrastructure

Elevators Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
Turkey

Competitive Landscape

Company Profiles: Comprehensive analysis of major companies operating in the Global Elevators Market.

Available Customizations:

With the provided market data, TechSci Research offers customizations based on specific company needs, including:

Detailed analysis and profiling of additional market players (up to five).

Product Code: 28610

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
- 2.5.1. Secondary Research
- 2.5.2. Primary Research
2.6. Approach for the Market Study
- 2.6.1. The Bottom-Up Approach
- 2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
- 2.8.1. Data Triangulation & Validation

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Elevators Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Service (New Installation, Maintenance & Repair, Modernization)
- 5.2.2. By Technology (Machine Room Less Traction and Machine Room Above Traction)
- 5.2.3. By Door Type (Automatic and Manual)
- 5.2.4. By End-User (Residential, Commercial, Industrial, Infrastructure)
- 5.2.5. By Region
5.3. By Company (2024)
5.4. Market Map

6. North America Elevators Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Service
- 6.2.2. By Technology
- 6.2.3. By Door Type
- 6.2.4. By End-User
- 6.2.5. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Elevators Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Service
    - 6.3.1.2.2. By Technology
    - 6.3.1.2.3. By Door Type
    - 6.3.1.2.4. By End-User
- 6.3.2. Canada Elevators Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Service
    - 6.3.2.2.2. By Technology
    - 6.3.2.2.3. By Door Type
    - 6.3.2.2.4. By End-User
- 6.3.3. Mexico Elevators Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Service
    - 6.3.3.2.2. By Technology
    - 6.3.3.2.3. By Door Type
    - 6.3.3.2.4. By End-User

7. Europe Elevators Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Service
- 7.2.2. By Technology
- 7.2.3. By Door Type
- 7.2.4. By End-User
- 7.2.5. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Elevators Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Service
    - 7.3.1.2.2. By Technology
    - 7.3.1.2.3. By Door Type
    - 7.3.1.2.4. By End-User
- 7.3.2. United Kingdom Elevators Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Service
    - 7.3.2.2.2. By Technology
    - 7.3.2.2.3. By Door Type
    - 7.3.2.2.4. By End-User
- 7.3.3. Italy Elevators Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Service
    - 7.3.3.2.2. By Technology
    - 7.3.3.2.3. By Door Type
    - 7.3.3.2.4. By End-User
- 7.3.4. France Elevators Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Service
    - 7.3.4.2.2. By Technology
    - 7.3.4.2.3. By Door Type
    - 7.3.4.2.4. By End-User
- 7.3.5. Spain Elevators Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Service
    - 7.3.5.2.2. By Technology
    - 7.3.5.2.3. By Door Type
    - 7.3.5.2.4. By End-User

8. Asia-Pacific Elevators Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Service
- 8.2.2. By Technology
- 8.2.3. By Door Type
- 8.2.4. By End-User
- 8.2.5. By Country
8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Elevators Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Service
    - 8.3.1.2.2. By Technology
    - 8.3.1.2.3. By Door Type
    - 8.3.1.2.4. By End-User
- 8.3.2. India Elevators Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Service
    - 8.3.2.2.2. By Technology
    - 8.3.2.2.3. By Door Type
    - 8.3.2.2.4. By End-User
- 8.3.3. Japan Elevators Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Service
    - 8.3.3.2.2. By Technology
    - 8.3.3.2.3. By Door Type
    - 8.3.3.2.4. By End-User
- 8.3.4. South Korea Elevators Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Service
    - 8.3.4.2.2. By Technology
    - 8.3.4.2.3. By Door Type
    - 8.3.4.2.4. By End-User
- 8.3.5. Australia Elevators Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Service
    - 8.3.5.2.2. By Technology
    - 8.3.5.2.3. By Door Type
    - 8.3.5.2.4. By End-User

9. South America Elevators Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Service
- 9.2.2. By Technology
- 9.2.3. By Door Type
- 9.2.4. By End-User
- 9.2.5. By Country
9.3. South America: Country Analysis
- 9.3.1. Brazil Elevators Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Service
    - 9.3.1.2.2. By Technology
    - 9.3.1.2.3. By Door Type
    - 9.3.1.2.4. By End-User
- 9.3.2. Argentina Elevators Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Service
    - 9.3.2.2.2. By Technology
    - 9.3.2.2.3. By Door Type
    - 9.3.2.2.4. By End-User
- 9.3.3. Colombia Elevators Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Service
    - 9.3.3.2.2. By Technology
    - 9.3.3.2.3. By Door Type
    - 9.3.3.2.4. By End-User

10. Middle East and Africa Elevators Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Service
- 10.2.2. By Technology
- 10.2.3. By Door Type
- 10.2.4. By End-User
- 10.2.5. By Country
10.3. Middle East and Africa: Country Analysis
- 10.3.1. South Africa Elevators Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Service
    - 10.3.1.2.2. By Technology
    - 10.3.1.2.3. By Door Type
    - 10.3.1.2.4. By End-User
- 10.3.2. Saudi Arabia Elevators Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Service
    - 10.3.2.2.2. By Technology
    - 10.3.2.2.3. By Door Type
    - 10.3.2.2.4. By End-User
- 10.3.3. UAE Elevators Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Service
    - 10.3.3.2.2. By Technology
    - 10.3.3.2.3. By Door Type
    - 10.3.3.2.4. By End-User
- 10.3.4. Kuwait Elevators Market Outlook
  - 10.3.4.1. Market Size & Forecast
    - 10.3.4.1.1. By Value
  - 10.3.4.2. Market Share & Forecast
    - 10.3.4.2.1. By Service
    - 10.3.4.2.2. By Technology
    - 10.3.4.2.3. By Door Type
    - 10.3.4.2.4. By End-User
- 10.3.5. Turkey Elevators Market Outlook
  - 10.3.5.1. Market Size & Forecast
    - 10.3.5.1.1. By Value
  - 10.3.5.2. Market Share & Forecast
    - 10.3.5.2.1. By Service
    - 10.3.5.2.2. By Technology
    - 10.3.5.2.3. By Door Type
    - 10.3.5.2.4. By End-User

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. TK Elevator
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel/Key Contact Person
- 13.1.5. Key Product/Services Offered
13.2. Schindler Group
13.3. KONE Corporation
13.4. Hitachi Ltd.
13.5. Mitsubishi Electric Corporation
13.6. Toshiba Group
13.7. FUJITEC CO., LTD.
13.8. Sigma Elevator Company
13.9. Schumacher Elevator Company
13.10. ESCON Elevators Pvt Limited