Elevator Market

Elevator Market Outlook 2031

The global elevator market size was valued at nearly USD 142.94 Billion in 2022 and is anticipated to reach USD 249.82 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period, 2023 – 2031. Emerging economies, and rising tourism activities raise the need for modernization, and the increasing investment by the government for improving the infrastructure at public places and focusing on high-rise infrastructure are propelling the market.

An elevator, also known as a lift is a vertical metallic box or a platform that efficiently moves people or goods between the levels of floors of a multistory building.

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The elevators consist of a cab or cabin, cables, and sheaves (pulleys) and are propelled by electric motors. Elevators are most prominently used in residential, commercial, and industrial areas for increasing accessibility in day-to-day work.

It helps in minimizing daily re-occurring movements of painful experiences in climbing stairs or carrying heavy loads. There is significant an advantage to using elevators such as it enhances security, saves space, provides convenience, and increasing property value. The machine room-less [MRL] traction-based elevators are mainly used for residential purposes and the hydraulic and pneumatic-based elevators are used for pulling goods.

Elevator Market Dynamics

Major Drivers

The growth in the construction industry is associated with the increasing population and growing urbanization is boosting the market. Rising demand for elevators in hospitals, supermarkets, old-age homes, airports, and residential buildings for increasing consumer accessibility is fueling the market. 

Increasing geriatric population suffering from unavoidable diseases such as cardiovascular, respiratory, and arthritis issues. The use of elevators makes their lifestyles more comfortable. Thus, driving the market.

Existing Restraints

High cost associated with the initial investment and huge cost incurred in product maintenance. Thus, hampering the market. Increasing use of staircases among health-conscious consumers, especially by millennials is restricting the market. Lack of skilled workforce and stringent regulatory framework for worker safety is hindering the market.

Emerging Opportunities

Growing innovation and implementing advanced technologies in elevators such as touch screens, biometrics, and access control systems are generating opportunities for the market. Introducing smart elevators and elevators equipped with energy-efficient solutions are creating opportunities in the market.

Scope of Elevator Market Report

The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Elevator Market Segment Insights

Product Segment Analysis

In terms of product, the global elevator market is segmented into hydraulic and pneumatic, machine room [MR] traction, and machine room-less [MRL] traction.

The machine room [MR] traction segment held a considerable share of the market in 2020, owing to the availability of both geared and gearless motors drive and helps in saving space. Moreover, the a growing demand for high-rise buildings.

The machine room [MR] traction is capable of traveling up to 250 to 2,000 feet at an average speed ranging between 500-2,000 feet per minute, which is anticipated to propel the segment during the forecast period.

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Services Segment Analysis

On the basis of service, the global elevator market is segregated into new equipment, maintenance, and modernization. The new equipment segment is expected to hold a significant share of the market during the forecast period attributed to rising construction activities, changing demographics, and increasing urbanization.

Moreover, the technological advancement and increasing focus by manufacturers on providing value-added services to their customers are anticipated to fuel the modernization segment during the forecast period.

Deck Type Segment Analysis 

Based on deck type, the elevator market is segregated into a single deck and double deck. The single segment is anticipated to hold a significant share of the market during the forecast period.

Single deck elevators are the ideal solution for moderate traffic and are highly adopted by the residential sector. However, single-deck elevators are cost-effective as compared to double-deck elevators, which are anticipated to create opportunities in the market.

Speed Segment Analysis

In terms of speed, the global elevator market is split into less than 1 m/s, between 1 to 3 m/s, between 4 to 6 m/s, between 7 to 10 m/s, and above 10 m/s. The 1 to 3 m/s segment constituted a significant share of the market.

The rapid growth in the 4 to 6 m/s segment is associated with the growing demand for high-rise buildings and is anticipated to propel the market in the forecast period.

Destination Control Segment Analysis

In terms of destination control, the global elevator market is segmented into smart and conventional. The smart segment is projected to hold a significant market share during the forecast period, due to the increasing adoption of connected mobility and growing demand for high-end security.

Smart controlling offers benefits such as providing ultra-speed in operations and managing crowds effectively by enhancing energy efficiency. Moreover, the increasing demand for cable-free lifts, touch panels, and cloud-predictive maintenance in elevators is boosting the segment during the forecast period.

Application Segment Analysis

On the basis of application, the global elevator market is segregated into passengers and freight. The freight segment is expected to hold a significant share of the market during the forecast period, due to the increasing adoption of freight elevators in the commercial sector.

Additionally, the significant benefits offered by freight elevators such as eliminating risks by increasing safety while transporting goods from one floor to another. These factors are anticipated to propel the segment during the forecast period.

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End-user Segment Analysis

Based on end-user, the elevator market is segregated into commercial, residential, and households. The commercial segment is expected to hold a significant share of the market during the forecast period, attributed to the rising construction activities.

Additionally, increasing focus and support by the government towards the construction of high-rise infrastructure is boosting the market.

Regional Analysis

In terms of region, the global elevator market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America constituted a significant share of the market in 2020, due to the rising construction activities across the residential and non-residential sectors. 

The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to the rapid urbanization and rising consumer expenditure associated with increasing disposable income.

Rising number of key market players and changing consumers’ presence towards the adoption of flexible design, safety systems, and eco-efficiency solutions are propelling the market in the region.

• In March 2021, KONE Elevator India, a leading elevator and escalator manufacturer and a subsidiary of Finland-based KONE Corporation, launched the world’s first, ground-breaking class of digitally connected KONE DX Class Elevators, which will redefine the elevator experience. The new KONE DX elevators offer a new user experience by combining new designs and technology.

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Segments

Product

• Hydraulic and Pneumatic
• Machine room [MR] traction
• Machine room-less [MRL] traction

Service

• New Equipment
• Maintenance
• Modernization

Deck Type

• Single Deck
• Double Deck

Speed Type

• Less than 1 m/s
• Between 1 to 3 m/s
• Between 4 to 6 m/s
• Between 7 to 10 m/s
• Above 10 m/s

Destination Control

• Smart
• Conventional

Application

• Passengers
• Freight

End-user

• Commercial
• Residential
• Industrial

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Nibav Lifts Private Limited
• TK Elevator
• Cibes Lift 
• Dover Elevators
• Escon Elevators Pvt. Ltd
• FUJITEC CO., LTD.
• Hitachi, Ltd.
• HYUNDAIELEVATOR CO.,LTD.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis
• Schindler
• Thyssenkrupp AG
• Toshiba Elevator and Building System Corporation

Competitive Landscape

Key players in the global elevator market share include Nibav Lifts Private Limited​​​​​​; TK Elevator; Cibes Lift; Dover Elevators; Escon Elevators Pvt. Ltd; FUJITEC CO., LTD.; Hitachi, Ltd.; HYUNDAIELEVATOR CO.,LTD.; KONE Corporation; Mitsubishi Electric Corporation; Otis; Schindler; thyssenkrupp AG; and Toshiba Elevator and Building System Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.

• In June 2023, Otis Worldwide Corp. launches the Gen3 Core elevator, the newest member of the Gen3 family of digitally native elevators, designed specifically for North America’s growing two-to-six-story building segment.
   
• In May 2023, TK Elevator, a global leader in the elevator industry, is launching EOX in North America. The eco-efficient elevator platform is engineered to meet the demands of two- to 10-story buildings with its space-saving design and reduced lead times. TK Elevator has answered the call of architects, developers, and building owners with a product optimized to fit most budgets and construction timelines, giving them everything they need and more than they expect.

• In April 2023, NIBAV Home Lifts, a leading sustainable home lift solutions company, announced the opening of a new Experience Centre in Canada. The state-of-the-art center is designed to showcase NIBAV's latest range of Series III home lifts, offering visitors a first-hand experience of its premium Series III Max as well.