Elevators Market Size - By Product Type (Hydraulic, Traction, Machine Room-Less Traction), By Deck Type (Single Deck, Double Deck), By Building Height, By Speed, By Destination Control, By Business, By Application, By End Use and Forecast, 2024 – 2032.
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationElevators Market Size - By Product Type (Hydraulic, Traction, Machine Room-Less Traction), By Deck Type (Single Deck, Double Deck), By Building Height, By Speed, By Destination Control, By Business, By Application, By End Use and Forecast, 2024 – 2032.
Elevators Market Size
Elevators Market was valued at USD 81.91 billion in 2023 and is anticipated to register a CAGR of 2.5% from 2024 to 2032, attributed to increasing urbanization, advancements in technology, and changing consumer preferences. As the world's urban population grows, so does the need for high-rise structures and skyscrapers. This emphasizes the necessity for effective vertical transportation options, such as elevators, to move people and products within huge structures.
To get key market trends
The elevator business is being transformed by innovations such as destination control systems, regenerative drives, energy-efficient motors, and Internet of Things-enabled monitoring and maintenance solutions. A rising number of large-scale infrastructure investment plans in the United States, such as hotels and hospitals, are expected to fuel the expansion of the construction sector, generating demand for elevators in commercial buildings.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Elevators Market Size in 2023 | USD 81.91 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 2.5% |
| 2032 Value Projection | USD 102.19 Billion |
| Historical Data for | 2021 – 2023 |
| No. of Pages | 370 |
| Tables, Charts & Figures | 247 |
| Segments covered | Product, deck type, building height, speed, destination control, business, application, end use, and region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Hey there! Get ready, because the world's population is predicted to hit a whopping 9.7 billion by 2050. That's a jump of 2 billion in just 30 years! Why is it growing so much? Simpleour lives are getting better. We're living longer, getting less sick, and have awesome medical advances thanks to smart doctors and awesome drugs. As we welcome more people, building new homes is a must. That's a goldmine for the construction industry and a sign of progress! Another game-changer is the push for energy efficiency. We want our homes comfy and warm, but not at the cost of our planet. So, heat pumps are becoming the hot new thing. And guess what? Governments are giving us a helping hand. They're offering tax breaks and other incentives to make it easier to install energy-efficient products. So, get ready for a surge in the energy-efficient stuff we use at home.
Elevators Market Trends
Elevators play a huge role these days, not just for people, but for moving things around too. You can find them in not only buildings, but also in boats, dams, and even buildings for launching rockets! In the future, we're going to need even more elevators because people are building more apartments and hospitals, where elevators are the most cost-effective way to get people and things up and down. One company that's really good at making elevators is Toshiba Johnson Elevators India (TJEI). They use the latest technology and design to make elevators better for everyone. They have a lot of different options, like super fancy elevators and more basic ones. For their really high-end elevators, they have two modelsSPACEL-III and High-end ELCOSMO III. They're both amazing! And the ELBRIGHT series uses really small machines to save space and energy, so they're great for buildings where space is limited.
Elevators Market Analysis
Learn more about the key segments shaping this market
Imagine you're in a bustling city, surrounded by tall buildings. High-rises are popping up everywhere, and with them comes a growing need for smart and efficient ways to move people around. That's where machines like MRT come in. In 2023, MRL elevators generated billions of dollars in revenue. And guess what? That number is only expected to go up in the next decade to almost $18 billion. Why? Because as cities grow and we build more offices, apartments, and factories, the demand for these elevators is soaring. In apartments, MRL elevators are like rockstars. People love them because they take up less space and save energy. And in commercial and industrial settings, architects can design buildings with these elevators in mind, making them fit perfectly into any space.
Learn more about the key segments shaping this market
Based on end use, the commercial segment accounted for over 76.2% share of the elevators market in 2023 and likely to exceed USD 80.06 billion by 2032. The expansion of smart cities and growth in the industrial sectors are driving demand for elevators, as is the growing deployment of innovative technologies linked to power consumption reduction and passenger safety. Furthermore, machine room less technology integrates compact, gearless, and highly efficient geared machines with variable speed and frequency, as well as cutting-edge digital technology, which is boosting market growth.
Along with modernization, there are advancements in the trends and technologies of elevators that are newly placed in construction structures. Smart elevators are intended for new installations with the goal of efficiency and energy savings. Many elevators in modern buildings use the internet. These elevators include sensors that collect data on usage and other factors. The information is retained in a cloud-based platform the predicts the future problem and helps technicians to maintain it before breakdown. The aforementioned factors are expected to drive demand for commercial elevators over time.
Looking for region specific data?
The North America region dominated 20% share of the of the elevators market in 2023 and is predicted to hit USD 19.31 billion by 2032, as a result of favorable government policies and greater investment by both public and private entities. These include construction, mining, food, and energy and utilities. North American countries are seeing an increase in the construction of various business and residential infrastructures.
Imagine Europe as a big player in the smart elevator industry, holding a hefty slice of the pie at 28.3%. By 2032, this region is expected to be worth a whopping USD 27.59 billion. This growth is likely due to exciting new tech that's making smart elevators more secure and power-efficient. And let's not forget the convenience factorthese elevators save people time and make it easier to get around. Over in the Asia-Pacific region, smart elevators are also taking off, with a 34.9% market share. This region is expected to hit USD 37.71 billion by 2032. Why the surge? The construction industry is booming in countries like India, China, and South Korea, and people are flocking to cities. As a result, elevators are becoming essential for keeping these bustling metropolises moving.
The India elevators market is at a critical crossroads, displaying a dynamic environment marked by significant growth, driven by a variety of causes and recent notable advances by industry participants. The market is rapidly expanding, owing mostly to India's fast urbanization, population growth, and increasing middle class. Further, government initiatives, such as Smart Cities mission have boosted infrastructure development of the country. Moreover, the growing need for energy-efficient buildings, as well as increased governmental and private investment in smart cities are driving market expansion.
Elevators Market Share
The key players operating in the market are Schindler, FUJITEC CO., LTD., Mitsubishi Electric Corporation, KONE, Hitachi, Ltd. all together comprises a market share of 20 - 25% in 2023. The market is highly fragmented as it has a large number of companies competing for market share, with no single player dominating the landscape. The market players offer various absorption chillers, catering to different needs and budgets. This opens the door for specialization among manufacturers.
Elevators Market Companies
Major players operating in the elevators industry include
- Schindler
- FUJITEC CO., LTD.
- Mitsubishi Electric Corporation
- KONE
- Hitachi, Ltd.
- TK Elevator
- HYUNDAIELEVATOR CO.,LTD.
- Toshiba Group
- Aritco Lift AB
- EMAK
- Sigma Elevator Company
- Schumacher Elevator Company
- ESCON Elevators Pvt Limited
- Electra Elevators
- CANNY ELEVATOR CO, LTD.
Elevators Industry News
- In December 2023, Schindler announced the partnership with Umm Al Qura, a development and construction company, to provide additional elevators and escalators to the latest development of Masar, Saudi Arabia. These will feature 44 Schindler 7000 elevators, 65 Schindler 5500 elevators, 36 Schindler 9300 escalators, and 5 platform elevators, helping to transfer people and products through the stores and restaurants on street level, as well as to the hotels.
- In June 2022, KONE Corporation, a multinational elevator and escalator company, will sell its operations in Russia to local management. The ideas for local ownership and operations will give a stronger long-term solution for both staff and customers.
This elevators market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand units) from 2021 to 2032, for the following segments
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Market, By Product
- Hydraulic
- Traction
- Machine Room-Less Traction
Market, By Deck Type
- Single Deck
- Double Deck
Market, By Building Height
- Low-rise
- Mid-rise
- High-rise
Market, By Speed
- Less than 1m/s
- Between 1 m/s to 3 m/s
- Between 4 m/s to 6 m/s
- Between 7 m/s to 10 m/s
- Above 10 m/s
Market, By Destination Control
- Smart
- Conventional
Market, By Business
- New Equipment
- Maintenance
- Modernization
Market, By Application
- Passenger
- Freight
Market, By End Use
- Residential
- Home Lifts
- Others
- Industrial
- Commercial
- Office
- Hotels
- Healthcare
- Others (Shopping Malls)
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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