North America Elevator Market is Expected to grow at a robust CAGR of 5.52% through 2030F
The
North America elevator market is set to be led by the growing demand for smart,
energy-efficient elevator solutions and the rapid development of urban infrastructure
in key metropolitan areas, during the forecast period 2026-2030F.
According
to TechSci Research report, “North
America Elevator Market – By Country, Competition, Forecast &
Opportunities, 2020-2030F", The North America Elevator Market was valued at
USD 15.30 Billion in 2024 and is expected to reach USD 21.12 Billion by 2030
with a CAGR of 5.52% during the forecast period.
The
North American commercial real estate market has experienced steady growth,
particularly in metropolitan areas where businesses are expanding into new
office spaces and retail centers. As commercial buildings continue to rise in
both height and complexity, the need for efficient elevator systems has never
been more critical. Modern office buildings, shopping malls, and hotels require
elevators that can meet high-volume traffic demands while providing enhanced
energy efficiency and sustainability. Many commercial property owners are also
choosing to modernize their existing elevator systems to meet the expectations
of tenants and visitors for faster, more reliable service. This trend of
commercial real estate development and the subsequent elevator modernization
projects are expected to continue fueling market growth in the coming years.
The
trend toward greater inclusivity and accessibility in the North American
elevator market is gaining momentum. With a growing focus on meeting the needs
of individuals with disabilities and the aging population, building developers
and elevator manufacturers are increasingly incorporating accessibility
features into their designs. This includes features such as wider doors,
voice-activated controls, Braille panels, and more space inside the elevator to
accommodate wheelchairs and mobility aids. The Americans with Disabilities Act
(ADA) and similar regulations in Canada have played a pivotal role in shaping
these developments, as they mandate that elevators be designed to ensure equal
access to all individuals, regardless of their physical abilities. As the
demand for accessible infrastructure continues to rise, elevator manufacturers
are continuously innovating to provide solutions that cater to a diverse range
of users, improving the inclusivity of public and private spaces alike.
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Based
on End-User, Residential segment is projected to be the fastest-growing in the
North America Elevator Market during the forecast period. This growth is driven
by the increasing demand for high-rise residential buildings and the trend
toward luxury apartments and condominiums, particularly in urban areas where
space is limited. As cities continue to expand vertically, elevators have
become an essential feature in new residential developments to ensure
accessibility, convenience, and safety for residents. The demand for home
elevators in multi-story residences is rising, particularly in upscale homes,
as property owners seek to enhance comfort and mobility. This trend is also
supported by the aging population, who require elevators for improved
accessibility within their homes.
Advancements
in residential elevator technology, including energy-efficient systems, smart
elevators, and compact designs, have made elevators more affordable and
attractive for homeowners. These innovations are further boosting the
residential segment’s growth, as they provide both functional and aesthetic
benefits. With urbanization continuing at a rapid pace across North America,
the residential segment is expected to maintain its position as the
fastest-growing sector in the elevator market, driven by both new construction
and modernization projects.
Based
on country, Mexico is
rapidly emerging as the fastest-growing country in the North America elevator
market due to significant urbanization and infrastructure development. Major
cities like Mexico City, Monterrey, and Guadalajara are witnessing a surge in
high-rise residential and commercial buildings, creating a strong demand for
vertical transportation solutions. This growth is further supported by
government initiatives focused on improving housing and infrastructure, along
with the increasing adoption of modern technologies such as energy-efficient
and smart elevators.
The
rising middle class and increased investments in both residential and
commercial sectors have contributed to the demand for elevator systems.
Mexico's expanding real estate market, along with its favorable economic
conditions, is expected to continue driving the elevator market's growth. As a
result, Mexico is positioned to become a leading market player in the North
America elevator industry in the coming years.
Key
market players in the North America Elevator market are:
-
- Otis
Worldwide Corporation
- Schindler
Group
- KONE
Corporation
- TK
Elevator GmbH
- Mitsubishi
Electric Corporation
- Toshiba
Corporation
- Hyundai
Elevator Co., Ltd.
- Hitachi,
Ltd.
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“The
North America elevator market is poised for steady growth in the coming years,
driven by increasing urbanization, demand for high-rise buildings, and
advancements in elevator technologies. The rising trend of smart,
energy-efficient, and automated elevators will further propel market expansion.
As cities grow vertically, the need for modern vertical transportation
solutions will intensify, particularly in commercial, residential, and
infrastructure projects. The ongoing modernization of aging elevator systems in
older buildings will support market growth. With a focus on sustainability,
safety, and innovation, the North America elevator market is expected to
continue expanding throughout the forecast period.Top of Form” said Mr. Karan Chechi, Research Director of
TechSci Research, a research-based Global management consulting firm.
“North America Elevator Market By Service (New
Installation, Maintenance & Repair, Modernization), By Technology (Machine
Room Less Traction and Machine Room Above Traction), By Door Type (Automatic
and Manual), By Speed (<1 m/s, 1-1.5m/s, 1.5-2.5, >2.5m/s), By Capacity
(<1000kg, 1000-2000kg, 2000-3000kg,>3000kg), By Height (<50 floors, 50
-100 floors, >100 floors), By End-User (Residential, Commercial, Industrial,
Infrastructure), By Country, Competition, Forecast and Opportunities,
2020-2030F,” has evaluated
the future growth potential of North America Elevator Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America Elevator Market.
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