Elevators Market is expected to Grow with a CAGR of 6.22% through 2030
The elevators market is
experiencing robust growth, driven by rapid urbanization, increasing
construction activities, and a burgeoning middle class demanding modern
infrastructure.
According to TechSci Research
report, “Elevators Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the Global Elevators Market was valued at USD 87.47 Billion in 2024 and is expected to reach USD 126.76 Billion by 2030 with a CAGR of 6.22%. The elevators market is experiencing robust
growth, driven by several key factors that are reshaping the global landscape
of vertical transportation. Rapid urbanization is a primary catalyst, with an
increasing number of high-rise buildings and skyscrapers being constructed to
accommodate the growing urban population. This trend is particularly evident in
emerging economies, where infrastructural development is accelerating to meet
the demands of urban dwellers.
Technological advancements
are also significantly impacting the elevators market. The integration of smart
technologies, such as artificial intelligence (AI), facial recognition, and
Internet of Things (IoT) connectivity, is enhancing the functionality and user
experience of elevators. These innovations enable features like personalized
floor selection, predictive maintenance, and energy-efficient operations,
aligning with the growing emphasis on smart building solutions. Companies like
Otis and Schindler are at the forefront of these developments, offering
products that cater to the evolving needs of modern buildings .
Sustainability considerations
are increasingly influencing the elevators market. There is a rising demand for
energy-efficient and eco-friendly elevator systems that contribute to green
building certifications and reduce operational costs. Manufacturers are
responding by developing elevators with regenerative drives, energy-saving
lighting, and materials that minimize environmental impact. This shift towards
sustainability is not only meeting regulatory requirements but also aligning
with the broader global movement towards environmental responsibility.
The commercial sector,
including office buildings, shopping malls, and transportation hubs, continues
to be a significant driver of elevator demand. The need for efficient vertical
transportation in these high-traffic areas necessitates the installation of
advanced elevator systems that can handle large volumes of passengers while
ensuring safety and reliability.
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Based on the Door Type, Automatic segment held the largest
Market share in 2024. The automatic elevator segment is experiencing robust
growth, driven by several key market drivers. Advancements in digitalization
and automation are transforming building infrastructure, with smart elevators
featuring AI, facial recognition, and IoT connectivity enhancing user
experience and operational efficiency. These innovations enable features like
personalized floor selection and predictive maintenance, aligning with the
increasing demand for seamless, contactless solutions in commercial and residential
buildings. Additionally, the growing emphasis on energy efficiency and
sustainability is prompting the adoption of regenerative drives and
energy-saving technologies in automatic elevators. Urbanization and the rise of
smart cities further propel the need for advanced vertical transportation
systems that optimize space and improve accessibility. The integration of
elevators into building automation systems facilitates centralized control and
monitoring, enhancing safety and reducing operational costs. Furthermore, the
trend towards premium and luxury real estate developments is driving demand for
high-end automatic elevators that offer superior aesthetics and functionality.
These factors collectively contribute to the expansion of the automatic elevator
market, positioning it as a pivotal component in modern infrastructure
development.
Based on region, Asia
Pacific is the fastest-growing region in the global elevator market, driven by
rapid urbanization, infrastructure development, and increasing demand for
vertical transportation solutions. Despite challenges in the Chinese construction sector, demand for elevator
modernization and maintenance remains robust. India's urbanization and
infrastructure initiatives further bolster market expansion, positioning Asia
Pacific as a pivotal region in the elevator industry.
Major companies operating in
the Global Elevators Market are:
- 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
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“The Global Elevators Market
is expected to rise in the upcoming years and register a significant CAGR
during the forecast period. The global elevator market is experiencing robust
growth, fueled by increasing urbanization, technological advancements, and
sustainability initiatives. The adoption of smart technologies, including IoT,
AI, and predictive maintenance, is optimizing operational efficiency and
enhancing user experiences. Government-driven smart city and infrastructure
development projects are further boosting demand. The rising emphasis on
energy-efficient and eco-friendly solutions is accelerating the shift toward
green elevators. Additionally, the modernization of aging elevator systems
presents significant opportunities, particularly in regions with established
infrastructure. These factors collectively position the elevator market for
long-term expansion and technological innovation. Therefore, the Market of Elevators
is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting firm.
“Elevators
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented, 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 End-User (Residential,
Commercial, Industrial, Infrastructure), By Region, By Competition, 2020-2030F”, has evaluated the future
growth potential of Global Elevators Market and provides statistics &
information on the Market size, structure, and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers
make sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the Global Elevators Market.
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