Elevators Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 92.02 Billion
CAGR (2026-2031)	6.28%
Fastest Growing Segment	Maintenance & Repair
Largest Market	North America
Market Size (2031)	USD 132.61 Billion

Market Overview

The Global Elevators Market will grow from USD 92.02 Billion in 2025 to USD 132.61 Billion by 2031 at a 6.28% CAGR. Elevators are vertical transportation mechanisms designed to efficiently move passengers and freight between different levels of a building structure. The primary drivers supporting the growth of this market include rapid urbanization, which necessitates the construction of high-rise residential and commercial infrastructures to accommodate increasing population densities. Furthermore, an aging global demographic has accelerated the demand for accessible mobility solutions, compelling developers to integrate advanced transit systems into modern architectural designs. According to the China Elevator Association, in 2024, the total number of registered vertical transportation units in China reached 11.32 million, highlighting the substantial scale of installed capacity resulting from these developmental priorities.

However, a significant challenge that could impede market expansion is the volatility of raw material prices, particularly steel and electronic components, which creates instability in manufacturing costs. This economic fluctuation, combined with the high capital expenditure required for installation and the rigorous adherence to evolving safety standards, creates a barrier to entry for smaller enterprises and may delay project timelines in price-sensitive developing economies.

Key Market Drivers

Rapid urbanization and the expansion of vertical city architectures are the primary forces accelerating the demand for new elevator installations globally. As population centers densify, particularly in emerging economies, developers are prioritizing high-rise residential and commercial projects that require efficient vertical transportation systems to support taller skylines. This trend is fueling a robust uptake of new units to accommodate transit-oriented developments and housing needs outside of saturated markets. For instance, according to Otis Worldwide Corporation, October 2025, in the 'Otis Reports Third Quarter 2025 Results', new equipment orders increased by 7% when excluding the Chinese market, highlighting the shifting geographic focus of construction activities toward other high-growth regions.

Concurrently, the surging demand for the modernization and retrofitting of an aging installed base is becoming a critical revenue stream for the industry. In mature markets like North America and Europe, decades-old equipment requires upgrades to meet stringent safety codes, improve energy efficiency, and integrate digital capabilities, thereby extending the lifecycle of existing assets. This shift reduces operational downtime and offers a sustainable alternative to complete replacement. According to TK Elevator, July 2025, in the 'Sustainability Report 2023/24', sales in the service and modernization segments increased by more than 10% year-over-year. The substantial scale of the market is further evidenced by major industry performance; for example, according to KONE Corporation, January 2025, in the 'Financial Statement Bulletin of KONE Corporation for January-December 2024', the company achieved total annual sales of EUR 11.1 billion, driven significantly by these resilient service-led business lines.

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Key Market Challenges

The volatility of raw material prices, specifically steel and electronic components, acts as a substantial deterrent to the expansion of the Global Elevators Market. Manufacturers rely heavily on these inputs for the structural integrity and operational systems of vertical transportation units. When commodity prices fluctuate unpredictably, production costs destabilize, forcing manufacturers to either absorb losses or pass increased expenses to clients. This price uncertainty often renders new installation projects financially unviable for developers in price-sensitive regions, leading to the postponement or cancellation of construction contracts.

The direct correlation between material costs and market stagnation is evident in recent industrial data. According to the Associated General Contractors of America, in November 2025, the producer price index for steel mill products climbed by 12.4 percent over the past 12 months. This sharp inflationary trend compels construction firms to pause procurement, directly reducing the order volume for elevator systems. Consequently, this financial unpredictability disrupts supply chains and hampers the industry's ability to meet the infrastructure demands of rapid urbanization.

Key Market Trends

The proliferation of IoT-enabled smart elevator ecosystems is fundamentally reshaping the market by transitioning maintenance models from reactive to predictive. Manufacturers are increasingly embedding sensors and cloud-based connectivity into vertical transportation units to monitor performance metrics in real-time, thereby minimizing downtime and optimizing asset lifecycle management. This digital integration allows for the continuous transmission of operational data, enabling algorithms to identify potential faults before they cause service disruptions, significantly enhancing reliability for building tenants. According to Otis Worldwide Corporation, April 2025, in the 'Annual Report 2024', the company successfully scaled its digital portfolio to approximately 1.0 million connected units globally by the end of the year, demonstrating the rapid industrial uptake of these intelligent service solutions.

Concurrently, the integration of regenerative drive technologies for energy savings has become a decisive trend driven by stringent global sustainability mandates. As developers strive to achieve green building certifications, there is a heightened preference for energy-efficient systems that can capture and feedback generated power into a facility’s electrical grid, rather than dissipating it as heat. This shift is compelling manufacturers to standardize eco-efficient features across their product lines, significantly reducing the operational carbon footprint of high-rise infrastructure. According to TK Elevator, July 2025, in the 'Sustainability Report 2023/2024', the company's eco-efficient and digitally native EOX elevator platform accounted for 75% of its total elevator orders in Europe during the final quarter of the fiscal year, underscoring the market's strong pivot toward sustainable mobility architectures.

Segmental Insights

Based on insights from reputable market research, the Maintenance & Repair segment is recognized as the fastest-growing category within the Global Elevators Market. This accelerated expansion is primarily driven by the extensive volume of aging vertical transportation infrastructure worldwide, which necessitates frequent professional servicing to ensure operational reliability and passenger safety. Furthermore, stringent regulatory frameworks enforced by institutions such as the American Society of Mechanical Engineers (ASME) compel building owners to strictly adhere to rigorous safety codes and mandatory inspection schedules. The increasing adoption of predictive maintenance technologies also propels this segment, as facility managers prioritize minimizing downtime and extending equipment lifecycles through proactive care.

Regional Insights

North America commands a leading position in the global elevators market, primarily driven by a mature infrastructure that demands extensive modernization. Unlike regions reliant on new construction volume, North America benefits from a vast installed base requiring upgrades to meet evolving safety and performance benchmarks. This market dominance is reinforced by strict adherence to codes established by the American Society of Mechanical Engineers, which compels building owners to invest in retrofitting aging systems. Additionally, the commercial sector’s strong preference for smart technology and energy conservation sustains the region's status as a central hub for high-value market activity.

Recent Developments

In September 2025, Otis Worldwide Corporation launched a new suite of modernization packages in Europe, branded as Arise MOD Prime and Arise MOD Plus. These solutions were developed to upgrade aging elevator systems in low- to mid-rise residential and commercial buildings, addressing the needs of the region's extensive installed base. The packages allow building owners to implement upgrades in phases, aligning with budget constraints while meeting the latest safety standards. The offering includes advanced features such as regenerative drive technology to improve energy efficiency and updated control systems to enhance ride quality and reliability.
In September 2024, the Jardine Schindler Group completed the strategic sale of its Taiwan operations, Jardine Schindler Lifts Ltd., to the local subsidiary of Otis Elevator Company. This divestiture followed a comprehensive strategic review by the joint venture, which acts as a partnership between Jardine Matheson and the Schindler Group across Southeast Asia. The decision was aimed at refocusing capital and resources on other key markets within the region. The transfer of the business ensured that existing customers and employees in Taiwan would transition to the acquiring entity, effectively consolidating the market presence of Otis in the area.
In September 2024, TK Elevator strengthened its infrastructure service capabilities in the Middle East by deploying its Universal Service Platform at Dubai Airports. This initiative was part of a broader collaboration to enhance vertical transportation efficiency and reliability at one of the world's busiest travel hubs. The platform utilizes advanced digital technologies to streamline maintenance operations and improve the availability of mobility units across the airport's facilities. By integrating this service solution, the company aimed to support the airport's operational goals and ensure seamless passenger flow through data-driven insights and proactive technical support.
In May 2024, Mitsubishi Electric Building Solutions Corporation introduced the NEXIEZ-Fit elevator, a new model specifically engineered for low-rise residential buildings. Targeted at expanding markets in the ASEAN region and the Middle East, this product was designed to address the growing demand for housing driven by rapid urbanization. The elevator features a standardized design that optimizes cost performance and shortens construction time by streamlining installation processes. Additionally, the system is compatible with the company's global remote-maintenance service, allowing for continuous monitoring and data-driven inspection to enhance safety and operational reliability for building owners.

Key Market Players

Otis Worldwide Corporation
KONE Corporation
Schindler Holding Ltd.
TK Elevator GmbH
Mitsubishi Electric Corporation
Hitachi, Ltd.
Hyundai Elevator Co., Ltd.
Fujitec Co., Ltd.
Johnson Lifts Private Limited
Escon Elevators Pvt. Ltd.

By Service	By Technology	By Door Type	By End-User	By Region
New Installation Maintenance & Repair Modernization	Machine Room Less Traction and Machine Room Above Traction	Automatic and Manual	Residential Commercial Industrial Infrastructure	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Elevators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Elevators Market, By Service:

New Installation
Maintenance & Repair
Modernization

Elevators Market, By Technology:

Machine Room Less Traction and Machine Room Above Traction

Elevators Market, By Door Type:

Automatic and 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

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Elevators Market.

Available Customizations:

Global Elevators Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

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

Global Elevators Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

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

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

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, 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

5.2.6. By Company (2025)

5.3. 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. France 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. United Kingdom 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. Italy 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. Middle East & Africa 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. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia 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. UAE 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. South Africa 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. South America 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. South America: Country Analysis

10.3.1. Brazil 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. Colombia 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. Argentina 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

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. Global Elevators Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Otis Worldwide Corporation

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. KONE Corporation

15.3. Schindler Holding Ltd.

15.4. TK Elevator GmbH

15.5. Mitsubishi Electric Corporation

15.6. Hitachi, Ltd.

15.7. Hyundai Elevator Co., Ltd.

15.8. Fujitec Co., Ltd.

15.9. Johnson Lifts Private Limited

15.10. Escon Elevators Pvt. Ltd.

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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