Main Content start here
Main Layout
Report Description

Report Description

Forecast Period

2026-2030

Market Size (2024)

USD 15.30 Billion

Market Size (2030)

USD 21.12 Billion

CAGR (2025-2030)

5.52%

Fastest Growing Segment

Residential

Largest Market

United States

Market Overview

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 America Elevator Market is set for significant growth driven by multiple factors, including urbanization, rapid construction of high-rise buildings, and increasing demand for modern and efficient vertical transportation solutions.

With urban areas continuing to expand and space becoming limited, high-rise buildings are becoming increasingly common, especially in densely populated cities like New York, Los Angeles, and Toronto. This trend is propelling the demand for elevators in both new constructions and retrofitting projects. Advancements in elevator technologies, such as smart elevators with touchless controls, predictive maintenance, and energy-efficient systems, are making elevators more appealing to both residential and commercial sectors. These innovations are not only enhancing operational efficiency but also offering enhanced user experience and cost savings. The rise of green building initiatives and sustainability trends further drives the demand for energy-efficient elevators, as they align with environmentally friendly building standards.

The increasing focus on accessibility in public buildings, residential homes, and commercial properties is pushing for the inclusion of elevators to cater to individuals with mobility challenges. As a result, the North America elevator market is expected to witness substantial growth, fueled by a combination of infrastructure development, technological innovations, and evolving consumer preferences for convenience, efficiency, and sustainability. The demand for elevators will continue to rise, supported by ongoing urbanization and the need for modernized transportation solutions in both existing and new buildings.

Key Market Drivers

Urbanization and Growing Demand for High-Rise Buildings

The accelerating rate of urbanization across North America has been one of the primary drivers for the growing demand in the elevator market. With more people migrating to urban centers, there has been a significant increase in the construction of high-rise buildings, including residential, commercial, and mixed-use developments. These structures, due to their height, necessitate the use of elevators to provide efficient vertical transportation. The rise of smart cities and urban mega-projects has contributed to a marked increase in the need for modern and efficient elevator systems, ensuring accessibility and mobility for individuals in these tall buildings. The increasing focus on sustainability in urban construction is prompting the integration of energy-efficient elevator systems, thereby contributing to the overall market expansion. As cities expand vertically to accommodate growing populations, elevator systems have become indispensable, solidifying their role in modern infrastructure.

The total number of residential high-rise buildings in North America has increased by approximately 20% over the last decade, with projections indicating that more than 5,000 new skyscrapers will be completed in the coming five years, further driving the demand for elevators.

Advancements in Technology and Smart Elevators

Technological advancements have played a significant role in transforming the elevator market in North America. The integration of cutting-edge technologies such as Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing has led to the rise of smart elevators. These elevators offer enhanced features such as predictive maintenance, energy-efficient operations, and contactless controls, making them increasingly popular in both new constructions and elevator modernization projects. The rise of destination dispatch systems, which allow users to input their floor selection before entering the elevator, optimizes elevator travel time, improving overall building efficiency. With technology driving these innovations, elevators are becoming more responsive, user-friendly, and sustainable, addressing the needs of modern infrastructure.

Approximately 30% of all newly installed elevators in North America in the past three years have been equipped with smart technologies, a trend that is expected to grow at an annual rate of 15% through 2030.

Aging Population and Accessibility Requirements

North America’s aging population is significantly influencing the demand for elevators, particularly in the residential sector. With a growing number of elderly individuals living independently in multi-story buildings, there is a heightened demand for elevators that cater to mobility needs. In response, building developers and property managers are increasingly prioritizing accessibility in design, ensuring that buildings with multiple floors are equipped with elevators that can accommodate elderly residents or individuals with disabilities. Legislative requirements and building codes in various regions are becoming more stringent in terms of accessibility, further bolstering the demand for elevator systems in both public and private buildings. Elevators have become a necessity, ensuring safety, comfort, and convenience for those with mobility challenges, driving market growth in the healthcare, residential, and commercial sectors.

The number of people aged 65 and older in North America is expected to increase by 40% over the next decade, significantly boosting the demand for elevators designed to accommodate an aging population.

Sustainability and Energy Efficiency

Sustainability has become a key focus in the construction and infrastructure sectors, and the elevator industry is no exception. There is an increasing emphasis on energy-efficient and eco-friendly elevator systems, particularly as building owners and developers seek to reduce their carbon footprints and meet environmental regulations. Modern elevators are being designed with energy-saving features such as regenerative drives, which capture energy generated during braking and feed it back into the building’s power grid. Advancements in materials and manufacturing processes have led to lighter, more durable elevator components, further improving energy efficiency. As sustainability becomes a top priority for building owners, the demand for elevators that contribute to green building certifications, such as Leadership in Energy and Environmental Design (LEED), is expected to rise, accelerating market growth.

Over the last five years, the proportion of new elevators installed with energy-efficient features in North America has increased by 35%, with an annual growth rate of 8% projected in the coming decade.

 North America Elevator Market

Download Free Sample Report

Key Market Challenges

High Installation and Maintenance Costs

One of the major challenges facing the North American elevator market is the high cost associated with the installation and maintenance of elevator systems. The initial installation of elevators in new constructions can be an expensive undertaking, especially when considering the advanced technology, specialized components, and compliance with stringent safety regulations required. In addition to the upfront cost, elevator systems require ongoing maintenance to ensure safety, functionality, and efficiency. Regular inspections, repairs, and updates to meet new safety standards can significantly add to the operational costs for building owners and facility managers. The increasing demand for smart elevators with IoT integration and AI capabilities has further escalated both installation and maintenance expenses. The challenge is particularly prominent in older buildings that require elevator modernization to comply with updated safety codes and meet the needs of a growing, more diverse population. High costs of installation and upkeep can deter some property developers or owners from adopting new elevator technologies, hindering market growth.

Aging Infrastructure and Modernization Needs

The aging infrastructure of North America presents a significant challenge for the elevator market, particularly in the context of modernization. Many existing buildings, especially older commercial and residential structures, were not originally designed with modern elevator systems in mind. As a result, these buildings often require extensive modifications to accommodate newer elevator technology and meet current accessibility standards. The modernization of outdated elevator systems involves significant costs, including structural changes to the building, replacement of components, and upgrading to meet current safety and efficiency standards. These upgrades can disrupt building operations, causing inconvenience to tenants and potentially affecting a building's financial performance. The demand for elevator modernization is growing, but many property owners hesitate to make these investments due to the associated costs and logistical challenges. This presents a substantial challenge for the market as the need to retrofit older buildings continues to grow, and the lack of immediate return on investment can delay necessary upgrades.

Safety and Regulatory Compliance

Safety and regulatory compliance are critical challenges within the North American elevator market, particularly as building codes and standards evolve to address new safety concerns. Elevator systems are highly regulated, with stringent requirements at the federal, state, and local levels to ensure the safety of users. These regulations include safety features such as emergency brakes, fire resistance, and compliance with accessibility laws for people with disabilities. However, keeping up with changing safety regulations and ensuring that elevators meet the latest standards is a continuous challenge for building owners, manufacturers, and service providers. Failure to adhere to these regulations can result in costly fines, liability issues, and, more importantly, pose significant risks to public safety. The increasing complexity of these safety requirements, coupled with the need for constant updates to equipment and systems, places additional pressure on the market. As new technologies such as smart elevators are introduced, ensuring that they meet safety standards while providing a seamless user experience becomes an even more complex task, complicating the process of regulatory compliance.

Key Market Trends

Integration of Smart Technologies in Elevator Systems

One of the most prominent trends in the North American elevator market is the increasing integration of smart technologies in elevator systems. As buildings become more technologically advanced, the demand for elevators that offer enhanced functionality, convenience, and energy efficiency has risen. Smart elevators utilize features such as touchless controls, artificial intelligence for predictive maintenance, and Internet of Things (IoT) connectivity to improve the user experience. These systems allow for greater control over elevator functions, such as automatically adjusting the speed and direction based on real-time demand and traffic patterns within the building. The implementation of smart features helps building owners and facility managers streamline maintenance schedules by providing real-time data on elevator performance, which can help predict potential failures before they occur, thus minimizing downtime and repair costs. As businesses and consumers alike become more accustomed to smart technology, the demand for elevators with these advanced features is expected to continue growing, driving a significant shift in the market toward smarter, more efficient systems.

Growing Demand for Energy-Efficient Elevators

Energy efficiency is increasingly becoming a key consideration in the design and installation of elevator systems in North America. As environmental concerns rise and energy regulations tighten, building owners and developers are increasingly prioritizing sustainability in their elevator choices. Modern elevators are now designed with energy-saving technologies, such as regenerative drives, which capture and recycle energy during braking, reducing overall power consumption. Advancements in LED lighting and more efficient control systems contribute to lower energy usage, making elevators greener and more cost-effective to operate. As the demand for sustainable construction and building management practices continues to grow, energy-efficient elevators are becoming a necessity in both new developments and modernization projects. Many buildings are now pursuing green building certifications, such as Leadership in Energy and Environmental Design (LEED), which further drives the adoption of energy-efficient elevator technologies.

Shift Toward Vertical Transportation Solutions in Low-Rise Buildings

An emerging trend in the North American elevator market is the increasing adoption of vertical transportation solutions in low-rise buildings. While elevators have traditionally been associated with high-rise buildings, there is a growing recognition of the benefits of incorporating elevator systems into smaller, multi-story buildings. This trend is particularly prevalent in mixed-use developments, where developers are seeking to optimize the use of space and provide convenient and efficient transportation between floors. In addition, as the demand for residential units in low-rise urban developments grows, elevators are being integrated into buildings that may not have required them in the past. The use of compact, efficient elevator systems in low-rise buildings is gaining traction as they enhance accessibility, add value to properties, and offer a higher level of comfort to residents. As this trend continues, the market for elevators in low-rise buildings is expected to expand, driving innovation in compact elevator designs that maximize space while maintaining high levels of functionality.

Segmental Insights

Service Insights

New Installation segment dominated in the North America Elevator Market in 2024 and maintain its leadership throughout the forecast period. This is primarily driven by the continued growth of the construction sector, particularly in urban areas where there is an increasing demand for high-rise buildings, residential complexes, and commercial spaces. As cities expand vertically to accommodate growing populations, the need for new elevators in both new developments and large-scale projects remains high. The new installation segment benefits from trends such as smart technology integration, energy efficiency, and accessibility features, which are increasingly incorporated into modern elevator systems. The demand for state-of-the-art elevators in new buildings is also boosted by the construction of mixed-use developments, where elevators are essential for efficient vertical transportation.

The expansion of the commercial real estate sector, particularly office buildings, hotels, and retail centers, continues to drive the growth of new installations. While the maintenance and repair, as well as modernization segments, also show steady growth, the volume of new construction projects and the trend of vertical urbanization ensure that new installation will maintain its dominance throughout the forecast period. The increasing emphasis on modernizing older buildings to meet contemporary standards further complements this trend, but new installations remain the primary contributor to market revenue in the elevator industry.

Technology Insights

In 2024, the Machine Room Less Traction elevator segment dominated the North America Elevator Market and is expected to maintain its dominance throughout the forecast period. MRL elevators are preferred due to their space-saving design, energy efficiency, and lower operational costs compared to traditional elevator systems that require a dedicated machine room. With increasing demand for more efficient, sustainable, and space-efficient solutions in both residential and commercial buildings, MRL elevators have become the preferred choice in new installations, particularly in mid-rise and high-rise buildings.

MRL systems offer easier installation and reduced maintenance requirements, making them an attractive option for building developers and property owners. As trends like sustainability, smart technologies, and urban vertical expansion continue to shape the market, the adoption of MRL elevators is expected to remain robust, outpacing traditional machine room above traction systems.

 North America Elevator Market

Download Free Sample Report

Country Insights

Largest Country

In 2024, the United States continued to solidify its position as the dominant player in the North American elevator market, driven by several key factors. The United States has seen sustained growth in its construction sector, particularly in urban centers where the demand for high-rise buildings, commercial spaces, and mixed-use developments remains strong. As the nation continues to urbanize, there is a growing need for efficient vertical transportation, making elevators an essential part of modern infrastructure. This has led to a substantial demand for both new installations and elevator modernization projects, as older buildings require upgrades to meet current safety and accessibility standards.

The United States is a hub for technological innovation in the elevator market, with a strong emphasis on smart elevators, energy-efficient systems, and machine-room-less designs. The country's focus on sustainability and green building certifications has also contributed to the increased adoption of energy-saving elevator solutions, further boosting market growth.

The U.S. government’s stringent regulations and building codes regarding safety, accessibility, and environmental sustainability have also shaped the market, driving the need for advanced, compliant elevator systems. Major urban development projects and the rapid expansion of commercial real estate in cities such as New York, Los Angeles, and Chicago have further entrenched the U.S. as the leader in the North American elevator market. With a robust construction pipeline and a growing focus on innovation, the United States is poised to maintain its dominant position throughout the forecast period.

Emerging Country

Canada is rapidly emerging as a key player in the North America elevator market, driven by several factors including urbanization, infrastructure development, and technological advancements. Major cities such as Toronto, Vancouver, and Montreal are witnessing an increase in the construction of high-rise buildings and mixed-use developments, creating a strong demand for efficient vertical transportation solutions. As urban populations grow and demand for residential and commercial spaces increases, elevators have become essential for both new developments and the modernization of existing buildings. Additionally, Canada’s aging infrastructure is prompting a significant need for the replacement and upgrade of old elevator systems to meet modern safety, efficiency, and accessibility standards.

Canada is embracing advanced technologies in the elevator sector, including smart elevators, energy-efficient systems, and machine-room-less designs, aligning with the country's sustainability goals. With a growing construction pipeline, a focus on smart building solutions, and increasing investments in infrastructure, Canada is set to continue expanding its role in the North America elevator market in the coming years.

Recent Developments

  • In September 2024, KONE announced its acquisition of Capitol Elevator, a Sacramento-based elevator service provider with over 50 years of industry experience. This strategic move strengthens KONE’s presence in the California market, combining Capitol Elevator’s customer-focused service with KONE’s global expertise and portfolio. Ken Schmid, Executive Vice President of KONE Americas, highlighted the alignment in values and customer commitment as key drivers behind the acquisition.
  • In October 2024, TK Elevator announced its key role in the newly inaugurated Sydney Metro City Line, one of Australia’s largest public transport projects. Supplying 190 elevator and escalator units, TK Elevator enhances commuter mobility across Sydney. The line, launched on August 19, 2024, now supports approximately 200,000 daily journeys. This project underscores TK Elevator’s commitment to efficient, accessible urban transportation solutions through advanced vertical mobility infrastructure.
  • In May 2024, Mitsubishi Electric Building Solutions Corporation announced the launch of its NEXIEZ-Fit elevator, designed for low-rise residential buildings, starting May 23. Leveraging the NEXIEZ-MRL Ver.2 platform, this model offers strong cost performance with select specifications. Targeting growing housing demand in regions like ASEAN and the Middle East, the elevator ensures safety and reliability while reducing construction time through improved shipping methods and minimized on-site welding.
  • In July 2023, Hyundai Elevator signed a memorandum of understanding with LG Electronics and KT Corp. to integrate robots and elevators. The collaboration follows Hyundai’s 2022 launch of an open application programming interface (API) to synchronize elevators with robots, smartphones, and building systems. Hyundai plans to expand its platform and create a new elevator service ecosystem, including integration with building management systems for emergency situations like natural disasters and crimes.

Key Market Players

  • Otis Worldwide Corporation
  • Schindler Group
  • KONE Corporation
  • TK Elevator GmbH
  • Mitsubishi Electric Corporation
  • Toshiba Corporation
  • Hyundai Elevator Co., Ltd.
  • Hitachi, Ltd.

By Service

By Technology

By Door Type

By Speed

By Capacity

By Height

By End-User

By Country

  • New Installation
  • Maintenance & Repair
  • Modernization
  • Machine Room Less Traction
  • Machine Room Above Traction
  • Automatic
  • Manual
  • <1 m/s
  • 1-1.5m/s
  • 1.5-2.5
  • >2.5m/s
  • <1000kg
  • 1000-2000kg
  • 2000-3000kg
  • >3000kg
  • <50 floors
  • 50 -100 floors
  • >100 floors
  • Residential
  • Commercial
  • Industrial
  • Infrastructure
  • United States
  • Canada
  • Mexico

 

Report Scope:

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

  • North America Elevator Market, By Service:

o   New Installation

o   Maintenance & Repair

o   Modernization              

  • North America Elevator Market, By Technology:

o   Machine Room Less Traction

o   Machine Room Above Traction              

  • North America Elevator Market, By Door Type:

o   Automatic

o   Manual              

  • North America Elevator Market, By Speed:

o   <1 m/s

o   1-1.5m/s

o   1.5-2.5

o   >2.5m/s              

  • North America Elevator Market, By Capacity:

o   <1000kg

o   1000-2000kg

o   2000-3000kg

o   >3000kg              

  • North America Elevator Market, By Height:

o   <50 floors

o   50 -100 floors

o   >100 floors              

  • North America Elevator Market, By End-User:

o   Residential

o   Commercial

o   Industrial

o   Infrastructure              

  • North America Elevator Market, By Country:

o   United States

o   Canada

o   Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America Elevator Market.

Available Customizations:

North America Elevator Market report with the given market data, Tech Sci 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).

North America Elevator 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 sales@techsciresearch.com  

Table of content

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

1.3.     Key Market Segmentations

2.         Research Methodology

2.1.     Objective of the Study

2.2.     Baseline Methodology

2.3.     Formulation of the Scope

2.4.     Assumptions and Limitations

2.5.     Sources of Research

2.5.1. Secondary Research

2.5.2. Primary Research

2.6.     Approach for the Market Study

2.6.1. The Bottom-Up Approach

2.6.2. The Top-Down Approach

2.7.     Methodology Followed for Calculation of Market Size & Market Shares

2.8.     Forecasting Methodology

2.8.1. Data Triangulation & Validation

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, and Trends

4.         Voice of Customer

5.         North America Elevator 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, Machine Room Above Traction)

5.2.3. By Door Type (Automatic, Manual)

5.2.4. By Speed (<1 m/s, 1-1.5m/s, 1.5-2.5, >2.5m/s)

5.2.5. By Capacity (<1000kg, 1000-2000kg, 2000-3000kg, >3000kg)

5.2.6. By Height (<50 floors, 50 -100 floors, >100 floors)

5.2.7. By End-User (Residential, Commercial, Industrial, Infrastructure)

5.2.8. By Country (United States, Canada, Mexico)

5.2.9. By Company (2024)

5.3.     Market Map

6.         United States Elevator 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 Speed

6.2.5. By Capacity

6.2.6. By Height

6.2.7. By End-User

7.         Canada Elevator 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 Speed

7.2.5. By Capacity

7.2.6. By Height

7.2.7. By End-User

8.         Mexico Elevator 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 Speed

8.2.5. By Capacity

8.2.6. By Height

8.2.7. By End-User

9.         Market Dynamics

9.1.     Drivers

9.2.     Challenges

10.      Market Trends & Developments

10.1.  Merger & Acquisition (If Any)

10.2.  Product Launches (If Any)

10.3.  Recent Developments

11.      Company Profiles

11.1.  Otis Worldwide Corporation

11.1.1. Business Overview

11.1.2. Key Revenue and Financials 

11.1.3. Recent Developments

11.1.4. Key Personnel/Key Contact Person

11.1.5. Key Product/Services Offered

11.2.  Schindler Group​  

11.3.  KONE Corporation

11.4.  TK Elevator GmbH

11.5.  Mitsubishi Electric Corporation

11.6.  Toshiba Corporation

11.7.  Hyundai Elevator Co., Ltd.

11.8.  Hitachi, Ltd.  

12.      Strategic Recommendations

13.   About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

The market size of the North America Elevator Market was USD 15.30 Billion in 2024.

In 2024, the automatic door segment dominated the North America elevator market, driven by its widespread adoption in modern buildings for enhanced safety, convenience, and energy efficiency.

The North America elevator market faces major challenges including high costs associated with elevator installation, maintenance, and modernization, which often deter building owners from timely upgrades. Additionally, the market struggles with a shortage of skilled labor and technicians, causing delays in service delivery and impacting the efficiency of elevator operations.

The North America elevator market is primarily driven by the growing demand for high-rise residential and commercial buildings fueled by urban expansion and limited horizontal space. Additionally, the increasing adoption of smart and energy-efficient elevator systems is accelerating market growth as developers seek modern solutions that enhance building performance and user experience.

Related Reports

We use cookies to deliver the best possible experience on our website. To learn more, visit our Privacy Policy. By continuing to use this site or by closing this box, you consent to our use of cookies. More info.