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.

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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.

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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
|
|
- <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:
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Company Information
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