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PUBLISHER: SkyQuest | PRODUCT CODE: 1678105

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PUBLISHER: SkyQuest | PRODUCT CODE: 1678105

Elevator Market Size, Share, and Growth Analysis, By Technology (Hydraulic, Traction), By Type (Elevator, Escalator), By Service, By Region - Industry Forecast 2025-2032

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Global Elevator Market size was valued at USD 86.43 billion in 2023 and is poised to grow from USD 92.05 billion in 2024 to USD 152.34 billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).

The global elevator market is experiencing significant growth, primarily fueled by rapid urbanization and an increase in the construction of high-rise buildings and commercial spaces. As urban populations swell, efficient vertical transportation solutions become essential, driving the adoption of modern elevators that enhance occupant comfort, accessibility, and reduce travel time. The latest advancements in elevator technology-including low-maintenance, space-efficient, cost-effective, secure, and energy-efficient models-make them increasingly appealing for both commercial and residential applications. Furthermore, the rise of skyscraper developments and smart city initiatives accelerates market expansion. Looking ahead, innovations such as IoT-enabled sensors, AI, and cloud connectivity are set to redefine the industry, enabling features like predictive maintenance and real-time monitoring, ultimately propelling demand for advanced elevator systems worldwide.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Elevator market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Elevator Market Segments Analysis

Global Elevator Market is segmented by Technology, Type, Service and region. Based on Technology, the market is segmented into Hydraulic, Traction, Machine Room-Less Traction and Others. Based on Type, the market is segmented into Elevator, Escalator and Moving Walkways. Based on Service, the market is segmented into New installation, Maintenance & repair and Modernization. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Elevator Market

The Global Elevator market is experiencing significant growth driven by the rising urban population, which demands more high-rise buildings, apartment complexes, and commercial establishments. This trend is further fueled by government investments in smart city initiatives and infrastructure development. As new constructions emerge and existing structures are upgraded with state-of-the-art elevator systems, the acceptance and reliance on these transport solutions are increasing. This shift aims to enhance urban mobility, prioritizing efficiency, convenience, and accessibility as cities evolve to meet the needs of their growing populations, thus solidifying the indispensable nature of elevators in urban environments.

Restraints in the Global Elevator Market

The Global Elevator market faces significant restraints primarily due to high installation costs, particularly in taller structures. Incorporating advanced features such as AI-powered control systems and energy-efficient technologies contributes to these expenses. Furthermore, the operational costs are exacerbated by the need for modernization, adherence to safety regulations, and ongoing maintenance. Such financial burdens may render state-of-the-art elevator technology inaccessible to smaller developers and companies, consequently impeding market growth in areas with elevated costs. These challenges create barriers that limit the potential for expansion and advancement within the elevator sector, particularly for less established players.

Market Trends of the Global Elevator Market

The global elevator market is witnessing a significant trend towards touchless and AI-powered solutions, driven by the demand for enhanced user convenience and hygiene in a post-pandemic world. Innovations such as voice-activated controls, facial recognition, and mobile app integration are revolutionizing the elevator experience, aligning with broader smart building initiatives. These AI-driven technologies not only streamline operations by reducing wait times and optimizing traffic patterns but also promote sustainable practices by improving overall building efficiency. As urbanization accelerates and the need for modern commercial spaces grows, this market trend is poised to reshape the landscape of vertical transportation globally.

Product Code: SQMIG20I2342

Table of Contents

Introduction

  • Objectives of the Study
  • Scope of the Report
  • Definitions

Research Methodology

  • Information Procurement
  • Secondary & Primary Data Methods
  • Market Size Estimation
  • Market Assumptions & Limitations

Executive Summary

  • Global Market Outlook
  • Supply & Demand Trend Analysis
  • Segmental Opportunity Analysis

Market Dynamics & Outlook

  • Market Overview
  • Market Size
  • Market Dynamics
    • Drivers & Opportunities
    • Restraints & Challenges
  • Porters Analysis
    • Competitive rivalry
    • Threat of substitute
    • Bargaining power of buyers
    • Threat of new entrants
    • Bargaining power of suppliers

Key Market Insights

  • Key Success Factors
  • Degree of Competition
  • Top Investment Pockets
  • Market Ecosystem
  • Market Attractiveness Index, 2024
  • PESTEL Analysis
  • Macro-Economic Indicators
  • Value Chain Analysis
  • Pricing Analysis
  • Technological Advancement

Global Elevator Market Size by Technology & CAGR (2025-2032)

  • Market Overview
  • Hydraulic
  • Traction
  • Machine Room-Less Traction
  • Others

Global Elevator Market Size by Type & CAGR (2025-2032)

  • Market Overview
  • Elevator
  • Escalator
  • Moving Walkways

Global Elevator Market Size by Service & CAGR (2025-2032)

  • Market Overview
  • New installation
  • Maintenance & repair
  • Modernization

Global Elevator Market Size & CAGR (2025-2032)

  • North America (Technology, Type, Service)
    • US
    • Canada
  • Europe (Technology, Type, Service)
    • Germany
    • Spain
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia Pacific (Technology, Type, Service)
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Latin America (Technology, Type, Service)
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (Technology, Type, Service)
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Competitive Intelligence

  • Top 5 Player Comparison
  • Market Positioning of Key Players, 2024
  • Strategies Adopted by Key Market Players
  • Recent Developments in the Market
  • Company Market Share Analysis, 2024
  • Company Profiles of All Key Players
    • Company Details
    • Product Portfolio Analysis
    • Company's Segmental Share Analysis
    • Revenue Y-O-Y Comparison (2022-2024)

Key Company Profiles

  • Otis Worldwide Corporation (United States)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Kone Corporation (Finland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Schindler Group (Switzerland)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • ThyssenKrupp Elevator AG (Germany)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Mitsubishi Electric Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Fujitec Co., Ltd. (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Hitachi, Ltd. (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Toshiba Elevator and Building Systems Corporation (Japan)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Hyundai Elevator Co., Ltd. (South Korea)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Canny Elevator Co., Ltd. (China)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Zhejiang Meilun Elevator Co., Ltd. (China)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • IFE Elevators Co., Ltd. (China)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Kleemann Hellas SA (Greece)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Orona Group (Spain)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Stannah Lifts Holdings Ltd. (United Kingdom)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Sicher Elevator Co., Ltd. (China)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Express Lift Company (United Kingdom)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Sigma Elevator Company (South Korea)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments
  • Escon Elevators Pvt. Ltd. (India)
    • Company Overview
    • Business Segment Overview
    • Financial Updates
    • Key Developments

Conclusion & Recommendations

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