The global elevators market was valued at US$ 95 billion in 2023 and is projected to reach US$ 270 billion by 2033, expanding at a high-value CAGR of 11% during the forecast period (2023–2033).
Rising demand for smart elevators with IoT integration is a key market driver, enabling efficient traffic prediction and faster response times. Elevators are essential in multi-storey buildings, enhancing accessibility for wheelchairs and travel assistance. In the construction sector, they play a crucial role in transporting both people and goods across different floors, supporting efficiency and convenience.
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Country-wise Insights
The United States elevator market is set to expand in the coming years, driven by increased construction activities, including building renovations. The rapid growth of the IoT sector, rising adoption of contactless elevators, and a well-established industrial landscape are key factors boosting market value. Additionally, the surge in residential and commercial complexes is fueling revenue growth.
In Germany, market demand is rising due to a growing geriatric population and an increasing number of people with disabilities. Expansion in retail malls and multiplex construction, government initiatives for renovating old buildings for public safety, and the presence of advanced infrastructure are further driving market growth.
In Japan, market expansion is supported by a growing local supply of single-deck elevators, favorable government policies, and the rapid adoption of IoT in elevators. Rising disposable income, shifting lifestyles, and strong demand for mid-rise elevators, particularly traction elevators, are also contributing to market development.
Category-wise Insights
The market is segmented by destination control into smart elevators and conventional elevators.
Smart elevators dominate the market, holding a 60% share globally. Demand for connected and intelligent elevator solutions is rising as end-users seek advancements beyond conventional technologies. Smart elevators offer enhanced security, energy efficiency, crowd management, and ultra-speed operation, driven by the growing integration of artificial intelligence across industries.
The increasing need for cable-free lifts capable of moving both vertically and horizontally is further accelerating demand. In response, manufacturers are developing smart elevators with interactive touch panels, intuitive technologies, and cloud-based predictive maintenance. With end-users prioritizing efficiency, effectiveness, and user engagement, the adoption of smart elevators continues to surge.
Competitive Landscape
Leading elevator manufacturers are implementing strategic initiatives such as mergers & acquisitions, product innovation, quality control, collaborations, facility expansion, and supply chain optimization to gain a competitive edge. Significant R&D investments are being made to develop new products that comply with safety regulations while increasing market share.
Major players are also acquiring regional businesses to enhance their service offerings and strengthen their domestic presence. Additionally, companies are prioritizing IoT integration, enabling better data collection, sharing, and analysis for improved performance and maintenance.
Key Developments:
- Mitsubishi Electric expanded its presence in Florida by establishing a new location in Miami.
- Otis Elevator Corporation introduced the Gen2 Elevator for the global high-rise market.
- In 2021, Schindler partnered with CitizenM hotels to maintain and upgrade elevators and escalators across its properties.
Key Segments of Elevators Industry Research
- By Deck Type :
- By Building Height :
- Low Rise
- High Rise
- Mid Rise
- By Speed :
- Less than 1 m/s
- Between 1 to 3 m/s
- Between 4 to 6 m/s
- Between 7 to 10 m/s
- Above 10 m/s
- By Destination Control :
- By Application :
- By End Use :
- Commercial
- Residential
- Mix Blocks
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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