Please Wait.....
Report
Elevators Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Service (New Installation, Maintenance & Repair, Modernization), By Technology (Machine Room Less Traction and Machine Room Above Traction), By Door Type (Automatic and Manual), By End-User (Residential, Commercial, Industrial, Infrastructure), By Region, By Competition, 2020-2030F
Market Report I 2025-04-30 I 180 Pages I TechSci Research
Market Overview
The Global Elevators Market was valued at USD 87.47 billion in 2024 and is projected to reach USD 126.76 billion by 2030, growing at a CAGR of 6.22% during the forecast period. The elevators market encompasses the production, installation, and maintenance of vertical transportation systems used for moving people and goods within residential, commercial, and industrial buildings. Elevators are an essential component of modern architecture, enabling efficient vertical traffic flow in high-rise and large-scale structures.
The market includes a wide variety of systems, such as passenger elevators, freight elevators, and specialized solutions designed for hospitals, hotels, and shopping centers. Powered by electric motors, elevators operate through mechanisms like traction, hydraulic, and pneumatic systems. Rapid urbanization, growing construction of high-rise buildings, and rising demand for advanced features such as energy efficiency, smart technology integration, and enhanced safety standards are key factors driving market growth in both developed and emerging economies.
Key Market Drivers
Urbanization and Infrastructure Development
Urbanization is a critical growth driver for the elevators market, as it spurs the construction of residential, commercial, and mixed-use buildings that require vertical transportation solutions. According to the United Nations, nearly 68% of the global population is expected to reside in urban areas by 2050, up from 55% in 2018.
This trend necessitates the development of skyscrapers, high-rise apartments, and office buildings, all dependent on modern elevator systems for internal mobility. In China, for example, urbanization has led to the construction of over 10,000 high-rise buildings annually across major cities.
Emerging markets in Asia-Pacific and Africa are further fueling demand as economic growth and rising disposable incomes drive expectations for higher living standards, including access to advanced elevator technologies. Mega-projects like the Burj Khalifa in Dubai highlight the critical role of elevators in supporting vertical expansion in urban environments. As cities grow and land becomes scarcer, the need for efficient, reliable vertical transportation will continue to propel market expansion.
Key Market Challenges
High Installation and Maintenance Costs
The high cost of installation and maintenance poses a significant challenge for the elevators market. Installing elevators, particularly in high-rise buildings, requires substantial capital investment, making it a barrier for adoption in developing regions and among small to medium-sized enterprises.
In addition to high initial costs, elevators require ongoing maintenance to ensure safety and operational efficiency. Globally, approximately USD 2 billion is spent annually on elevator maintenance. In regions like North America, monthly maintenance costs can range from USD 500 to USD 1,000 per unit, depending on the system's age and complexity.
These financial pressures can slow adoption rates, particularly where cost sensitivity is high, challenging elevator companies and property developers to balance safety and efficiency needs against budget constraints.
Key Market Trends
Smart and Connected Elevators: Integration of IoT and Automation
The integration of Internet of Things (IoT) and automation technologies is rapidly transforming the elevators market. As urbanization increases, there is a growing demand for smarter, more efficient vertical transportation systems. Smart elevators, equipped with AI, predictive maintenance capabilities, and real-time IoT connectivity, offer significant improvements in operational efficiency, energy management, and user experience.
These systems can communicate with building management platforms to optimize traffic flow, reduce waiting times, and predict maintenance needs before breakdowns occur. In the Asia-Pacific region-particularly China, India, and Japan-the growing emphasis on smart cities and infrastructure modernization is driving accelerated adoption of these technologies.
Smart elevators not only enhance operational efficiency but also contribute to sustainability efforts, making them a major trend shaping the future of the global elevators market.
Key Market Players
- TK Elevator
- Schindler Group
- KONE Corporation
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- Toshiba Group
- FUJITEC CO., LTD.
- Sigma Elevator Company
- Schumacher Elevator Company
- ESCON Elevators Pvt Limited
Report Scope:
In this report, the Global Elevators Market has been segmented into the following categories, alongside detailed industry trend analysis:
- Elevators Market, By Service:
o New Installation
o Maintenance & Repair
o Modernization
- Elevators Market, By Technology:
o Machine Room Less Traction
o Machine Room Above Traction
- Elevators Market, By Door Type:
o Automatic
o Manual
- Elevators Market, By End-User:
o Residential
o Commercial
o Industrial
o Infrastructure
- Elevators Market, By Region:
o North America
- United States
- Canada
- Mexico
o Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
o Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
o South America
- Brazil
- Argentina
- Colombia
o Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey
Competitive Landscape
Company Profiles: Comprehensive analysis of major companies operating in the Global Elevators Market.
Available Customizations:
With the provided market data, TechSci Research offers customizations based on specific company needs, including:
- Detailed analysis and profiling of additional market players (up to five).
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. 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
5.3. By Company (2024)
5.4. 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. United Kingdom 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. Italy 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. France 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. South America 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. South America: Country Analysis
9.3.1. Brazil 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. Argentina 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. Colombia 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. Middle East and Africa 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. Middle East and Africa: Country Analysis
10.3.1. South Africa 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. Saudi Arabia 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. UAE 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
10.3.4. Kuwait Elevators Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2. Market Share & Forecast
10.3.4.2.1. By Service
10.3.4.2.2. By Technology
10.3.4.2.3. By Door Type
10.3.4.2.4. By End-User
10.3.5. Turkey Elevators Market Outlook
10.3.5.1. Market Size & Forecast
10.3.5.1.1. By Value
10.3.5.2. Market Share & Forecast
10.3.5.2.1. By Service
10.3.5.2.2. By Technology
10.3.5.2.3. By Door Type
10.3.5.2.4. 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. Company Profiles
13.1. TK Elevator
13.1.1. Business Overview
13.1.2. Key Revenue and Financials
13.1.3. Recent Developments
13.1.4. Key Personnel/Key Contact Person
13.1.5. Key Product/Services Offered
13.2. Schindler Group
13.3. KONE Corporation
13.4. Hitachi Ltd.
13.5. Mitsubishi Electric Corporation
13.6. Toshiba Group
13.7. FUJITEC CO., LTD.
13.8. Sigma Elevator Company
13.9. Schumacher Elevator Company
13.10. ESCON Elevators Pvt Limited
14. Strategic Recommendations
15. About Us & Disclaimer
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security