by
According to the Foreclaro Global Research, the
Global
Elevators Market size was valued at USD 94512.3 million in 2024. The report “Global Elevators Market Segmentation By Type (Traction Elevators, Machine-Room-Less
(MRL) Traction Elevators, Hydraulic Elevators), By Service (New Installation, Maintenance
& Modernization {Maintenance & Repair, Modernization & Upgrade}), By
End User Application (Residential, Commercial, Industrial, Institutional &
Infrastructure)- Industry Trends and Forecast to
2033” gives a detailed insight into
current market dynamics and provides analysis on future market growth.
The global elevators market is experiencing
steady growth driven by rapid urbanization, rising construction of high-rise
buildings, and modernization of existing infrastructure. Increasing demand for
energy-efficient and smart elevators integrated with IoT, AI, and predictive
maintenance technologies is reshaping the market landscape. The growing elderly
population and focus on accessibility solutions in residential and commercial
spaces further boost adoption. Governments across regions are enforcing stricter
safety regulations and promoting modernization initiatives, especially in
developed economies. Additionally, the expansion of commercial real estate,
metro projects, and airport infrastructure in emerging economies like India,
China, and Southeast Asia is propelling market growth. Manufacturers are
increasingly investing in sustainable elevator systems, utilizing eco-friendly
materials and energy regeneration technologies. Overall, technological
advancements, coupled with the surge in infrastructure investments and
modernization needs, are expected to drive consistent growth in the global
elevators market in the coming years.
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Global Elevators
Market Report Highlights
· The
global elevators market is projected to grow steadily due to increasing
urbanization, high-rise construction, and infrastructure modernization across
major economies.
· The
residential and commercial sectors dominate market demand, supported by rising
smart city initiatives and large-scale urban development projects.
· Technological
advancements such as IoT-enabled smart elevators, AI-based predictive
maintenance, and energy-efficient systems are transforming the industry
landscape.
· Asia-Pacific
holds the largest market share, led by China, India, and Japan, owing to rapid
infrastructure expansion and growing investments in real estate.
· Major
players like Otis Elevator, KONE Corporation, Schindler Group, and Thyssenkrupp
AG are focusing on sustainability, digitalization, and partnerships to
strengthen their global presence.
· Growing
emphasis on safety standards, green building certifications, and modernization
of aging elevator systems presents lucrative opportunities for future market
growth.
Foreclaro
Global Research has segmented the Elevators Market report based on Type,
Service, End User Application, and region:
Elevators
Market, Type Outlook (Revenue - USD Million, 2020 - 2033)
Traction
Elevators
Machine-Room-Less
(MRL) Traction Elevators
Hydraulic
Elevators
Elevators
Market, Service Outlook (Revenue - USD Million, 2020 - 2033)
New
Installation
Maintenance
& Modernization
·
Maintenance
& Repair
·
Modernization
& Upgrade
Elevators
Market, End User Application Outlook (Revenue - USD Million, 2020 - 2033)
Residential
Commercial
Industrial
Institutional
& Infrastructure
Elevators
Market, Regional Outlook (Revenue - USD Million, 2020 - 2033)
North
America
·
United
States
·
Canada
·
Mexico
Europe
·
United
Kingdom
·
Germany
·
France
·
Spain
·
Italy
·
Rest
of Europe
Asia
Pacific
·
China
·
India
·
Japan
·
Australia
·
South
Korea
·
Rest
of Asia Pacific
Latin
America
·
Brazil
·
Argentina
·
Rest
of Latin America
Middle East
& Africa
·
Saudi
Arabia
·
South
Africa
·
Rest
of MEA
Global Elevators Market Key Players
·
TK Elevator
·
Schindler
·
KONE Corporation
·
Hitachi Ltd.
·
HYUNDAIELEVATOR CO., LTD.
·
Mitsubishi Electric Corporation
·
Toshiba Group
·
FUJITEC CO., LTD.
·
Aritco Lift AB
·
EMAK
·
Sigma Elevator Company
·
Schumacher Elevator Company
