Global Elevators Market Size & Outlook, 2024-2030
The elevators industry worldwide is expected to reach a projected revenue of US$ 116,139.1 million by 2030. A compound annual growth rate of 6.7% is expected of the worldwide elevators industry from 2025 to 2030.
Revenue, 2024 (US$M)
$79,055.3
Forecast, 2030 (US$M)
$116,139.1
CAGR, 2025 - 2030
6.7%
Report Coverage
Worldwide
Global elevators market, 2018-2030 (US$M)
Global elevators market highlights
- The global elevators market generated a revenue of USD 79,055.3 million in 2024 and is expected to reach USD 116,139.1 million by 2030.
- The market is expected to grow at a CAGR (2025 - 2030) of 6.7% by 2030.
- In terms of segment, traction accounted for a revenue of USD 46,382.4 million in 2024.
- Machine Room-Less Traction is the most lucrative type segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2024.
- Country-wise, India is expected to register the highest CAGR from 2025 to 2030.
Global data book summary
| Market revenue in 2024 | USD 79,055.3 million |
| Market revenue in 2030 | USD 116,139.1 million |
| Growth rate | 6.7% (CAGR from 2025 to 2030) |
| Largest segment | Traction |
| Fastest growing segment | Machine Room-Less Traction |
| Historical data covered | 2018 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hydraulic, Traction, Machine Room-Less Traction |
Other key industry trends
- In terms of revenue, the North America accounted for 12.7% of the global elevators market in 2024.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, India is the fastest growing regional market and is projected to reach USD 2,868.3 million by 2030.
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Elevators Market Scope
Elevators market segmentation & scope
Countries
Canada
Mexico
U.S.
France
Germany
Italy
Spain
UK
Australia
China
India
Indonesia
Japan
Malaysia
South Korea
Argentina
Brazil
Saudi Arabia
South Africa
UAE
Elevators Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global elevators market size, by regions, 2018-2030 (US$M)
Top 10 countries: Elevators market size, 2024 (US$M)
Global elevators market share, by type, 2024 & 2030 (%, US$M)
Elevators market: Opportunity assessment by country
Global elevators market, by region, 2024 (US$M)
| Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 8,488.5 | 8,939.6 | 8,547.7 | 8,919.2 | 9,410.1 | 9,830.7 | 10,077.2 | 10,620.1 | 11,200.3 | 11,820.9 | 12,485.2 | 13,196.9 | 13,960.0 | 5.6% |
| Europe | 20,317.8 | 21,547.8 | 20,749.2 | 21,806.2 | 23,163.6 | 24,384.6 | 25,188.3 | 26,748.8 | 28,426.3 | 30,231.0 | 32,174.1 | 34,267.8 | 36,525.7 | 6.4% |
| Asia Pacific | 25,193.3 | 26,938.4 | 26,152.9 | 27,710.0 | 29,678.2 | 31,493.1 | 32,791.7 | 35,102.0 | 37,602.1 | 40,309.6 | 43,243.9 | 46,426.8 | 49,881.6 | 7.3% |
| Latin America | 4,989.0 | 5,314.7 | 5,140.9 | 5,427.1 | 5,790.9 | 6,123.6 | 6,353.9 | 6,777.8 | 7,235.5 | 7,729.3 | 8,263.1 | 8,840.5 | 9,465.4 | 6.9% |
| MEA | 3,965.1 | 4,166.3 | 3,974.5 | 4,137.6 | 4,343.2 | 4,535.3 | 4,644.2 | 4,886.4 | 5,141.4 | 5,410.2 | 5,693.6 | 5,992.1 | 6,306.4 | 5.2% |
| Overall | 62,953.7 | 66,906.8 | 64,565.2 | 68,000.1 | 72,386.0 | 76,367.3 | 79,055.3 | 84,135.1 | 89,605.6 | 95,501.0 | 101,859.9 | 108,724.1 | 116,139.1 | 6.7% |
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