Elevators Market To Reach $116.14 Billion By 2030 | CAGR 6.7%

Elevators Market Growth & Trends

The global elevators market size is expected to reach USD 116.14 billion by 2030, registering a CAGR of 6.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The need for elevators is projected to be driven by growing urbanization and a significant rise in the elderly population. Elevators are typically constructed in locations like train stations, apartment buildings, hospitals, metro stations, shopping centers, office buildings, schools, and airports. Furthermore, elevator installation in high-rise and mid-rise buildings has become necessary, which is assisting the market's growth in the coming years.

The Asia Pacific region has been particularly affected by the global trend of rapid urbanization due to extremely high population density. Moreover, countries like China, India, and Japan are thought to have a significant potential for growth in terms of standard of life. A significant increase in the construction industry is also anticipated in the area, which can be ascribed to the expansion of both private and governmental infrastructure development projects. The demand for elevators will be driven by the aforementioned factors over the forecast period.

Various types of switches, sensors, alarms, and communication systems, are included in elevator safety systems. A growing number of sensors are being included in elevators due to growing safety concerns. Additionally, big data, machine learning, and artificial intelligence are being combined with these systems to improve the operation of safety systems and elevators. These aforementioned technological advancements will drive the demand for elevators in the coming years.

The World Population Prospects report from the United Nations estimates that by 2050, there will be about 2.1 billion older people alive. Elevators can help the elderly population improve their quality of life. The majority of older people experience preventable ailments like arthritis or cardiovascular disease. By preventing them from climbing a painful flight of stairs, elevators will help the older population live longer, driving up demand from this group of people in society. As a result, the market is anticipated to grow more quickly throughout the forecast period.

As a result of the housing shortage, high-rise buildings are becoming more prevalent. With the advancement and modernization of mankind, the most recent generations of elevators not only provide the fundamental goal of people flow in buildings, but also provide aesthetics, a secure operating system, and other unique features to satisfy the needs of urban users. For instance, Otis India, a producer of elevators and escalators, anticipates a rise in demand as a result of an increase in home sales and the government's push for infrastructure spending.

To expand their geographic reach, manufacturers are engaging in mergers, acquisitions, and product launches. For instance, TK Elevator acquired Accurate Elevator in June 2021; Accurate Elevator had long been a prominent elevator service provider in the Florida Keys. For commercial and residential structures in The Florida Keys, Accurate Elevator provides new installation, modernization, preventive maintenance, and repair services.

Renting out machinery to manufacturers and regularly charging them for its use is known as providing equipment as a service  (EaaS). For instance, Mitsubishi Elevator developed a distinctive circular business model which is known as equipment as a service, in which the user pays to use an elevator as opposed to purchasing one. In essence, the elevator is a service. As Mitsubishi still owns the elevator and is in charge of maintenance, it has a longer lifespan than "normal" elevators.

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Elevators Market Report Highlights

• The traction type segment led the market and accounted for 55.2% of the global revenue share in 2024. Traction elevators are frequently used in industrial and commercial structures.

• The new equipment business segment led the market and accounted for 47.7% of the global revenue share in 2024.

• The residential application segment led the market and accounted for 69.1% of the global revenue share in 2024.

• The elevator market in Asia Pacific accounted for a market share of 41.5% in 2024. The need for elevators in APAC has increased because of the building industry's strong expansion and rising outputs in nations like India, China, and South Korea, and among others.

Elevators Market Segmentation

Grand View Research has segmented global elevators market based on type, business, application, and region:

Elevators Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Hydraulic

• Traction

• Machine Room-Less Traction

• Others

Elevators Business Outlook (Revenue, USD Billion, 2018 - 2030)

• New Equipment

• Maintenance

• Modernization

Elevators Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential

• Commercial

• Industrial

Elevators Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • Spain

  • U.K.

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Malaysia

  • Indonesia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Elevators Market

• 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

• ESCON Elevators Pvt Limited

• Electra Elevators

• CANNY ELEVATOR CO, LTD.