Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial, Industrial), By Installation & Forecast, 2023-2032

Industry Statistics

Elevator Market size surpassed USD 83 billion in 2022 and is anticipated to expand at 2.5% CAGR from 2023 to 2032, supported by the significant strides in the construction sector, mainly across several Asia Pacific countries.
 

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In recent years, the Asia Pacific has witnessed significant surge in infrastructure investments, recording over 50% rise in capital spending globally. The rising rate of urbanization has further influenced the requirement for elevators for transporting the proliferating population. The surging focus on accelerating demographic and economic modifications in the region will further drive the elevator industry expansion.
 

Higher installation and maintenance costs to limit product adoption

The rising costs related to the installation & maintenance of elevators will pose as a significant challenge restricting the elevator market growth. The maintenance charges for an elevator range from USD 120 to USD 2,000 for a single run of repairs across the U.S., based on the type of elevator. However, regularly scheduled maintenance, semi-annually and annually, helps in keeping the elevator devoid of any major issues. In the U.S., the cost of elevator replacements typically ranges between USD 11,000 to USD 21,000. The increasing installation costs along with the thriving need for timely repair & maintenance for regular operations may limit the product espousal to some extent.
 

Growing presence of MR traction elevators in high-rise buildings

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The industry size from the MR traction segment is likely to reach USD 46.4 billion by 2032. These elevators are increasingly deployed for their high energy efficiency. Integrated with full computer control technologies and AC VVVF drive, these elevators possess superior energy-saving features, high carrying capacities and precise levelling performance. Increasing deployment in the rapidly rising number of mid-rise and high-rise buildings & structures will further drive the product uptake.
 

Growing utilization in building & construction activities to accelerate need for elevator

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Elevator market from the building & construction sector is estimated to amass USD 83.9 billion by 2032.  This can be attributed to the thriving construction activities in China and India. The high income levels and the rapid urbanization in these countries has bolstered the demand for housing, making way for the construction of multiple residential buildings. The strengthening government support in India has led to improved economic performance through higher investments in infrastructure development, including increased construction of railway stations, and airports. The propelling construction activities in the Middle East will further anchor the industry progression.
 

Mounting construction activities to impact APAC industry overview

Asia Pacific elevator market is poised to witness 3% growth between 2023 and 2032 due to the surging number of construction activities in the region. As per the IBEF (India Brand Equity Foundation), India was projected to emerge as the world’s third largest construction market in 2022. The rapid growth of the regional population has spurred the rising consumer interest for creating energy efficient building infrastructures. The strong presence of leading elevator manufacturers will also play a key role in the business development.
 

Increasing number of contracts to enhance elevator industry competitive landscape

Some of the leading industry players in the elevator business scenario include Thyssenkrupp Elevator Technology (Thyssenkrupp AG), Fujitec Co., Ltd., Kone Corporation, Otis Elevator Company, Express Lifts Limited, Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Schindler, Hitachi Ltd., Escon Elevators Private Limited, Hyundai Elevator Co. Ltd., Glarie Elevator Co. Ltd., Shenyang Yuanda Intellectual Industry Group Co., Ltd., Eita Elevator (Malaysia) Sdn. Bhd, and Orona S.C. These firms are working on several initiatives to cater to the increasing end-user requirements to attain competitive edges.
 

This elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Product

• Hydraulic & Pneumatic
• MR Traction
• MRL Traction
• Others

Market, By End-User

• Building & construction
  • Residential
    • Home Lifts/Private Houses
    • Others
  • Institutional
  • Commercial
    • Office
    • Hotels
    • Healthcare
    • Others
• Industrial

Market, By Installation         

• New Installation
• Maintenance
• Modernization

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Romania
  • Belgium
  • Spain
  • Serbia
  • Russia
  • Cyprus
  • Scandinavia (Norway, Sweden, Iceland, Denmark)
• Asia Pacific
  • China
  • India
  • Australia
  • Indonesia
  • Malaysia
  • Turkey
• Latin America
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa