Elevators Market Size

Elevators Market Size

Elevators Market was valued at USD 81.91 billion in 2023 and is anticipated to register a CAGR of 2.5% from 2024 to 2032, attributed to increasing urbanization, advancements in technology, and changing consumer preferences. As the world's urban population grows, so does the need for high-rise structures and skyscrapers. This emphasizes the necessity for effective vertical transportation options, such as elevators, to move people and products within huge structures.
 

The elevator business is being transformed by innovations such as destination control systems, regenerative drives, energy-efficient motors, and Internet of Things-enabled monitoring and maintenance solutions. A rising number of large-scale infrastructure investment plans in the United States, such as hotels and hospitals, are expected to fuel the expansion of the construction sector, generating demand for elevators in commercial buildings.

According to the United Nations, the world population is expected to reach 9.7 billion in 2050, an increase of 2 billion over the next 30 years. The significant growth of the world's population is facilitated by the improvement of people's living standards, the increase in life expectancy, the decrease in mortality and the continuous development of medical technology and drugs. As a result, new housing projects are launched all over the world. This is expected to have a positive impact on market growth. Rapid urbanization with increasing demand for energy efficient products is increasing the demand for residential heat pumps. Favorable government initiatives and tax incentives for installation of energy efficient products are expected to increase the demand for the products.