Europe Elevators Market Size & Share 2026-2035

Europe Elevators Market Size

The Europe elevators market was estimated at USD 25.1 billion in 2025. The market is expected to grow from USD 26 billion in 2026 to USD 37.1 billion in 2035, at a CAGR of 4% according to latest report published by Global Market Insights Inc.

• Urbanization and the proliferation of high-rise buildings are driving the robust growth of the European elevator market. With over 75% of Europe’s population residing in urban areas, cities such as London, Paris, and Berlin are experiencing a surge in demand for efficient vertical mobility solutions in both residential and commercial spaces. According to the European Commission, urban areas are projected to house nearly 84% of the population by 2050, further intensifying the need for elevators to support urban infrastructure. The rise in skyscraper projects and an anticipated 8% increase in the urban population by 2030 highlight the critical role elevators play in modern urban living and commercial activities. Additionally, ongoing construction activities across the continent, supported by economic growth and government initiatives like the European Green Deal, are fueling the demand for advanced, high-capacity elevators.
   
• Simultaneously, the adoption of smart and energy-efficient technologies is reshaping the elevator landscape in Europe. The integration of Internet of Things (IoT)-enabled systems, including predictive maintenance, touchless controls, and intelligent operational features, has become a defining trend. These technologies enhance safety, efficiency, and user experience in modern buildings. For instance, regenerative drive systems, which significantly reduce energy consumption, align with Europe’s sustainability goals and green building initiatives. According to the European Environment Agency, buildings account for approximately 40% of the EU’s energy consumption, making energy-efficient elevators a critical component of reducing carbon footprints. These advancements not only improve elevator performance but also lower long-term operational costs, making them attractive for both new installations and modernization projects. Europe’s push toward smart cities and digital infrastructure is accelerating this shift, ensuring sustained demand for intelligent elevator technologies.
   
• Another significant growth driver is the increasing preference for Machine Room Less (MRL) elevators and other advanced designs that offer superior efficiency and design flexibility. MRL elevators eliminate the need for a dedicated machine room, optimizing space and enabling seamless integration into both new and existing buildings. Their energy-efficient operation and reduced maintenance requirements have made them increasingly popular across Europe’s residential, commercial, and mixed-use developments. Additionally, advanced elevator technologies, such as improved traction systems, modern cabin designs, and enhanced safety features, are gaining traction as building owners prioritize space optimization and lifecycle cost reduction. These compact, technologically advanced solutions are significantly contributing to the expansion of the European elevator market, ensuring its steady growth in the coming years.

Europe Elevators Market Trends

The market is experiencing a shift toward advance technologies with smart elevators being used in new construction and retrofits.
 

• The European elevators market is witnessing a significant surge in the adoption of smart and connected elevator technologies. This growth is primarily driven by the integration of advanced IoT-enabled systems, which facilitate real-time monitoring, data analytics, and seamless connectivity. Predictive maintenance capabilities are also playing a pivotal role, enabling operators to identify potential issues before they escalate, thereby reducing downtime and operational costs. Additionally, touchless operational features, such as gesture-based controls and smartphone-enabled access, are enhancing user safety and convenience, particularly in the wake of heightened hygiene concerns. These advancements align with Europe’s broader focus on developing smart infrastructure, where intelligent and automated vertical mobility solutions are becoming essential components in both commercial and residential projects. The increasing emphasis on energy efficiency and sustainability further supports the adoption of these technologies, as they contribute to reducing the carbon footprint of buildings.
   
• Simultaneously, the market is experiencing a notable rise in demand for Machine Room‑Less (MRL) elevators, which are gaining popularity due to their innovative design and operational benefits. Unlike traditional elevators, MRL elevators eliminate the need for a separate machine room, making them ideal for buildings with space constraints. They are engineered to consume less energy, aligning with Europe’s stringent energy efficiency regulations and sustainability goals. Furthermore, their simplified installation process reduces construction time and costs, making them a preferred choice for developers. MRL elevators are highly versatile, catering to both new construction projects and the modernization of existing buildings. Their compact design, coupled with advanced safety features and customizable options, makes them an attractive solution for developers aiming to optimize vertical transportation systems. As urbanization continues to rise across Europe, the demand for efficient, space-saving, and cost-effective elevator solutions is expected to grow, further driving the adoption of MRL elevators in the region.
   
• Sustainability is increasingly influencing the design and choice of elevators. With buildings trying to minimize their carbon footprint, elevators must also be energy efficient. Technologies such as regenerative drives, which tap into energy when in use, and energy-saving motors are becoming common. When paired with building management systems, elevators can run more efficiently as part of energy-saving program.
   

Europe Elevators Market Analysis

Based on product, the Europe elevators market is categorized into hydraulic, traction and machine room-less traction. The Hydraulic elevators accounted for revenue of around USD 13.4 billion in 2025 and is anticipated to grow at a CAGR of 3.6% from 2026 to 2035.
 

• Hydraulic elevators are increasingly preferred for use in low- to mid-rise buildings due to their numerous advantages, including cost-effectiveness, ease of installation, and lower maintenance requirements compared to traction systems. These elevators are particularly suitable for buildings with limited space, as they can operate without the need for a dedicated machine room. This feature makes them an ideal choice for developers and architects working on projects with spatial constraints.
   
• Traction elevators are anticipated to grow at a compound annual growth rate (CAGR) of 4.2% during the forecast period, driven by the increasing demand for advanced, smart, and sustainable infrastructure solutions. These elevators are equipped with cutting-edge technologies, such as regenerative drives that enhance energy efficiency by converting excess energy into reusable power, and IoT-based maintenance systems that enable predictive maintenance and reduce downtime. The integration of these technologies not only improves operational efficiency but also aligns with the growing trend of smart building solutions. Governments worldwide are actively promoting the adoption of green buildings through incentives and regulations, further boosting the demand for traction elevators.
   

Based on deck type, Europe elevators market consists of single deck and double deck. The single deck industry emerged as leader and held 56.2% of the total market share in 2025 and is anticipated to grow at a CAGR of 3.8% from 2026 to 2035.
 

• Single deck elevators are extensively utilized in residential, commercial, and low- to mid-rise buildings due to their cost-effectiveness and operational efficiency. These elevators are more affordable to install and maintain compared to double deck systems, making them a preferred choice for building owners aiming to optimize costs without compromising functionality. Their compact design and straightforward operation further enhance their appeal in various building types.
   
• The simple design of single deck elevators allows for seamless integration into existing infrastructure, making them particularly suitable for retrofit projects where space and structural modifications are limited. Additionally, the increasing urbanization, coupled with the rising demand for vertical transportation in densely populated cities, continues to drive the growth of this segment. The ongoing expansion of the real estate sector, including residential complexes, office spaces, and mixed-use developments, further fuels the adoption of single deck elevators. This segment is expected to maintain steady growth at a modest CAGR through 2035, supported by advancements in elevator technology and the growing emphasis on energy-efficient and space-saving solutions.
   

The destination control of Europe elevators market consists of smart and conventional. The conventional segment emerged as leader and held 59% of the total market share in 2025 and is anticipated to grow at a CAGR of 3.7% from 2026 to 2035.
 

• Traditional systems continue to experience significant growth due to their extensive application in existing infrastructure and their critical role in the current economy. These systems are favored for their straightforward installation processes and lower maintenance requirements, making them an ideal choice for mid-rise buildings, projects with tight budgets, and regions where advanced technologies have not yet achieved widespread adoption. Additionally, their reliability and proven performance in various operational conditions further solidify their position in the market.
   
• In retrofit projects, traditional systems remain a preferred option due to their compatibility with existing setups and the comparatively lower costs associated with upgrades. As urbanization accelerates globally, the demand for vertical transportation solutions is increasing across residential, commercial, and industrial buildings. This trend is particularly pronounced in developing economies, where traditional systems are expected to retain a substantial share of the market due to their cost-effectiveness, ease of integration, and ability to meet the immediate needs of rapidly growing urban centers.
   

In the European elevators market, Germany accounts for revenue of around USD 5.3 billion in 2025 and is anticipated to grow at a CAGR of 3.5% from 2026 to 2035.
 

• Germany is focusing on urban development, emphasizing the construction of energy-efficient buildings and the refurbishment of aging infrastructure to meet modern standards. This approach aligns with the country's commitment to sustainability and the integration of intelligent building technologies. As a result, there is a growing adoption of advanced elevator systems, such as machine room-less elevators, which eliminate the need for a separate machine room, and destination control elevators, which optimize passenger flow and reduce waiting times. These systems are increasingly being installed in both residential and commercial buildings to enhance efficiency and user experience.
   
• Germany's aging population is creating a significant demand for accessibility solutions in residential complexes, public facilities, and healthcare institutions. The need for elevators equipped with features like wheelchair accessibility, voice-guided controls, and emergency communication systems is becoming more pronounced. Additionally, favorable government policies, including subsidies and incentives for sustainable construction and modernization projects, are further driving the adoption of advanced elevator technologies. Coupled with a robust and expanding construction industry, Germany is positioned to be a key contributor to the overall growth and innovation within the European elevator market.
   

Europe Elevators Market Share

In 2024, the prominent manufacturers in Europe elevators market are Schindler, FUJITEC CO., LTD., Mitsubishi Electric Corporation, KONE and Hitachi, Ltd. collectively held the market share of ~25%.
 

Electra Elevators excels in the design, manufacturing, installation, and maintenance of elevator systems. The company has earned a strong reputation for its innovative offerings and unwavering focus on safety and reliability. Electra’s product range includes residential, commercial, and industrial elevators, all customized to address specific client requirements. By prioritizing advanced technology and energy efficiency, Electra Elevators aims to deliver sustainable mobility solutions that improve user experiences and optimize operational performance across various building types.
 

CANNY ELEVATOR CO., LTD., a prominent manufacturer of elevators and escalators based in China, has been a symbol of quality and innovation. The company has rapidly emerged as a significant player in the global elevator market, offering a comprehensive range of products, including passenger elevators, freight elevators, and escalators. With a strong commitment to research and development, CANNY consistently integrates state-of-the-art technology to enhance safety, efficiency, and user comfort. Focused on expanding its global footprint, CANNY Elevator provides tailored solutions and exceptional service to clients worldwide, reinforcing its competitive position in the industry.
 

Europe Elevators Market Companies

Major players operating in the Europe elevators industry include:

• Aritco
• Canny Elevator
• Electra Elevators
• EMAK
• ESCON Elevators
• Fujitec
• Hitachi
• Hyundai Elevator
• KONE
• Mitsubishi Electric
• Schindler
• Schumacher Elevator
• Sigma Elevator
• TK Elevator
• Toshiba
   

TK Elevator, a global leader in the elevator and escalator industry, is widely recognized for its cutting-edge solutions and steadfast dedication to quality and safety. Formerly a part of Thyssenkrupp AG, TK Elevator became an independent company in 2020 and has since concentrated on advancing urban mobility. The company provides an extensive portfolio of products, including elevators, escalators, and moving walkways, designed to serve both residential and commercial needs. With a strong focus on sustainability, TK Elevator incorporates advanced technologies such as smart building systems and energy-efficient designs, striving to deliver safer, more accessible, and eco-friendly transportation solutions.
 

Schindler Group, a key player in the elevator and escalator industry. Schindler operates in over 100 countries, offering a diverse range of mobility solutions tailored to residential, commercial, and industrial sectors. The company is celebrated for its technological innovation and commitment to improving urban mobility, delivering products that emphasize safety, efficiency, and sustainability. Schindler’s focus on digital transformation is evident in its smart solutions, which utilize IoT and data analytics to enhance maintenance processes and elevate user experiences, positioning the company as a forward-thinking leader in the industry.
 

Europe Elevators Industry News

• In May 2025, Hyundai Elevator and Samsung C&T signed an MOU to push forward third-generation modular elevator technology, tailored for skyscrapers soaring up to 500 meters. This groundbreaking modular system, boasting over 70% prefabricated components, aims to slash construction timelines, bolster safety standards, and promote off-site construction practices.
• In November 2024, Hitachi's Taiwan arm celebrated a significant achievement, clinching its largest order yet: 147 elevators and escalators. These will be installed across 13 stations in the second phase of the Taipei MRT Wanda-Zhonghe-Shulin Line, with a completion target set for 2031.
• In August 2024, Otis unveiled its Gen3 connected elevator platform at the 'Platform for Possibility' event in Bangkok. Merging the trusted technology of Otis' Gen2 elevator with the sophisticated Otis ONE IoT digital platform, this state-of-the-art platform elevates the passenger experience with features like Ambiance aesthetics, Pure fixtures, eView infotainment, and advanced air purification.
• In January 2024, TK Elevator rolled out its 'enta villa' home elevator concept. Tailored for multi-floor residences and villas, this offering addresses the surging demand for luxury housing solutions in India, the company's focal market.
   

The Europe elevators market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Thousand Units) from 2021 to 2034, for the following segments:

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Market, By Product

• Hydraulic
• Traction
• Machine room-less traction 

Market, By Deck Type

• Single deck
• Double deck

Market, By Building Height

• Low-rise
• Mid-rise
• High-rise

Market, By Speed

• Less than 1m/s
• Between 1 m/s to 3 m/s
• Between 4 m/s to 6 m/s
• Between 7 m/s to 10 m/s
• Above 10 m/s

Market By Destination Control

• Smart
• Conventional

Market, By Business

• New equipment
• Maintenance
• Modernization

Market, By Application

• Passenger
• Freight

Market, By End Use

• Residential
  • Home lifts
  • Others
• Industrial
• Commercial
  • Office
  • Hotels
  • Healthcare
  • Others (Shopping malls)

The above information is provided for the following countries:

• Germany
• UK
• France
• Italy
• Spain
• Russia