Elevator Market Report 2025 (Global Edition)

Global Elevator Market Report 2025 Market Size Split by Product (Hydraulic and Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), by Deck Type (Single Deck, Double Deck), by App...

Elevator Market Report Description

We have various report editions of Elevator Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Competitive Landscape of the Elevator Market

The elevator market is characterized by intense competition among various players globally. Companies vie for market share through innovations in technology, product differentiation, and service offerings. Pricing strategies, geographic reach, and customer relationships are key factors influencing competitive dynamics within the industry.

Elevator Industry News

In November 2021, Mitsubishi Electric Corporation has launched the Diamond-Trac 2, a new addition to its Diamond-Trac Series of machine room-less elevators. This innovative model boasts a space-saving design, improved operational efficiency, and a touchless hall operating panel tailored for residences, offices, and hotels in the U.S. market.

(Source:https://www.mitsubishielectric.com/news/2021/1104.html#:~:text=TOKYO%2C%20November%204%2C%202021%20%2D,hotels%20in%20the%20U.S.%20market.)  

Top Companies Market Share in Elevator Industry: (In no particular order of Rank)

• EITA Elevator (M) Sdn. Bhd.
• Electra Elevators
• Elevator World LLC
• EXPRESS LIFTS LTD
• FUJITEC CO. LTD
• Hitachi Ltd.
• HYUNDAIELEVATOR CO. LTD.
• KONE Corporation
• Mitsubishi Electric Corporation
• Otis Elevator Company (I). Ltd.
• Schindler
• Thyssenkrupp AG
• Toshiba Elevator and Building Systems Corporation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Elevator Market Regional Analysis

Region and country analysis section of Elevator Industry Analysis has been segmented into 5 major region such as North America, Europe, Asia Pacific, Middle East & Africa ,and Latin America (along with respective major contributing countries) and provides the revenue share, current trends.

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of Elevator market.

The current report Scope analyzes Elevator Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Elevator Market Analysis

According to Cognitive Market Research, the global elevator market size was estimated at USD 71512.5 Million out of which North America held the major market of around 40% of the global revenue with a market size of USD 28605.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. the emphasis on sustainability and energy efficiency encourages the adoption of eco-friendly elevator technologies, such as regenerative drives and LED lighting systems. Additionally, the region's stringent safety regulations mandate elevator installations and upgrades, further boosting sales. Moreover, the integration of smart building technologies and IoT connectivity enhances elevator performance and reliability, appealing to tech-savvy customers. Furthermore, the rebound of the construction industry post-pandemic contributes to market growth. In North America, the commercial segment holds the highest market share, driven by the expansion of office spaces and retail centres.

• According to Cognitive Market Research, the US had a major share in the elevator market with a market size of USD 22569.35 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Sales of elevators in the U.S. will increase due to rapid urbanization, stringent safety regulations, and the adoption of smart building technologies, driving demand for vertical transportation solutions.
• The Canada elevator market had a market share of USD 3432.60 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period. Elevator sales in Canada will surge due to infrastructure development, aging population, and government incentives promoting energy-efficient and accessible vertical transportation solutions across residential and commercial sectors.
• The Mexico elevator market is projected to witness growth at a CAGR of 5.9% during the forecast period with a market size of USD 2603.06 million in 2024.

• According to Cognitive Market Research, the US had a major share in the elevator market with a market size of USD 22569.35 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Sales of elevators in the U.S. will increase due to rapid urbanization, stringent safety regulations, and the adoption of smart building technologies, driving demand for vertical transportation solutions.
• The Canada elevator market had a market share of USD 3432.60 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period. Elevator sales in Canada will surge due to infrastructure development, aging population, and government incentives promoting energy-efficient and accessible vertical transportation solutions across residential and commercial sectors.
• The Mexico elevator market is projected to witness growth at a CAGR of 5.9% during the forecast period with a market size of USD 2603.06 million in 2024.

 

Europe Elevator Market Analysis

According to Cognitive Market Research, with a market value of USD 71512.5 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. Europe accounted for a share of around 30% of the global market size of USD 21453.75 million. Government initiatives promoting energy efficiency and sustainability encourage the adoption of eco-friendly elevator solutions, such as machine room-less (MRL) traction systems. Additionally, the region's aging population fuels demand for elevators equipped with accessibility features to ensure mobility for all demographics. Moreover, the integration of advanced safety technologies, such as destination control systems and emergency communication devices, enhances elevator reliability and passenger safety. Furthermore, the rebound of the tourism sector post-pandemic contributes to market growth. In Europe, the maintenance segment holds the highest market share, driven by the need for regular upkeep and servicing of existing elevator installations.

• The United Kingdom elevator market had a market share of USD 3604.23 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Elevator sales in the UK will rise owing to urban redevelopment projects, increased construction activities, and the emphasis on sustainability, driving demand for eco-friendly elevator technologies and modernization solutions.
• The France elevator market is projected to witness growth at a CAGR of 4.9% during the forecast period with a market size of USD 1973.75 million in 2024.
• According to Cognitive Market Research, the Germany elevator market size was valued at USD 4247.84 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period. Elevator sales in Germany will increase due to technological innovations, the rebound of the manufacturing sector, and government incentives for energy-efficient building solutions, stimulating demand for modern elevator systems.
• The Italy elevator market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD 1845.02 million in 2024.
• The Russia elevator market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 3325.33 million in 2024.
• The Spain elevator market is projected to witness growth at a CAGR of 4.8% during the forecast period with a market size of USD 1759.21 million in 2024.
• The Luxembourg elevator market is projected to witness growth at a CAGR of 5.8% during the forecast period with a market size of USD 665.07 million in 2024.
• The Portugal elevator market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 450.53 million in 2024.
• The Greece elevator market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 257.45 million in 2024.
• Rest of Europe elevator market is projected to witness growth at a CAGR of 4.4% during the forecast period with a market size of USD 3325.33 million in 2024.

 

Asia Pacific Elevator Market Analysis

According to Cognitive Market Research, the global Elevator market size was estimated at USD 71512.5 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 16447.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031. Increasing disposable incomes and changing lifestyles in emerging economies lead to higher demand for modern amenities, including elevators. Additionally, government initiatives promoting sustainable urbanization and green building standards stimulate the adoption of energy-efficient elevator technologies. Moreover, technological advancements, such as smart destination control systems and touchless interfaces, enhance passenger experience and safety, further boosting sales. Furthermore, the rebound of the manufacturing sector post-pandemic contributes to market growth. In Asia Pacific, the passenger segment holds the highest market share, driven by the need for efficient vertical transportation in high-rise buildings.

• According to Cognitive Market Research, the China elevator market size was valued at USD 7401.54 million in 2024 and is projected to grow at a CAGR of 8.7% during the forecast period. Sales of elevators in China will surge due to rapid urbanization, infrastructure investments, and the booming real estate market, driving demand for vertical transportation solutions in high-rise residential and commercial buildings.
• The Japan elevator market is projected to witness growth at a CAGR of 7.7% during the forecast period with a market size of USD 2269.81 million in 2024.
• The India elevator market had a market share of USD 1973.75 million in 2024 and is projected to grow at a CAGR of 11.0% during the forecast period. Elevator sales in India will rise owing to urbanization, government initiatives for affordable housing, and the growing middle-class population, stimulating demand for elevators in residential complexes and commercial properties.
• The South Korea elevator market is projected to witness growth at a CAGR of 8.3% during the forecast period with a market size of USD 1644.79 million in 2024.
• The Australia elevator market is projected to witness growth at a CAGR of 8.9% during the forecast period with a market size of USD 855.29 million in 2024.
• The South East Asia elevator market is projected to witness growth at a CAGR of 10.2% during the forecast period with a market size of USD 1134.90 million in 2024.
• The Rest of Asia Pacific elevator market is projected to witness growth at a CAGR of 9.0% during the forecast period with a market size of USD 1167.80 million in 2024.

 

South America Elevator Market Analysis

According to Cognitive Market Research, the global Elevator market size was estimated at USD 71512.5 Million out of which Latin America market of around 5% of the global revenue with a market size of USD 3575.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031. Government investments in infrastructure projects, such as transportation hubs and public facilities, boost elevator installations. Additionally, the region's growing tourism industry increases demand for elevators in hotels and resorts. Moreover, the adoption of stringent safety regulations and accessibility standards stimulates elevator upgrades and modernization projects. Furthermore, the rebound of the construction sector post-pandemic contributes to market growth. In Latin America, the modernization segment holds the highest market share, driven by the need to upgrade aging elevator systems to meet modern safety and efficiency standards.

• According to Cognitive Market Research, the Brazil elevator market size was valued at USD 1530.37 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period. Sales of elevators in Brazil will increase due to infrastructure development, urbanization, and the rebound of the construction sector, driving demand for vertical transportation solutions in residential and commercial buildings.
• The Argentina elevator market had a market share of USD 600.71 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Elevator sales in Argentina will surge owing to urban renewal projects, increasing foreign investments, and government incentives for sustainable infrastructure, stimulating demand for modern elevator systems and services.
• The Colombia elevator market is projected to witness growth at a CAGR of 6.4% during the forecast period with a market size of USD 318.23 million in 2024.
• The Peru elevator market is projected to witness growth at a CAGR of 6.8% during the forecast period with a market size of USD 293.20 million in 2024.
• The Chile elevator market is projected to witness growth at a CAGR of 6.9% during the forecast period with a market size of USD 257.45 million in 2024.
• The Rest of Latin America elevator market is projected to witness growth at a CAGR of 5.7% during the forecast period with a market size of USD 575.68 million in 2024.

 

Middle East Elevator Market Analysis

According to Cognitive Market Research, the global Elevator market size was estimated at USD 71512.5 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1430.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031. The region's booming hospitality sector, including luxury hotels and resorts, fuels demand for elevators equipped with advanced features and aesthetics. Additionally, government initiatives promoting sustainable urban development and smart city solutions stimulate the adoption of energy-efficient elevator technologies. Moreover, the region's harsh climate conditions necessitate elevators built with robust materials and weatherproofing features. Furthermore, the rebound of the oil and gas sector post-pandemic contributes to market growth. In MEA, the hydraulic and pneumatic segment holds the highest market share, driven by its suitability for low to mid-rise buildings prevalent in the region.

• According to Cognitive Market Research, the GCC Countries elevator market size was valued at USD 612.15 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. Sales of elevators in GCC countries will rise due to rapid urbanization, investments in tourism and hospitality sectors, and government initiatives for smart city development, driving demand for elevators in high-rise buildings and luxury properties.
• The Egypt elevator market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 150.18 million in 2024.
• The South Africa elevator market is projected to witness growth at a CAGR of 7.9% during the forecast period with a market size of USD 225.98 million in 2024. Elevator sales in South Africa will increase due to urbanization, infrastructure investments, and the growing demand for modern amenities in residential and commercial properties, driving the adoption of vertical transportation solutions.
• The Turkey elevator market is projected to witness growth at a CAGR of 6.4% during the forecast period with a market size of USD 123.00 million in 2024.
• The Nigeria elevator market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 150.18 million in 2024.
• The Rest of MEA elevator market is projected to witness growth at a CAGR of 5.9% during the forecast period with a market size of USD 168.77 million in 2024.

 

Elevator Market Analysis

Elevator Market Product Segment Analysis

According to Cognitive Market Research, Machine Room-Less (MRL) traction held the major market share over the forecast period. Their space-saving design appeals to urban construction projects facing constraints. Secondly, energy efficiency features attract environmentally-conscious buyers. Additionally, reduced installation and maintenance costs make them economically viable options. Moreover, advancements in MRL technology enhance reliability and safety, further boosting their sales dominance in the elevator market.

Hydraulic and pneumatic is the fastest-growing category over the forecast period due to various factors. Firstly, their suitability for low to mid-rise buildings makes them ideal for urban redevelopment projects. Secondly, advancements in hydraulic technology improve energy efficiency, reducing operational costs. Additionally, their simplicity in design and installation appeals to budget-conscious buyers. Moreover, increased demand from emerging economies for cost-effective vertical transportation solutions contributes to their rapid growth in the elevator market.

• Hydraulic and Pneumatic
• Machine Room [MR] Traction
• Machine Room-Less [MRL] Traction

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Elevator Industry. Request a Free Sample PDF!

Elevator Market Deck Type Segment Analysis

According to Cognitive Market Research, single deck held a prominent market share. Their relatively lower installation costs make them an attractive option for budget-conscious buyers. Additionally, advancements in technology enhance their efficiency and safety features, further driving sales. Moreover, the prevalence of single-deck designs in existing buildings sustains their prominent market share in the elevator industry.

Double deck is the fastest-growing category over the forecast period. Their ability to transport more passengers or goods in a limited shaft space addresses the growing demand for efficiency in high-traffic buildings. Secondly, advancements in double deck technology enhance reliability and energy efficiency, appealing to environmentally-conscious buyers. Additionally, their customizable designs cater to diverse architectural requirements, further driving their adoption in the elevator market's fastest-growing segment.

• Single Deck
• Double Deck

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Elevator Application Segment Analysis

According to Cognitive Market Research, passengers held a prominent market share. The continuous urbanization trend drives demand for vertical transportation solutions in high-rise residential and commercial buildings. Secondly, stringent safety regulations mandate elevator installations in public spaces, contributing to market growth. Additionally, technological advancements, such as smart destination control systems, enhance passenger experience and further stimulate sales. Moreover, the increasing focus on accessibility features caters to diverse customer needs, solidifying passengers' prominent market share in the elevator industry.

Freight is the fastest-growing category over the forecast period. The growth of e-commerce and logistics sectors necessitates efficient vertical transportation solutions for the movement of goods. Secondly, increasing industrial activities and warehouse construction projects drive demand for freight elevators in commercial and industrial settings. Additionally, advancements in freight elevator technology enhance load capacity, speed, and safety features, further propelling their adoption in the elevator market's fastest-growing segment.

• Passengers
• Freight

Elevator Destination Control Segment Analysis

According to Cognitive Market Research, smart hold a prominent market share. The growing adoption of smart building technologies drives demand for integrated vertical transportation solutions. Secondly, the convenience and efficiency offered by smart destination control systems enhance passenger experience, attracting customers. Additionally, the emphasis on energy efficiency and sustainability features aligns with smart elevator offerings, further bolstering their market share. Moreover, the integration of IoT connectivity and predictive maintenance capabilities enhances reliability and safety, solidifying smart elevators' prominent position in the market. 

Conventional is the fastest-growing category over the forecast period. The preference for traditional elevator designs in certain markets or building types sustains demand for conventional systems. Secondly, budget constraints may drive customers to opt for more economical options with proven reliability. Additionally, the simplicity in design and installation appeals to customers seeking straightforward vertical transportation solutions. Moreover, the prevalence of conventional elevator designs in existing buildings contributes to their sustained growth in the elevator market's fastest-growing segment.

• Smart
• Conventional

Elevator Industry Segment Analysis

According to Cognitive Market Research, commercial held a prominent market share. The robust growth of commercial real estate, including office buildings, retail centres, and hotels, drives demand for vertical transportation solutions. The stringent safety regulations mandate elevator installations in commercial properties, contributing to market growth. Additionally, technological advancements, such as destination control systems, enhance efficiency and convenience, further stimulating sales. Moreover, the customization options available for commercial elevators cater to diverse architectural requirements, solidifying their prominent market share.

Infrastructure is the fastest-growing category over the forecast period. The increasing investments in transportation, healthcare, and educational infrastructure projects drive demand for vertical transportation solutions. The urbanization and population growth necessitate the development of public infrastructure, further fuelling elevator installations. Additionally, government initiatives aimed at improving public amenities and accessibility contributes to market growth. Moreover, the integration of advanced technologies and safety features in infrastructure-related elevators enhances their appeal and adoption, propelling their growth as the fastest-growing category in the elevator market.

• Residential
• Commercial
• Institutional
• Infrastructure
• Others

Elevator Installation Segment Analysis

According to Cognitive Market Research, maintenance hold a prominent market share. Building owners increasingly prioritize preventive maintenance to minimize downtime and costly repairs, further stimulating sales. Additionally, regulatory requirements mandate routine inspections and maintenance, contributing to market growth. Moreover, the availability of comprehensive maintenance packages and responsive customer support solidifies maintenance services' prominent market share in the elevator industry.

Modernization is the fastest-growing category over the forecast period. Technological advancements, such as regenerative drives and destination control systems, offer opportunities to enhance the performance and energy efficiency of older elevators, further stimulating modernization sales. Additionally, regulatory mandates for accessibility and safety improvements in existing buildings contribute to market growth. Moreover, the cost-effectiveness and potential for extending the lifespan of elevators through modernization projects solidify modernization as the fastest-growing category in the elevator market.

• New Installation
• Maintenance
• Modernization

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of this market.

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.

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