Elevator Installation & Service in the US - Industry Market Research Report

Elevator Installation & Service in the US - Industry Market Research Report

Elevator Installation & Service in the US

The industry includes contractors who install and maintain elevators, escalators, moving walkways, and other automated heavy machinery. Business is evenly spread between millwright contracting, mainly on material-handling equipment and elevator and escalator servicing. The industry generates a significant portion of its revenue from elevator installations in new multiunit residential and commercial structures and year-round demand for repair, maintenance, and modernization work. The industry's performance is heavily dependent on investment in construction, new capital equipment, and the economy's overall health. As macroeconomic conditions improve following the pandemic, the elevator installation industry has recovered in unison, with revenue rising 1.8% to $31.3 billion over the past five years, despite a recent shrink of 1.5% in 2023, as profit slid to 4.0%. Although the value of nonresidential construction fell overall, the industry was propped up by recent inclines in corporate profit and private investment in manufacturing.

This industry comprises establishments primarily engaged in one or more of the following activities: the installation or dismantling of elevators, escalators and moving walkways; machine rigging; millwrighting; and modernization and maintenance of products installed, which includes elevators, dumbwaiters, escalators, conveyor systems and automated revolving doors.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.