Global Home Elevators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Home Elevators Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A home elevator is a type of elevator designed for private homes or small commercial buildings. They are usually not as complex or expensive as full commercial elevators. Home elevators are usually small, seating 2-4 people and serving 2-5 floors. They may have unique design features suitable for home decor. As more people place greater emphasis on convenience and the ability to age in place, homeowners and home builders are making home elevators more popular to remove the burden or safety risk of using stairs.

Market Overview:

The latest research study on the global Home Elevators market finds that the global Home Elevators market reached a value of USD 2825.15 million in 2022. It’s expected that the market will achieve USD 3705.85 million by 2028, exhibiting a CAGR of 4.63% during the forecast period.

Impact of Russia and Ukraine War

The Russo-Ukrainian war has disrupted global agricultural and energy supply chains, with major repercussions for the global economy. The war led to sharp rises in food, fertilizer, and energy prices, exacerbated inflationary pressures, widened the gap between rich and poor, and triggered a food crisis. The Ukrainian region also absorbs international humanitarian aid and development funding that would otherwise be used to resolve conflicts and crises in other parts of the world. The turmoil in the political environment exacerbates the instability in the economic environment. According to McKinsey's September 2022 Global Economic Conditions Survey, European respondents mainly pointed to rising energy and material costs due to poor business performance, while rising wages were the top concern in India and North America. But as Russia threatens European security, the West has strengthened its cohesion by jointly imposing sweeping economic sanctions on Russia. Overall, the Russo-Ukraine war has disrupted supply chains and realigned global trade arrangements. Home elevator companies need to establish good relationships with suppliers and partners to ensure supply chain security and cost control.

Own advantages

Home elevators have many advantages. First, home elevators simplify life. Residential elevators simplify the task of moving between floors in a consumer's home. This means less stress on joints and muscles over time. Second, home elevators improve safety. Most residential elevators are equipped with code-compliant safety doors. The lift also includes emergency battery-powered cab lowering and lighting and full-time cab monitoring. To improve the safety of home elevators, consumers can choose models with light curtains and door safety protection devices. Since home elevators have a smaller footprint than standard stairwells, they allow consumers to make the most of the space in their homes. Investing in a home elevator can give homeowners more usable space, which can also increase the resale value of a home. Another advantage of elevators in houses is that they add architectural appeal to the overall structure. A stylish elevator with high-end features also elevates the interior decor. Additionally, installing a home elevator may increase home property value. Home property values may increase over time due to inflation and changes in the real estate market. Consumers can also make changes to a property to make it more attractive to potential buyers and increase the selling price. An appraiser looks at any special features of the property, such as a pool or elevator. Therefore, as the advantages of home elevators are becoming more and more well-known, the home elevator industry is ushering in a period of rapid development.

Aging population

According to the World Health Organization, populations are aging at a much faster rate than in the past, and all countries face the major challenge of ensuring their health and social systems are prepared to take full advantage of this demographic change. The number of people aged 60 and over will increase from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population aged 60 and over will reach 2.1 billion. By 2050, two-thirds of the world's population over the age of 60 will live in low- and middle-income countries. The aging population and the emergence of health issues are expected to increase the demand for home elevators. Home elevators are increasingly becoming a popular addition because they can greatly improve home security for people of all ages. More than 4,200 children are injured each year due to falls on stairs, older adults are also at risk of injury from stairs, and many of the worst accidents occur on stairs. Home elevators provide service up to 50 feet and are available in a variety of sizes and options to meet the needs of residential use. Planning for possible future elevator installations during the design phase of a new building is the most cost-effective solution, as the building structure can be easily modified during the construction phase. Therefore, with the further deepening of population aging, the home elevator market will grow rapidly.

Growth in the number of residential buildings

With the growth of the global population, the acceleration of urbanization, and the improvement of people's living standards, people's requirements for the comfort and convenience of living and working environments are also increasing. Elevator products have been widely popularized and become an indispensable part of modern high-rise buildings and infrastructure. Rapid urbanization, especially in developing countries, is leading to an increase in the number of low- and high-rise buildings, large retail stores, and other structures. This will increase the demand in the home elevator market. Builders are keen to install residential elevators in buildings because adding elevators too small buildings or individual residences can improve the convenience and selling price of a property. In recent years, infrastructure investment in the Asia-Pacific region has grown significantly. The rising urbanization rate further affects the demand for elevators to transport the growing population. A strong focus on accelerating demographic and economic changes in the region will further drive the expansion of the home elevator industry. Furthermore, the development of smart cities is expected to drive the market. The downstream industry of home elevators is mainly residential real estate. The downstream industry is greatly affected by the macroeconomic environment, fixed assets of the whole society, and real estate policies. The prosperity of the real estate industry is closely related to the sales volume of new elevators. Therefore, with the rapid economic growth of emerging economies and vigorous development of infrastructure and residential construction, the demand for home elevators has grown rapidly.

Region Overview:

In 2022, the share of the Home Elevators market in Europe stood at 29.22%.

Company Overview:

The major players operating in the Home Elevators market include Otis Elevator Company, TK Elevator GmbH, Hitachi Elevators, Mitsubishi Electric, Savaria Corporation（Garaventa Lifts), etc. Among which, Otis Elevator Company ranked top in terms of sales and revenue in 2023.

Otis Elevator Company

At Otis, we are dedicated to connecting you to the people and places that matter. For over 160 years, we’ve continually reinvented the way our passengers move through the urban world with industry-leading elevators, escalators, and moving walkways. Company products include Elevators, Escalators, Moving Walkways, Services and Modernization.

TK Elevator GmbH

We ensure high levels of customer service globally from our extensive network of about 1,000 locations. Over the past several decades, TK Elevator has established itself as one of the world’s leading elevator companies and became independent after separation from the Thyssenkrupp group in August 2020.

Segmentation Overview:

By type, Hydraulic Driver segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Indoor segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Home Elevators market covered in Chapter 3:

Hitachi Elevators
Schumacher Elevator Company
Mitsubishi Electric
Otis Elevator Company
McKinley Elevators
Access Elevator Inc
Pneumatic Vacuum Elevators LLC
TK Elevator GmbH
Stiltz
Aritco
Savaria Corporation（Garaventa Lifts）

In Chapter 4 and Chapter 14.2, on the basis of types, the Home Elevators market from 2018 to 2029 is primarily split into:

Hydraulic Driver
Air Driver (Vacuum)
Screw Driver
Drum Driver
Inline Gear Drive
Belts Driver

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Home Elevators market from 2018 to 2029 covers:

Indoor
Outdoor

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)