Elevator Market by Type (Passenger Elevator, Freight Elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than

Elevator Market by Type (Passenger Elevator, Freight Elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than 4000 kg) by Speed (Less than 1 M/S, Between 1 to 4 M/S and More than 5 M/S), by Deck type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual) and by Application (Residential, Commercial and Industrial) - Global Opportunity Analysis and Industry Forecast, 2024 –2030

The Elevator Market size was valued at USD 82.07 billion in 2023, and is predicted to reach USD 137.57 billion by 2030, with a CAGR of 6.6% from 2024 to 2030.

The surge in building and construction activity is a primary catalyst behind the growing elevator market. As urbanization continues to reshape landscapes worldwide, the demand for vertical infrastructure such as high-rise buildings, skyscrapers, and mixed-use developments is escalating. This tendency is particularly evident in developing economies, in which rapid urbanization and population growth necessitate innovative solutions for accommodating dense urban population. In response, the construction industry is witnessing a surge in ambitious architectural projects that redefine city skylines and urban environments. Within these towering structures, elevators play a pivotal role as indispensable conduits of vertical mobility. They efficiently transport occupants and goods between floors, ensuring seamless access to various amenities, residences, offices, and recreational spacesThis factor further drives the growth trajectory of the elevator market.

Also, the rapid pace of urbanization worldwide has significantly contributed to the growth of the elevator market. As cities expand to accommodate increasing population and address space constraints, the demand for efficient vertical transportation systems such as elevators has surged considerably. High-rise buildings, skyscrapers, and mixed-use developments have become prevalent features of urban landscapes, necessitating the installation of elevators to facilitate movement within these structures. Additionally, urbanization has led to denser populations in cities, resulting in a greater foot traffic and a heightened need for elevator systems in residential, commercial, and public buildings. Elevator systems also ensure smooth and timely vertical mobility. According to The UNCTAD Handbook of Statistics 2023, the proportion of urban inhabitants was estimated to have risen to 56.9% by 2022. This proportion tends to be higher in developed regions, reaching 79.7% in 2022, compared to developing countries, which stood at 52.3%. Furthermore, urbanization trends are often accompanied by an increased focus on sustainability and energy efficiency. This led to the adoption of modern elevator technologies that offer energy-saving features and contribute to eco-friendly building designs. Consequently, the growing urbanization worldwide continues to be a driving force behind the expansion of the elevator market, with manufacturers innovating to meet the evolving needs of urban environments.

However, high costs associated with elevator installations, maintenance, and modernization are significant factors restraining the market growth. The initial investment required for installing elevator systems, especially in buildings not initially designed such infrastructure, can pose a considerable financial burden on building owners and developers. Additionally, ongoing expenses related to maintenance contracts, including routine inspections and repairs, contribute to the overall cost of ownership.

On the contrary, artificial intelligence (AI)-powered predictive elevator maintenance presents a lucrative opportunity for the elevator industry. It leverages AI to revolutionize servicing and management practices. By analyzing data from elevator sensors, AI algorithms can proactively identify maintenance needs, minimizing downtime and maximizing elevator uptime. This approach extends the lifespan of elevator components, enhances safety by preventing unexpected breakdowns, and optimizes resource allocation. This, in turn, leads to significant cost savings for elevator companies. Moreover, dependable and well-maintained elevators contribute to increased user satisfaction, thereby enhancing the overall experience for both building occupants and visitors. Embracing AI-powered predictive maintenance positions elevator companies to stay competitive and deliver superior service quality in a rapidly evolving market landscape.

Segment Overview
The global elevator market is segmented on the basis of product type, flow rate, material, installation, application, distribution channel, and region.
 By type, the market is classified into passenger elevator, freight elevator, and others.
 By technology, the market is segmented into traction and hydraulic.
 By service, the market is divided into new installation, maintenance, and modernization.
 By capacity, the market is classified into less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg, and more than 4000 kg.
 By speed, the market is categorized into less than 1 M/S, between 1 to 4 M/S, and more than 5 M/S.
 By deck type, the market is divided into single deck and double deck.
 By designation control, the market is classified into smart and conventional.
 By door type, the market is categorized into automatic and manual.
 By application, the market divided into residential, commercial, and industrial.
 Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
Asia Pacific Dominates Elevator industry, with the highest projected CAGR till 2030

The elevator market in the Asia-Pacific region is experiencing robust growth and is projected to maintain dominance throughout the forecast period. China leads this market, commanding over 50% of the market share. This dominance is driven by China's significant urban population, large economy, and status as the world's largest manufacturing economy. According to the International Trade Administration, the 14th Five-Year Plan in China highlights the importance of new infrastructure projects focusing on transportation, energy, water systems, and new urbanization. It also stated that the total investment in new infrastructure over the 14th Five-Year Plan period (2021-2025) is projected to reach approximately USD 4.2 trillion. Moreover, India is the second-largest elevator market in the region, following China. The presence of prominent elevator companies in India, including KONE Elevator India, a subsidiary of KONE Corporation, and Fujitec India, a subsidiary of Fujitec Co., Ltd., underscores the country's significance in the global elevator market. These companies have made substantial investments and advancements in India. They launched innovative elevator solutions and expanded production capacity to meet the surging demand. Their presence highlights India's position as a key market for elevator manufacturers, contributing to the country's status as the second-largest elevator market in the region.

Notably, in May 2022, KONE Elevator India, a subsidiary of KONE Corporation, made significant strides in the market by unveiling the world's largest passenger elevator at the Jio World Centre in India. This elevator, weighing 16 tons and spanning an impressive floor area of 25.78 square meters, features five stops. This elevator showcases KONE's commitment to innovation and meeting the growing demand for elevators in India's urban landscape.

Furthermore, in August 2023, Fujitec India, a FUJITEC CO., LTD. subsidiary, inaugurated a new elevator plant in India to bolster unit production in response to the escalating demand. This expansion aligns with Fujitec's strategic plan to elevate annual production from 2,000 units to 3,000 units by 2023. It reflects the company's dedication to meeting the evolving needs of the Indian elevator market and sustaining its growth momentum. Thus, these factors collectively contribute to the expansion and dynamism of the elevator market in the Asia-Pacific region.

Key Market Players
The key players in the elevator market include:
• Schindler
• Otis Elevator Company
• TK Elevator (TKE)
• KONE Corporation
• Hitachi Ltd.
• Fujitec Co., Ltd
• Hyundai elevator Co., Ltd.
• Mitsubishi Electric Corporation
• Toshiba Elevator and Building Systems Corporation
• Winone Elevator Company Limited

Recent Developments
June 2023
Otis launched the Otis ONE IoT digital service solution. This platform provides real-time monitoring and predictive maintenance insights for elevators and escalators, aiming to improve performance and equipment uptime.

October 2022
TK Elevator launched the EOX, a digital elevator platform, to meet urban sustainability needs. It consumes up to 28% less energy with regenerative drive technology and an eco-mode, improving efficiency and reducing carbon footprint.

May 2022
KONE Elevator India, a subsidiary of KONE Corporation, launched the world's largest passenger elevator at Jio World Centre in India. The elevator weighs 16 tons and spread over a floor area of 25.78 square meters, with five stops.

June 2022
Schindler acquired Ascension Elevating Devices Ltd. (AED) an elevator service company, to enhance customer experience by adding high-quality elevating products and maintenance tools. The acquisition is part of Schindler's strategic expansion plan and reflects its commitment to strengthening its position in the market.

September 2022
Hitachi launched a touchless operating panel devoid of physical floor buttons. This innovation enables users to select their destination floor by simply gliding their finger over the floor depicted on the monitor of the touchless operating panel.

KEY BENEFITS
• The report provides quantitative analysis and estimations of the elevator market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
• The study comprises a deep dive analysis of the elevator market including the current and future trends to depict prevalent investment pockets in the market.
• Information related to key drivers, restraints, and opportunities and their impact on the elevator market is provided in the report.
• Competitive analysis of the players, along with their market share is provided in the report.
• SWOT analysis and Porters Five Forces model is elaborated in the study.
• Value chain analysis in the market study provides a clear picture of roles of stakeholders.