Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial, Industrial), By Installation (New installation, Maintenanc

Elevator Market Size By Product (Hydraulic & Pneumatic, Machine Room [MR] Traction, Machine Room-Less [MRL] Traction), By End-user (Building & Construction [Residential, Institutional, Commercial, Industrial), By Installation (New installation, Maintenance, Modernization) & Forecast, 2023-2032

Global Elevator market is anticipated to witness considerable gains through 2032 on account of the flourishing construction sector in the Middle East. Moreover, strategic frameworks such as Saudi Vision 2030 have accelerated construction activities in the region, paving the way for industry growth. In fact, the growing youth population in the region has also bolstered the demand for the construction of commercial spaces such as high-rise offices, education institutions, and others, thus, propelling product demand over the next ten years.

Overall, the elevator market is segmented in terms of product, end-use, installation, and region.

Based on product, the elevator market size from the hydraulic & pneumatic segment is expected to record a valuation of more than USD 18.8 billion by 2032. These elevators require little space, are cost-effective, and can be operated easily, making them suitable for residential applications. Specifically, hydraulic elevators have a low modernization cost and are easier to maintain, which complements their deployment in residential spaces. Additionally, the growing government investments focused on expanding the residential construction sector will contribute to segment expansion.

With respect to end-use, the elevator industry from the commercial segment is anticipated to grow at a considerable CAGR from 2023 to 2032 on account of accelerating urbanization. Especially in emerging economies such as China and India, rapid urban migration has resulted in the fast-paced development of commercial spaces, thus, augmenting product demand. As per IBEF, office absorption in the top 7 cities of the country totaled 27.20 million sq. ft. in the first half of 2022.

In terms of installation, the elevator market share from the new installation segment is slated to record a valuation of more than USD 48 billion by 2032. Rapid urbanization in developing economies such as China, India, Brazil, and others has led to the proliferation of the construction sector, stimulating the demand for elevators. Especially in India, the growing number of high-rise buildings has fostered a remarkable demand for the product.

Moreover, recent advancements in elevator technology are also presenting new pathways for segment growth. In fact, recently, OTIS, a leading elevator manufacturer, launched Gen3™ digitally native elevators in India.

On the regional front, the North America elevator market is poised to observe notable gains through 2032, on account of the growing construction industry. In fact, the U.S. construction market is the largest in the world, with total expenditures of over USD 1,231 billion. Furthermore, the presence of industry leaders such as Otis Elevator Company, and others who are engaged in new product innovations are also paving the way for regional expansion.