Elevators Market Size, Share, and Outlook, 2025 Report- By Type (Hydraulic, Traction, Machine Room-Less Traction, Others, Bu Application, New Equipment, Maintenance, Modernization), By Application (Residential, Commercial, Industrial), 2018-2032

Elevators Market Outlook

Elevators Market Size is forecast to reach $133.2 Billion in 2032 from $85.8 Billion in 2025, at an optimistic growth rate of 6.4% from 2025 to 2032. The robust Elevators Market growth presents potential growth opportunities for companies across the industry value chain.

The comprehensive market research report presents 12-year historic and forecast data on Elevators Market segments across 22 countries from 2021 to 2032. Key segments in the report include By Type (Hydraulic, Traction, Machine Room-Less Traction, Others, Bu Application, New Equipment, Maintenance, Modernization), By Application (Residential, Commercial, Industrial). Over 70 tables and charts showcase findings from our latest survey report on Elevators Markets.

Elevators Market Insights, 2025:

Elevators – Key Drivers and Opportunities

Elevators are a core component of vertical transportation systems in both commercial and residential buildings. The growth of the real estate market and high-rise buildings continues to be a primary driver of the elevator industry. Elevators are essential for buildings with multiple stories, especially in urban areas with increasing population densities.

The elevator industry is undergoing significant transformations driven by advancements in technology, particularly smart elevators that incorporate IoT sensors to provide real-time diagnostics and performance analytics. The rise of contactless control systems and touchless technology is helping to address concerns around hygiene and safety, especially in the wake of the COVID-19 pandemic.

In addition to modernization and retrofitting of older systems, opportunities are also emerging in green elevators, which aim to reduce energy consumption through the use of regenerative drives, LED lighting, and low-energy motors. Furthermore, advanced materials and innovative designs are opening up new possibilities for space-saving elevator solutions that integrate seamlessly into smaller or more architecturally complex buildings.

Five Trends that will define global Elevators Market in 2025 and Beyond

A closer look at the multi-million global market for Elevators Market identifies rapidly shifting consumer preferences across categories. By focusing on growth and resilience, leading Elevators Companies are prioritizing their investments across categories, markets, and geographies. The report analyses the most important market trends shaping the new landscape to support better decisions for the long and short-term future.

What are the biggest opportunities for growth in the Elevators Industry?

The Elevators Market sector demonstrated remarkable resilience over the past year across developed and developing economies. Further, the market presents significant opportunities to leverage the existing momentum towards actions by 2032. On the other hand, recent macroeconomic developments including rising inflation and supply chain disruptions are putting pressure on companies. The chapter assists users to identify growth avenues and address business challenges to make informed commercial decisions with unique insights, data forecasts, and in-depth market analyses.

Elevators Market Segment Insights

The Elevators Industry presents strong offers across categories. The analytical report offers forecasts of Elevators Industry performance across segments and countries. Key segments in the industry include- By Type (Hydraulic, Traction, Machine Room-Less Traction, Others, Bu Application, New Equipment, Maintenance, Modernization), By Application (Residential, Commercial, Industrial). The largest types, applications, and sales channels, fastest growing segments, and the key factors driving each of the categories are included in the report.

Forecasts of each segment across five regions are provided from 2021 through 2032 for Asia Pacific, North America, Europe, South America, Middle East, and African regions. In addition, Elevators Market size outlook is provided for 22 countries across these regions.

Elevators Industry Value Chain

The chapter identifies potential companies and their operations across the global Elevators Industry ecosystem. It assists decision-makers in evaluating global Elevators Market fundamentals, market dynamics, and disruptive trends across the value chain segments.

Scenario Analysis and Forecasts

Strategic decision-making in the Elevators Industry is multi-faceted with the increased need for planning across scenarios. The report provides forecasts across three case scenarios- low growth, reference case, and high growth cases.

Asia Pacific Elevators Market Analysis- A Promising Growth Arena for Business Expansion

As companies increasingly expand across promising Asia Pacific markets with a combined population of over 4.5 billion, the medium-to-long-term future remains robust. The presence of the fastest-growing economies such as China, India, Thailand, Indonesia, and Vietnam coupled with strengthening middle-class populations and rising disposable incomes drive the market. In particular, China and India are witnessing rapid shifts in consumer purchasing behavior. China is recovering steadily with optimistic forecasts for 2025. Further, Japanese and South Korean markets remain stable with most companies focusing on new product launches and diversification of sales channels.

The State of Europe Elevators Industry 2025- Focus on Accelerating Competitiveness

As companies opt for an integrated agenda for competitiveness, the year 2025 presents optimistic scenarios for companies across the ecosystem. With signs of economic recovery across markets, companies are increasing their investments. Europe is one of the largest markets for Elevators Market with demand from both Western Europe and Eastern European regions increasing over the medium to long-term future. Increasing omnichannel shopping amidst robust consumer demand for value purchases shapes the market outlook. The report analyses the key Elevators Market drivers and opportunities across Germany, France, the United Kingdom, Spain, Italy, Russia, and other Europe.

The US Elevators Market Insights- Executives are most excited about opportunities for the US Elevators Industry.

Easing inflation coupled with strengthening consumer sentiment is encouraging aggressive actions from the US Elevators Companies. Market players consistently focusing on innovation and pursuing new ways to create value are set to excel in 2025. In addition, the Canadian and Mexican markets offer lucrative growth pockets for manufacturers and vendors. Focus on private-brand offerings and promotions, diversified sales channels, expansion into niche segments, adoption of advanced technologies, and sustainability are widely observed across the North American Elevators Market.

Latin American Elevators Market outlook rebounds in line with economic growth.

Underlying demand remains higher among urban consumers with an optimistic economic outlook across Brazil, Argentina, Chile, and other South and Central American countries. Increased consumer spending has been reported since H2-2024 and the prospects remain strong for 2025. Aggressive ecosystem moves to create new sources of income are widely observed across markets in the region. Marketing activities focused on customer insights, operations, and support functions are quickly gaining business growth in the region.

Middle East and Africa Elevators Markets- New Opportunities for Companies Harnessing Diversity

Rapid growth in burgeoning urban locations coupled with a young and fast-growing population base is attracting new investments in the Middle East and African Elevators Markets. Designing expansion and marketing strategies to cater to the local consumer base supports the market prospects. In addition to Nigeria, Algeria, South Africa, and other markets, steady growth markets in Ethiopia, Rwanda, Ghana, Tanzania, the Democratic Republic of Congo, and others present significant prospects for companies. On the other hand, Middle Eastern Elevators Markets including the UAE, Saudi Arabia, Qatar, and Oman continue to offer lucrative pockets of growth.

Competitive Landscape- How Elevators Companies outcompete in 2025 and Beyond?

The ability to respond quickly to evolving consumer preferences and adapt businesses to niche consumer segments remains a key growth factor. The report identifies the leading companies in the industry and provides their revenue for 2024. The market shares of each company are also included in the report. Further, business profiles, SWOT analysis, and financial analysis of each company are provided in detail. Key companies analyzed in the report include Aritco Lift AB, CANNY Elevator Co. Ltd, Electra Elevators, EMAK Elevator Co. Ltd, ESCON Elevators Pvt Ltd, Fujitec Co. Ltd, Hitachi Ltd, Hyundai Elevator Co. Ltd, KONE Corp, Mitsubishi Electric Corp, Schindler Group, Schumacher Elevator Company, Sigma Elevator Company, TK Elevator, Toshiba Corp.

Elevators Market Scope and Segmentation

By Type

Hydraulic

Traction

Machine Room-Less Traction

Others

Bu Application

New Equipment

Maintenance

Modernization

By Application

Residential

Commercial

Industrial

Countries Included-

North America- US, Canada, Mexico

Europe- Germany, France, UK, Spain, Italy, Benelux, Turkey, Russia, Rest of Europe

Asia Pacific- China, India, Japan, South Korea, South East Asia, Australia, Rest of APAC

South and Central America- Brazil, Argentina, Chile, Rest of SCA

Middle East and Africa- Saudi Arabia, the UAE, Israel, South Africa, Algeria, Nigeria, Rest of Middle East, Rest of Africa

Companies Included in the Elevators Market Research-

Aritco Lift AB

CANNY Elevator Co. Ltd

Electra Elevators

EMAK Elevator Co. Ltd

ESCON Elevators Pvt Ltd

Fujitec Co. Ltd

Hitachi Ltd

Hyundai Elevator Co. Ltd

KONE Corp

Mitsubishi Electric Corp

Schindler Group

Schumacher Elevator Company

Sigma Elevator Company

TK Elevator

Toshiba Corp

Reasons to Buy the report

• Make informed decisions through long and short-term forecasts across 22 countries and segments.
• Evaluate market fundamentals, dynamics, and disrupting trends set to shape 2025 and beyond.
• Gain a clear understanding of the competitive landscape, with product portfolio and growth strategies.
• Get an integrated understanding of the entire market ecosystem and companies.
• Stay ahead of the competition through plans for growth in a changing environment for your geographic expansion.
• Assess the impact of advanced technologies and identify growth opportunities based on actionable data and insights.
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