In 2021, the size of the global elevator market reached a value of ***** billion U.S. dollars. It is estimated that the market size will increase with a compound annual growth rate (CAGR) of **** percent from 2022 to 2027, reaching the size of ***** billion U.S. dollars in 2027.

The worldwide market for elevators and escalators was sized at some **** billion U.S. dollars in 2023. It is projected that this market will increase in size in the following years, reaching the size of over ***** billion U.S. dollars in 2028.

According to Cognitive Market Research, the global Elevator market size is USD 71512.5 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

The global elevator market will expand significantly by 7.20% CAGR between 2024 to 2031.
North America held the major market of around 40% of the global revenue with a market size of USD 28605.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 21453.75 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 16447.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 3575.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1430.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.

Growth in Infrastructure Projects to Fuel the Demand for Elevators

The growth in infrastructure projects worldwide is anticipated to significantly fuel the demand for elevators. As urbanization continues to accelerate, cities are expanding vertically to accommodate increasing populations and economic activities. Elevators play a crucial role in facilitating vertical transportation within these burgeoning urban landscapes, providing essential access to multi-story buildings such as office complexes, residential towers, and transportation hubs. Moreover, infrastructure development initiatives, including the construction of airports, train stations, hospitals, and educational institutions, further contribute to elevating demand. These projects often require efficient and reliable elevator systems to ensure smooth vertical mobility for passengers and goods. As a result, elevator manufacturers and service providers are presented with substantial opportunities to supply their products and expertise to support the evolving needs of modern infrastructure projects, driving sustained growth in the elevator market.

Innovation in Elevator Design to Propel Market Growth


Saturation of Elevator Installations in Existing Buildings to Limit the Opportunities for New Installations

The saturation of elevator installations in existing buildings presents a challenge for manufacturers seeking opportunities for new installations. In mature markets, many buildings are already equipped with elevator systems, reducing the demand for additional installations. As a result, manufacturers must increasingly focus on maintenance, repair, and modernization services to drive revenue growth. Additionally, building owners may prioritize upgrading existing elevators with modern features and technologies to enhance efficiency, safety, and aesthetics, rather than investing in entirely new systems. To counteract this restraint, elevator manufacturers can explore emerging markets with growing urbanization and infrastructure development, where demand for vertical transportation solutions is on the rise. Moreover, innovation in elevator design and technology can offer compelling reasons for building owners to replace older systems, creating opportunities for manufacturers to penetrate existing markets and stimulate demand for new installations.

Impact of Covid-19 on the Elevator Market

The Covid-19 pandemic has significantly impacted the elevator market, primarily in a negative manner. Lockdowns and restrictions led to a slowdown in construction activities, delaying new installations and projects. Heightened health concerns also prompted reduced usage of elevators in public spaces, such as office buildings and shopping centers, leading to decreased demand for maintenance services. Supply chain disruptions and labor shortages further exacerbated the challenges faced by elevator manufacturers, causing delays in production and installation timelines. Moreover, economic uncertainties resulting from the pandemic led to budget constraints for building owners, hindering investment in elevator upgrades and modernization efforts. Overall, the Covid-19 pandemic has created substantial hurdles for the elevator market, impeding growth and posing operational c...

Elevator Market size was estimated at USD 98.23 Billion in 2024 and is projected to reach USD 115.09 Billion by 2031, growing at a CAGR of 2.00% from 2024 to 2031.

The elevator market is driven by several key factors. Firstly, rapid urbanization and the construction of high-rise buildings in urban centers worldwide are generating substantial demand for elevators to facilitate vertical transportation and optimize space utilization. Additionally, stringent building codes and regulations mandating the installation of elevators in commercial, residential, and institutional buildings for accessibility and safety purposes are driving market growth. Furthermore, technological advancements such as the development of energy-efficient and smart elevators with features like destination control systems, predictive maintenance, and IoT integration are enhancing the efficiency, safety, and user experience of elevators, further fueling market demand. Moreover, increasing investments in infrastructure development projects, including airports, railway stations, and commercial complexes, particularly in emerging economies, are creating significant growth opportunities for the elevator market globally.

Elevator Market Outlook

According to our latest research, the global elevator market size in 2024 is valued at USD 108.2 billion, reflecting robust growth driven by urbanization, infrastructure development, and modernization trends worldwide. The market is projected to expand at a CAGR of 6.5% from 2025 to 2033, reaching a forecasted value of USD 189.7 billion by 2033. This growth trajectory is underpinned by rising investments in high-rise buildings, increasing demand for smart and energy-efficient elevator solutions, and a significant focus on safety and accessibility standards across both developed and emerging economies.

One of the primary growth factors fueling the elevator market is the rapid pace of urbanization, particularly in Asia Pacific and the Middle East. As cities expand vertically to accommodate growing populations, the demand for passenger elevators, freight elevators, and home elevators has surged. Governments and private developers are increasingly investing in residential and commercial high-rises, shopping malls, and transportation hubs, all of which require advanced vertical transportation solutions. Moreover, the integration of smart technologies such as IoT-based monitoring, predictive maintenance, and touchless controls is further catalyzing the adoption of modern elevator systems, as building owners seek to enhance user experience, operational efficiency, and safety.

Another significant driver is the ongoing focus on sustainability and energy efficiency within the construction and building management sectors. Modern elevator technologies, such as machine room-less (MRL) systems and regenerative drives, are becoming increasingly popular for their ability to reduce energy consumption and minimize the environmental footprint of buildings. These innovations align with global green building standards and regulations, prompting both new installations and the modernization of existing elevator fleets. Additionally, the aging infrastructure in mature markets like North America and Europe is leading to a surge in maintenance, repair, and modernization services, which represent a substantial share of the overall market revenue.

Demographic shifts, including the rise in aging populations and the growing emphasis on accessibility, are also shaping the elevator market landscape. Residential and public buildings are being retrofitted with elevators and lifts to ensure compliance with accessibility regulations and to cater to the mobility needs of elderly and differently-abled individuals. This trend is particularly pronounced in developed regions, where governments are enforcing stringent building codes and offering incentives for accessibility improvements. Furthermore, the proliferation of smart homes and connected buildings is driving demand for home elevators and customized solutions, expanding the market’s reach beyond traditional commercial and industrial applications.

From a regional perspective, Asia Pacific remains the epicenter of elevator market growth, accounting for the largest share of global demand in 2024. The region’s dominance is attributed to rapid urbanization, large-scale infrastructure projects, and the presence of leading elevator manufacturers. North America and Europe also represent significant markets, driven by modernization initiatives and the replacement of aging elevator systems. Meanwhile, the Middle East & Africa and Latin America are emerging as high-potential regions, supported by investments in real estate development, tourism infrastructure, and urban mobility projects. Each region presents unique opportunities and challenges, shaping the competitive dynamics and technological advancements in the global elevator market.

Product Type Analysis

The elevator market is segmented by product type into passenger elevators, freight elevators, home elevators, and others, each catering to distinct end-user requirements and operational environments. Passenger elevators represent the largest segment, driven by their ubiquitous presence in residential, comm

The global elevator & escalator market size is projected to grow from USD 126.24 billion in 2025 to USD 217.06 billion by 2033, exhibiting a CAGR of 7.01%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 117.97 Billion
Market Size in 2025	USD 126.24 Billion
Market Size in 2033	USD 217.06 Billion
CAGR	7.01% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product,By Business,By Elevator Technology,By Applications,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

Report of Panoramic Elevator Market is currently supplying a comprehensive analysis of many things which are liable for economy growth and factors which could play an important part in the increase of the marketplace in the prediction period. The record of Panoramic Elevator Industry is providing the thorough study on the grounds of market revenue discuss production and price happened. The report also provides the overview of the segmentation on the basis of area, contemplating the particulars of earnings and sales pertaining to marketplace.

Discover the booming global elevators & escalators market! This in-depth analysis reveals a $36.53B market in 2025, projected to grow at a 3.5% CAGR through 2033. Explore key drivers, trends, restraints, and regional insights from leading players like Kone and Otis. Learn how urbanization and infrastructure development are shaping this dynamic industry.

Elevator and Escalator Market size was valued at around USD 125.5 billion in 2023 & is estimated to grow at a CAGR of around 7.8% during the forecast period 2024-30.

The global Home Elevator Market size is expected to expand from USD 10.87 billion in 2024 to USD 17.88 billion by 2034, demonstrating a CAGR of more than 5.1% between 2025 and 2034. Key industry players include Otis Elevator, Thyssenkrupp, Schindler, Kone, Mitsubishi Electric, Fujitec, Stiltz, Garaventa Lift, Lift Systems, Turner Elevator.

As per Cognitive Market Research's latest published report, the Global High Rise Elevators market size will be $42.89 Billion by 2029. High Rise Elevators Industry's Compound Annual Growth Rate will be 3.35% from 2023 to 2030.

Asia Pacific High Rise Elevators market size will be USD 24.08 Billion by 2029.

What are the key factors affceting the High Rise Elevators market?

Growing construction of high-rise buildings

The global building & construction industry is particularly creating a positive impact and this industry is expected to grow above global gross domestic product (GDP) growth over the next decade. The building and construction sectors are some of the largest sectors in the world economy.

Building & construction industry spending worldwide amounted to 11.4 trillion U.S. dollars. Building & construction expenditures are expected to reach 14 trillion U.S. dollars in 2025. With this increase in growth in the construction industry, the construction of high-rise buildings has increased.

Additionally, continuous economic growth in various emerging and developed countries is adding lucrative financing deals with low-interest rates, which is anticipated to boost the revenues of the residential building sector. According to the study, as compared to 2019, new house construction projects in the private sector in the United States increased by more than 10% in 2020.

Furthermore, the increased construction of skyscrapers in many large and medium-sized cities. According to the Council on Tall Buildings and Urban Habitat, 84 percent of the world's skyscrapers over 200 meters have been built in the last 20 years. Similarly, the survey discovered that 23 tall structures were constructed in 2000, while 126 tall buildings were finished in 2019.

The following is a list of countries with the most completed buildings over 150 meters (492 ft) tall, as of 1 May 2022.

The rising construction of high-rise buildings required elevators. Elevators provide efficient vertical mobility, which is a vital component of tall structures. This mobility gadget makes it possible to easily reach multiple levels or floors of a multi-story structure. An elevator can transport people and heavy things from one floor to another by moving up and down. Elevators or lifts are now increasingly prevalent around the world, and many people prefer them to stairs.

As result, the growing construction of high-rise buildings drives the growth of the high-rise elevator market.

Restraints for High Rise Elevators Market

High cost associated with the elevator.(Access Detailed Analysis in the Full Report Version)

Opportunities for High Rise Elevators Market

Technological advancement in elevators.(Access Detailed Analysis in the Full Report Version)

Introduction of High rise Elevator

High-rise buildings have more than 12 stories and may necessitate customized designs for managing car arrangements with single, double, and super double deck solutions, as well as lobby arrangements. A skyscraper is an extremely tall high-rise structure. These structures are tall enough to need the installation of a mechanical vertical transportation system.

The elevator is the primary mode of vertical transportation in a high-rise building. It is propelled by an electric motor that raises and lowers the cab by wire ropes in a vertical shaft. Each elevator cab is additionally engaged by vertical guide tracks and is attached to a flexible electric line that supplies electricity for illumination, door operation, and signal transmission.

Elevators in high-rise buildings are designed with a variety of criteria in mind, including the kind of occupancy, speed, size, traffic flow, total vertical distance, and duration of the journey to the destination. Other considerations include safety, quality, capacity, and the type of building in which the elevator will be utilized.

These elevators are available in a variety of configurations, including double-deck lifts, 2-car lifts, shuttle lifts & sky lobbies, ropeless elevators, and others. These lifts can be both passenger and freight elevators. In both residential and commercial structures, high-rise elevators are employed.

Currently, with the growing urbanization, the construction of high-rise buildings is increased. This raises the demand for high-rise elevators all over the world.

Access Market Research Intellect's Spiral Elevator Market Report for insights on a market worth USD 1.2 billion in 2024, expanding to USD 1.8 billion by 2033, driven by a CAGR of 5.2%.Learn about growth opportunities, disruptive technologies, and leading market participants.

The global elevator modernization market size was valued at USD 9.46 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 14.11 Billion by 2033, exhibiting a CAGR of 4.31% during 2025-2033. Europe currently dominates the market, holding a significant market share of over 30.0% in 2024. Aging infrastructure, urbanization, safety regulations, and technological advancements like IoT and AI fuel the elevator modernization market share. Demand for energy efficiency, sustainability, and improved performance fuels growth, alongside rising property values and tenant expectations for modern amenities.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 9.46 Billion
Market Forecast in 2033	USD 14.11 Billion
Market Growth Rate 2025-2033	4.31%

IMARC Group provides an analysis of the key trends in each segment of the global elevator modernization market, along with forecasts at the global, regional, and country levels from 2025-2033. The market has been categorized based on elevator type, modernization type, components, and end user.

Global Commercial Elevator Market is segmented by Application (Construction_Real Estate_Commercial Buildings_Residential Buildings_Infrastructure), Type (Construction_Building_Infrastructure_Elevators_Escalators), and Geography (North America_ LATAM_ West Europe_Central & Eastern Europe_ Northern Europe_ Southern Europe_ East Asia_ Southeast Asia_ South Asia_ Central Asia_ Oceania_ MEA)

The global residential elevator market size is projected to grow from USD 23.48 billion in 2025 to USD 33.6 billion by 2033, exhibiting a CAGR of 4.58%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 22.45 Billion
Market Size in 2025	USD 23.48 Billion
Market Size in 2033	USD 33.6 Billion
CAGR	4.58% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product Type,By Technology,By Application,By Distribution Channel,By End-User,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

The Global Smart Elevator Market was valued at USD 81.08 Billion in 2024 and is projected to reach USD 92.05 Billion by 2032 growing at a CAGR of 1.60% from 2026 to 2032 .To improve operating efficiency, safety, and user experience, smart elevators make use of cutting-edge technologies like cloud computing, artificial intelligence (AI), and the Internet of Things. Real-time data collecting from elevator sensors is made possible by IoT, resulting in enhanced performance and predictive maintenance. AI systems streamline the dispatching of elevators, cutting down on energy use and wait times. Cloud connectivity improves overall system resilience by enabling remote management and monitoring.The need for smart elevators is fueled by the rapidly growing urban population and the rising number of high-rise structures being built. Elevators that are effective at moving people around tall buildings are vital as cities expand vertically to support increased population density. Solutions like group control algorithms and destination control systems, which improve traffic flow and lessen congestion in buildings, are provided by smart elevators.

In 2023, Otis ranked as the world's largest elevators and escalators manufacturer in terms of revenue. That year, Otis reported a revenue of ***** billion U.S. dollars. Schindler ranked second with a revenue of ***** billion U.S. dollars. The world’s largest elevator and escalator makers While the key vendors of elevators and escalators are based in the United States, Switzerland, Germany, Finland, and Japan, the most prolific markets for elevators and moving stairways include the world’s most populous countries such as China and India. In light of Asia’s stalling construction sector, it remains unsure if these markets will continue to perform well in the future, not only in terms of escalator and elevator installations, but also with respect to maintenance and repair services associated with these conveyances. In the developed world, it is the increased age and low energy-efficiency of buildings and infrastructure, as well as an aging population in need of vertical transport that promises growth opportunities for companies in the field of elevators and escalators. Schindler, Kone, and Otis are ranked as the major elevator and escalator manufacturers worldwide.

The market was valued at USD 11,930 million in 2025 and is projected to reach USD 25,660 million by 2035, reflecting a compound annual growth rate (CAGR) of 7.8% over the forecast period.

Metric	Value
Market Size (2025E)	USD 11,930 million
Market Value (2035F)	USD 25,660 million
CAGR (2025 to 2035)	7.8%

Country-wise Outlook

Country	CAGR (2025 to 2035)
United States	7.6%

Country	CAGR (2025 to 2035)
United Kingdom	7.0%

Country	CAGR (2025 to 2035)
European Union	7.2%

Country	CAGR (2025 to 2035)
Japan	7.4%

Country	CAGR (2025 to 2035)
South Korea	7.5%

Competitive Outlook

Company Name	Estimated Market Share (%)
Otis Elevator Company	20-24%
Schindler Group	15-19%
Thyssenkrupp AG	12-16%
Mitsubishi Electric	10-14%
Other Companies (Combined)	30-40%

The global elevator and escalator market, valued at $123.70 billion in 2025, is poised for robust growth, exhibiting a compound annual growth rate (CAGR) of 10.13% from 2025 to 2033. This expansion is driven primarily by increasing urbanization and infrastructure development globally, particularly in rapidly developing economies in Asia and the Middle East. The rising construction of high-rise buildings, commercial complexes, and transportation hubs fuels significant demand for efficient and safe vertical transportation solutions. Technological advancements, such as the integration of smart building technologies and energy-efficient designs, further contribute to market growth. However, the market faces certain restraints, including high initial investment costs associated with elevator and escalator installations and maintenance, as well as supply chain disruptions that can impact project timelines and budgets. The market is segmented by product type (elevators and escalators), with elevators currently holding a larger market share due to their wider application across various building types. Key players like Otis Worldwide Corp., Schindler Holding Ltd., and KONE Corp. dominate the market through their extensive global presence, technological innovation, and robust service networks. Competition is intense, with companies focusing on strategic partnerships, mergers and acquisitions, and product diversification to maintain their market positions. Regional growth varies, with Asia Pacific expected to witness significant expansion driven by rapid urbanization and infrastructure investment in countries like China and India. North America and Europe also maintain substantial market shares, benefiting from ongoing refurbishment and modernization projects within existing building infrastructure. The forecast period of 2025-2033 will likely see further market consolidation as larger players acquire smaller companies to expand their product portfolios and geographical reach. Sustainability concerns are also influencing market dynamics, with a growing focus on energy-efficient elevator and escalator systems. This shift towards sustainable technologies is expected to create new opportunities for manufacturers offering eco-friendly products. While high material costs and skilled labor shortages could pose challenges, the overall market outlook remains optimistic, fueled by long-term growth in construction and urbanization trends across the globe. Continuous innovation in areas like machine learning and AI for predictive maintenance and enhanced safety features will further shape the competitive landscape.

During 2021, the Elevator and Escalator Market achieved a worth of USD 134.4 billion, with an anticipated growth to USD 183.4 billion by 2030.