Global Elevators Market Report and Forecast 2024-2032

Global Elevators Market Outlook

The global elevators market size reached approximately USD 88.57 billion in 2023. The market is projected to grow at a CAGR of 2.50% between 2024 and 2032, reaching a value of around USD 110.61 billion by 2032.

Key Takeaways

• The development of high-rise structures is a key force driving the market growth.

• Increasing smart city initiatives are expected to contribute to the demand for elevators, especially smart elevators.

• There is a surge in demand for energy-efficient elevator technologies with a growing focus on energy conservation.

An elevator, also known as lift, is used to carry passengers or freight vertically between the floors of multistorey buildings. They are operated using electric motors and provide enhanced convenience to the passengers. The different components of an elevator include an electric motor, speed-controlling system, shaft, cabin, doors, drive unit, buffers, and safety device.

One of the major factors driving the elevators market growth is the increasing construction of multistorey buildings, offices, and other institutions worldwide owing to rapid urbanization, which is leading to the increased utilisation of lifts to provide comfort to the occupants and reduce travel time. The growing installation of elevators can be attributed to the availability of low-maintenance, space-saving, cost-friendly, safe, and durable elevators. Additionally, the expanding construction of high-rise buildings or skyscrapers and the government investments to develop smart cities are accelerating the market development. Over the forecast period, the development of smart elevators that are equipped with sensors and cloud connectivity is expected to augment the market growth.

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Key Trends and Developments

Application of advanced control algorithms; demand for energy-efficient elevator technologies; development of high-rise buildings; and integration of elevators with building management systems are the major trends in the elevators market

Elevators Market Trends

The integration of elevators into holistic Building Management Systems (BMS) represents a significant shift towards smarter, more efficient, and user-friendly buildings. Elevators integrated with BMS can operate more energy-efficiently and contribute significantly to the elevators market development. For example, during off-peak hours, the system can reduce the number of elevators in operation or use energy-saving modes to minimise power consumption. Additionally, regenerative braking technology in elevators can feed energy back into the building's power grid, further enhancing overall energy efficiency.

With the increasing construction of high-rise buildings and smart cities, the demand for durable elevators for buildings or complexes is expected to increase. In October 2023, Hitachi Elevator Engineering Hong Kong, operating as a subsidiary of the global conglomerate Hitachi, successfully obtained a significant contract from Sun Hung Kai Properties, a prominent property developer in Hong Kong. This contract entails the supply of a total of 160 units, which encompasses a variety of vertical and horizontal transportation solutions, including elevators for transporting people vertically within buildings, escalators for easy movement between floors, and moving sidewalks (also known as travelators) for horizontal transportation across longer distances within buildings or complexes.

Market Segmentation

“Elevators Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Double deck elevators account for the majority of the elevators market share due to their increased convenience

Based on deck, the demand for double deck elevators, owing to their exceptional benefits, is witnessing a rapid growth. Double deck elevator offers enhanced convenience to users by reducing the rush during peak hours and eliminating extended waiting periods, as it enables passengers from two consecutive floors to use the elevator simultaneously. Additionally, these elevators occupy less building space and lead to more efficient use of space, thus resulting in their increased adoption over traditional single-deck elevators.

The use of a single elevator shaft for two cabins plays a critical role in reducing construction costs, and it also lowers energy consumption. Also, these elevators, owing to their architectural designs and advanced engineering work, can adjust the distance between the two cabins, and the aerodynamic capsules minimise cabin vibration and noise, which is leading to their increased demand in high-rise buildings.

Meanwhile, single deck elevators are in high demand for residential and smaller commercial buildings where the passenger traffic is moderate and does not justify the complexity and cost of double deck or multi-deck systems. Their simplicity, cost-effectiveness, and efficiency in such settings make them a preferred choice, adding to the elevators market value.

The building and construction sector dominates the elevators market due to their growing installation in residential, commercial, and institutional buildings

The elevators market is supported by the growing installation of elevators across residential, institutional, and commercial sectors. The global trend towards urbanisation has led to an increase in high-rise residential buildings, especially in cities with limited land space. Elevators are essential in these buildings for providing access to upper floors, making them a critical component of modern residential design.

The institutional sector encompasses hospitals, education facilities, and government buildings. Hospitals and healthcare facilities require elevators for transporting patients, medical equipment, and staff efficiently across different floors. The demand in this sector emphasises the need for larger elevators capable of accommodating stretchers and medical equipment.

In the commercial sector, elevators are crucial in office buildings for moving a large number of employees and visitors between floors quickly and efficiently and the demand here focuses on speed, capacity, and the integration of advanced features like destination dispatch systems to reduce wait times and improve traffic flow.

Competitive Landscape

The market players are increasing their collaboration and research and development activities to gain a competitive edge in the market

Other major players in the elevators market include GLARIE Elevator Co., Ltd. and Hitachi Ltd., among others. These players are actively engaged in improving their strategies to enhance their market position, drive growth, and address the evolving needs of the sector.

Elevators Market Analysis by Region

The demand for elevators in the Asia Pacific region is experiencing significant growth, driven by several key factors. The Asia Pacific is undergoing rapid urbanisation, with a significant portion of its population moving to cities in search of better employment and living conditions. This urban influx is leading to the development of high-rise residential, commercial, and mixed-use buildings, particularly in megacities across China, India, and Southeast Asia, thereby boosting the demand for elevators.

Governments across the Asia Pacific are investing heavily in infrastructure development, including airports, metro stations, and public buildings, to support economic growth and improve public services and such projects further fuel the demand for advanced and high-capacity elevator systems.

The North America elevators market is also expected to witness a moderate growth in the forecast period. While North America is already highly urbanised, there is a continuing trend towards the development of high-rise residential and commercial buildings in urban centres. Cities like New York, Toronto, and San Francisco are seeing growth in high-rise construction to accommodate population growth and optimise land use, driving demand for new elevator installations.

Key Highlights of the Report