Luton, Bedfordshire, United Kingdom, Jan. 21, 2025 (GLOBE NEWSWIRE) — This growth is driven by factors such as rapid urbanization, increased investment in energy-efficient vertical transportation systems, and a rising elderly population demanding enhanced mobility solutions.
Elevator Market Insights
The demand for elevators is witnessing a significant upturn, fueled by the expanding global infrastructure, particularly in emerging economies. Infrastructure development projects, including bridges, roads, airports, and urban centers, have been essential drivers. For instance, India is projected to invest over USD 1.5 trillion in infrastructure by 2025, and China’s smart city initiatives have seen investments of over USD 60 billion in the last few years. The growing emphasis on high-speed elevators, particularly in skyscraper construction, is contributing to the market’s dynamic evolution. Notably, the Merdeka PNB 118 skyscraper in Malaysia, standing at 644 meters, is set to host cutting-edge vertical transport systems.
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Additionally, the global push towards sustainability is driving innovation in energy-efficient elevators. These systems are not only compact but also consume far less energy compared to traditional models. Governments are encouraging this trend, with nations like Switzerland investing in rehabilitation programs to modernize existing lifts for improved energy efficiency.
Elevators Market Segmentation
Types of Elevators
The market can be segmented based on elevator types, including passenger elevators, goods elevators, capsule elevators, automobile elevators, stretcher elevators, and hydraulic elevators. The Passenger Elevators segment continues to dominate, accounting for the largest share of the market. This trend is being driven by growing demand in residential complexes, commercial buildings, shopping malls, and other large-scale infrastructure projects. Urbanization and government incentives for the construction industry are also accelerating growth in this segment.
Elevators Market by Application
In terms of application, the residential sector holds the largest share, with significant demand arising from growing urbanization, particularly in developing countries like India and China. The need for vertical transportation systems in high-rise buildings is spurring this demand. Furthermore, the commercial sector is also contributing to growth, with advanced elevators being integrated into office complexes, malls, and industrial buildings.
Market Dynamics
Drivers
- Urbanization & Skyscraper Growth: As global urbanization accelerates, there is a rising need for efficient vertical mobility solutions in densely populated cities. By 2030, urban populations are expected to increase by more than 60%, leading to heightened demand for elevators in high-rise buildings.
- Energy-efficient Elevators: Increasing focus on reducing energy consumption has led to a demand for energy-efficient elevators. These systems are becoming more compact and capable of reducing operational costs, driving growth.
- Smart Cities & Infrastructure Development: Investments in smart cities and infrastructure are leading to higher demand for innovative elevator solutions. Notably, smart buildings that integrate advanced systems for better efficiency are becoming increasingly common.
Restraints
- High Maintenance Costs: Regular maintenance of elevators is essential to ensure safety, and it can be expensive. Maintenance requirements, especially for aging systems, are adding pressure on the market.
- Safety Standards Compliance: Strict safety standards and regulations are crucial for ensuring safe elevator operation, and the high cost of compliance may limit growth opportunities in some regions.
Opportunities
- Smart Elevators: The development of smart elevators with IoT capabilities and advanced sensors is offering a new avenue for market players. These elevators, which enhance energy efficiency, speed, and convenience, are gaining popularity, particularly in skyscrapers and modern commercial buildings.
- Global Infrastructure Investment: With nations like India, China, and the UAE committing to large-scale infrastructure development, there is a significant opportunity to cater to the growing demand for vertical transportation solutions.
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Global Elevators Market Insights (2024-2034)
Regional Overview and Market Trends
The global elevators market is projected to experience substantial growth from 2024 to 2034, with regional variations influencing key market developments. North America held the dominant market share in 2023, accounting for approximately 46.5%. The U.S. remains a leading market for elevators, driven by significant investments from international manufacturers aiming to capture the growing demand through strategic mergers and acquisitions. For instance, in 2023, TK Elevator strengthened its market presence by acquiring a prominent U.S. player, further consolidating its position in the region.
Meanwhile, Canada continues to see rapid expansion in its elevator market, driven by the increasing adoption of modern building technologies. The U.S. market represents the largest segment within North America, while Canada holds the title of the fastest-growing elevator market in the region.
Europe’s Elevator Market: Policies and Growth
Europe’s elevator market accounted for a significant share of the industry in 2023, supported by strong governmental policies aimed at ensuring accessibility in newly constructed buildings. In the European Union, regulations require new buildings to include elevators that are wheelchair accessible. Germany remains the largest elevator market in Europe, with the UK marking the fastest-growing segment due to increasing urbanization and construction of public and private buildings.
Asia-Pacific Market: Growth Driven by Urbanization
The Asia-Pacific elevators market is set for robust expansion from 2025 to 2034, fueled by rapid urbanization, industrial growth, and a growing demand for high-rise buildings. Countries such as China, India, and South Korea are driving this growth, with China leading the market share in the region. China’s market dominance is expected to persist, while India shows the highest growth rate due to an increasing number of urban developments and infrastructure projects.
Notably, China has seen significant demand for elevators due to its large-scale urban expansion, with projections that by 2028, the country will have completed building infrastructure equivalent to the size of multiple major cities globally.
Leading Players in the Elevators Market
Some of the dominant players in the elevators and escalators industry include:
- Omega Elevators
- Armor
- Sigma
- Mitsubishi
- Schindler
- Hyundai
- Fujitec
- Dover
- Thyssenkrupp AG
- Kone Corporation
Industry Developments and Innovations
- March 2024: Thyssenkrupp Elevators secured a significant contract to provide 105 elevators for the upcoming mega-project, the Jeddah Tower in Saudi Arabia. This tower, poised to be the tallest in the world, will feature the fastest elevators globally, reaching speeds of up to 21 meters per second.
- April 2024: Mitsubishi Electric announced that it had been awarded a contract to supply 125 advanced elevators for the Grand Tower in Ho Chi Minh City, Vietnam. These elevators will be the first in Vietnam to implement Mitsubishi Electric’s next-generation “Elevator of the Future” technology.
- May 2024: Schindler secured a major contract to supply 160 elevators for the One Vanderbilt building in New York City. This iconic structure will feature Schindler’s “Intelligent Drive” technology, revolutionizing elevator performance in the city.
Elevators Market Segmentation
Types of Elevators:
- Passenger Elevators
- Freight Elevators
- Capsule Elevators
- Automotive Elevators
- Stretcher Elevators
- Hydraulic Elevators
Applications of Elevators:
Geographical Markets:
- North America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of the World
- Middle East
- Africa
- Latin America
Key Market Players
The elevators and escalators market comprises key manufacturers such as Schindler Group (Switzerland), Otis (US), KONE Corporation (Finland), Hitachi Ltd. (Japan), Hyundai Elevator Co. Ltd. (South Korea), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), Mitsubishi Electric Corporation (Japan), TK Elevator (Germany), SJEC Corporation (China), and others. These companies utilize strategic approaches such as acquisitions, joint ventures, product innovations, and market expansions to strengthen their positions in the competitive landscape.
Recent Key Developments
- February 2024: Schindler Group entered a strategic partnership with citizenM hotels, a boutique hotel chain based in the Netherlands. This collaboration focuses on servicing, modernizing, and installing vertical mobility solutions, including elevators and escalators, across the hotel group’s global properties.
- August 2023: Otis expanded its presence in the northeastern U.S. by acquiring Bay State Elevator. The acquisition includes the service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
- October 2024: KONE Corporation finalized the sale of its operations in Russia to S8 Capital, a diversified Russian holding company, marking a shift in KONE’s strategic priorities.
- November 2023: KONE executed a successful buyback of its class B shares, acquiring a total of 1.1 million shares at an average price of $51.5 per share.
- April 2023: Hitachi Ltd. announced the successful acquisition of Yungtay Engineering Co., Ltd., based in Taiwan. This acquisition is aimed at enhancing Hitachi’s presence in the Chinese market and other regions in Asia.
Market Segmentation of the Global Elevators Market (2025-2034):
-
- Hydraulic and Pneumatic
- Machine Room (MR) Traction
- Machine Room-less (MRL) Traction
-
- Low Rise
- Mid Rise
- High Rise
-
- Less than 1 m/s
- Between 1 to 3 m/s
- Between 4 to 6 m/s
- Between 7 to 10 m/s
- Above 10 m/s
-
- New Installation
- Maintenance
- Modernization
-
- Residential
- Commercial
- Industrial
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
This report is also available in the following languages: Japanese (エレベーター市場), Korea (엘리베이터 시장), china (电梯市场), French (Marché des ascenseurs), German (Aufzugsmarkt), and Italy (Mercato degli ascensori), etc.
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