Next Move Strategy Consulting Forecasts strong growth in the global elevator market: From USD 82.07 billion in 2023 to USD 137.57 billion by 2030, driven by technological advancements including smart elevators and IoT integration.

Elevator Market Overview

The elevator market represents a dynamic sector includes the design, manufacturing, installation, and maintenance of elevator systems. From conventional traction elevators to cutting-edge smart solutions, this market offers a diverse array of vertical transportation choices customized to suit the distinct requirements of various buildings and infrastructure projects. The increasing urbanization along with increasing activity in building and construction witnessed globally has played a substantial role in the expansion of the elevator market. As urban areas grow to accommodate rising populations and overcome spatial limitations, there has been a significant increase in the demand for efficient vertical transportation systems including elevators.

Within this burgeoning market, several leading companies stand out for their innovation, market reach, and commitment to sustainability. Among them, Otis Elevator Company, KONE Corporation, and Schindler Group are prominent players, each contributing significantly to the industry's evolution.

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Highligts of OTIS Elevator Company Ltd.

Otis Corporation is a leading player in the market, specializing in the New Equipment segment. Its diverse portfolio includes passenger and freight elevators, escalators, and moving walkways, tailored for residential, commercial, and infrastructure projects. In 2022, Otis achieved impressive sales of USD 5.9 billion and an operating profit of USD 358 million within the New Equipment segment, showcasing its dominance in the market, especially in China, where it represents a substantial portion of global sales and unit volume. Otis's Gen2 family of elevators, comprising low-and mid-rise solutions, has sold over one million units since its 2000 launch, solidifying its status as the company's best-selling elevator platform. In 2021, Otis unveiled the successors to the Gen2 family: the Gen3 and Gen360 digital elevator platforms. These combine the Gen2's space-saving, energy-efficient design with the connectivity of the Otis ONE IoT platform, enhancing safety and maintenance efficiency for passengers and technicians alike. With a strong foothold in China and a comprehensive portfolio catering to various segments, Otis is well-positioned to maintain its dominance in the elevator and escalator industry, driving future growth and enhancing urban mobility worldwide.

Highligts of KONE Corporation

KONE Corporation leads the elevator industry globally, setting unparalleled standards in innovation, reliability, and sustainability across its comprehensive range of elevator and escalator solutions. The company currently has 36 energy efficiency references for its platforms according to the international ISO 25745 standard. In 2023, KONE became the first in the industry to achieve carbon-neutral manufacturing units globally, reducing its scope 1 and 2 GHG emissions by 71% compared to the 2018 baseline. KONE has ten manufacturing units in seven countries, all working towards best-in-class supply chain operations. Despite a 3.1% decline in New Building Solutions sales in 2023, service sales grew by 9.1% and modernization sales increased by 21.2%, with the service base exceeding 1.6 million units. In 2023, KONE also received the ISO 27001 cybersecurity certification for its digital services, complementing the IEC 62443 certification for its DX class elevators. This makes KONE the first in the global elevator and escalator industry to be awarded both certifications, highlighting its commitment to safety and technological advancement.

Highligts of Schindler Group

As one of the world's leading suppliers of elevators, escalators, and moving walks, the Schindler Group is active in production, installation, maintenance, and modernization across the most important global markets. Schindler conducts a Confirmation of Periodic Safety Inspection (CPSI) every five years for elevators and every two years for escalators. The CPSI is a proprietary global safety standard introduced by Schindler for periodic inspections of critical safety components of units under maintenance. These inspections for elevators consist of over 70 individual tests and checks on components, all conducted by certified inspectors.

Highligts of Fujitec Co., Ltd.

Fujitec Co., Ltd. is a global leader in the manufacturing, sales, installation, and maintenance of elevators, escalators, and moving walkways. Prioritizing sustainability, Fujitec integrates eco-friendly features into its products, fostering environmental responsibility and resource preservation. The company is dedicated to developing efficient and reliable elevator systems, safety enhancements, and energy-saving solutions, ensuring global excellence. Fujitec transcends industry boundaries by establishing partnerships with academia and government to solve urban challenges through new technologies, including AI, robotics, and IoT. With a growing market presence in regions like India, ASEAN nations, Singapore, Hong Kong, and the Americas, Fujitec focuses on both new installations and aftermarket businesses, driving further growth and profitability. As the company celebrated its 75th anniversary in February 2023, it continues to pursue value co-creation with its partners, solidifying its role as an innovator and leader in the elevator industry.

Highligts of Hitachi Ltd.

Hitachi Ltd., established in 1910, recognized for its safety and operational efficiency within the elevator industry. The company is known for its elevators and escalators with diverse performance and specifications, which are widely deployed across countries globally. Additionally, Hitachi has expanded its presence in the household elevator sector, further demonstrating its commitment to innovation and growth in the industry. The active participation of the company in diverse research and development initiatives, maintains its influence on the advancement of vertical transportation, persistently aiming for excellence in both its products and services.

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Summary of Elevator Industry

The elevator market is characterized by rapid growth and technological advancements, driven by leading companies such as Otis Elevator Company, KONE Corporation, and Schindler Group. These industry giants are setting new standards in innovation, sustainability, and customer service, ensuring that vertical transportation systems meet the demands of modern urbanization. As the market continues to expand, their contributions will be pivotal in shaping the future of vertical mobility.

About the Author

Sikha Haritwal is a researcher with more than 5 years of experience. She has been keeping a close eye on several industry verticals, including construction & manufacturing, personal care products, and consumer electronics. She has avid interest in writing news articles and hopes to use blog as a platform to share her knowledge with others. When she is not following industry updates and trends, she spends her time reading, writing poetry, cooking, and photography. The author can be reached at sikha.haritwal@nextmsc.com