Elevator Market is Expected to Reach USD 137.57 Billion by 2030

The global urbanization along with the expanding construction industry are significantly boosting the global elevator market growth  

According to the Next Move Strategy Consulting, the global Elevator Market is valued at USD 93.64 billion in 2024, and is expected to reach USD 137.57 billion by 2030, with a CAGR of 5.8% from 2025 to 2030.

Rapid urbanization is driving the demand for high and tall buildings in both residential and commercial sectors. As cities grow to meet increasing populations governments and private developers invest in mega scale infrastructure projects such as skyscrapers, metro stations and other developments.

According to the UN Population Division, the population living in urban areas all over the world is counted as 4.61 billion in 2023 with a rise of 2.2 percent compared to last year. This increase requires the installation of elevators to facilitate efficient vertical transport that improves the accessibility and convenience.

Additionally, governments across the globe are heavily investing in smart city schemes that emphasize sustainable urban development, cutting edge infrastructure and better public services. Smart city schemes tend to incorporate high and tall buildings, metro stations and airports all of which demand advanced elevator systems.

The Federal Transit Administration of the U.S. Department of Transportation invested an USD 343 million in federal funding in eight transit systems in eight states in 2024. This will be used to upgrade facilities such as elevators, platform remodeling and enhanced signage in several rail stations that enhances access to critical destinations for millions of Americans.

However, high installation, maintenance and modernization costs significantly restrain the elevator market expansion. The heavy upfront cost, especially for non-elevator-specific buildings, acts as a burden to owners and developers. Ongoing maintenance and modernization demand to achieve efficiency and safety measures add to the cost factor. These expenses are particularly deterrents in low-income regions or vintage buildings with sophisticated retrofitting, limiting the elevator market development.

On the contrary, the integration of IoT and AI technologies is expected to expand, offering even smarter, more efficient systems that can predict maintenance needs and optimize building traffic in real time.

As technological advancements continue to evolve it present significant future growth opportunities for the elevator market. In November 2024, Otis Electric launched the Otis Electric 7000 elevator, a smart elevator designed for new construction and modernization projects that features advanced safety features and integration with AI-powered technologies.

Request for a FREE Sample PDF on Elevator Market

According to the report, leading players operating in the elevator industry include Schindler, Otis Elevator Company, TK Elevator (TKE), Kone Corporation, Hitachi Ltd., Fujitec Co., Ltd, Hyundai Elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Winone Elevator Company Limited, Johnson Lifts Private Limited, Aaron Elevators, Escon Elevators, Stannah Lifts, Elite Elevators, Epic Elevators, Aquarius Germany GmbH, Schmitt Elevators, Koehler Elevators, Canny Elevator Co., Ltd. and others.

For instance, in February 2025, TK Elevator and Alat partnered to manufacture end-to-end elevator and escalator solutions in Saudi Arabia. This partnership aims to establish a strong local presence for the production and supply of elevators and escalators in Saudi Arabia.

Also, in January 2025, KONE Australia has launched the High-Rise MiniSpace DX, a next-generation elevator solution that optimizes space and enhances people flow in high-rise buildings, featuring improved energy efficiency and performance.

Moreover, in December 2024, Fujitec Co., Ltd. will launch Ele Glance, a new standard elevator model, in spring 2025. Ele Glance succeeds Fujitec’s XIOR model and has enhanced capabilities in design, maintenance, and disaster response. It has 29 color options for ceiling, wall, and floor materials, and its interior space follows the CMF design framework.

Key Insights from the Elevator Market Report:

•    The information related to key drivers, restraints, and opportunities and their impact on the elevator market trends is provided in the report.

•    The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

•    The market share of the players in the global elevator market along with their competitive analysis are provided in the report.