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Elevators Market by Product (Hydraulic, Traction, Machine Room-Less Traction), by Deck Type (Single Deck, Double Deck), by Building Height (Low-rise, Mid-rise, High-rise), by Speed (Less than 1m/s, Between 1 m/s to 3 m/s, Between 4 m/s to 6 m/s, Between 7 m/s to 10 m/s, Above 10 m/s), by Destination Control (Smart, Conventional), by Business (New Equipment, Maintenance, Modernization), by Application (Passenger, Freight), by End Use (Residential, Industrial, Commercial), by North America (U.S., Canada), by Europe (Germany, UK, France, Italy, Spain, Rest of Europe), by Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Rest of Latin America), by MEA (UAE, Saudi Arabia, South Africa, Rest of MEA) Forecast 2025-2033
The size of the Elevators Market was valued at USD 81.91 Billion in 2024 and is projected to reach USD 97.37 Billion by 2033, with an expected CAGR of 2.5% during the forecast period.Elevator market has observed a significant surge and is forecasted to gain a significant figure of nearly eighty-two billion dollars by the end of the forecasting period. The impressive growth rate is mainly led by increasing urbanization, development of infrastructure on an ongoing basis, rapid industrialization, and the widespread uptake of advanced technology. The rapidly growing demand for passenger and freight elevators at residential, commercial, and industrial buildings also acts as a boon for the elevator market. This innovation within the elevator industry was encouraged by the government initiatives taken toward energy efficiency and sustainable building practices.
The Elevators Market is characterized by a high level of concentration with established players such as Schindler, Fujitec, Mitsubishi Electric, and Kone dominating the industry. These companies possess a strong market presence due to their extensive product portfolios, cutting-edge technologies, and established distribution networks. The market also features a wide range of small and medium-sized enterprises focusing on niche segments. The industry is driven by innovation and technological advancements, leading to the development of smart and energy-efficient elevators. Regulations governing safety and accessibility standards for elevators significantly impact the market dynamics.
Our comprehensive Elevators Market Product Insights Report provides in-depth analysis across various product types, deck types, building heights, speeds, destination control, business models, and end-use applications. It also includes key trends, drivers, and challenges influencing the market.
Market Size and Growth: The Elevators Market is expected to grow at a CAGR of 2.5% during the forecast period, reaching a value of 81.91 Billion by 2028.
Market Share: Schindler, Fujitec, Mitsubishi Electric, and Kone dominate the market, together holding a significant market share.
December 2023: Schindler announced a partnership with Umm Al Qura Development and Construction Company to provide elevators and escalators for Masar, Saudi Arabia's latest development.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 2.5% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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