Summary

Elevators Market Research Report Information by Technology (Traction elevator, Machine room less traction elevator, and Hydraulic), By Service (New Installation, Maintenance & repair, and Modernization), and By Application (Commercial, Institutional, and Residential), By Type (Passenger Elevators, Goods Elevators, Capsule Elevators, Automobile Elevators, and Others) Market Forecast Till 2032

The elevator market is expected to reach USD 82,659.2 million by 2022, with a CAGR of about 7.80%. This market's resilience is visible as it recovers from the pandemic's losses, driven by an increase in demand, particularly in Asia-Pacific (APAC) and North America.
Urbanization, population density, and increased infrastructure development have all contributed to substantial growth and innovation in the worldwide elevator business. As cities grow vertically, need for efficient and innovative vertical transportation systems has increased. The elevator market shapes the landscape of modern buildings, offering options for both commercial and residential spaces.
In recent years, technological breakthroughs have transformed the elevator industry, offering smart and environmentally friendly features. The integration of Internet of Things (IoT) technologies, destination control systems, and energy-efficient components improves elevator performance, resulting in a better user experience and a lower environmental impact. Elevator manufacturers are working to offer creative solutions that prioritize safety, comfort, and energy efficiency.
Marketing Segmentation
The global elevator market is divided into three segments depending on technology: traction elevators, machine room less traction elevators, and hydraulics.
The global market is divided into three segments depending on service: new installations, maintenance and repair, and modernization.
The market is divided into three applications: commercial, institutional, and residential.
The global elevator market is divided into five categories depending on type: passenger elevators, goods elevators, capsule elevators, automobile elevators, and others.
Regional Analysis
The market in North America is estimated to register a CAGR of 7.69%. In the worldwide elevator industry, the elevator market in North America has grown steadily, owing to a variety of factors such as urbanization, infrastructure development, and technical innovation. The demand for effective vertical transportation systems has increased as the region's urban areas see tremendous population growth. Furthermore, strict laws governing accessibility and safety have prompted building owners and developers to invest in contemporary elevator systems with enhanced functions.
In recent years, the elevator market in Europe has grown and evolved significantly, driven by a variety of causes including urbanization, population density, and an increasing emphasis on sustainable infrastructure. As cities around the area continue to grow vertically, there is a greater need for creative and energy-efficient elevator systems. European governments are making significant investments in the development of smart and connected elevators, which use sophisticated technology such as IoT and machine learning to improve efficiency and user experience.
The Asia-Pacific region has emerged as a prominent participant in the elevator industry, owing to growing urbanization in countries like as China and India. The growing number of high-rise structures and mega-infrastructure projects in these regions has increased demand for elevators. Furthermore, severe government laws promoting energy-efficient solutions have fueled industry expansion.
Major Players
The key companies in the elevator market include multinational firms such as Otis Elevator Company, Schindler Group, KONE Corporation, Omega Elevators, Armor, Sigma, Hyundai, Fujitec, Dover, Thyssenkrupp AG, and Mitsubishi Electric Corporation.


.