Global Elevator Market Expected to Expand at a CAGR of 10.7% between 2019 and 2027: Industry Probe

September 03, 2019, Domain: Industrial Goods Machinery & Services

According to a new market report published by Industry Probe ( titled ‘Elevator Market (Deck Type –Single Deck and Double Deck; Destination Control – Smart and Conventional; Building Height – Low Rise, Mid Rise, High Rise; End-use – Residential, Commercial, Mix Block; Speed – Less than 1m/s, Between 1 to 3 m/s, Between 4 to 6 m/s, Between 7 to 10 m/s, Above 10m/s; Application – Passengers, Freight) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’, the global elevator market was valued at US$ 55.07 Bn in 2018 and is expected to expand at a CAGR of 10.7% from 2019 to 2027.


  • An increasing trend of modernizing the existing, aging infrastructure is observed in the elevator market in recent years. Aging of the existing installed base of elevators coupled with the need to comply with the safety requirements of elevators and escalators are the key factors fueling the elevator market.

  • The modernization of elevators and escalators is capable of enhancing the energy-saving potential to reach 70%, which is the major factor boosting the modernization concept

  • Demand for skyscrapers in the cities of ASEAN is increasing, helping to boost the high rise elevators market in the region. The shrinking supply of land combined with increasing population is encouraging planners and developers to turn to luxury residential towers.

Browse the full report at

Driving Factors

  • The Asia Pacific green building market is also on the rise, driven by the latest carbon emission reduction targets such as neutral carbon emission and energy efficiency plans developed by governments of various countries

  • Growing demand to install energy-efficient elevators in green buildings is boosting the growth of the elevators market globally. As buildings become more intelligent and rise higher, efficient elevator and escalator systems have a significant role to play by considerably reducing the cost of operating a building and allowing people to travel farther, more efficiently

  • The purpose of the skyscraper is steadily changing, from a show of wealth and decadence to luxury office space. Additionally, high rise buildings now offer premium quality housing, providing a good quality of life.

Key Challenges

  • Stringent government regulations and policies governing the safety standards of elevators have compelled manufacturers to adhere to strict standards and certifications and this is a challenge to the growth of the elevators market

Market Preference

  • By deck type, a single-deck elevator has the highest growth opportunity as it is cost-effective and ideal for moderate traffic. The double-deck elevator consists of two cabins attached together. Depending on which floor the passengers want to go, they can either take the upper or lower deck if they intend to go to even or odd floors.

  • By destination control, the smart elevator segment is expected to rise with new features, enabling passengers to first select the floor they want and then take them to their destination with the fewest number of stops. These elevators are faster and more energy-efficient than conventional elevators.

  • By building height, the mid-rise segment constitutes a major share in the global elevator market. Demand for skyscrapers in Asia Pacific countries is increasing, helping to boost the high rise elevators market in the region

  • By end-use, mix block segment is expected to expand at the highest CAGR during the forecast period as compared to the residential and commercial segments.

  • By speed, the segment between 1 to 3 m/s has a major share in the global elevator market. However, due to the rapid growth of high rise buildings, between 4 to 6 m/s segment is increasing rapidly.

  • By application, passenger elevators are the most commonly used. Freight elevators are mostly used in the commercial sector to transport goods from one floor to another.

  • Geographically, in terms of revenue, Asia Pacific held the largest share in the elevator market in 2017, followed by Europe. The market in Asia Pacific region is estimated to witness the fastest growth during the forecast period. China, India, and Japan have the highest growth rate as compared to other countries in the Asia Pacific region. The South American market is expected to show slow growth as compared to the other regions of the world.

Competitive Landscape

  • The elevator market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences and to meet the industry norms and regulations.

  • The report includes the below-mentioned pointers of major players operating in the elevator market:

    • Competition Matrix

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Product Innovation

    • Product Comparison Analysis

    • Business Strategies / Recent Developments

      • Technological advancements

      • Key mergers and acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope

  • Otis Elevator Company

  • KONE Oyj

  • Fujitec Co., Ltd.

  • Hitachi, Ltd.,

  • Hyundai Elevator Co., Ltd.

  • Electra Elevators

  • Mitsubishi Electric Corporation

  • Thyssenkrupp AG,

  • Toshiba Corporation

  • Schindler

Market Segmentation/Research Scope

Elevator Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027


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