How big is the Elevator Market | Latest Insights 2025

Q: What is the current size of the elevator market?

The elevator market was valued at USD 75.3 billion in 2024 and is forecast to exceed USD 113.4 billion by 2031.

Q: Which sectors are driving elevator demand globally?

Residential and commercial high-rise buildings, transportation hubs, and infrastructure renovation projects are key demand drivers.

Q: How is technology shaping the elevator industry?

IoT-enabled smart elevators, regenerative braking systems, and destination dispatch systems are transforming user experience and operational efficiency.

Q: What regions are leading in elevator installations?

Asia-Pacific dominates due to massive urbanization, with China, India, and Southeast Asia witnessing the fastest installation rates.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6289

Publication Date: Jul 2025

What is the Elevator Market Size?

According to 6Wresearch internal database and industry insights, the Global elevator market was valued at USD 75.3 billion in 2024 and is projected to cross USD 113.4 billion by 2031, registering a CAGR of 8.02% during the forecast period.

This surge is driven by urban population growth, high-rise residential and commercial construction, aging infrastructure requiring modernization, and smart elevator technologies integrating IoT, AI, and energy efficiency.

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Growth Factors of the Elevator Market

Growth of high-rise development in urban environments, especially in Asia and the Middle East
Demand for modernization of aging elevator systems in more developed countries
Implementation of IoT and smart technologies to create safer and better performing elevators and lifts
Increase in elderly population is leading to a need for vertical mobility solutions in public places
Infrastructure projects initiated by local and federal governments coupled with affordable housing initiatives
Demand for energy-efficient elevators to meet green building requirements

Elevator Market Trends

Elevator Market is witnessing strong momentum with the adoption of smart elevators equipped with predictive maintenance, AI-based traffic control, and touchless technologies post-pandemic. Additionally, the demand for machine-room-less (MRL) elevators is rising due to their space-saving benefits and energy efficiency.

Green building certification and innovation in urban mobility have pushed OEMs to provide low-carbon, connected and other vertical transport solutions. Tier-II cities across the world have emerged as a growth opportunity too for residential elevators.

Emerging Developments in Elevator Market

In the Elevator Market, emerging developments include the launch of AI-integrated elevators that can analyze traffic patterns and reduce wait times, and regenerative drive systems that feed energy back into the building grid.

Companies are also introducing compact, cable-free elevator designs for future-ready architecture. Moreover, elevator-as-a-service models are gaining traction, offering flexible subscriptions for building owners.