Who is the leader in the Elevator Market | Market Demand & Forecast 2025

Code: MTA4332 Publication Date: Jun 2025

Who is the leader in the elevator market?

According to 6Wresearch internal database and industry insights, the global elevator market is forecast to expand from an estimated USD 82 billion in 2024 to nearly USD 120 billion by 2031, posting a steady CAGR of about 6.5% during this time frame.

 This healthy growth stalks from rapid urbanization, the boom in high-rise residential and commercial buildings, and modernization of aging infrastructure in developed cities. 

With smart cities gaining momentum worldwide, demand is rising for energy-efficient, IoT-enabled elevators that offer smoother rides, predictive maintenance, and improved safety features. Furthermore, increased focus on accessibility and stringent building safety codes are pushing developers and facility managers to invest in advanced vertical transport solutions. The trend toward sustainable building design is also increasing innovation in regenerative drives and eco-friendly materials, ensuring the elevator market remains on a strong growth path through 2031.

List of the leader in the elevator market

1. KONE Corporation

Company NameKONE Corporation
Establishment Year1910
HeadquarterEspoo, Finland
Official WebsiteClick Here

KONE is a global leader in elevator and escalator manufacturing. Known for its eco-efficient products and digital services, it focuses on intelligent maintenance and urban mobility solutions.

2. Thyssenkrupp Elevator (TK Elevator)

Company NameThyssenkrupp Elevator (TK Elevator)
Establishment Year1999 (elevator division)
HeadquarterDüsseldorf, Germany
Official WebsiteClick Here

TK Elevator is a major global player providing elevators, escalators, and moving walkways. Known for innovations like MULTI, it delivers customized mobility solutions for complex architectural needs.

3. Mitsubishi Electric Corporation

Company NameMitsubishi Electric Corporation
Establishment Year1921
HeadquarterTokyo, Japan
Official WebsiteClick Here

Mitsubishi Electric produces advanced elevator systems with a focus on safety, speed, and energy efficiency. It is renowned for its presence in premium high-rise projects in Asia and around the world.

4. Hitachi Ltd.

Company NameHitachi Ltd.
Establishment Year1910
HeadquarterTokyo, Japan
Official WebsiteClick Here

Hitachi manufactures high-speed elevators with a strong presence in Asia. The company emphasizes cutting-edge control systems, efficient designs, and has set global records for elevator speeds.

5. Hyundai Elevator Co., Ltd.

Company NameHyundai Elevator Co., Ltd.
Establishment Year1984
HeadquarterIcheon, South Korea
Official WebsiteClick Here

Hyundai Elevator offers elevator and escalator systems for various infrastructure needs. It focuses on smart elevators, energy efficiency, and has expanded its footprint in the Middle East and Southeast Asia.

6. Fujitec Co., Ltd.

Company NameFujitec Co., Ltd.
Establishment Year1948
HeadquarterHikone, Japan
Official WebsiteClick Here

Fujitec specializes in elevator, escalator, and autowalk systems with advanced safety features. Its global operations span North America, Asia, and Europe, supporting residential and commercial projects.

7. Johnson Lifts Pvt. Ltd.

Company NameJohnson Lifts Pvt. Ltd.
Establishment Year1963
HeadquarterChennai, India
Official WebsiteClick Here

Johnson Lifts is one of the largest Indian elevator and escalator companies. It offers localized solutions for Indian infrastructure and is a market leader in both residential and commercial segments.

8. Schindler Group

Company NameSchindler Group
Establishment Year1874
HeadquarterEbikon, Switzerland
Official WebsiteClick Here

Schindler offers elevators, escalators, and moving walkways for various building types. It emphasizes safety, performance, and integration of smart digital services in its vertical transportation systems.

9. Omega Elevators

Company NameOmega Elevators
Establishment Year1985
HeadquarterMumbai, India
Official WebsiteClick Here

Omega Elevators is a growing Indian manufacturer with expertise in customized elevators for homes, hospitals, and high-rises. It provides installation, modernization, and maintenance services across India and select global markets.

10. Otis Worldwide Corporation

Company NameOtis Worldwide Corporation
Establishment Year1853
HeadquarterFarmington, Connecticut, USA
Official WebsiteClick Here

Otis is the world’s largest manufacturer of elevators and escalators. It offers cutting-edge solutions for residential, commercial, and high-rise buildings and is recognized for innovations like the Gen2 system and smart elevator technologies.

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