The global elevator market size surpassed USD 83 billion in 2022. It is projected to expand at a 2.5% CAGR from 2023 to 2032, supported by construction sector growth, mainly in Asia Pacific countries. Infrastructure investments recorded over 50% capital spending increase globally. Urbanization requires more elevators to transport growing populations. Economic and demographic changes in the region will further drive industry expansion.
Market Growth Drivers
The elevator market is projected to grow at a CAGR of over 6% during 2021-2026, fueled by urbanization and the need for efficient transportation systems. Energy efficiency is becoming increasingly important in the industry as the world becomes more environmentally conscious.
Smart elevators and escalators with touchless controls and predictive maintenance enhance safety, efficiency, and convenience. Investments in transportation infrastructure like airports and metro systems also drive demand.
Market Segments and Regional Insights
The single deck segment holds a significant share of the elevator market. Single deck elevators are ideal for moderate traffic and are widely adopted in the residential sector. They are cost-effective compared to double-deck elevators which have more opportunities.
The global elevators market is expected to reach US$ 270 billion by 2033, increasing at an 11% CAGR from 2023. In terms of geography, Asia Pacific generated USD 20.48 billion in revenue in 2018 owing to the rising demand from residential and commercial construction.