Smart Technologies Are Transforming the Global Elevator Industry: Led by Schindler, Otis, and KONE

As per NMSC analysis, the Elevator Market is set to maintain strong growth momentum, with market size expected to nearly double between 2025 and 2030, reaching around USD 148.20 billion by 2030. Valued at USD 98.72 billion in 2024, the industry is projected to rise to USD 108.13 billion by 2025, marking a solid CAGR of 6.51%. 

In Terms Of Volume, The Market Recorded 830 Thousand Units In 2024, With Forecasts Indicating Growth To 960 Thousand Units By 2025 And Further To 1,516 Thousand Units By 2030, Reflecting A Cagr Of 9.6% Over The Same Period. This Growth Is Driven By Rapid Advancements In Elevator Automation, Greater Integration Of Ai-enabled Systems, And Rising Demand For Energy-efficient, Smart Vertical Mobility Solutions. 

Moreover, the growing focus on real-time operational efficiency and modernisation across commercial, residential, and industrial buildings is transforming the elevator market share, creating substantial opportunities in real estate, infrastructure, transportation, and high-rise urban development.

Elevator Market Overview

The global elevator market expansion is driven by accelerating urbanisation, large-scale infrastructure investments, and the growing construction of high-rise buildings across major metropolitan regions. Rapid population growth and migration toward urban centres are intensifying the need for efficient vertical transportation systems that balance performance, safety, and sustainability. Developers and facility managers are increasingly adopting high-speed, energy-efficient, and digitally connected lifts to meet evolving building standards and user expectations.

Technological innovations, such as IoT-enabled diagnostics, AI-based predictive maintenance, destination control systems, and touchless operation interfaces, are redefining the market landscape. These advancements enhance reliability, optimise energy consumption, and improve passenger comfort. 

Furthermore, the rising emphasis on sustainable construction and smart city initiatives is encouraging the deployment of green elevator technologies, including regenerative drives and low-energy components. As global construction activity continues to surge, elevators are emerging as a critical enabler of modern urban mobility and intelligent infrastructure development.

Several major companies dominating the elevator industry include Schindler Group, Otis Elevator Company, TK Elevator, Kone Corporation, Mitsubishi Electric Corporation, Toshiba, Hitachi, and Fujitec, among others. These global leaders are driving innovation in vertical transportation by delivering advanced, energy-efficient, and intelligent elevator solutions that cater to the nation’s rapidly evolving urban infrastructure. 

With a strong focus on digitalisation, automation, and sustainable design, they continue to invest heavily in research and development to introduce next-generation elevator technologies. Their unwavering commitment to safety, performance, and modern design aesthetics is transforming the built environment, positioning them as pivotal enablers of vertical mobility across high-rise residential, commercial, and infrastructure developments nationwide.

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Highlights Of Schindler Group

Schindler Group, headquartered in Switzerland, is among the world’s leading providers of elevators, escalators, and moving walkways. The company maintains a strong presence in the market, delivering advanced vertical transportation solutions across commercial, residential, and infrastructure projects nationwide. Schindler’s focus on digital integration and predictive maintenance services aligns seamlessly with the evolving technological expectations of modern buildings.

In 2024 and early 2025, Schindler continued to strengthen its portfolio with a clear emphasis on digital transformation and sustainability. The company has notably advanced its Schindler Ahead platform, an IoT-enabled smart service designed to enhance elevator performance, reliability, and uptime, making it particularly valuable for high-density urban developments. 

Schindler has also played a significant role in major infrastructure and high-rise projects, deploying its latest generation of elevators engineered for energy efficiency and AI-driven predictive maintenance. This strategic focus firmly positions Schindler at the forefront of the elevator modernisation movement, supporting both new construction and the retrofitting of existing buildings in alignment with green building and smart city standards.

Highlights Of Otis Elevator Company

Otis Elevator Company, one of the world’s oldest and largest elevator manufacturers, holds a pivotal position in the nation’s vertical mobility landscape. The company maintains a strong presence across high-rise buildings, transport infrastructure, healthcare facilities, and commercial developments. 

In the local market, Otis is well recognised for its energy-efficient Gen2 elevators, high-performance SkyRise systems, and advanced smart maintenance technologies. In 2025, Otis secured a government contract to modernise lifts for the NSW Land & Housing Corp., upgrading ageing social housing infrastructure with improved safety and reliability. This move reflects Otis’s strategic investment in the evolving elevator market demand, particularly in response to increasing urbanisation and smart city initiatives.

Highlights Of Kone Corporation

KONE Corporation, headquartered in Finland, is a global leader in the elevator and escalator industry, renowned for its innovative and sustainable vertical transportation solutions. In the country, KONE holds a prominent position in the market, contributing to major infrastructure, commercial, and residential developments across key urban centres. The company delivers customised solutions for both new installations and modernisation projects, enhancing building performance and energy efficiency.

In recent 2025 developments, KONE introduced its compact, energy-saving MiniSpace DX model in the BLVD tower of Melbourne Square, marking the local debut of next-gen high-rise elevator tech. This innovation positions KONE as a leader in shaping the next generation of elevators in the global market.

Highlights Of Mitsubishi Electric Corporation

Mitsubishi Electric is a leading global manufacturer of elevators, escalators, and building systems, renowned for its cutting-edge technologies in safety, automation, and energy efficiency. In the country, the company is a well-established player, providing customized elevator solutions for residential, commercial, and infrastructure projects. 

In 2024, Mitsubishi launched the NEXIEZ-Fit, a residential elevator designed for low to mid-rise buildings in emerging markets, offering faster installation and IoT-enabled service to meet rising urban housing demand in ASEAN and the Middle East. 

Highlights Of TK Elevator

TK Elevator, headquartered in Germany, is a leading global provider of elevators, escalators, and moving walkways, offering advanced mobility solutions for residential, commercial, and infrastructure projects. In the elevator market, the company is recognised for its strong engineering capabilities, innovative product lines, and focus on sustainability and digitalisation. 

TK Elevator’s portfolio spans machine-room-less systems, high-speed elevators, and modernisation solutions designed to enhance safety, energy efficiency, and user experience. Its digital platforms, such as MAX predictive maintenance, leverage IoT and real-time analytics to reduce downtime and optimise service operations. With a broad global presence and a growing emphasis on smart urban mobility, TK Elevator continues to play a pivotal role in shaping the next generation of vertical transportation systems. 

In 2025, TK Elevator inaugurated a USD 93 million R&D and production hub in Esslingen, Germany, dedicated to its new EOX elevator platform and serving as a digital spare parts centre, underscoring the industry’s focus on innovation and efficient operations.

Highlights Of FUJITEC

Fujitec, headquartered in Japan, is a renowned manufacturer specialising in elevators, escalators, and moving walkways. In the country, the company operates through its subsidiary Fujitec Pty Ltd, serving major urban centres with customised vertical transportation solutions. 

Fujitec is actively involved in both new installations and modernisation projects across residential, commercial, and industrial segments. Its local portfolio emphasises energy efficiency, safety, and intelligent mobility, key priorities in a sector increasingly shaped by urban densification, infrastructure renewal, and adherence to green building standards.

In 2024, Fujitec launched its advanced ZEXIA elevator series, built for high-rise buildings with intelligent control, energy efficiency, and ride comfort. This product launch strengthens Fujitec’s relevance in the elevator market, particularly as developers look for compact, eco-friendly, and intelligent mobility systems to meet the country’s evolving infrastructure needs.

Summary Of Elevator Market

The global elevator market is experiencing a dynamic transition driven by rapid urbanisation, infrastructure expansion, and the modernisation of ageing vertical transport systems. While growth in new installations is moderating in mature economies, emerging markets in Asia, the Middle East, and Africa continue to witness robust demand fuelled by high-rise construction and urban development projects. At the same time, modernisation and maintenance segments are gaining prominence worldwide as building owners prioritise safety, energy efficiency, and lifecycle cost optimisation.

Smart elevator technologies, such as AI-driven predictive maintenance, destination dispatch, and regenerative drives, are redefining system performance and sustainability standards. Leading global manufacturers are increasingly adopting IoT and cloud-based platforms to enable real-time monitoring, enhance operational efficiency, and minimise downtime. These innovations are particularly critical in dense metropolitan regions and ageing urban infrastructures. 

Moreover, sectors including healthcare, commercial real estate, and transportation hubs are investing heavily in modernisation to improve accessibility and comply with evolving safety regulations. Overall, the global elevator market demand is shifting toward a connected, intelligent, and service-oriented model that emphasises reliability, safety, and energy-conscious design across the built environment.