Australia Elevator Market is Expected to Reach USD 3365.47 Million by 2030

Urban Densification and Infrastructure Boom Propels the Australia Elevator Market Growth

According to Next Move Strategy Consulting, the Australia Elevator Market was valued at USD 2066.58 million in 2024 and is expected to reach USD 2294.97 million by 2025. Looking ahead, the industry is projected to expand significantly, reaching USD 3365.47 million by 2030, registering a CAGR of 7.96% from 2025 to 2030. In terms of volume, the market recorded 13708.00 units in 2024, with forecasts indicating growth to 16130.00 units by 2025 and further to 27623.00 units by 2030, reflecting a CAGR of 11.36% over the same period.

Urban high-rise development is a key driver of elevator demand in Australia, particularly in densely populated cities like Sydney, where around 70% of residents live in apartment buildings. The push for vertical living has created a strong need for advanced elevator systems that are high-capacity, high-speed, and technologically smart. 

Developers are prioritizing solutions that enhance vertical mobility while aligning with sustainability and energy-efficiency goals. This trend is opening significant opportunities for the elevator market manufacturers that cater specifically to high-rise residential and commercial buildings with tailored, integrated technologies designed to improve performance, safety, and user experience in modern urban environments.

However, the shortage of skilled lift technicians is significantly impacting elevator installations and upgrades in Australia. With an aging workforce and a limited influx of new qualified professionals, many service providers are facing operational strain. This has led to inflated costs and prolonged wait times for both new installations and essential maintenance work. 

Companies across the Australia elevator market share are increasingly unable to meet growing demand, resulting in delays for preventative servicing, emergency repairs, and modernization projects. Industry sources note that the technician shortfall is creating a bottleneck, hindering timely service delivery and project execution.

On the other hand, retrofitting outdated elevator systems presents a strong and relatively untapped investment opportunity in Australia. With more than 60% of elevators in buildings over 30 years old needing upgrades to comply with modern safety and performance standards, there is a growing demand for modernization. 

Retrofitting is a more cost-efficient option compared to full replacements, especially in mid-tier residential and commercial properties. Companies that provide modular, smart retrofit solutions with minimal operational disruption are well-positioned to capture this underserved market. As building owners seek to enhance safety, energy efficiency, and reliability, the retrofit segment is becoming increasingly attractive for investors and service providers.

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According to the report, the top players operating in the Australia elevator industry include Schindler Group, Otis Elevator Company, TK Elevator, Kone Corporation, among others. These companies are adopting strategies, including partnerships, and product launches across various countries and regions to maintain their dominance in the sector.

In recent years, the Australia elevator market trends has undergone a strategic evolution, marked by a strong focus on modernization, smart technologies, and sustainability. Rather than simply delivering vertical transportation, leading industry players are redefining lifts as integral components of smarter, greener, and more connected buildings. This shift is driven by the rise of high-density urban developments and an increasing demand for energy-efficient, accessible, and digitally enhanced solutions that align with the needs of modern infrastructure. 

A strong example of innovation in the market is Otis, which has responded to increasing urban density by introducing its Gen3 elevator series in Australian cities. These elevators feature flat-belt technology and are IoT-enabled, allowing real-time monitoring, energy efficiency, and seamless integration with smart buildings. This offering is designed to reduce emissions and improve vertical mobility efficiency in high-rise residential and commercial projects. 

Meanwhile, KONE Australia has placed a strong emphasis on wellness and passenger experience by deploying touchless elevator controls and anti-microbial materials in their lift systems. This was particularly evident in their installations across commercial and mixed-use towers in Melbourne and Sydney, aligning with growing concerns about hygiene and contactless interaction in high-traffic spaces.

Schindler Australia has been aggressively expanding its digital innovation offerings through its Schindler Ahead platform. In 2025, the company rolled out MediaScreen and SmartMirror displays for elevators and escalators, transforming vertical transport into real-time communication and entertainment hubs, all managed through a single IoT-enabled backend system.

TK Elevator installed 190 new elevator and escalator units on the Sydney Metro City Line, which is one of Australia’s largest urban transport projects with Universal Service coverage including third-party equipment in ongoing maintenance contracts. The Metro officially launched on August 2024, servicing around 200,000 daily passengers, and TK's role extends into the upcoming Southwest Line expansion throughout 2025.

Key Insights from the Australia Elevator Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Australia elevator market expansion is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the key players in the industry, along with their competitive analysis are provided in the report.