Elevator Market is Expected to Hit USD 148.20 Bn by 2030

Rising Urbanization and Aging Building Infrastructure Driving the Global Elevator Market Expansion

According to Next Move Strategy Consulting, the global Elevator Market size was valued at USD 98.72 billion in 2024 and is expected to reach USD 108.13 billion by 2025. Looking ahead, the industry is projected to expand significantly, reaching USD 148.20 billion by 2030, registering a CAGR of 6.51% from 2025 to 2030. In terms of volume, the sector recorded 830 thousand units in 2024, with forecasts indicating growth to 960 thousand units by 2025 and further to 1516 thousand units by 2030, reflecting a CAGR of 9.6% over the same period.

Rising global urbanization and the ageing of building infrastructure are generating a powerful surge in demand for lift modernisation. Industry estimates indicate that approximately 8 million elevators worldwide are due for upgrades, a figure expected to exceed 10 million by 2030. This accelerating retrofit wave represents one of the most significant growth drivers in the sector. 

Otis, for instance, reported an 11.7% year-over-year increase in its modernisation segment in 2024, reflecting the growing priority placed on upgrading existing installations. Stricter energy-efficiency and safety mandates, such as those outlined under the EU Green Deal, are further compelling building owners to modernize to meet sustainability and compliance standards. 

In response, leading OEMs are transitioning toward service-centric business models, leveraging modernization and maintenance contracts to secure recurring revenue streams. KONE exemplifies this shift, deriving 41% of its 2024 revenue from maintenance operations, underscoring the strategic importance of lifecycle service offerings. 

To broaden accessibility, manufacturers are also rolling out modular upgrade solutions and flexible financing programs, strengthening their competitive position amid the global transition toward smarter, greener, and more efficient building ecosystems.

Despite the clear advantages of elevator systems, the global elevator market trends continues to face mounting challenges from economic headwinds and rising operational costs. Weak non-residential construction activity is dampening demand for new installations across office and industrial segments, while persistently high interest rates are inflating financing expenses and delaying large-scale infrastructure developments. 

Simultaneously, ongoing supply chain disruptions and shortages of skilled labour are extending production lead times and complicating maintenance schedules, further straining manufacturers. These combined pressures are intensifying price-based competition and forcing industry players to strike a delicate balance between cost efficiency and margin preservation. 

In response, leading OEMs are focusing on operational optimisation through factory automation, digitalised project management, and the deployment of modular, cost-efficient elevator platforms, strategic measures aimed at strengthening competitiveness and ensuring resilience in a more constrained economic environment.

Conversely, the aftermarket and technology-driven segments are emerging as the primary engines for the global elevator market growth. Expanding maintenance and modernisation portfolios are generating stable, recurring revenue streams that continue to attract strong investor confidence. 

At the same time, the rapid adoption of smart elevator technologies, including predictive maintenance, IoT-enabled monitoring, and cloud-based analytics, is spurring new rounds of venture capital investment as digitalisation becomes central to the industry’s evolution. Major infrastructure initiatives, particularly those aligned with smart city and urban mobility programs, are opening new funding opportunities through public–private partnerships focused on modernising vertical transportation systems across transit networks, airports, and public buildings. 

The sector’s inherent resilience amid economic volatility further reinforces its attractiveness as a long-term investment avenue. Looking ahead, digital service platforms and urban retrofit projects in fast-growing regions such as Asia-Pacific and the Middle East represent key investment opportunities, especially for companies leveraging sustainability grants and innovation-driven funding to expand their modernisation and service capabilities.

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According to the report, the top companies operating in the elevator industry include Otis Elevator Company, Kone Corporation, Schindler Group, TK Elevator, Mitsubishi Electric Corporation, among others. These market players are implementing strategies such as strategic partnerships and targeted product launches across different countries and regions to sustain their market leadership.

The elevator market share continues to experience robust strategic investments and modernization initiatives, reflecting the sector’s steady growth and the increasing focus on smart building solutions, urban infrastructure, and safety compliance. Leading global elevator companies are investing heavily in advanced technologies, enhancing operational efficiency, and expanding regional presence to meet the rising demand for predictive maintenance, energy-efficient systems, and connected mobility solutions. 

In May 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. 

Earlier in January 2025, KONE Australia 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.

In May 2025, Otis secured a government contract to modernize lifts for the NSW Land & Housing Corp., upgrading aging social housing infrastructure with improved safety and reliability.

In June 2025, Global consultancy, Elevating Studio formed a strategic collaboration with Australia’s VT Studio, aiming to enhance consultancy services and expand expertise in vertical transportation projects.

Key Insights from the Elevator Market Report:

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