Canada Elevator Market by Type (Passenger elevator, Freight elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than 4000 kg) by Speed (Less than 1 M/S, Between 1 to 4 M/S and More than 5 M/S), by Deck type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual) and by Application (Residential, Commercial and Industrial) - Opportunity Analysis and Industry Forecast, 2024 –2030

Market Definition

Canada Elevator Market size was valued at USD 2.54 billion in 2023, and is predicted to reach USD 4.97 billion by 2030, at a CAGR of 9.0 % from 2024 to 2030. The elevator market represents a dynamic sector encompassing the design, manufacturing, installation, and maintenance of elevator systems. From conventional traction elevators to cutting-edge smart solutions, this market offers a diverse array of vertical transportation choices customized to suit the distinct requirements of various buildings and infrastructure projects. Stakeholders within the elevator market include manufacturers, suppliers, contractors, architects, building owners, and facility managers.

Manufacturers continuously innovate to enhance elevator performance, safety, and sustainability, while suppliers provide critical components and materials necessary for system construction. Additionally, sustainability considerations, including energy efficiency and material recyclability, are increasingly integral to elevator design and operation. They align with broader environmental objectives and sustainable building practices. Thus, the elevator market is a cornerstone of vertical mobility as elevators enhance functionality, accessibility, and sustainability within buildings and urban landscapes worldwide.

Rapid Urbanization is Driving the Growth of the Market

One of the primary drivers behind the growth of the elevator market in Canada is the rapid urbanization occurring across the country. In 2023, Canada's urban population surged to 81.9%, and this trend is expected to persist with a projected growth rate of 0.95% in the coming years. As urbanization intensifies, there is a corresponding increase in infrastructural developments, industrial projects, and residential buildings. This surge in urban development fuels the demand for elevators, particularly in high-rise buildings and mixed-use complexes, as they become essential components of vertical mobility within urban centres.

Initiatives Taken by Key Companies Within the Region Drives the Market

Key market players such as TK elevator (TKE) are taking proactive initiatives to enhance their presence in the Canadian elevator market. TKE's recent introduction of its innovative cloud-based real-time monitoring and predictive maintenance platform, MAX, to the Canadian market exemplifies this commitment to innovation. MAX collects comprehensive data on elevator and escalator components, enabling building owners and property managers to achieve high uptime and operational efficiency. This strategic decision underscores TKE's dedication to providing tailored solutions to meet the evolving demands of the Canadian market while advancing vertical transportation technology.

The elevator market in Canada is poised for substantial growth, with projections indicating an anticipated market size of approximately USD 5.0 million by 2030. This optimistic outlook underscores the increasing demand for vertical mobility solutions in urban centers across the country. As urbanization continues to drive population growth and infrastructure development, there is a growing need for efficient and reliable elevator systems to facilitate vertical transportation in high-rise buildings, commercial complexes, and residential towers.

High Initial Costs Restrains the Market Growth Over the Region

The substantial expenses linked with installing, maintaining, and upgrading elevators pose significant obstacles to market expansion. The initial capital required for installing elevator systems, especially in structures not originally designed for such infrastructure, can impose a considerable financial burden on building owners and developers. Furthermore, ongoing costs associated with maintenance agreements, involving regular inspections and repairs, add to the overall ownership expenses. Additionally, the necessity for modernization to comply with updated safety regulations and improve energy efficiency further compounds the financial pressure. These expenditures can be especially daunting for building owners in areas with limited financial resources or older buildings where retrofitting elevators is complex and costly. As a result, the increased costs associated with elevators hinder market growth, impacting expansion opportunities across various regions.

The Integration of Artificial Intelligence (AI) in elevator Creates Future Opportunity Growth

The introduction of AI-powered predictive maintenance for elevators presents a promising opportunity within the elevator industry, utilizing AI to revolutionize maintenance and operational procedures. By analyzing data gathered from elevator sensors, AI algorithms can proactively detect maintenance requirements, minimizing downtime and maximizing elevator availability. This proactive strategy not only prolongs the lifespan of elevator components but also enhances safety by averting unexpected breakdowns and streamlines resource allocation, leading to substantial cost reductions for elevator firms. Additionally, dependable and well-serviced elevators contribute to increased user satisfaction, thereby enriching the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance enables elevator companies to stay competitive and provide exceptional service quality in a swiftly evolving market environment.

Competitive Landscape

The Canada elevator market comprises various market players, such as Schindler, Otis Elevator Company, TK Elevator (TKE), Kone Corporation, Hitachi Ltd., Fujitec Co., Ltd, Hyundai elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba elevator and Building Systems Corporation, Winone elevator Company Limited and others. 

Canada Elevator Market Key Segments

By Type

• Passenger elevator

• Freight elevator

• Others

By Technology

• Traction

  • Machine Room [MR] Traction

  • Machine Roomless [MRL] Traction

• Hydraulic

By Service

• New Installation 

• Maintenance

• Modernization

By Capacity

• Less than 1500 kg

• 1500 to 2500 kg

• 2501 to 4000 kg

• More than 4000 kg

By Speed

• Less than 1 M/S

• Between 1 to 4 M/S

• More than 5 M/S

By Deck Type

• Single Deck

• Double Deck

By Designation Control

• Smart

• Conventional

By Door Type

• Automatic 

• Manual

By Application

• Residential 

• Commercial

• Industrial

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