Canada Elevator Market

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Canada Elevator Market

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) and Others- Opportunity Analysis and Industry Forecast, 2024 –2030

Industry: Construction & Manufacturing | Publish Date: 26-Sep-2025 | No of Pages: 157 | No. of Tables: 186 | No. of Figures: 131 | Format: PDF | Report Code : CM1624

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.

Urbanization in Canada Continues to Accelerate Elevator Market Growth

The shift toward urban living across Canadian cities is driving increased demand for elevator systems. As urban infrastructure becomes denser and vertical construction expands, elevators are becoming essential for mobility within residential, commercial, and institutional buildings. The trend toward high-rise development across Canada is directly supporting long-term elevator market expansion.

 

Technology-led Strategies by Key Players are Shaping the Canada Elevator Market

Companies operating in the Canadian elevator market are embracing advanced technologies to meet evolving user expectations. Through the development of intelligent service platforms and smart maintenance systems, these firms are improving efficiency, minimizing downtime, and enhancing customer satisfaction. Such innovations are strengthening competitive positioning and supporting market growth in Canada.

 

High Installation and Maintenance Costs Challenge Growth in the Canada Elevator Market

The high costs associated with elevator installation, retrofitting, and ongoing maintenance pose challenges for broader market adoption in Canada. These expenses can limit feasibility in older buildings and lower-budget projects. The financial burden of complying with safety regulations and ensuring system reliability continues to be a barrier in certain segments of the Canadian market.

Artificial Intelligence Creates New Growth Opportunities in the Canada Elevator Market

The integration of AI technologies into elevator systems is opening new possibilities in the Canadian market. Predictive maintenance, data-driven performance monitoring, and smart operational controls are transforming elevator management. These AI-driven solutions offer enhanced efficiency, reduced downtime, and improved safety—positioning the market for intelligent and future-ready growth.

 

Competitive Landscape

The Canada elevator market comprises various market players, such as Otis Elevator Company, TK Elevator, KONE Canada, Schindler Canada, Mitsubishi Electric Canada, Fujitec, Delta Elevator CLtd, AVT Beckett, Savaria Corporation, Garaventa Lift Canada, Federal Elevator Systems Inc, Atlantic Lifts Ltd, Bramalea Elevator Ltd, Ram Manufacturing Ltd, Hyundai Elevator Co., Ltd, 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

    • Low Rise: 10 Floors

    • Mid Rise: 11-30 Floors

    • High Rise: Above 30 Floors

    • Villa/home

  • Commercial

    • Airport

    • Hotel And Hospitality

    • Leisure And Education

    • Marine And Port Facilities

    • Medical And Healthcare

    • Multiuse Buildings (Mixed-Use)

    • Retail And Shopping Centers

    • Public Transportation Hubs

    • Office Buildings

      • Low Rise: 10 floors

      • Mid Rise: 11-30 floors

      • High Rise: above 30 floors

  • Industrial

Key Players

  • Otis Elevator Company

  • TK Elevator

  • KONE Canada

  • Schindler Canada

  • Mitsubishi Electric Canada

  • Fujitec

  • Delta Elevator CLtd

  • AVT Beckett

  • Savaria Corporation

  • Garaventa Lift Canada

  • Federal Elevator Systems Inc.

  • Atlantic Lifts Ltd.

  • Bramalea Elevator Ltd

  • Ram Manufacturing Ltd.

  • Hyundai Elevator Co., Ltd.

Report Scope and Segmentation

Parameters

Details

Market Size in 2023

USD 2.54 Billion

Revenue Forecast in 2030

USD 4.97 Billion

Growth Rate

CAGR of 9% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Urbanization in Canada Continues to Accelerate Elevator Market Growth

  • Technology-led Strategies by Key Players are Shaping the Canada Elevator Market

Companies Profiled

15

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

Canada Elevator Market Revenue by 2030 (Billion USD) Canada Elevator Market Segmentation Canada Elevator Market Major Regions

About the Author

Jayanta Das is an industry analyst and writer with a keen focus on emerging technologies and sustainable business practices. With a background in engineering and market research, he brings analytical depth to topics like renewable energy, green manufacturing, and industrial transformation. Jayanta is passionate about translating complex data into actionable insights for businesses navigating the shift toward eco-conscious operations.

About the Reviewer

Supradip Baul is an accomplished business consultant and strategist with over a decade of rich experience in market intelligence, strategy, technology and business transformation. His work has included rigorous qualitative and quantitative analysis across multiple industries, helping clients shape investment decisions and long-term roadmaps. Earlier in his career, he was associated with Gartner, where he contributed to industry-leading reports and market share analyses. He has worked with leading global companies and holds an MBA with a dual specialization in Marketing and Finance.

Frequently Asked Questions

The key market players operating in the Canada elevator market are Otis Elevator Company, TK Elevator, KONE Canada, Schindler Canada, Mitsubishi Electric Canada, Fujitec, Delta Elevator CLtd, AVT Beckett, Savaria Corporation, Garaventa Lift Canada, Federal Elevator Systems Inc, Atlantic Lifts Ltd, Bramalea Elevator Ltd, Ram Manufacturing Ltd, Hyundai Elevator Co., Ltd, and Others.

According to the Next Move Strategy Consulting, the size of the Canada elevator market is estimated to be at USD 4.97 billion in 2030.

The challenges in the elevator industry include high costs, technological integration, safety regulations, environmental concerns, urbanization demands, and maintenance downtime.

According to the Next Move Strategy Consulting, the size of the Canada elevator market is estimated at USD 2.54 billion in 2023.

Incorporating AI-driven predictive maintenance into elevators transforms procedures by forecasting maintenance requirements ahead of time through the analysis of sensor data.

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