Industry: Construction & Manufacturing | Publish Date: 20-Sep-2025 | No of Pages: 167 | No. of Tables: 186 | No. of Figures: 131 | Format: PDF | Report Code : CM1632
According to NMSC, the Sweden Elevator Market size in 2024 was USD 794.09 million, and is estimated to reach USD 914.55 million in 2025 and is projected to reach USD 1490.31 million by 2030 with a CAGR of 10.26%. According to NMSC, in term of volume the market size was 3.71 thousand units in 2024, 4.21 thousand units in 2025 and is projected to reach 7.30 thousand units by 2030 with a CAGR of 11.62%. The elevator market embodies a vibrant sector that encompasses the conception, production, installation, and upkeep of elevator systems. Ranging from traditional traction elevators to state-of-the-art smart solutions, this market presents a diverse range of vertical transportation options tailored to meet the unique needs of various buildings and infrastructure projects. Key players within the elevator market include manufacturers, suppliers, contractors, architects, building proprietors, and facility managers.
Manufacturers persistently innovate to elevate elevator performance, safety standards, and sustainability practices, while suppliers furnish essential components and materials essential for system assembly. Moreover, sustainability considerations, such as energy efficiency and material recyclability, are increasingly integrated into elevator design and operation, aligning with broader environmental goals and sustainable building principles. Consequently, the elevator market stands as a pivotal pillar of vertical mobility, enhancing functionality, accessibility, and sustainability across buildings and urban environments worldwide
Sweden’s binding climate legislation and evolving building-sector regulations are a major catalyst for elevator market growth. National requirements, such as Boverket’s climate declaration for new buildings (in force since 2022) and upcoming limit values on lifecycle emissions, are compelling developers and property owners to adopt energy-efficient building systems. At the same time, Sweden is implementing the EU’s Energy Performance of Buildings Directive (EPBD), which mandates stricter energy performance thresholds and renovation standards for residential and commercial buildings. These frameworks directly affect elevators, encouraging upgrades to high-efficiency traction and machine-room-less systems, regenerative drives, and smart controls that reduce operational energy use and embodied emissions. This policy environment is accelerating both modernization of older installations and integration of sustainable elevator solutions in new construction.
With around 88% of Sweden’s population living in urban localities (SCB, 2024) and steady population concentration in cities, demand for efficient vertical mobility solutions continues to grow. Urban redevelopment and new high-density residential projects are increasingly dependent on elevators that meet high standards for accessibility, speed, and safety. At the same time, Sweden’s ageing population—more than 20% of residents are 65 or older—is driving demand for accessible housing and retrofits, supported by government guidance on age-friendly infrastructure. Public-sector investments further reinforce this trend: for example, the modernization of escalators on the Arlanda Express rail link by Otis in 2025 highlights the need for reliable vertical transport in transit hubs. Together, these demographic and infrastructure shifts are ensuring steady growth in both new installations and modernization of existing elevator systems.
Elevator installations and modernization projects in Sweden are frequently delayed by the formalities and timelines involved in obtaining the necessary building permits and notifications. Local municipal building committees are required to review applications in detail, evaluate architectural and technical drawings, and in some cases consult with stakeholders or neighbouring property owners before granting approval. The procedures under national building regulations place strict requirements on documentation and compliance checks, which can extend overall approval times, particularly in complex renovation projects or in historic urban areas. These administrative delays not only slow down the initiation of elevator projects but also increase planning costs for developers and create uncertainty for building owners, making it more difficult to move forward with timely modernization or installation.
Sweden’s accelerating investment in renewable energy infrastructure and smarter electricity grid technologies presents an emerging opportunity for the elevator sector. National projects to upgrade transmission capacity and improve power quality are enhancing the reliability and availability of clean electricity. Initiatives involving federated artificial intelligence, digital twins, and simulation tools are helping utilities and municipalities forecast demand, balance loads, and integrate intermittent renewable generation more effectively. This evolving energy ecosystem allows elevator suppliers and building owners to deploy systems that draw from cleaner power sources and leverage smart energy management (for instance regenerative braking timed with low-carbon supply, adaptive scheduling, and load-smoothing controls). As energy cost volatility becomes a concern, these features may become differentiators. Together, the cleaner energy supply and digitalised grid control open up new value propositions around lower operational emissions, improved energy cost predictability, and stronger alignment with Sweden’s net-zero 2045 goal.
The Sweden elevator market comprises various market players, such as KONE Corporation, Otis Sweden, Schindler Group, TK Elevator, Mitsubishi Electric, Alimak Group AB, Cibes Lift Group AB, Aritco Lift AB, Orona Group, ALT Hiss AB, Stannah Lifts, Innovation Lift Scandinavia AB, SWIFT Home Lifts Sweden AB, NAMI Lift AB, Hydroware International AB.
Passenger elevator
Freight elevator
Others
Traction
Machine Room [MR] Traction
Machine Roomless [MRL] Traction
Hydraulic
New Installation
Maintenance
Modernization
Less than 1500 kg
1500 to 2500 kg
2501 to 4000 kg
More than 4000 kg
Less than 1 M/S
Between 1 to 4 M/S
More than 5 M/S
Single Deck
Double Deck
Smart
Conventional
Automatic
Manual
Residential
Low Rise: 10 floors
Mid Rise: 11-30 floors
High Rise: above 30 floors
Villa/home
Commercial
Airport
Hotel & Hospitality
Leisure and Education
Marine & Port Facilities
Medical & Healthcare
Multiuse Buildings (Mixed-Use)
Retail & Shopping Centers
Public Transportation Hubs
Office Buildings
Low Rise: 10 floors
Mid Rise: 11-30 floors
High Rise: above 30 floors
Industrial
KONE Corporation
Otis Sweden
Schindler Group
TK Elevator
Mitsubishi Electric
Alimak Group AB
Cibes Lift Group AB
Aritco Lift AB
Orona Group
ALT Hiss AB
Stannah Lifts
Innovation Lift Scandinavia AB
SWIFT Home Lifts Sweden AB
NAMI Lift AB
Hydroware International AB
Parameters |
Details |
Market Size in 2025 |
USD 914.55 Million |
Revenue Forecast in 2030 |
USD 1490.31 Million |
Growth Rate |
CAGR of 10.26% from 2025 to 2030 |
Analysis Period |
2024–2030 |
Base Year Considered |
2024 |
Forecast Period |
2025–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
|
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. |