The Elevator Industry Worldwide
~ Around USD 79 billion (2024) Grand View Research, Global Elevators Market Report
~ Global elevator + escalator market size of USD 94 billion
Projection: Expected to reach USD 116 billion in the 2025–2030 period.
With a longer-term forecast, growth is estimated to be between USD 161.7 billion and USD 244.3 billion between 2024–2033.
It's approximately 6-7%, with some reports mentioning values as high as 7.6%.
The Asia-Pacific region is dominant in the market; it will account for the majority of global revenue in 2024. The North American market will account for approximately 12-13% of the total in 2024.
Much of the revenue and "installed unit/maintenance/service" work is handled by large companies. For example, players like Otis, Schindler, and KONE take a large share of global revenue.
"Traction" type elevators still lead the market in terms of revenue; rapid growth is observed especially in "Machine Room-Less (MRL) Traction" type installations.
