Market Overview

According to fortune business insights, the global elevators market size was valued at USD 85.23 billion in 2025. The market is projected to grow from USD 91.87 billion in 2026 to USD 167.55 billion by 2034, exhibiting a CAGR of 7.80% during the forecast period. Asia Pacific dominated the elevators market with a market share of 50.27% in 2025.

The analysis shows that companies are focusing on designing smart products to provide an enhanced user experience. For instance, KONE launched its DX Class elevators with built-in connectivity, which allows for customized services and software updates throughout the product's lifetime. This trend indicates a strong shift toward connected and intelligent elevator systems worldwide.

Major Players Profiled in the Market Report:

• KONE CORPORATION
• Schindler
• Mitsubishi Electric Corporation
• thyssenkrupp AG (Cinven, Advent and RAG foundation)
• United Technologies
• Hitachi, Ltd.
• HYUNDAIELEVATOR CO., LTD
• Johnson Lifts
• Fujitec Co., Ltd.
• Toshiba Corporation

Segments

Energy Efficiency and Speed to Drive Traction Elevator Segment Growth

Based on type, the market is segmented into traction with machine room, machine room-less traction, and hydraulic. The traction elevator segment holds the major market share owing to its energy efficiency, smooth transportation, and faster speeds compared to hydraulic systems, making it suitable for modern high-rise buildings.

Increasing Innovation to Propel New Installation Segment Growth

By installation, the market is segmented into new installation, maintenance, and modernization. The new installation segment holds the major share of the market, driven by increasing innovative offerings from manufacturers and rising urbanization and construction activities.

High Product Penetration to Drive Commercial Segment Expansion