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 market growth is driven by the rise in residential construction, particularly multi-family housing projects, and increasing demand for energy-efficient elevators. Smart elevators are also gaining significant traction due to their enhanced connectivity, predictive maintenance capabilities, and improved user experience.

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

Traction Elevators Hold the Major Market Share

Based on type, the market is segmented into traction with machine room, machine room-less traction, and hydraulic. Traction elevators are the most commonly used type due to benefits like energy efficiency, smooth transportation, and suitability for modern high-rise buildings. Machine room-less (MRL) traction elevators are also growing in popularity due to their compactness and cost-efficiency.

New Installation Segment Dominates the Market

By installation type, the market is segmented into new installation, maintenance, and modernization. The new installation segment holds the largest share, driven by increasing construction activities and innovative offerings from manufacturers. The modernization segment is expected to be the fastest-growing due to the need to upgrade aging elevator systems for reliability, safety, and sustainability.

Commercial Sector Leads by Application