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The elevator market is witnessing robust growth globally, driven by increasing urbanization, population density, and infrastructure development in both residential and commercial sectors. Elevators play a crucial role in facilitating vertical transportation within high-rise buildings, skyscrapers, and urban complexes, addressing the need for efficient mobility solutions in densely populated urban areas.
With rapid urbanization trends and the construction of tall buildings in emerging economies, the demand for elevators continues to surge, spurring market expansion. Moreover, technological advancements, such as the integration of smart and energy-efficient features, have further propelled market growth, with manufacturers focusing on developing innovative elevator systems to meet the evolving demands of customers and regulatory requirements.
The elevator market is characterized by intense competition among key players, with a focus on product differentiation, customization, and after-sales services to gain a competitive edge. Geographically, Asia-Pacific dominates the global elevators market, driven by rapid urbanization and infrastructure development initiatives in countries like China, India, and Southeast Asian nations.
Additionally, North America and Europe also contribute significantly to market revenue, owing to renovation activities in existing buildings and the construction of high-rise structures. Overall, the elevators market is poised for continued growth, fueled by urbanization trends, technological advancements, and the need for efficient vertical transportation solutions in urban landscapes.
The global elevator market is witnessing steady growth, driven by urbanization, population expansion, and increasing construction activities across residential, commercial, and industrial sectors worldwide. Elevators, essential vertical transportation systems, facilitate the movement of people and goods within buildings, ensuring efficient accessibility and enhancing the overall functionality of high-rise structures.
With rising demand for tall buildings and skyscrapers in urban centers, particularly in emerging economies, the need for reliable and high-performance elevator systems continues to grow. Moreover, technological advancements in elevator design, such as the integration of smart and energy-efficient features, are reshaping the market landscape, offering enhanced safety, comfort, and sustainability to users.
Asia-Pacific leads the global elevator market, driven by rapid urbanization and infrastructure development initiatives in countries like China, India, and Southeast Asian nations. North America and Europe also contribute significantly to market growth, propelled by renovation projects and the modernization of aging elevator systems.
The demand for elevators is not only driven by new installations but also by maintenance and modernization services aimed at improving the efficiency, safety, and aesthetics of existing elevator systems. As the industry embraces digitalization and IoT (Internet of Things) technologies, elevators are becoming smarter, more connected, and better equipped to meet the evolving needs of urban environments, positioning the market for sustained growth in the foreseeable future.
The elevators market is witnessing several notable trends shaping the industry landscape. One prominent trend is the increasing adoption of smart and energy-efficient elevators. With a focus on sustainability and energy conservation, manufacturers are developing elevators equipped with advanced technologies such as regenerative drives, destination dispatch systems, and IoT-enabled sensors.
These features not only enhance energy efficiency but also improve operational performance and user experience. Moreover, smart elevators offer benefits such as predictive maintenance, remote monitoring, and personalized user preferences, catering to the evolving needs of building owners and occupants.
Another significant trend in the elevators market is the rise of urbanization and high-rise construction projects. As cities grow vertically to accommodate population growth and optimize land use, the demand for high-speed, high-capacity elevators for skyscrapers and tall buildings is increasing.
Manufacturers are developing innovative elevator systems capable of transporting passengers and goods efficiently within tall structures while ensuring safety, reliability, and space optimization. Additionally, there is a growing emphasis on design aesthetics, with elevators becoming architectural features that enhance the overall appeal of buildings and contribute to the modernization of urban landscapes.
Furthermore, the elevators market is witnessing a shift towards digitalization and connectivity. Integration with building management systems, cloud-based platforms, and smartphone applications allows for seamless elevator operation, maintenance, and performance monitoring.
Real-time data analytics and predictive maintenance algorithms enable proactive fault detection and optimization of elevator performance, reducing downtime and enhancing operational efficiency. As digital technologies continue to evolve, elevators are poised to become integral components of smart buildings and smart cities, contributing to enhanced mobility, safety, and sustainability in urban environments.
The introduction of the KONE Mono Space DX elevator marks a significant advancement in the elevator market, enhancing user experience and improving people flow in low, mid, and high-rise buildings. With connectivity added to make them smarter, these elevators offer a reimagined user experience, thanks to features such as application programming interfaces (APIs) and new services enabled by the KONE digital platform and KONE Partner Ecosystem.
Additionally, the KONE Mono Space DX elevators provide better consumer value, with energy-saving features, straightforward digital connections for upgrades, and a compact design that eliminates the need for elevator machine rooms, thereby facilitating taller buildings and smoother traffic flow. Similarly, ThyssenKrupp’s MAX system, powered by Microsoft cloud infrastructure and NVIDIA high-performance computing, aims to minimize elevator downtime by providing real-time feedback to service technicians, enabling proactive maintenance and efficient repairs before breakdowns occur.
On the other hand, NIBAV Home Lifts introduces the environmentally friendly NIBAV Series II home lifts, driven by air and requiring minimal electricity consumption. These lifts offer a compact and energy-efficient design suitable for residential buildings. Meanwhile, ICARE Lifts System launches the 2-Person Compact Hydraulic Glass Lift, addressing space constraints in modern infrastructure with its stylish and space-saving design. These innovative products demonstrate the industry’s commitment to enhancing efficiency, sustainability, and user experience in the elevator market.
Technological advancements in the elevator market also include destination control systems, machine-room-less (MRL) elevators, regenerative braking, integrated safety systems, smart elevators, biometric access control, and voice control. These advancements aim to optimize elevator traffic, reduce energy consumption, enhance safety, and provide real-time data for efficient operation and maintenance. Such segmentation and technological innovations reflect the dynamic nature of the elevator market, driven by the continuous pursuit of efficiency, sustainability, and user convenience.
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The megatrends around urbanization remain unchanged, with denser urban developments and taller buildings in metropolitan areas, an increasing flow of people moving around cities, a growing middle class and aging populations, as well as a continuing trend towards one-person households all drive demand for elevators.
In recent years, there are increasing demands for workstyles and workplace reforms, due in part to the shortage of workers caused by issues such as declining birthrate, aging society and shrinking population. These demands have accelerated the movement toward the realization of smart buildings that improve the work efficiency in building and comfort and convenience for users through the utilization of digital technologies.
The Internet of Things (IoT), through which virtually all physical objects can become connected to the internet, promises enormous economic potential. The IoT is disrupting entire industries and forcing companies to rethink their current business activities. Elevator companies are transforming their digital business strategy and brand based on the “Internet of Elevators & Escalators” (IoEE) programs.
Data detected by smart sensors in elevator units varies from component dynamics to energy consumption or temperature fluctuations. As it is transmitted to an edge device where learning algorithms detect anomalies and send the information through the cloud to the engineering personnel. Such a connected ecosystem reduces downtime of installations, accelerates product development and increases customer satisfaction.
Even though living, working, commuting and traveling patterns may have changed for now, people continue to move around in urban areas, including the vertical spaces that define skylines all over the world. Secure and effective transport systems will continue to help make rapidly expanding cities more pleasant places. The elevator industry, like many other industries, is experiencing a digital transformation. There are now ways for building owners and facilities managers to track advanced analytics from their elevators.
Companies prioritize benefits from analyzing elevator data: For building owners interested in elevator analytics and create a digital portfolio designed to bring its analytics and other info into the hands of building owners wherever they are in real time.
The unveiling of the KONE Mono Space DX elevator was announced by KONE, a leader in the global elevator and escalator industry. KONE Mono Space DX machine room-less elevators offer an improved user experience and improved people flow because they are connected and enhanced for low, mid, and high-rise buildings.
“KONE Mono Space DX takes market-leading, eco-efficient elevators and adds connectivity to make them smarter than ever before, and that delivers a new layer of business agility. Elevators become smarter and capable of delivering a reimagined user experience thanks to connection added by KONE Mono Space DX.
In an effort to cut down on the amount of time many elevator systems are currently out of service, ThyssenKrupp and Microsoft have developed a system called MAX that gives service technicians real-time feedback from elevators. This system enables the technicians to know which parts will need to be repaired or replaced before they break down.
The new EOX elevator from TK Elevator features a digital core that improves energy efficiency and user experiences. EOX represents an effort to deliver these advantages directly to the builders, owners, and passengers of smaller residential buildings, which are critical to the city’s ever-expanding urban landscape. Powered by Microsoft cloud infrastructure and NVIDIA high-performance accelerated computing, EOX is designed to evolve with the needs of the customer.
NIBAV Home Lifts, an Australia-based firm that provides hoover lifts, has released the next generation green home lifts, The NIBAV Series II, which are driven by one of the world’s most abundant resources – air. This Series II lift employs a pneumatic elevation mechanism, which allows for a very energy-efficient and compact design.
When using NIBAV Series II, which runs on single-phase power, it consumes 3.7 kVA of electricity. Because the lift runs mostly on air, there is no need for oil or lubrication.
ICARE Lifts System has released the 2-Person Compact Hydraulic Glass Lift, which, together with a compact yet stylish structure, can run without a machine room, addressing the challenges associated with space limits in modern infrastructure. The well-designed, three-sided glass lift may be built in a small space of 3.5 ft. by 3.5 ft. and requires just a hole of 150 mm.
The Machine Room Traction elevator segment holds the highest market share and in the forecasted period 2021 to 2026 the trend is expected to remain the same. As this type of lift is suitable for multi storey buildings and the construction of these buildings are happening at a high pace in the Asia Pacific region, their demand is naturally going to remain prominent.
The residential segment will show positive growth in the forecasted period as there is a rise in construction of residential places in the Asia Pacific as well as Middle East region. Building and construction segment will hold the most prominent market share due to increase in urbanization, high disposable income and increase in investments by the Government and the private players in the developing nations.
The region which is dominating the current market is Asia Pacific, due to the presence of many developing nations where new initiatives by Governments and private players are being taken to build better infrastructure and buildings. Industrialization is another factor contributing to Asia Pacific region’s dominance.
Among the countries in this region, China has the most prominent market. India and South East Asian countries will show rise in demand in the forecasted period 2021 to 2026.
In Europe, we see that the market in terms of new lifts being installed is mature. However, maintenance and modernization of elevators is gaining prominence due to their demand for advanced technology and high standard of living.
In the Middle East and Africa Region, commercial as well as residential applications hold the major market share. The USA is also a prominent market that would exhibit growth.
Out of the three segments, the new equipment segment has the highest contribution to the growth of this market due to increasing urbanization, changes in demographics and a steep rise in construction activities. The maintenance and modernization segment is also expected to show growth in the forecasted period 2021-2026.
With greater awareness among people, advancement of technology and increasing construction activities, there are new trends that are emerging in the elevator market. Some of them are mentioned below :
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Kone’s sales in 2021:
New equipment sales grew by 14% due to strong growth in china. Service sales grew by 7.2% with both maintenance and modernization activities starting to normalize in the later half of first quarter of 2021. In 2021, KONE’s sales growth is estimated to be in the range of 4% to 6% as compared to 2020. In the first half of 2021,Schindler generated a revenue of CHF 5,474 million, an increase of 10% from CHF 4,959 million compared to the same period in previous year.
They surpassed pre-pandemic levels, despite unfavorable foreign currency development the revenue increase in all regions. Asia-pacific generated the highest growth rate by new installations in China , followed by EMEA and America regions. In the second quarter of 2021.
Company is estimated to witness an increase in revenue by 14.4% to CHF 2,873 million from previous year CHF 2,512 million. With these results, revenue and operating results broadly reached pre-pandemic levels, while their order intake is remained slightly below 2019 levels. To overcome this Schindler they created a program called Top Speed 23 , which has been ramping up with expenses starting to arise in the second quarter of the year.
Otis unveiled two new connected elevator platforms: The Gen360 elevator, which introduces a new electronic architecture with impacts for safety, service, passenger experience and comfort and the Gen3TM elevator, which adds built-in Internet of Things (IoT) features to the Gen2 flat-belt system – June 2021.
Kone India launched world’s first digitally connected elevators, Kone DX Class elevators, with built-in connectivity for improved people flow and Combining design, technology, new materials, apps and services which offers new user experience – March 2021.
Schindler’s Robotic Installation System for Elevators (Schindler R.I.S.E), the world’s first self-climbing, autonomous robotic system able to conduct installation work in an elevator shaft, for the first time its been deployed commercially in customer projects Schindler has now fully automated this part of the installation process, thereby revolutionizing the elevator fitting by making it faster and more accurate, while improving the health and safety conditions for technicians – Nov 2020.
Schindler launched Clean Mobility, a new range of touchless, sanitization, and physical distancing innovations that boost hygiene and safety in elevators, on escalators and on moving walks. The solutions include smartphone apps for touchless elevator operation, advanced transit management, air purification systems and UV-light sanitization, as well as options to limit passenger numbers – June 2020.
Hitachi Building Systems Co. will launch full-scale commercial operations with the “EMIEW” communication robot as one of their Lambada solutions in the building field. The robot provides a range of services to support work in buildings, including visitor reception, guidance and surveillance patrol services – March 2020.
The Flex Step stairlift is designed to function both as an ordinary staircase and as a wheelchair lift. Developed and manufactured by Lift up, the Flex Step is flexible and equally useful for pedestrians and wheelchair users alike. Flex Step is an innovative 2-in-1 solution and saves space compared to installing both a flight of stairs and a separate lift – Nov 2019.
The developing nations are a promising market, however challenges in terms of cost of installation and maintenance hinder growth in this region to some extent. The players have to continuously be involved in further research and development to produce safer, affordable, technologically advanced and a customer friendly brand for themselves and also retain their current position.
The Metropolitan Transportation Authority (MTA) announced the launch of a new elevator at Dickman St subway station in Inwood, Manhattan, and the opening of a second lift at 8 Av station in Brooklyn, making both stations fully accessible. Customers can access the Dyckman lift, which connects them from the street to the uptown platform.
Customers can now go between the street and the downtown platform using the newly installed 8 Av lift. Both lifts have been installed with the most recent technology to support customer safety and communications, such as an emergency two-way communication system that enables users to communicate with dispatchers in the event of an emergency via standard voice communications or visually by responding to on-screen questions.
As part of the construction, a larger mezzanine was built to accommodate the new lift, and a new public address system was installed. Previously, an endeavor had been completed that included the installation of an elevator to the downtown platform and other accessible measures.
This work was done as part of a design-build package for eight stations across the whole subway system, the first such bundle taken on by MTA Construction & Development (C&D) in an effort to provide accessibility enhancements more effectively, more quickly, and more affordably.
The remaining stations from that bundle will start broadcasting later this year. The Federal Transit Administration’s (FTA) grant helped to pay for this construction.
A wonderful example of advancement and inclusivity is the announcement of the new ADA lift at Deckman St along the line. They are building a more cohesive and hospitable neighborhood by guaranteeing accessibility to both the Bronx-bound platform and the whole station.
Along with other station modifications, such as the installation of a new fire alarm system, enhanced security system, and redesign of portions of both platforms in line with the Americans with Disabilities Act (ADA), a lift for northbound service was also erected.
The second design-build ADA bundle, which also included 6 new stations and the replacement of lifts at 2 more stations, was given to MTA C&D and included the work to make the southbound platform more accessible.
Hyundai Elevator announced the introduction of Miri, a cutting-edge elevator maintenance service that combines robots, artificial intelligence, big data, and the Internet of Things. The company’s dedication to delivering the highest level of client satisfaction is reflected in the new Miri, which is pronounced “in advance” in Korean. The lift industry is undergoing a digital change that improves service speed and customer comfort.
A prime example of this transformation is Miri, which includes cutting-edge technologies. In order to expand the accessibility of elevators, Miri, a national project of the Korea Industrial Technology Evaluation and Management Agency, utilized Hyundai Elevator’s technology, which was developed over a 33-month period in conjunction with business, academia, and research institutes.
When compared to the prior system, it can cut downtime, or the periods when operations must be suspended, by up to 43%. Component lifespan measurement models, defect detection and classification services, fault pre-detection alarm services, and elevator-specific IoT gateways are some of the major technologies that make this possible. Through Miri, clients may anticipate the need for part replacements as well as problematic indications.
the service is notable for its adherence to sophisticated home trends. Waiting times are decreased and convenience is increased with the help of the integrated Siri and Bixby artificial intelligence assistant systems and the Miri Call remote calling system for lifts.
Magnetically Levitating Elevators Could Go Up, Down, And Sideways. Elevators have largely only been able to move people up and down for more than a century. Steel ropes attached to a counterweight have been used to move the lift vehicle along a single shaft ever since the first lift was invented in 1854.
A German firm named ThyssenKrupp, which specializes in automotive technology, has created a lift system called Multi in which magnetic levitation technology, often known as maglev, takes the role of wires. Maglev cars float instead than roll.
Magnets in the railway’s undercarriage are repelled by a magnetized coil running along the track, enabling the train to hover a short distance above the rails. A shifting magnetic field formed by coils placed in walls alongside the railway subsequently pulls the trains onward.
Multi lifts would operate by following a maglev track across a building, much like a train, because maglev technology is utilised in many different railway systems around the world.
According to ThyssenKrupp, this design enables numerous cars to ride on the same track at the same time, which is not possible with lifts in use today. As a result, there would be no need for users to wait for a lift car to return from a prior trip, which might significantly reduce lift wait times.
Although most buildings must be built around lift shafts, current lift designs are severely constrained for architects. As buildings become higher, architects must install more lifts to transfer the building’s greater inhabitants.
Since numerous vehicles may run on the same track, Thyssen Krupp’s maglev lifts take up far less floor area than standard lifts. Building managers can simply add additional lift cars to a single Multi track rather than erecting new lift shafts to meet a bigger building population.
This saves space while increasing lift pickup frequency. Additionally, the distance that present lifts can go is limited. The steel ropes can no longer lift the automobile once a lift is longer than 2,000 feet.
The ground lifts of Dubai’s 2,722-foot-tall Burj Khalifa, the highest structure in the world, only go up to 1,654 feet. People must change to a second set of lifts at the top of the building in order to visit the top level.
There are no height restrictions with Multi; the maglev lifts may soar two miles in the air if required. Additionally, the lifts can serve as mini-trains that move people horizontally if an architect wants to design a very broad structure.
Even so, the lifts may “change gears” to go upward or downward after moving horizontally. To change the direction of the lift vehicle, the rail only has to spin.
