US Elevator Market 2022-2028

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    Published- Feb 2023

    Number Of Pages -106




    • In Terms of Volume, the US Elevator Market will grow from 28,644 in 2022 to XX in 2028
    • US Elevator Market is estimated to be worth of $XXB in 2022 and is expected to be $XXB in 2028 with a CAGR of XX% in 2023-2028 period
    • Advancements in vertical transportation technologies have made it possible to deploy elevators that are safer, more energy-efficient, and even suitable for occupant evacuation during emergencies.
      • There was a spike in construction over the past year as builders across the U.S. continue working through a years-long backlog of projects. This will drive the Elevator Market in the US in the coming years.
      • Seniors- 65 years or older is the fastest growing demographic in the US and adding in the fact that a lot of single family homes are now vertical ( 2 to 3 storeys) the demand for home elevators is on the rise.
    • Most of the leading elevator manufacturers created a strategic partnership with technological companies to incorporate the IoT and AI technology into their elevators. 
    • Otis ONE, a connected solution from Otis Elevator, aims to help ensure that no one gets stuck in an elevator. 
    • The solution, which incorporates IoT sensors, big data, AI, and a cloud-native application, is available for existing Otis elevators and is embedded in Otis’ Gen3 and Gen360  elevators
    • In October 2022, Tk elevator launches EOX to address the need for improved sustainability in buildings.
      • EOX is TK Elevator’s new energy-saving and natively digital elevator platform.
    • The major elevator manufacturers in the region are Otis, TK Elevator, Kone and Schindler. Apart from these Mitsubishi Electric and Fujitec are the 2 Japanese players present in the market 



    An elevator is a platform that may be open or closed and is used to elevate or lower persons and cargo to upper and lower floors. Previously, elevators were not required in multi-story structures.


    As a result, because elevators are costly to build and operate, some real estate investors avoid adding them. Elevators continue to serve their original role of transferring people between levels.


    Control systems for contemporary elevators have been modified to increase speed and safety. To balance the vehicle, elevators will typically utilize a counterweight and 40% of the maximum rated load.


    infographic: US Elevator Market, US Elevator Market Size, US Elevator Market Trends, US Elevator Market Forecast, US Elevator Market Risks, US Elevator Market Report, US Elevator Market Share


    Modern elevators are manufactured in a number of styles for a multitude of applications, including freight and passenger transportation, as well as usage in ships, dams, and specialty buildings such as rocket launchers.


    In high-rise construction, heavy-lift, rapid-descent elevators are used. The development of collective operation, in which an elevator or set of elevators answered requests in order from top to bottom or vice versa, enhanced automatic operation, which was highly popular in hospitals and residential complexes due to its economy.


    The counterweight’s primary function is to minimize the weight lifted by the motor while keeping the elevator in control with the wires intact. The vehicle elevator is composed of steel to provide longevity and strength.


    A side-to-side elevator shaft holds the pulley used by the hoist cable in position. This spinning is regulated by a series of steel beams installed above the elevator vehicle.


    Modern elevator carriages are also outfitted with extra equipment. In the case of an emergency, some contain phones that allow the inhabitant to call for assistance. Others are outfitted with a trap door in the ceiling that allows for escape in an emergency.


    To know more about Global Elevators Market, read our report



    S No Overview of Development Development Detailing Region of Development Possible Future Outcomes
    1 Mitsubishi Electric to Launch Diamond-Trac® 2 Elevator The Diamond-Trac® 2, a new Diamond-Trac® Series machine room-less elevator featuring a space-saving design, enhanced operational efficiency and a touchless hall operating panel for residences, offices and hotels is operating in the U.S. market. USA This would enhance better innovations



    SI no Timeline Company Developments
    1 September 2021 3Phase Elevator 3Phase Elevators and Hadfield Elevators have been merged in order to provide more service to customers across Pennsylvania.
    2 August 2021 Mitsubishi Electric Mitsubishi Electric was selected by WS development in order to install elevator systems in its Boston Seaport Project at Summer street.
    3 August 2021 Urban Elevators  Urban Elevators has announced that they are going to expand their plant in LosAngeles.
    4 July 2021 Hyundai  Hyundai Elevators has signed the Memorandum of Understanding(MOU) with KT Corporation in order to integrate elevators with AI, voice and face recognition and self-driving robots.
    5 June 2021 KONE KONE has announced that it has acquired the service and repair business of Detroit Elevator Company in order to bring additional talent and experience to KONE’s detroit.
    6 January 2021 Mitsubishi Electric Mitsubishi has announced that they are going to open a new office in downtown San Francisco.


    Elevators are constructed and installed in buildings based on the population capacity and responsibilities to be done. Some buildings, for example, will have enormous elevators to transfer merchandise to different floors.


    Elevators at hospitals open on both sides to offer emergency patients easy admission and movement. Featuring an elevator pit, Conventional elevators have a sheave that extends beneath the pit floor.


    As the elevator begins to descend, a retraction piston is supported by the pit. A typical hydraulic elevator may require a shorter hole below the pit in some designs to receive a collapsing telescopic piston as the elevator lowers.


    infographic: US Elevator Market, US Elevator Market Size, US Elevator Market Trends, US Elevator Market Forecast, US Elevator Market Risks, US Elevator Market Report, US Elevator Market Share


    Elevator technological advancements will shape the market’s future growth. The availability of elevators in the market has provided architects and construction companies with virtually limitless opportunities to design buildings.


    The Burj Khalifa in Dubai has 163 levels, which would not be conceivable without elevators. These are some of the reasons why important industry companies are always inventing and developing finer types of elevators, such as the TWIN system, which allows for the fitting of two elevators in the same shaft, reducing time and making the operation more efficient.


    These elevators are outfitted with energy-efficient solutions and include cutting-edge technology such as biometrics, touch displays, and access control.


    The ever-increasing need for high-rise structures to accommodate the growing population will drive the elevator business forward. Cities throughout the world are expected to grow as a result of modernization and population expansion.


    This will benefit the construction sector by meeting the need for elevator market expansion. The massive rise in the building and construction sector, along with an increasing reliance on technology, is fuelling the growth of the elevators market.


    Construction markets in other emerging economies will also see increased growth rates in the near future. These appropriate tendencies in developing economies are anticipated.




    infographic: US Elevator Market, US Elevator Market Size, US Elevator Market Trends, US Elevator Market Forecast, US Elevator Market Risks, US Elevator Market Report, US Elevator Market Share





    SI no Timeline Company Developments
    1 January 2023 Otis Otis developed an Integrated Dispatch Application Programming Interface (API), which allows robots to communicate with Otis elevators and ultimately enter, ride and exit elevators without human intervention.
    2 March 2022 Kone Kone has launched the world’s first smart elevator series with built-in connectivity as standard. By using open application programming interfaces (API), Kone DX elevator provides the option for customers to easily and remotely activate digital services 
    3 February 2022 Hyundai Elevator Hyundai Elevator has introduced its new product called NEX elevators which incorporates contactless technology including the smartphone “Bluetooth tagging” (for residential buildings) and the “Motion Call Button” (for commercial buildings) 
    4 November 2021 Mitsubishi Electric Mitsubishi Electric Corporation has launched Diamond-Trac 2, a new Diamond-Trac Series machine room-less elevator
    5 September 2021 Hitachi Hitachi developers has received an order of 67 Elevators and escalators for its First Railway System project.
    6 August 2021 KONE Ross Elevators has been acquired by KONE Americas in order to offer innovative smart building solutions and industry expertise.
    7 June 2021 TK Elevators TK Elevators has installed its environmental friendly elevators in the new Pikes Peak Summit visitor Centre on Pikes Park.
    8 July 2021 Mitsubishi Electric  Mitsubishi Electric US has revealed the ELEMOTION, an elevator hoist machine which is used to improve safety, reliability, comfort and sustainability.
    9 March 2021 KONE KONE has announced the release of KONE MonoSpace 300 which provides an affordable solution for two-four story buildings.


    The increased investment in commercial and residential infrastructure endeavours in both developing and established nations is driving market expansion.


    Surging development projects of the largest and tallest commercial buildings in various locations are expected to boost the product’s acceptance rate.


    The tremendous increase in infrastructure investment by emerging nations is expected to result in the spread of technological integration into elevators.


    Rising usage of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial spaces to offer ease in transit is driving the growth.


    Elevators of the Future Technology are increasingly replacing braided steel wire with a type of carbon fibre that is more flexible, resilient, and has a longer life than metal cables.


    This approach pushes lift-hoisting technology even farther, allowing lifts to go up to a kilometre in a single run, which is double what a steel cable can deliver.


    Due to the excessive weight of metallic ropes, which account for enormous weights to manage, the introduction of carbon fibre has decreased its weight input by 90%, making it much simpler to use on light equipment.


    As a result, this idea is extremely advantageous. Meanwhile, other businesses have produced cable-free automobiles that use magnetic propulsion and drive quicker.


    Eco-efficiency has been advocated as one of the primary instruments for promoting the transition from unsustainable to sustainable development.


    It is centered on the idea of producing more goods and/or services while utilizing less resources and producing less waste and pollution.


    The eco-efficiency of an escalator may be enhanced by using eco-efficient technology and running the escalator more efficiently.


    The Variable Speed Drive is one of the most widely utilized technologies (VSD). There are alternative options, such as Variable Voltage Constant Speed Drive (VVC).


    infographic: US Elevator Market, US Elevator Market Size, US Elevator Market Trends, US Elevator Market Forecast, US Elevator Market Risks, US Elevator Market Report, US Elevator Market Share



    SI no Timeline Company Sales
    1 Q3-2021 Schindler The revenue of Schindler at the end of third quarter is CHF 8.28 billion and in 2020 it was CHF 7.7 billion.
    2 Q2-2021 Fujitec The second quarter ended in September 2021 has accounted for the net sales of ¥12.7 billion and in 2020 the revenue was ¥11.34 billion.


    The rising construction industry, which has resulted in a strong demand for elevators in high-rise and mid-rise structures, is driving the market even further.


    The next stage in the life cycle of escalators and elevators is modernization. After a given amount of time, the equipment must be completely replaced.


    The rising demand from end-use sectors such as residential, commercial, and industrial is one of the primary reasons driving the growth of the elevators and escalators market.


    Kone has been incorporating various technologies to have better innovation made in terms of the integration within the elevators. KONE UltraRope, the latest in a long line of technical achievements, establishes a new standard for high-rise structures.


    KONE UltraRope technology delivers unrivalled elevator eco-efficiency, dependability, and longevity while also boosting elevator performance.


    It overcomes the drawbacks of traditional steel ropes, such as excessive energy consumption, rope stretch, enormous moving masses, and downtime caused by building wobble.


    Future elevator travel heights of up to 1,000 metres may be possible with KONE UltraRope. KONE’s elevator system is powered by the KONE EcoDisc hoisting motor.


    The equipment was totally replaced in 2012, which provided various benefits. The new unique copper winding technology decreases heat loss, making KONE elevators even more energy efficient than ever.


    The updated motor control system and brakes provide a smooth and quiet ride, while the smaller design saves space.


    Otis Elevators is part of the US Market within the technological integration and advancements. Service on its own Robots communicate with Otis elevators effortlessly over the cloud, making robots more practical for usage in hospitals, hotels, workplaces, and residential complexes.


    Robots may travel freely between floors without the need for human assistance, enabling automated and contactless delivery, pick-up, and visitor welcoming services to improve the customer experience, provide safe solutions, and boost staff productivity.


    Otis’ no-contact elevator call buttons, which are activated by capacitive sensing or hand gesture, provide passengers with a simple method to engage with the elevator while providing improved wellbeing assurance.


    This new approach compliments Otis’ well-established eCall technology, which allows passengers to call an elevator.


    To know more about Europe Elevator Market, read our report





    1. US Elevator Market size and Forecast, by region, by application
    2. Average B-2-B price for US Elevator Market, by region, per user
    3. Technology trends and related opportunity for new US Elevator Market tech suppliers
    4. US Elevator Market share of leading vendors, by region,
    5. Coronavirus impact on US Elevator Market earnings
    Sl No  Topic  Slide Number 
    Research Methodology 
    Market Segmentation 
    Executive Summary  10-15 
    Potential Opportunities for the Client  17 
    Elevators Manufacturing Facilities Worldwide of Major Companies  19-24 
    Average Elevator Prices in Elevator, By Type & Application  26 
    New Multi-Family Housing Buildings in US  28-30 
    Commercial Building Market  32-33 
    Installed Base of Elevators in US (2018-2022)  35 
    10  Recent Orders for Elevators Installation & Modernization   37-38 
    11  Opportunities in the Smart Elevator Market  40 
    12  Evolution of Elevator Technology (2012-2022)  42-43 
    13  US Top 10 Elevator Market Cities and Demand Outlook  45 
    14  Low Rise, Mid Rise and High Rise Elevator Market  47 
    15  New Product Development in US Elevator Market  49-50 
    16  Covid-19 Impact on US Elevator market   52-53 
    17  Market Size, Dynamics and Forecast By Building Type, 2023-208  55-59 
    18  Market Size, Dynamics and Forecast By Lift Capacity, 2023-2028  61-67 
    19  Market Size, Dynamics and Forecast By Contract Type, 2023-2028  69-72 
    20  Competitive Landscape  74 
    21  Market Share of Major Elevator Manufacturers -2022  76-79 
    22  Capex Plans of Major Elevator Manufacturers  81-82 
    23  Margins of Major Elevator Manufacturers  84 
    24  Mergers and Acquisitions in Past Few Years  86-88 
    25  Company Profiles of Elevator Manufacturers   90-95 
    26  Company Profiles of Elevator Hardware & Software Suppliers   97-103 
    27  Conclusion  105 
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