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  April 11th, 2023 | Written by

Elevators Market is Anticipated to Increase Rapidly at a CAGR of 11% through 2033

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The elevators market is valued at US$ 95 billion in 2023 and is expected to reach US$ 270 billion by 2033-end. The market is forecasted to increase at a high-value CAGR of 11% from 2023 to 2033.

Global demand for elevators is being driven by an increase in smart elevator introductions. Smart elevators with IoT integration anticipate traffic and respond quickly.

Why are Smart Elevators Expected to Exhibit High Demand?

Smart Elevators Gaining Traction Owing to Their High-end Security and Better Crowd Management

By destination control, the market is segmented into smart elevators and conventional elevators

Smart elevators account for 60% share of the global market.

Demand for connected and smart elevators is on the rise, as end-users show high enthusiasm to explore beyond conventional elevator technologies. The market is witnessing considerable interest in smart elevators that offer high-end security, enhanced energy efficiency, effective crowd management, and ultra-speed operation. This evolution of smart elevators can be attributed to the sheer proliferation of artificial intelligence across a wide spectrum of applications.

Increasing need for cable-free lifts that move effortlessly across both vertical and horizontal lines is fueling the demand for smart elevators. Sensing end-user demand in this direction, manufacturers are focusing on the development of smart elevators with interactive touch panels, intuitive technologies, and cloud-predictive maintenance. End users are on the constant lookout for elevator solutions that are highly efficient, effective, and engaging, which is further boosting the demand for smart elevators.

Key Takeaways from Market Study

  • The global elevators market is valued at US$ 95 billion in 2023.
  • Worldwide demand for elevators is set to reach US$ 270 billion by 2033.
  • Sales of elevators are anticipated to increase rapidly at a CAGR of 11% through 2033.
  • Currently, Asia Pacific accounts for 50% share of the global market for elevators.
  • Smart elevators market account for 60% share of the global market
  • Asia Pacific accounts for 50% share of the global market

Competitive Landscape

Major businesses are using the approach of acquiring small regional businesses to improve their service offerings and expand their domestic presence. Leading companies are also concentrating on IoT integration since it enables greater data collection, sharing, and analysis by manufacturers and product operators.

For instance :

  • Mitsubishi Electric will increase its footprint in Florida by establishing a new location in Miami.
  • Otis Elevator Corporation expanded its popular Gen2 series of elevators by launching the Gen2 Elevator for the global high-rise market.
  • In 2021, Schindler and CitizenM hotels entered into a partnership arrangement to maintain and update the escalators and elevators in all of the group’s current properties.