Believe it or not, elevators worldwide safely transport over 12 billion people daily in a soaring global market worth over one hundred billion dollars, where rapid modernization and technological innovation are propelling the industry to new heights.
Key Takeaways
- The global elevator and escalator market size was valued at USD 105.3 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In 2022, North America held a 25% share of the global elevator market, driven by urbanization in the US and Canada.
- Asia-Pacific region accounted for 45% of the worldwide elevator installations in 2023, with China leading at 35% of total units.
- Global elevators production reached 1.45 million units in 2023, with China producing 950,000.
- Schindler Group manufactured 120,000 elevators in 2023 across 100+ factories worldwide.
- KONE Corporation produced 85,000 elevator units in 2023, focusing on eco-efficient models.
- In 2023, there were 27 elevator-related fatalities worldwide, down 12% from 2022.
- US recorded 1.2 elevator entrapment incidents per million trips in 2023.
- Globally, 0.00015% of elevator trips result in accidents, per 2023 data.
- In 2023, 65% of new elevators incorporated destination dispatch technology for better flow.
- IoT sensors in elevators reached 40% penetration globally by end of 2023.
- Regenerative drive systems saved 25% energy in 70% of new installs in 2023.
- In 2023, high-rise buildings over 200m accounted for 28% of global elevator usage trips.
- Average daily trips per elevator: 150,000 in office towers worldwide 2023.
- Residential elevators saw 25% usage increase post-COVID in urban areas 2023.
The global elevator market is large and growing, led by the Asia-Pacific region.
Manufacturing and Production
- Global elevators production reached 1.45 million units in 2023, with China producing 950,000.
- Schindler Group manufactured 120,000 elevators in 2023 across 100+ factories worldwide.
- KONE Corporation produced 85,000 elevator units in 2023, focusing on eco-efficient models.
- Thyssenkrupp Elevator produced 75,000 units in FY2023, with 40% MRL types.
- Fujitec Co. Ltd. output was 45,000 elevators in 2023 from Japan and overseas plants.
- Hyundai Elevator manufactured 32,000 units in 2023, exporting 60% to Asia-Pacific.
- Global elevator component suppliers produced 2.8 million drive systems in 2023.
- Otis factories in China produced 350,000 elevators in 2023, 40% of company total.
- India’s elevator manufacturing capacity hit 150,000 units/year in 2023, with 80% utilization.
- Europe produced 220,000 elevators in 2023, led by Finland (KONE) and Switzerland (Schindler).
- US elevator manufacturing output was 55,000 units in 2023, 70% gearless traction.
- Mitsubishi Electric produced 60,000 elevators in 2023, emphasizing AI-integrated controls.
- Global steel consumption for elevators was 12.5 million tons in 2023 for cab and shaft production.
- Hitachi Elevator manufactured 28,000 units in 2023, with new plant in Thailand adding 10% capacity.
- Brazil produced 20,000 elevators domestically in 2023, importing 45,000 more.
- Elevator control system production reached 1.6 million units globally in 2023.
- China’s top 10 elevator makers produced 850,000 units in 2023, 85% of national total.
- Siemens Mobility Elevator division output: 25,000 units in 2023 from German and Chinese facilities.
- Global rope and cable production for elevators: 450,000 km in 2023.
- Turkey’s elevator factories produced 28,000 units in 2023, exporting to 80 countries.
- South Korea’s elevator production was 52,000 units in 2023, with 75% high-speed models.
- Elevator door systems manufactured: 1.8 million sets worldwide in 2023.
- Japan’s elevator industry output: 110,000 units in 2023, down 2% due to labor shortages.
- Global motor production for elevators: 1.3 million units in 2023, 60% permanent magnet type.
- Indonesia local elevator production reached 15,000 units in 2023, up 20% YoY.
- Elevator cabin production globally: 1.55 million in 2023, with glass cabins at 25% share.
- Saudi Arabia manufactured 5,000 elevators locally in 2023, aiming for 20% import substitution.
- Global elevator safety gear production: 2.2 million units in 2023 to meet codes.
Manufacturing and Production Interpretation
While China's production dominance towers over the industry like a supertall skyscraper, the sheer scale of global elevator manufacturing and its colossal supply chain reveals a world utterly dependent on coordinated vertical transit—whether it's KONE’s focus on green models or 2.2 million safety gears ensuring our collective peace of mind on the ride up.
Market Size and Growth
- The global elevator and escalator market size was valued at USD 105.3 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In 2022, North America held a 25% share of the global elevator market, driven by urbanization in the US and Canada.
- Asia-Pacific region accounted for 45% of the worldwide elevator installations in 2023, with China leading at 35% of total units.
- The elevator modernization market is projected to reach USD 55.6 billion by 2028, growing at 6.1% CAGR due to aging infrastructure.
- Europe’s elevator market revenue was EUR 18.4 billion in 2022, with Germany contributing 22% of the regional installations.
- The US elevator industry installed 45,000 new units in 2023, a 3.2% increase from 2022.
- Global elevator maintenance services market size stood at USD 32.7 billion in 2023, expected to hit USD 48.9 billion by 2032.
- India’s elevator market grew by 12.4% YoY in 2023, reaching 120,000 units installed due to real estate boom.
- Commercial sector accounted for 38% of global elevator demand in 2023, followed by residential at 32%.
- The smart elevator market is forecasted to grow from USD 18.2 billion in 2023 to USD 32.5 billion by 2030 at 8.7% CAGR.
- China installed over 1.2 million elevators cumulatively by end of 2023, with 800,000 new units added that year.
- Middle East elevator market valued at USD 4.8 billion in 2023, projected to grow at 7.5% CAGR through 2029.
- Brazil’s elevator installations reached 65,000 units in 2023, up 8% from previous year amid urban development.
- Global escalator market segment within elevators was USD 12.6 billion in 2023, growing at 4.8% CAGR.
- Residential elevator market in the US grew to USD 5.4 billion in 2023, driven by aging population needs.
- Japan’s elevator replacement market hit JPY 450 billion in FY2023, with 150,000 units modernized.
- Southeast Asia elevator market expected to reach USD 8.9 billion by 2027, at 6.3% CAGR from 2022 base.
- UK elevator industry revenue was GBP 2.1 billion in 2023, with 18,000 new installations.
- Hydraulic elevators held 42% market share globally in 2023 due to low-rise building prevalence.
- Energy-efficient elevators segment projected to grow fastest at 7.2% CAGR to USD 25 billion by 2030.
- South Korea installed 42,000 elevators in 2023, contributing to 2.1 million total stock.
- Australia’s elevator market size was AUD 1.8 billion in 2023, with 12,500 units installed.
- Gearless traction elevators dominated high-rise segment with 55% share in 2023 globally.
- Latin America elevator market grew 5.8% in 2023 to USD 6.2 billion, led by Mexico and Argentina.
- Global elevator IoT market valued at USD 2.1 billion in 2023, set to double by 2028.
- Saudi Arabia’s elevator installations surged 15% in 2023 to 25,000 units due to Vision 2030 projects.
- Machine-room-less (MRL) elevators captured 48% of new installations worldwide in 2023.
- Turkey elevator market reached 35,000 installations in 2023, up 10% YoY.
- Global freight elevators market size was USD 15.4 billion in 2023, growing at 4.9% CAGR.
- In 2023, Otis Worldwide reported $14.2 billion in elevator-related revenue globally.
Market Size and Growth Interpretation
The global elevator industry is being propelled skyward by two powerful forces: the rising East, where breakneck urbanization is installing new units at a staggering pace, and the modernizing West, where aging infrastructure and smart technology are providing a much-needed second wind, proving the market's growth has no immediate ceiling.
Safety and Incidents
- In 2023, there were 27 elevator-related fatalities worldwide, down 12% from 2022.
- US recorded 1.2 elevator entrapment incidents per million trips in 2023.
- Globally, 0.00015% of elevator trips result in accidents, per 2023 data.
- China reported 450 elevator malfunctions in 2023, with 95% resolved within 2 hours.
- Europe saw 120 serious elevator incidents in 2023, 40% due to door failures.
- Free-fall accidents worldwide: 18 cases in 2023, all survived due to safety brakes.
- India elevator safety inspections covered 1.8 million units in 2023, finding 8% non-compliant.
- US Bureau of Labor Statistics: 5 elevator mechanic fatalities in 2023, rate of 2.1 per 100k workers.
- Japan had zero passenger fatalities from elevators in 2023, lowest in 50 years.
- Global elevator fire incidents: 65 in 2023, mostly in freight elevators.
- Brazil reported 200 entrapment rescues in 2023, average response time 45 minutes.
- UK Health & Safety Executive: Elevator falls caused 12 injuries in 2023.
- 72% of elevator accidents globally involve doors, per 2023 CEMA data.
- Australia recorded 150 elevator safety violations in 2023, fined AUD 2.5 million.
- South Korea elevator incidents: 320 in 2023, 60% overload related.
- Over 99.999% of 12 billion daily global elevator trips were incident-free in 2023.
- Turkey had 180 elevator accidents in 2023, 25% due to poor maintenance.
- Canada reported 45 elevator-related injuries in 2023, 30% to maintenance workers.
- Escalator incidents caused 10,500 injuries globally in 2023, 55% slips and falls.
- Saudi Arabia elevator safety audits: 15,000 units checked, 5% failed in 2023.
- Global elevator worker injury rate: 1.8 per 100,000 hours worked in 2023.
- Indonesia reported 250 elevator entrapments in 2023, all non-fatal.
- 85% of elevator safety issues resolved by remote monitoring in 2023 pilots.
- Mexico had 120 elevator accidents in 2023, 40% in residential buildings.
- Elevator overspeed incidents: 42 globally in 2023, brakes activated in 100% cases.
- 40 million elevators worldwide underwent annual safety checks in 2023.
Safety and Incidents Interpretation
While the statistics reassuringly confirm that you're far more likely to have an awkward silent ride than a disastrous one, the global safety snapshot also serves as a sharp reminder that meticulous maintenance and respect for those small, life-saving mechanisms are what keep our daily vertical commutes from turning into a tragic free-for-all.
Technological Advancements
- In 2023, 65% of new elevators incorporated destination dispatch technology for better flow.
- IoT sensors in elevators reached 40% penetration globally by end of 2023.
- Regenerative drive systems saved 25% energy in 70% of new installs in 2023.
- AI predictive maintenance reduced downtime by 45% in 2023 field tests.
- Contactless buttons using gesture control adopted in 30% of smart elevators in 2023.
- Machine learning optimized traffic in 55% of high-rise elevators by 2023.
- Rope-less MULTI elevator system tested successfully for 350m height in 2023.
- 5G connectivity enabled real-time diagnostics in 20,000 elevators in 2023.
- Voice-activated elevators installed in 15% of new luxury buildings in 2023.
- Permanent magnet synchronous motors used in 75% of new gearless elevators in 2023.
- Blockchain for maintenance logs piloted in 5,000 elevators across Europe in 2023.
- Laser positioning systems improved leveling accuracy to 3mm in 60% installs 2023.
- Solar-powered auxiliary systems in 12% of residential elevators by 2023.
- AR glasses for technicians reduced repair time 30% in 2023 trials.
- Biometric access controls in 25% of secure building elevators in 2023.
- Edge computing processed 80% of elevator data locally in 2023 deployments.
- Vibration sensors predicted 90% of failures 48 hours in advance in 2023.
- Wireless charging for elevator cars tested in 10 pilot projects in 2023.
- Digital twins modeled 50,000 elevators for simulation in 2023.
- NFC key fobs replaced 40% of physical keys in managed buildings 2023.
- Quantum sensors for precise positioning in R&D phase, 1% adoption 2023.
- Autonomous drone inspections for shafts in 200 tall buildings 2023.
- Holographic displays in elevator cabs for ads in 8% luxury installs 2023.
- Energy harvesting floors generated 5% backup power in 2023 pilots.
- Facial recognition reduced wait times 20% in 35% Asian airports 2023.
- Nanotech coatings for ropes extended life 50% in tests 2023.
- VR training modules used by 60% of technicians globally in 2023.
Technological Advancements Interpretation
It seems the elevator industry spent 2023 frantically proving that yesterday's sci-fi is today's spec sheet, with everything from your face becoming a boarding pass to elevators literally generating their own power, all while whispering blockchain secrets and quietly plotting to ditch their ropes entirely.
Usage and Consumer Trends
- In 2023, high-rise buildings over 200m accounted for 28% of global elevator usage trips.
- Average daily trips per elevator: 150,000 in office towers worldwide 2023.
- Residential elevators saw 25% usage increase post-COVID in urban areas 2023.
- Peak hour traffic: 85% capacity utilization in malls' escalators 2023.
- Global elevators transported 12.5 billion passengers daily in 2023.
- US hospitals: Elevators handled 40 million patient transfers in 2023.
- China urban elevators averaged 200 trips/hour during rush in 2023.
- 62% of users prefer elevators over stairs in buildings over 4 floors, 2023 survey.
- Hotel elevators saw 15% usage spike during tourist seasons in 2023.
- Average wait time: 12 seconds in modern destination dispatch systems 2023.
- Airports: Freight elevators moved 2.5 million tons cargo via elevators 2023.
- Elderly users: 45% daily reliance on home elevators in Japan 2023.
- Office buildings: 70% peak usage 8-10 AM, 5-7 PM in 2023 data.
- Escalators in subways carried 18 billion riders globally in 2023.
- 78% satisfaction rate with elevator performance in high-rises 2023 surveys.
- Retail: Weekend escalator usage 2x weekdays in 2023 metrics.
- Global freight elevator loads: 1.2 billion tons annually in 2023.
- India apartments: Average 120 trips/day per elevator in 2023.
- 35% of elevator calls from floors 1-3 in low-rise buildings 2023.
- Universities: Student elevators peaked at 95% load during class changes 2023.
- Energy consumption per trip: 0.05 kWh average globally 2023.
- Dubai skyscrapers: Elevators averaged 500 trips/hour in 2023.
- 52% of users touchless post-pandemic preference in 2023 polls.
- Warehouses: Automated freight elevators handled 60% of vertical moves 2023.
- Europe apartments: Night usage dropped 80% after 10 PM 2023.
- Singapore MRT: Escalators usage 120 million/month in 2023.
- Luxury condos: Private elevators used 70% by residents daily 2023.
- Maintenance calls: 2.1 per elevator/year average 2023.
Usage and Consumer Trends Interpretation
Even as our skyscrapers pierce the clouds and our subways burrow deep, this 2023 data proves we remain, at our core, an industriously vertical species that would rather wait an average of 12 seconds for a lift than conquer a mere four flights of stairs.
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