General Construction Products & Machinery

Elevators: Market Size, Growth & Forecast to 2030

The Elevators market is valued at about $152 billion (2026) and is projected to grow at a 4.6% CAGR through 2030. The largest cost driver is Raw Materials (Steel, Copper, Aluminum) (45% of spend). Asia Pacific leads demand at 55%.

Market size
$152.0 bn (2026)
CAGR to 2030
+4.6%
Buyer power
Favours buyers
Tracked suppliers
15

Projected market growth to 2030

Market size index, 2026 = 100, at the 4.6% CAGR.

1251171081001002026104.62027109.42028114.42029119.72030125.22031

Cost structure

Raw Materials (Steel, Copper, Aluminum)
45%
Manufacturing and Assembly Labor
25%
Logistics and Freight
12%
Energy and Overhead
10%
Engineering and Compliance Quality Control
8%

Regional demand split

Asia Pacific demand
55%
Europe demand
18%
North America demand
15%
Middle East & Africa demand
7%
Rest of world demand
5%

Key suppliers

Otis Worldwide CorporationSchindler GroupKONE CorporationTKE (TK Elevator)
Read the full Elevators report →

Claight market analysis of proprietary and public data. Full report: /category-intelligence/elevators