United States Elevator Market Research Report, 2029

The United States elevator market is a mature and dynamic industry, driven by the country's ongoing urban development, modernization of aging infrastructure, and the increasing focus on energy-efficient and smart elevator solutions. With a significant demand from sectors such as commercial real estate, residential buildings, healthcare facilities, and public infrastructure, the U.S. market is witnessing steady growth. The US government has recognized the critical role of elevators and escalators in ensuring accessibility and mobility, particularly in urban areas. Consequently, several initiatives and regulations have been put in place to support industry growth and innovation. The Americans with Disabilities Act (ADA) mandates accessible design standards that directly impact elevator and escalator installations. Government funding for public infrastructure projects, including retrofitting and upgrading older buildings, has spurred demand for advanced vertical transportation solutions. The elevator market represents a dynamic sector encompassing the design, manufacturing, installation, and maintenance of elevator systems. From conventional traction elevators to cutting-edge smart solutions, this market offers a diverse array of vertical transportation choices customized to suit the distinct requirements of various buildings and infrastructure projects. Stakeholders within the elevator market include manufacturers, suppliers, contractors, architects, building owners, and facility managers. Manufacturers continuously innovate to enhance elevator performance, safety, and sustainability, while suppliers provide critical components and materials necessary for system construction. Sustainability considerations, including energy efficiency and material recyclability, are increasingly integral to elevator design and operation. They align with broader environmental objectives and sustainable building practices. Thus, the elevator market is a cornerstone of vertical mobility as elevators enhance functionality, accessibility, and sustainability within buildings and urban landscapes worldwide. According to the research report "United States (US) Elevator Market Research Report, 2029," published by Actual Market Research, the United States (US) elevator market is anticipated to grow at more than 5.56% CAGR from 2024 to 2029. The implementation of AI-driven predictive elevator maintenance represents a lucrative opportunity within the elevator industry, leveraging AI to transform maintenance and management practices. Through the analysis of data collected from elevator sensors, AI algorithms can proactively identify maintenance needs, thereby reducing downtime and maximizing elevator uptime. This proactive approach not only extends the lifespan of elevator components but also enhances safety by preventing unexpected breakdowns and optimizes resource allocation, resulting in significant cost savings for elevator companies. Reliable and well-maintained elevators contribute to heightened user satisfaction, thereby enhancing the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance enables elevator companies to remain competitive and deliver superior service quality amidst a rapidly evolving market landscape. The surge in building and construction activities acts as a primary catalyst propelling the expansion of the elevator market. As urbanization continues to reshape landscapes across U.S., the demand for vertical infrastructure such as high-rise buildings, skyscrapers, and mixed-use developments is increasing. This trend is particularly pronounced in developing economies, where rapid urbanization and population growth necessitate innovative solutions to accommodate dense urban populations. Consequently, the construction industry is experiencing a surge in ambitious architectural projects that redefine city skylines and urban environments. Within these burgeoning structures, elevators play a crucial role as indispensable channels of vertical mobility. They efficiently transport occupants and goods between floors, ensuring seamless access to various amenities, residences, offices, and recreational spaces. elevators enhance convenience and optimize space utilization within these tall structures, thereby maximizing the value of vertical real estate. Moreover, the emergence of mixed-use developments underscores the versatile nature of elevators, seamlessly connecting residential, commercial, and retail spaces within a cohesive complex, thereby enhancing accessibility and functionality.

What's Inside a Actual Market Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

Download Sample

Hydraulic elevators are prevalent in low-rise buildings, typically up to six stories. They operate using a hydraulic piston driven by a pump, which allows for smooth and reliable movement. These elevators are favored in residential and commercial buildings where space for a machine room is limited. Their ability to handle heavy loads makes them suitable for freight transport in warehouses and industrial settings. Hydraulic elevators are often used in hospitals due to their smooth operation, which is essential for transporting patients safely. Traction elevators are commonly found in mid-rise to high-rise buildings. They use a system of ropes and pulleys, with a counterweight that balances the elevator car's weight, allowing for efficient movement. Traction elevators are preferred in commercial buildings and skyscrapers because they can travel greater distances at higher speeds compared to hydraulic elevators. Their energy efficiency and advanced control systems make them ideal for high-traffic areas, such as office buildings and hotels. Machine room-less (MRL) traction elevators are an innovative solution that integrates the machinery into the elevator shaft itself, eliminating the need for a separate machine room. This design allows for more space-efficient building layouts, making them popular in residential and commercial applications. MRL elevators are particularly advantageous in retrofitting older buildings where space constraints are a concern. They provide energy efficiency and are often equipped with modern technology for enhanced user experience. Others category includes specialized elevators such as freight elevators, dumbwaiters, and outdoor elevators. Freight elevators are designed for transporting goods and materials, typically found in industrial and commercial settings. Dumbwaiters are smaller elevators used for moving items between floors in restaurants and libraries. Outdoor elevators, often hydraulic, are utilized for accessibility in hilly or uneven terrain. The new equipment segment encompasses the installation of various types of elevators, including hydraulic, traction, and machine room-less (MRL) elevators. This segment is primarily driven by the construction of new residential and commercial buildings. Traction elevators are the most commonly used in high-rise buildings due to their efficiency and speed, while hydraulic elevators are favored in low-rise structures for their reliability and cost-effectiveness. The demand for new installations is particularly strong in urban areas experiencing growth in multi-family housing and commercial developments. The maintenance segment is crucial for ensuring the safety and functionality of existing elevator systems. Regular maintenance services include inspections, repairs, and upgrades to keep elevators compliant with safety regulations. This segment is vital for both residential and commercial buildings, where elevators are integral to daily operations. The commercial sector, especially in malls, hospitals, and office buildings, accounts for a significant share of maintenance services due to the high volume of elevator usage and the necessity for reliable operation. Modernization involves upgrading existing elevator systems to enhance performance, safety, and energy efficiency. This segment includes retrofitting older elevators with advanced technologies, such as smart controls and energy-efficient components. Modernization is particularly relevant in older buildings where existing systems may not meet current safety standards or user expectations. The push for energy-efficient solutions and smart technology integration is driving growth in this segment, making elevators more sustainable and user-friendly. Residential elevators are designed for private homes, providing convenient vertical transportation within multi-story residences. These elevators typically feature lower capacities and are often hydraulic or machine room-less (MRL) systems. Hydraulic elevators are common in homes due to their smooth operation and ability to fit into smaller spaces. MRL elevators are increasingly popular as they eliminate the need for a separate machine room, allowing for more efficient use of space. These elevators are often designed with aesthetics in mind, complementing the interior decor of the home. Commercial elevators are essential in public and commercial buildings such as offices, hotels, and shopping malls. They are primarily passenger elevators, designed to transport a larger number of people efficiently. Traction elevators dominate this segment, especially in high-rise buildings, due to their ability to travel long distances at high speeds. Service elevators are also common in commercial settings, used by staff to transport goods and equipment, particularly in hotels and hospitals. These elevators are built to handle heavier loads and meet strict safety standards. Industrial elevators are utilized in warehouses, factories, and manufacturing plants for transporting heavy loads and materials. Freight elevators are the most common type in this segment, designed to carry substantial weights and withstand tough working conditions. Their robust construction typically features steel walls and floors, prioritizing durability over aesthetics. Additionally, specialized lifts like construction hoists and material lifts are used on job sites to facilitate the movement of equipment and supplies.

Make this report your own

We're excited to discuss your needs and our solutions. Let's schedule a call.

Ask an Expert

Nikita Jabrela

Business Development Manager

COVID-19 impacts: The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in United States (US) due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of United States (US) prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years. Considered in this report • Geography: United States (US) • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • United States (US) Elevator & Escalator Market with its value and forecast along with its segments • Application wise tire industry distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now

By Type: • Hydraulic • Traction • Machine Room-Less Traction • Others By Business: • New Equipment • Maintenance • Others (Modernization) By Application: • Residential • Commercial • Industrial The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.