Global Elevator Services to Grow Over 5% Annually Through 2024

Global revenues from elevator-related services, including the initial installation of new units as well as maintenance, repair, and modernization of existing units, are forecast to rise 5.1% per year through 2024 to $79.9 billion. Although installation revenue will rise going forward, greater gains will be affected by generally weak building construction activity following the COVID-19 pandemic.

Repair and modernization services tend to generate a relatively steady stream of business for elevator firms regardless of the macroeconomic climate. The best growth opportunities lie in markets of developing countries, where the number of elevators has risen rapidly in recent years.

The Asia/Pacific region will see the largest absolute gains in installation revenue as new elevator installations grow rapidly in large, developing countries such as India. Additionally, China continues to account for a significant share of the region’s newly installed elevators.

Revenues derived from the provision of repair, maintenance, and modernization services on existing elevator systems are projected to increase 5.4% per year through 2024. Service requirements on a per-unit basis tend to be highest in:

  • Japan, where elevator failures are considered to be especially unacceptable due to cultural norms and the ever-present threat of earthquakes in the country.
  • the US, Canada, and the UK, which represent developed elevator markets where the nonresidential market predominates and strict requirements for nonresidential buildings support frequent elevator service

Learn more about equipment and service revenue trends in the new Global Elevators.

The study analyzes the global market for elevators (including passenger and freight elevators), escalators, and moving walkways; and associated parts that are sold separately, such as controls, doors, sensors, and power transmission equipment. Installation services and modernization services are also included.