Global Elevator Control Panelboard Market Size, Share, and COVID-19 Impact Analysis, By Control Panel Type (Machine Room Control Panel, Machine Roomless Control Panel, and Hydraulic Elevator Control Panel), By Elevator Type (Passenger Elevators, Freight Elevators, Service Elevators, and Others), By End-use Type (Residential, Commercial, Institutional, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Elevator Control Panelboard Market Insights Forecasts to 2035

• The Global Elevator Control Panelboard Market Size Was Anticipated at USD 8.61 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.04% from 2025 to 2035
• The Worldwide Elevator Control Panelboard Market Size is Estimated to Reach USD 16.42 Billion by 2035
• North America is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, The global elevator control panelboard market size was worth around USD 8.61 Billion in 2024 and is predicted to grow to around USD 16.42 billion by 2035 with a compound annual growth rate (CAGR) of 6.04% from 2025 to 2035. The elevator control panelboard market is growing due to increasing urbanization, more high-rise buildings, and a rise in smart and energy-efficient elevator demand. Technological trends, upgrading old infrastructure, and a rise in safety standards are other factors favoring the international lift control panelboard market

Market Overview

The global elevator control panelboard market includes electrical as well as electronic systems that control the functioning of an elevator. The control panelboards find applications in residential, commercial, and industrial buildings for the efficient, safe, and smooth functioning of vertical transport services. However, factors such as growing urbanization, increasing number of high-rise buildings, and increasing adoption of smart and energy-saving elevators act as significant factors for the growth of the global elevator control panelboard market.

The European Parliament in June 2025 approved the Elevator Safety Directive (2025 Amendment), ensuring all EU member countries adapt by 2030 because all elevators installed over 25 years ago must be modernized. More than two million elevators in public, residential, and commercial buildings are impacted, making it the toughest safety regulation for the European lift industry in a decade. There is also potential for growth in modernizing or replacing old-elevation infrastructure in developed regions, smart city programs in emerging markets, and the importance of continued safety directives. Market leaders include Otis Worldwide, KONE, Schindler, Mitsubishi Electric, Hyundai Elevator, Toshiba Elevator, and Fujitec, which continue to invest in innovation and global expansion

Report Coverage

This research report categorizes the elevator control panelboard market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the elevator control panelboard market. Recent market developments and competitive strategies, such as expansion, type launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the elevator control panelboard market.

Driving Factors

The growing elevator control panelboard market in the global scenario is led by factors such as rapid urbanization, high-rise buildings, and an increased need for an efficient means for vertical transport in residential, commercial, and industrial buildings. An increasing investment in smart buildings and infrastructure development helps the adoption rate for advanced control systems. Technologies like integration with the Internet of Things, AI-enabled monitoring systems, and energy-saving systems have improved the operational reliability and safety levels, thus increasing the adoption rate for advanced control panels. modernization programs in developed countries for older elevators also aid in the growth of the control panelboard market.

Restraining Factors

The elevator control panelboard market is faced with limitations from high installation and maintenance costs, complexities associated with meeting regulations and skilled workforce shortages. Other limitations associated with technological adoption in lift control panelboards include integration issues with legacy systems and potential security threats associated with smart connectivity.

Market Segmentation

The elevator control panelboard market share is classified into control panel type, elevator type, and end-use type.

• The machine roomless control panel segment dominated the market in 2024, approximately 45% and is projected to grow at a substantial CAGR during the forecast period.

Based on the panel type, the elevator control panelboard market is divided into machine room control panel, machine roomless control panel, and hydraulic elevator control panel. Among these, the machine roomless control panel segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The machine roomless control panel segment is leading in terms of market growth due to its space-saving nature that does not require a separate Machine Room, making it suitable for new high-rise buildings. It is energy-efficient and has low installation costs that make it compatible with new elevator technology, making it a preferred choice for new construction activities and building developments.

• The passenger elevators segment accounted for the largest share in 2024, approximately 30% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the elevator type, the elevator control panelboard market is divided into passenger elevators, freight elevators, service elevators, and others. Among these, the passenger elevators segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. The passenger elevator segment exhibited maximum growth in the market, mainly due to increasing instances of urbanization and high-rise residential and commercial structures at a tremendous rate, in addition to demands for safe vertical transportation services. The significant improvements in smart elevators, energy, and passenger safety contribute largely towards increased applications of passenger elevators globally.

• The residential segment accounted for the highest market revenue in 2024, approximately 40% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the end-use type, the elevator control panelboard market is divided into residential, commercial, institutional, and industrial. Among these, the residential segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period. The residential sector contributed the most to the growth of the market, and this can be attributed to the rising rate of urbanization and the overall growing density of the population, along with the rising number of high-rise residential complexes. The rising demand among individuals for home elevators that are modern, safe, and energy-efficient is acting as a further catalyst.

Regional Segment Analysis of the Elevator Control Panelboard Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the elevator control panelboard market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the elevator control panelboard market over the predicted timeframe. The Asia-Pacific market is projected to have the 40% market share in the elevator control panelboard market, due to increasing urbanization, residential, and commercial high-rise structures, and increased efforts towards smart city development. The Asia-Pacific market is mainly driven by key countries like China, India, and Japan, mainly due to infrastructure development, upgradation of existing lifts, and demand for efficient, advanced elevator control panelboards. In November 2025, IS 17900, as per EN 81-20/50, came into force in India, making countries like India, as well as the Asia Pacific, witness increased demands for upgradation in elevator control panelboards.

North America is expected to grow at a rapid CAGR in the elevator control panelboard market during the forecast period. The market for elevator control panelboards in North America is expected to have a 25% market share owing to investments made in infrastructure, high-rise buildings, and stringent safety measures. Currently, the United States is at the forefront of this market owing to its focus on smart buildings, energy-saving elevators, and upgrading outdated systems. The increasing use of Internet of Things technology and artificial intelligence technology integration in control panels will boost efficiency and safety. Globally, and within the United States, new safety measures for elevators in 2025 will cause a rise in safety upgrades, which will boost the market.

A growing number of safety standards, upgrading old infrastructure, as well as increasing building construction with height, are fueling the growing European control panelboard market for elevators. Germany, France, and the UK are at the forefront of this due to initiatives by governments to make buildings more accessible, energy-efficient, and smart. This is complemented by smart technologies that enhance safety, efficiency, and regulatory compliance for the control systems of elevators. Other initiatives, such as Royal Decree 355/2024, are increasing the technological adoption of Spain’s aging elevators.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the elevator control panelboard market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Otis Worldwide Corporation
• KONE Corporation
• Hyundai Elevator Co., Ltd.
• Mitsubishi Electric
• Toshiba Elevator
• Hitachi Ltd.
• Fujitec Co., Ltd.
• Arkel Elektronik
• Schindler Holding AG
• Honeywell International Inc.
• Nidec MCE
• SICK AG
• Eaton Electronics
• Lester Controls Ltd.
• Thames Valley Controls Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists

Value-Added Resellers (VARs)

Recent Development

• In September 2025, Otis launched Arise MOD Prime and MOD Plus in Europe to modernize aging low to mid-rise elevators. Available in Spain, the UK, France, and Benelux, these solutions address operational challenges in buildings with elevators over 25 years old, improving safety and passenger satisfaction.

• In March 2025, Mitsubishi Electric Building Solutions (MEBS) announced the March 19 launch of a new overseas control renewal menu for elevators from other manufacturers. Featuring an auto-tuning control panel, the initiative addresses diverse customer needs and expands MEBS’s elevator maintenance and system renewal business globally.

• In October 2024, Hitachi announced that Hitachi Building Systems and Hitachi Lift India secured an order for 56 elevators and escalators from CRC Group for CRC the Flagship in Noida, Uttar Pradesh. The project represents one of Noida’s most prestigious commercial developments.

• In August 2024, Otis unveiled its Gen3 connected elevator platform at the ‘Platform for Possibility’ event in Bangkok. Building on Gen2 technology, Gen3 offers machine room and machine room-less options for residential, commercial, hospitality, medical, and industrial buildings, enhancing connectivity, performance, and versatility across diverse applications.

• In April 2021, Jardine Schindler Group partnered with the Hong Kong Productivity Council to launch kNOw Touch, a contactless elevator control panel. Easy to retrofit, it uses infrared sensors to select floors without touching buttons, reducing COVID-19 transmission risk and promoting hygienic elevator use globally.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the elevator control panelboard market based on the below-mentioned segments:  

Global Elevator Control Panelboard Market, By Control Panel Type

• Machine Room Control Panel
• Machine Roomless Control Panel
• Hydraulic Elevator Control Panel

Global Elevator Control Panelboard Market, By Elevator Type

• Passenger Elevators
• Freight Elevators
• Service Elevators
• Others

Global Elevator Control Panelboard Market, By End-use Type

• Residential
• Commercial
• Institutional
• Industrial

Global Elevator Control Panelboard Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa

Rest of the Middle East & Africa