North America Elevator Market Size, Share, and COVID-19 Impact Analysis, By Type (Hydraulic, Traction, Machine Room-Less Traction, and Others), By Application (Residential, Commercial, and Industrial), and North America, Elevator Market Insights, Industry Trend, Forecasts to 2035

North America Elevator Market Insights Forecasts to 2035

• The North America Elevator Market Size Was Estimated at USD 10.02 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 5.52% from 2025 to 2035
• The North America Elevator Market Size is Expected to Reach USD 18.10 Billion by 2035

According to a Research Report Published by Spherical Insights & Consulting, the North America Elevator Market is Anticipated to Reach USD 18.10 Billion by 2035, Growing at a CAGR of 5.52 % from 2025 to 2035. The demand for modernization, the adoption of smart elevators, the growth of urban infrastructure, energy-efficient technologies, and predictive maintenance systems brought on by aged installations and changing building standards present opportunities for the North America elevator market.   

Market Overview

The design, production, installation, upgrade, and maintenance of elevator systems in the residential, commercial, and industrial sectors are all included in the North America elevator market. It contains a range of technologies designed to satisfy different building needs, including traction, hydraulic, and machine room-less elevators. Modernizing outdated infrastructure, implementing smart and energy-efficient technology, building more urban high-rises, and raising safety and accessibility regulations are the primary objectives of the North America elevator market.    

The North America elevators market is expanding significantly due to factors such as infrastructural development, urbanization, and technological breakthroughs. The need for effective vertical transportation systems in residential, commercial, and industrial buildings has increased as cities grow and people rise. Urbanization, infrastructure development, and technology improvements are driving the North America elevator market. The North America elevator market is also being driven by the emergence of smart buildings, which integrate energy-efficient and internet of things technology.      

Report Coverage

This research report categorizes the market for North America elevator market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America elevator market. Recent market developments and competitive strategies such as expansion, product 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 North America elevator market.   

Driving Factors

Rapid industrialization, the expanding building sector, and rising safety and accessibility standards are the main factors propelling the North America elevator market. Demand for smart elevators with energy-efficient features and predictive maintenance capabilities is rising in the market due to factors like urbanization, aging infrastructure, and sustainability objectives. The growth of collective operation, in which an elevator or group of elevators provides improved automatic operation and is common in residential complexes and hospitals due to its cost, will drive the need for elevators. Technological developments, regulatory standards, and the growing demand for effective and equitable vertical transportation solutions all contribute to the North America elevator market. 

Restraining Factors

High installation and maintenance expenses present a financial hurdle, particularly for sophisticated smart and energy-efficient systems. Market growth is further restricted by complicated regulations, a slow rate of renovation in older buildings, and a lack of uptake in low-rise buildings.  

Market Segmentation

The North America elevator market share is classified into type and application

• The traction segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.  

The North America elevator market is segmented by type into hydraulic, traction, machine room-less traction, and others. Among these, the traction segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. Commercial and industrial buildings commonly use traction elevators. The market demand is also anticipated to be boosted by the growth of infrastructure projects for commercial buildings, such as offices, shopping malls, and retail complexes.  

• The residential segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The North America elevator market is segmented by application into residential, commercial, and industrial. Among these, the residential segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The market for residential elevators will be further driven by the construction of high-rise buildings, many of which feature smart elevators. The market will also rise as a result of increased investment in residential construction.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America elevator market along with a comparative evaluation primarily based on their product 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 product 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

• TK Elevator
• Fujitec
• Aritco Lift
• Emak
• Canny Elevator
• Hitachi Ltd
• Hyundai Elevator
• Sigma Elevators
• ESCON Elevators
• Konecranes Oyj
• Schindler Holding AG
• Schumacher Elevator
• Toshiba Corporation
• Mitsubishi Electric Corp
• Others

Recent Developments

• In January 2024, TK Elevator introduced "enta villa," a new house elevator concept. This design was created especially for multi-story homes and villas, the company's native market, where demand for upscale living products and housing is rising quickly.

Key Target Audience 

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

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

North America Elevator Market, By Type

• Hydraulic
• Traction
• Machine Room-Less Traction
• Others

North America Elevator Market, By Application

• Residential
• Commercial
• Industrial