According to a new report published by The Insight Partners on “Elevator Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Hydraulic, Traction, Machine Room-Less Traction, Others), Business Outlook (New Equipment, Maintenance, Modernization), Application (Residential, Commercial, Industrial), and Geography” the market in terms of revenue was estimated to be worth $71.43 billion in 2022 and is poised to reach $120.91 billion by 2030, growing at a CAGR of 6.8% from 2022 to 2030.
The growth of the elevator market is driven by growing construction industry and increasing integration of advanced technologies such as AI and ML. However, growing focus on technological advancement is emerging as a future trend in the industry.