Canada Elevator Market Size Projected to Reach USD 5 Billion, Growing at a CAGR of 9% by 2030

Canada Elevator Market Size Projected to Reach USD 5 Billion, Growing at a CAGR of 9% by 2030

The Canada Elevator Market is poised for significant growth over the forecast period, driven by advancements in technology, an increasing demand for energy-efficient solutions, and rising investments in infrastructure development.

As per the latest report published by Next Move Strategy Consulting, the Canada Elevator Market size is predicted to reach USD 5 billion, at a CAGR of 9% by 2030.

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This growth is expected to be influenced by the adoption of smart elevators, integration of Internet of Things (IoT) technology, and a heightened focus on sustainability.

Market Overview

The elevator industry in Canada has evolved significantly over the years, from traditional hydraulic systems to cutting-edge technologies such as machine-room-less (MRL) elevators and smart, eco-friendly lifts. Canada’s rapid urbanization, coupled with rising investments in residential, commercial, and industrial real estate projects, is expected to drive the demand for elevators in both new construction and modernization projects.

The Canadian government’s initiatives aimed at improving public infrastructure, as well as the growing trend of high-rise buildings in major cities such as Toronto, Vancouver, and Montreal, have created a robust demand for efficient and space-saving elevator systems. These factors have established a competitive landscape for elevator manufacturers and service providers across the country.

Key Market Drivers

  1. Urbanization and Infrastructure Development
    The rapid development of urban centers is increasing the need for high-rise buildings. As more people move into cities, there is a greater demand for elevators, particularly in commercial and residential sectors. Additionally, governmental and private-sector investments in urban infrastructure are also contributing to this growth.
  2. Technological Advancements in Elevator Systems
    Innovations such as smart elevators, which offer improved efficiency, monitoring, and predictive maintenance capabilities, are becoming more widespread in Canada. Integration of IoT in elevators is helping building owners reduce maintenance costs and ensure optimal performance. Moreover, energy-efficient and green elevators are gaining popularity due to increasing environmental concerns.
  3. Aging Population
    As Canada's population continues to age, there is an increasing demand for elevators in residential buildings and healthcare facilities to accommodate individuals with mobility challenges. This trend is expected to boost the demand for home lifts and hospital elevators, contributing to the market growth.
  4. Modernization and Retrofitting
    The need to replace old and outdated elevator systems in existing buildings is another key driver. Elevator modernization and retrofitting are gaining traction as building owners seek to improve energy efficiency, enhance user experience, and comply with stringent safety regulations.

Market Segmentation

By Type

  • Passenger elevator
  • Freight elevator
  • Others

By Technology

  • Traction
    • Machine Room [MR] Traction
    • Machine Roomless [MRL] Traction
  • Hydraulic

By Service

  • New Installation 
  • Maintenance
  • Modernization

By Capacity

  • Less than 1500 kg
  • 1500 to 2500 kg
  • 2501 to 4000 kg
  • More than 4000 kg

By Speed

  • Less than 1 M/S
  • Between 1 to 4 M/S
  • More than 5 M/S

By Deck Type

  • Single Deck
  • Double Deck

By Designation Control

  • Smart
  • Conventional

By Door Type

  • Automatic 
  • Manual

By Application

  • Residential 
  • Commercial
  • Industrial

Competitive Landscape

The Canada Elevator Market features several prominent international and local players that are continually innovating to meet the growing demand for more efficient and sustainable elevator solutions. Leading companies in the market include:

  • Schindler
  • Otis Elevator Company
  • TK Elevator (TKE)
  • Kone Corporation
  • Hitachi Ltd.
  • Fujitec Co., Ltd
  • Hyundai Elevator Co., Ltd
  • Mitsubishi Electric Corporation
  • Toshiba Elevator and Building Systems Corporation
  • Winone Elevator Company Limited

These companies are focusing on partnerships, technological innovations, and mergers and acquisitions to expand their market share.

Challenges

Despite the robust growth outlook, the market faces several challenges, including high installation and maintenance costs, strict regulatory requirements, and safety standards that must be adhered to. Moreover, the ongoing need for skilled labor for installation and maintenance poses a challenge for market players.

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Market Forecast and Opportunities

The Canada Elevator Market is expected to experience steady growth due to several key opportunities:

  • Smart Elevator Solutions: With the integration of IoT, AI, and other smart technologies, the demand for smart elevators is expected to increase as they offer better energy efficiency, real-time diagnostics, and more.
  • Sustainability: Eco-friendly elevators, including regenerative drives and energy-saving systems, will play a key role in the market’s expansion, driven by Canada’s commitment to reducing carbon emissions.
  • Expansion in Emerging Cities: The market will see growth in smaller Canadian cities as they undergo modernization and infrastructure development to meet urbanization needs.

Conclusion

The Canada Elevator Market is set to grow significantly over the next several years, driven by technological advancements, increasing urbanization, and government support for infrastructure projects. As the market becomes more competitive, manufacturers will continue to innovate to offer smarter, more energy-efficient solutions, positioning themselves for success in the evolving Canadian market.

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For more information, please contact:

Next Move Strategy Consulting

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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