U.S. Elevator Market to Reach $29 Billion by 2030, Growing at a CAGR of 5% Driven by Urbanization and Technological Advancements in Building Infrastructure

U.S. Elevator Market to Reach $29 Billion by 2030, Growing at a CAGR of 5% Driven by Urbanization and Technological Advancements in Building Infrastructure

The U.S. Elevator Market is set for steady growth, driven by the continued urbanization, the rise in residential and commercial construction, and the rapid adoption of advanced technologies in building infrastructure.

According to a recent report by Next Move Strategy Consulting, the U.S. Elevator Market size is predicted to reach USD 29 billion at a CAGR of 5% by 2030.

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Key Growth Drivers:

  1. Urbanization and High-Rise Buildings: As cities continue to expand and the demand for high-rise residential and commercial buildings increases, the need for elevators has surged. Elevators play a crucial role in providing efficient transportation in multi-story buildings, driving growth in the U.S. elevator market.
  2. Technological Advancements in Elevator Systems: The adoption of smart technologies, such as IoT (Internet of Things) enabled systems, touchless controls, and AI-driven predictive maintenance, is enhancing the functionality, safety, and efficiency of elevators. These innovations are revolutionizing the elevator experience, providing convenience and reducing operational costs.
  3. Growing Construction Industry: The U.S. construction industry is expected to continue its growth, particularly in the residential, commercial, and industrial sectors, further boosting the demand for elevators. From luxury homes to skyscrapers, elevators are now integral to modern architecture, especially in urban environments.
  4. Energy Efficiency and Sustainability: As sustainability becomes a key focus in building design and construction, elevators with energy-efficient motors, regenerative drives, and eco-friendly materials are in high demand. Green building certifications and sustainable construction practices are encouraging the adoption of more energy-efficient elevator solutions.
  5. Aging Population and Accessibility Needs: The increasing elderly population in the U.S. is driving the demand for elevators and lifts in residential buildings, hospitals, and healthcare facilities. Elevators designed with accessibility features, such as low-speed lifts and user-friendly interfaces, are crucial to improving mobility for elderly and disabled individuals.

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

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Key Players:

The U.S. elevator market is highly competitive, with several industry leaders offering innovative elevator solutions to cater to a wide range of consumer and commercial needs. Key players 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

Challenges Ahead:

While the U.S. elevator market presents significant opportunities, it faces several challenges, including high installation costs, maintenance complexities, and the need for specialized labor in installation and repair services. Additionally, as buildings become taller and more complex, the demand for advanced elevator systems capable of handling increased passenger volumes and ensuring energy efficiency is growing, requiring continuous innovation and investment.

Conclusion:

The U.S. elevator market is on track for steady growth over the next decade, driven by urbanization, technological advancements, and an increasing demand for sustainable and efficient vertical transportation systems. As the market evolves, elevator manufacturers and service providers must adapt to emerging trends in automation, energy efficiency, and customer-centric solutions to stay competitive and meet the rising demand for modern elevators in high-rise buildings, homes, and other infrastructure projects.

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For more information, please contact:
Next Move Strategy Consulting
E-Mail: info@nextmsc.com

Direct: +1-217-650-7991

Website: www.nextmsc.com

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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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