Passenger and Cargo Elevators Market Report 2025

The passenger and cargo elevators market size has grown strongly in recent years. It will grow from $95.06 billion in 2024 to $104.13 billion in 2025 at a compound annual growth rate (CAGR) of 9.5%. The growth during the historic period can be attributed to increasing urbanization, a growing number of commercial buildings, higher demand for vertical transportation, rising population density, and increased investment in infrastructure development.

The passenger and cargo elevators market size is expected to see strong growth in the next few years. It will grow to $147.99 billion in 2029 at a compound annual growth rate (CAGR) of 9.2%. The projected growth in the forecast period is driven by rising demand for smart elevators, the construction of more high-rise buildings, a growing emphasis on energy efficiency, expanding urban infrastructure projects, and increased adoption in emerging economies. Key trends expected during the forecast period include advancements in elevator automation, innovations in touchless control systems, integration of smart sensors, adoption of advanced maintenance technologies, and the incorporation of AI and machine learning.

The rise in construction activities is driving the growth of the passenger and cargo elevator market, supported by increasing urbanization and infrastructure needs. Construction activities involve building, renovating, or maintaining residential, commercial, and infrastructure projects. This surge is primarily due to rapid urbanization, as growing populations in cities heighten the demand for various developments. Passenger and cargo elevators play a key role in construction by allowing efficient vertical transportation of workers, equipment, and materials in high-rise buildings and large-scale infrastructure projects, thereby enhancing both productivity and safety on-site. For example, in July 2023, the Australian Bureau of Statistics reported that in the March quarter of 2023, there were 240,813 dwellings under construction, an increase from 240,065 in 2022. Thus, the growing construction activities are contributing to the expansion of the passenger and cargo elevator market.

Key companies in the passenger and cargo elevator market are introducing cutting-edge innovations, including cloud-based APIs and integration with smart building systems, to improve efficiency, enhance passenger experiences, and support the evolution of intelligent urban infrastructure. These technologies involve the seamless integration of elevator systems with building management platforms and smart features for improved adaptability and performance. For instance, in August 2024, Otis, a U.S.-based company specializing in elevator and escalator solutions, introduced its advanced Gen3 digitally connected elevator in Thailand. This new model combines the reliable mechanics of the Gen2 elevator with the Otis ONE IoT platform, offering real-time performance monitoring, remote diagnostics, and predictive maintenance. It also provides enhanced user experiences through app-based controls, digital displays, and energy-efficient operations. This launch reflects a significant advancement in connected, efficient, and intelligent vertical mobility solutions.

In November 2024, Gulf Elevators & Escalators Company, based in Saudi Arabia, formed a partnership with China’s Shenyang Yuanda Intellectual Industry Group to increase elevator production within the region. Through this collaboration, the two companies aim to strengthen local manufacturing capabilities in Saudi Arabia by utilizing advanced Chinese production technologies and contributing to the country's industrial development goals. Shenyang Yuanda Intellectual Industry Group is a China-based manufacturer of passenger and cargo elevators.

Major players in the passenger and cargo elevators market are Hitachi Ltd., Hainan Midea Building Technologies Co. Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, KONE Corporation, Hyundai Elevator Co. Ltd., Guangri Elevator Industry Co. Ltd., Canny Elevator Co. Ltd., Savaria Corporation, Orona Sociedad Cooperativa, Kleemann Hellas S.A., Stannah Lifts Holdings Ltd., Zhejiang Meilun Elevator Co. Ltd., Fujitec Co. Ltd., Mowrey Elevator Company Inc., GMV S.p.A., IFE Elevators Co. Ltd., Hangzhou Xiolift Elevator Co. Ltd.

Asia-Pacific was the largest region in the passenger and cargo elevators market in 2024. The regions covered in passenger and cargo elevators report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the passenger and cargo elevators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.

Passenger and cargo elevators are vertical transportation systems designed to efficiently move people (passengers) or goods (cargo) between floors in residential, commercial, or industrial buildings. Passenger elevators focus on safety, comfort, and speed, whereas cargo elevators are engineered for durability and heavy load capacity. These systems play a crucial role in modern infrastructure by improving accessibility and operational efficiency.

The primary types of these elevators are passenger and cargo elevators. Passenger elevators are vertical transportation systems intended to carry people between floors in residential, commercial, or public buildings. They utilize various technologies, including hydraulic, traction, and machine room-less systems, and come in capacities ranging from low to high. The main end-users include residential buildings, commercial buildings, industrial plants, and others.

The passenger and cargo elevators market research report is one of a series of new reports that provides passenger and cargo elevators market statistics, including the passenger and cargo elevators industry global market size, regional shares, competitors with the passenger and cargo elevators market share, detailed passenger and cargo elevators market segments, market trends, and opportunities, and any further data you may need to thrive in the passenger and cargo elevators industry. This passenger and cargo elevators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The passenger and cargo elevators market consists of revenues earned by entities by provide services such as installation services, modernization services, and consulting and inspection services. The market value includes the value of related goods sold by the service provider or included within the service offering. The passenger and cargo elevators market also includes sales of observation elevators, service elevators, and hospital elevators. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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