Passenger and Cargo Elevators Industry Report 2026-2035: A $161.25 Billion Market by 2030 with Hitachi, Thyssenkrupp, Mitsubishi Electric, Otis, Schindler Group, and KONE Leading
Dublin, March 02, 2026 (GLOBE NEWSWIRE) -- The "Passenger and Cargo Elevators Market Report 2026" has been added to ResearchAndMarkets.com's offering.
The passenger and cargo elevators market is experiencing robust growth, expanding from $104.13 billion in 2025 to $113.9 billion in 2026, with a compound annual growth rate (CAGR) of 9.4%. Contributing factors include urban high-rise construction, commercial and residential expansion, industrial logistics demands, and strict elevator safety standards.
Looking ahead, this market is projected to reach $161.25 billion by 2030, growing at a CAGR of 9.1%. The anticipated surge is driven by the development of smart cities, modernization of aging infrastructure, demand for energy-efficient systems, and the evolution of mixed-use developments. Notable trends during this period include the deployment of smart elevator systems, increased demand for high-capacity cargo elevators, integration of predictive maintenance technologies, growth of machine-roomless elevators, and emphasis on energy-efficient vertical transport.
The demand for passenger and cargo elevators is significantly fueled by rising construction activities, fueled by urbanization and increased infrastructure needs. These elevators are pivotal in improving productivity and safety within high-rise buildings and vast infrastructure projects. For instance, in July 2023, the Australian Bureau of Statistics reported a rise in dwellings under construction, highlighting the sector's contribution to the elevator market's expansion.
Companies are innovating with cloud-based APIs and smart building system integrations to enhance elevator efficiency, user experience, and urban infrastructure intelligence. In August 2024, Otis unveiled its advanced Gen3 digitally connected elevator in Thailand, merging durable mechanics with IoT platform benefits for real-time monitoring and energy efficiency.
In a strategic collaboration, Gulf Elevators & Escalators Company and China's Shenyang Yuanda Intellectual Industry Group are set to boost elevator production in Saudi Arabia by leveraging advanced technologies, supporting the region's industrial goals.
Leading companies in this market include Hitachi Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, KONE Corporation, and others. The Asia-Pacific region was the largest market in 2025, with extensive coverage including other regions such as North America, South America, Europe, the Middle East, and Africa.
This market encompasses revenues from services related to installation, modernization, consulting, and inspection, covering a variety of elevators, including observation, service, and hospital elevators. The value is derived from manufacturers or creators, encompassing goods and associated services.
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Global Passenger and Cargo Elevators Market Trends and Strategies
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