The global Home Elevator market is anticipated to generate revenues of USD 10,266.9 million in 2023. Demand for a home elevator is anticipated to develop at a CAGR of 7.8% and reach USD 21,825.2 million by 2033.
Home elevator leading companies use cutting-edge technologies to improve product efficiency and lifting capacity to withstand competition in the market.
Rapid urbanization is causing an increase in the number of low- and high-rise buildings, key retail establishments, and other structures, particularly in emerging nations. The need for residential lifts is expected to rise as a result.
Little buildings and individual residences that have lifts add value to them, which significantly raises their costs. So, building developers are eager to include home elevators in the structures, driving up the global market share.
The adoption of touchless operation increases the equipment's efficiency and improves the user experience. Usage of the Internet of Things (IoT) and artificial intelligence (AI) improve the interaction between the user and the elevator. Throughout the projected period, this is anticipated to produce profitable prospects for the home elevator sector globally.
The construction of high-rise buildings, many of which include intelligent lifts, is likely to expand the adoption of home elevators. Moreover, increasing residential development investment supports market expansion. For instance, investment in new residential structures grew by 14.6% in October 2020, when compared to the same month in 2019.
What are the Milestones in the Home Elevator Industry?
| Attributes | Details |
|---|---|
| Home Elevator Market CAGR (2023 to 2033) | 7.8% |
| Home Elevator Market Size (2023) | USD 10,266.9 million |
| Home Elevator Market Size (2033) | USD 21,825.2 million |
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Demand Analysis from 2018 to 2022
From 2018 to 2022, the industry had a CAGR of 5.7%, which is expected to develop at a 7.8% CAGR during the forecast period. The market's value increased, going from USD 7,730.0 million in 2018 to USD 9,667.5 million in 2022 as it expanded.
The development of collective operation, where an elevator or set of elevators offers increased autonomous operation, raised the market share during this period. Popularity in residential complexes and hospitals, owing to its cost, is what is driving the home elevator demand.
Future Market Scope (2023 to 2033)
The market is likely to see a demand for smart elevators. The goal of green engineering is to achieve maximum performance by collecting surplus energy, which is frequently lost as heat. The solution feeds the energy it has gathered back into the building's electrical infrastructure for later usage in the market for smart lifts.
The home elevator industry is expected to expand at a pace of 2.21x between 2023 and 2033, creating an additional opportunity of USD 11,558.3 million.
| Country | Market Share (2022) |
|---|---|
| United States | 15.9% |
| Germany | 9.1% |
| Japan | 4.2% |
| Australia | 2.8% |
With a 29.7% market share in 2022, North America led the industry. A key factor in the market's growth, particularly in the United States, is the efforts made by international manufacturers to establish their presence in the local market.
With smart mergers and acquisitions of the leading local businesses, a number of well-known global market players are attempting to strategically advance their operations and build a devoted clientele in the area. To strengthen its position in the local market, for instance, TK Elevator completed the acquisition of Accurate Elevator in June 2021. Additionally, TK Elevator has already acquired five businesses in a row in the North American market in 2021.
The development of three international trade centers in New York, multiple high-rise buildings in Portland, expansion projects at the Universities of Virginia, North Carolina, and Cleveland State, as well as other key endeavors around the country, all contributed to the industry's rapid growth. The home elevator adoption in the upcoming years is driven by the aforementioned considerations.
In 2022, Europe made significant improvement with a share of 25.3%. This is a result of the expanding cutting-edge products in nations like Germany and the United Kingdom. High-rise building construction and refurbishment are expected to create new market expansion chances in this area.
In Europe, the government has recommended the adoption of regional policies to ensure that all floors of completed and ongoing structures are accessible to those with disabilities. For instance, every new structure must include at least one lift that accommodates wheelchairs.
Asia Pacific Market Outlook
| Country | Market CAGR (2023 to 2033) |
|---|---|
| India | 5.3% |
| China | 3.3% |
Throughout the projection period, India is anticipated to see the market's rapid growth rate. The country is the third-leading market in the Asia Pacific area due to the nation's rapid expansion and the rise in the number of high-rise structures and skyscrapers.
The industry participants have started working to build a solid and efficient supply chain throughout the Indian market. To better connect direct customers and comprehend the precise needs of customers in the area, they are aiming to create a robust network of distributors and merchants throughout many states.
Leading firms in India have implemented a go-to-market strategy. Further to promoting their products, they are taking part in trade fairs and tech expos to learn more about the preferences and needs of their target market.
For instance, KONE, one of the top home elevator manufacturers, registered its participation in DiECE 2020 in August 2020 and set up a virtual booth at the expo. Hitachi also took part in World Lift and Escalator EXPO 2021 to promote its cutting-edge line of products.
The home elevator in the China market has expanded significantly in recent years owing to the fast rural exodus, population increase, and industrial growth. For instance, the American Institute of Architects Shanghai estimates that by 2025, China is likely to have constructed the equivalent of around 10 cities the size of New York.
As socioeconomic conditions in nations like China, Indonesia, and other Southeast Asian markets continue to improve, home elevator adoption is likely to expand. The baby boomer generation is rapidly aging, which leads to an increase in the senior population and the number of people with disabilities, increasing home elevator demand.
| Segment | Type |
|---|---|
| Top-segment | Hydraulic Elevator |
| Market Share (2022) | 28.8% |
| Segment | Application |
|---|---|
| Top-segment | Freight |
| Market Share (2022) | 64.4% |
Throughout the projection period, the hydraulic-type segment is anticipated to rule the market. This is as a number of advantages, including excellent weight-bearing capacity, greater longevity, and relatively low noise levels.
As these elevators lift up to 1,000 pounds, demand for hydraulic elevators is rising. Due to its fire and earthquake resistance, maximum transit speeds of around 40 feet per minute are thought to be among the secure options.
Freight segment is expected to dominate the market during the forecast period. Key factors responsible for this development:
Key players in the Home Elevator Market are Seeking New Opportunities
Established companies are putting their efforts into developing sustainable products to appeal to consumers that care about the environment. LED lighting, recyclable materials, and water-soluble coatings are all features of green elevators. Also, since magnetic motors are becoming more and more well-liked by consumers, market vendors are concentrating on applying alternatives to rope and pulley systems.
The popularity of these eco-friendly items is encouraging home elevator businesses to invest.
Energy-efficient lift development is a priority for manufacturers. These lifts are more compact and consume less energy due to better hardware controls. Also, it is anticipated that the increase in government attempts to conserve energy encourages development in the sales of energy-efficient products.
To expand their service offerings and domestic footprint, key companies are pursuing minor regional players for acquisition. Moreover, new goods and services are created as a consequence of ongoing study and technological innovation.
The expansion of global market participants' product offerings, as well as merger and acquisition activity, overall heighten regional market competition. For illustration, elevators that are digitally connected improve lift connectivity at various entrance levels and balance people’s flow while increasing productivity.
Similar to this, rivals in the residential elevator industry used acquisition as their primary developmental approach to increase their market share and advance the technology of their products.
Recent Developments:
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Rising luxurious home is fueling the demand in the United States.
The growing refurbishment activities is upsurging the Europe market.
The growing cutting-edge technology has necessitated home elevator.
The United States held 29.7% of the global market in 2023.
North America to witness lucrative growth opportunities through 2033.
| Market Value for 2024 | USD 13,395.64 million |
|---|---|
| Market Value for 2034 | USD 30,009.33 million |
| Market CAGR (2024 to 2034) | 8.40% |
| Market Value (2022) | USD 78,342.6 Million |
|---|---|
| Market Anticipated Value (2032) | USD 2,50,456.9 Million |
| Projected CAGR (2022 to 2032) | 12.3% |
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