The global home elevator market is anticipated to generate revenues of US$ 10,266.9 million in 2023. Demand for a home elevator is anticipated to develop at a CAGR of 7.8% and reach US$ 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) | US$ 10,266.9 million |
| Home Elevator Market Size (2033) | US$ 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 US$ 7,730.0 million in 2018 to US$ 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 US$ 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.
| 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.
Principal Consultant
| 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.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Type, 2023 to 2033 5.3.1. Hydraulic Elevator 5.3.2. Machine Room Less Elevator 5.3.3. Machine Room Elevator 5.3.4. Others 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033 6.3.1. Passengers 6.3.2. Freight 6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Application 10.4. Key Takeaways 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Singapore 11.2.1.5. Thailand 11.2.1.6. Indonesia 11.2.1.7. Australia 11.2.1.8. New Zealand 11.2.1.9. Rest of Asia Pacific 11.2.2. By Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Application 11.4. Key Takeaways 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Application 12.4. Key Takeaways 13. Key Countries Market Analysis 13.1. USA 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2022 13.1.2.1. By Type 13.1.2.2. By Application 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2022 13.2.2.1. By Type 13.2.2.2. By Application 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2022 13.3.2.1. By Type 13.3.2.2. By Application 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2022 13.4.2.1. By Type 13.4.2.2. By Application 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2022 13.5.2.1. By Type 13.5.2.2. By Application 13.6. UK 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2022 13.6.2.1. By Type 13.6.2.2. By Application 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2022 13.7.2.1. By Type 13.7.2.2. By Application 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2022 13.8.2.1. By Type 13.8.2.2. By Application 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2022 13.9.2.1. By Type 13.9.2.2. By Application 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2022 13.10.2.1. By Type 13.10.2.2. By Application 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2022 13.11.2.1. By Type 13.11.2.2. By Application 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2022 13.12.2.1. By Type 13.12.2.2. By Application 13.13. Singapore 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2022 13.13.2.1. By Type 13.13.2.2. By Application 13.14. Thailand 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2022 13.14.2.1. By Type 13.14.2.2. By Application 13.15. Indonesia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2022 13.15.2.1. By Type 13.15.2.2. By Application 13.16. Australia 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2022 13.16.2.1. By Type 13.16.2.2. By Application 13.17. New Zealand 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2022 13.17.2.1. By Type 13.17.2.2. By Application 13.18. GCC Countries 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2022 13.18.2.1. By Type 13.18.2.2. By Application 13.19. South Africa 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2022 13.19.2.1. By Type 13.19.2.2. By Application 13.20. Israel 13.20.1. Pricing Analysis 13.20.2. Market Share Analysis, 2022 13.20.2.1. By Type 13.20.2.2. By Application 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Type 14.3.3. By Application 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Fujitec Co., Ltd 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Mitsubishi Electric Corporation 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. Kone Corporation 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Schindler 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. Toshiba Elevator And Building Systems Corporation 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. Elite Elevators 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. Graand Prix 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Arrow Lift 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Stiltz Home Elevator. 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. Otis Elevator Company 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Home elevator Market
