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2023 Elevator Industry Market Status and Development Trend

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The market status and development trend of the elevator industry in 2023, the market size of the elevator industry is about 134.6 billion yuan

 

The development history of the global elevator industry

 

The global elevator industry has mainly experienced the following development process: embryonic stage-steam drive introduction stage-electric drive introduction stage-modern elevator growth period-mature development period.

The market size of the global elevator industry in 2022 is about 134.6 billion US dollars

According to the global elevator industry market size data jointly released by Statista and Verified-Market-Research, it can be seen that the global elevator industry market size in 2020 is about 122.98 billion US dollars, and will maintain stable growth in the future. The global elevator market size in 2022 is about $134.6 billion.

According to the operating conditions of major companies in the global elevator industry published by each company’s bulletin, the operating income of Otis, Schindler, Kone, and Mitsubishi Electric Elevator is relatively high. Among them, the operating income of Otis’ elevator business in 2021 will reach 14.298 billion US dollars. The operating income of Schindler's elevator business was US$12.297 billion, and the operating income of KONE's elevator business was US$11.906 billion.

 

China's elevator market is the largest elevator market in the world

 

From the perspective of market demand, the international elevator market presents the characteristics of steady growth in demand in developed countries and regions, and rapid growth in demand in emerging markets. Developed countries such as the United Kingdom, the United States, Japan, Germany, France, and Italy started early in their market modernization, and the main downstream industries of elevators, such as real estate, construction, and rail transit, are approaching saturation, and the number of elevators is relatively high. The demand for updated elevators continues to grow. On the other hand, the economy of developing countries is growing rapidly, the infrastructure construction has increased significantly, the demand for elevators has increased rapidly, and the industry has a good development prospect. Among them, the Chinese market has the fastest growth trend.


According to a report released by KONE in 2021, in 2021, China's elevator industry will have a global market share of 66%, making it the world's largest elevator market and a major growth point for the industry. The elevator market share in Europe, the Middle East, and Africa is 17%, making it the second largest elevator market in the world. The elevator market share in Southeast Asia, India and Australia is 6%, and the elevator market share in North America and South America is 3% and 2% respectively.

 

Analysis on the Development Trend of the Global Elevator Industry

 

From the perspective of the international elevator market, when the number of elevators becomes saturated, service income will constitute the main component of income. Green elevators, intelligent, informatization and high-speed elevators will become the trend of global elevator product development.


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