Elevators Market 2030: Innovations in Machine Room-Less Technology
Elevators Market Growth & Trends The global elevators market size is expected to reach USD 116.14 billion by 2030, registering a CAGR of 6.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The need for elevators is projected to be driven by growing urbanization and a significant rise in the elderly population. Elevators are typically constructed in locations like train stations, apartment buildings, hospitals, metro stations, shopping centers, office buildings, schools, and airports. Furthermore, elevator installation in high-rise and mid-rise buildings has become necessary, which is assisting the market's growth in the coming years. The Asia Pacific region has been particularly affected by the global trend of rapid urbanization due to extremely high population density. Moreover, countries like China, India, and Japan are thought to have a significant potential for growth in terms of standard of life. A significant increase in the construction ...