The elevators market size in Europe was valued at USD 17.36 billion in 2024. The European market is estimated to be worth USD 28.12 billion by 2033 from USD 18.32 billion in 2025, growing at a CAGR of 5.5% from 2025 to 2033.
Elevators are integral to support urbanization and enable efficient vertical transportation in high-rise buildings and enhancing accessibility for an aging population. With increased urban infrastructure development and a growing focus on smart building technologies, the demand for advanced and energy-efficient elevators has surged. The substantial investments in residential and commercial construction is propelling the demand for elevators in Europe. According to Eurostat, construction activities accounted for nearly 9% of the EU's GDP in 2022, reflecting the sector's critical economic role. Additionally, sustainability initiatives under the European Green Deal have emphasized the adoption of eco-friendly elevators that reduce energy consumption. For instance, regenerative drive systems, which can recover and reuse energy, are gaining popularity.
Aging building infrastructure is another significant factor driving modernization projects. The European Lift Association reported that approximately 50% of elevators in the EU are over 20 years old, necessitating upgrades to comply with safety and efficiency standards. Major players like Otis, Schindler, KONE, and Thyssenkrupp dominate the market, leveraging advanced technologies such as IoT-enabled predictive maintenance and AI for improved safety and reliability.
Rapid urbanization and the rising number of high-rise buildings are key drivers of the European elevator market. The United Nations reported that 75% of Europe’s population lived in urban areas as of 2022, with projections suggesting further growth in urbanization. This trend has increased demand for efficient vertical transportation solutions in residential and commercial high-rises. The European Commission stated that urban construction projects accounted for nearly 60% of the region's construction output in 2023, reinforcing the need for modern elevators. High-density cities like London, Paris, and Frankfurt are experiencing a surge in skyscraper developments, further propelling market growth. Advanced elevators with space-saving designs and high-speed capabilities are increasingly adopted to meet these demands.
The aging elevator infrastructure in Europe is a significant driver for modernization and safety upgrades. According to the European Lift Association, 50% of elevators in the EU are over 20 years old, requiring enhancements to meet current safety and energy efficiency standards. The European Union has enforced directives such as the Lift Directive 2014/33/EU, ensuring that outdated systems are replaced or upgraded for compliance. In 2023, modernization projects accounted for nearly 30% of the European elevator industry’s revenue, as reported by the European Commission. Features like IoT-enabled predictive maintenance and energy-efficient motors are being incorporated into retrofitted elevators, ensuring safety, reliability, and compliance with regulatory mandates.
The high costs associated with installing new elevators and modernizing existing systems present a significant restraint for the European elevator market. Advanced elevator systems equipped with energy-efficient and smart technologies are expensive, which can deter adoption, especially in older residential buildings. According to the European Lift Association, the cost of installing a basic elevator in a multi-story building ranges between €20,000 and €40,000, while modernization projects can cost up to €15,000 per unit. These expenses are often unaffordable for smaller property owners or housing associations, slowing market penetration. Furthermore, the European Commission has noted that financial constraints in certain regions hinder the implementation of safety and energy upgrades, further restraining market growth.
Stringent regulations governing safety, accessibility, and energy efficiency can create challenges for elevator manufacturers and service providers. Compliance with directives such as the Lift Directive 2014/33/EU and energy efficiency standards under the European Green Deal requires significant investment in product redesign and certification. The European Commission reported in 2023 that compliance costs for elevator manufacturers increased by 20% over the past five years due to evolving standards. Additionally, smaller firms often struggle to meet these regulatory demands, which limits their competitiveness in the market. These compliance challenges add financial and operational burdens, particularly in regions where economic disparities affect market dynamics.
The growing adoption of smart and IoT-enabled technologies presents a significant opportunity for the European elevator market. Elevators equipped with IoT sensors and predictive maintenance systems enhance operational efficiency, reduce downtime, and improve passenger safety. The European Commission reported in 2023 that over 25% of new elevator installations in Europe incorporated IoT technology, driven by the demand for connected infrastructure in smart buildings. These technologies allow real-time monitoring and energy optimization, aligning with the European Green Deal’s sustainability goals. Additionally, smart elevators are increasingly used in high-rise commercial buildings and luxury residential complexes, offering advanced features such as AI-assisted dispatching and personalized user experiences, creating a lucrative growth avenue for manufacturers and service providers.
Europe’s aging population creates an opportunity to expand the elevator market by catering to accessibility needs. According to Eurostat, nearly 21% of the EU population was aged 65 or older in 2022, a figure expected to rise steadily. This demographic trend has increased the demand for elevators and stairlifts in residential buildings and healthcare facilities. Government initiatives promoting accessibility, such as the EU’s Accessibility Act, encourage the installation of elevators in both new and existing buildings. In 2023, accessibility-focused elevator installations accounted for 18% of total deployments in the region, as reported by the European Lift Association. Manufacturers are leveraging this opportunity by developing compact and user-friendly designs tailored to the elderly and differently-abled individuals.
The European elevator market faces challenges from supply chain disruptions and shortages of key components such as microprocessors and steel. The COVID-19 pandemic exacerbated supply chain vulnerabilities, causing delays in production and installation schedules. The European Commission reported that manufacturing output across the EU declined by 6% in 2022 due to supply chain constraints. Additionally, geopolitical tensions, such as the Russia-Ukraine conflict, have disrupted the availability of raw materials, driving up costs for essential components. These disruptions increase lead times for new installations and modernization projects, impacting both manufacturers and service providers. Addressing this issue requires investments in regional supply chains and alternative sourcing strategies to reduce dependency on global suppliers.
Meeting stringent energy efficiency and carbon reduction mandates poses a significant challenge for elevator manufacturers in Europe. The European Green Deal and related regulations require manufacturers to produce elevators that comply with high energy standards, necessitating continuous investment in research and development. According to the European Environment Agency, elevators and escalators account for nearly 2-5% of a building’s total energy consumption, prompting stricter efficiency guidelines. Compliance costs have risen by 20% in the last five years, as reported by the European Commission in 2023. Smaller companies often struggle to invest in such upgrades, limiting their ability to compete in a market increasingly focused on sustainability and eco-friendly solutions.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2024 to 2033 |
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Base Year |
2024 |
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Forecast Period |
2025 to 2033 |
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CAGR |
5.5% |
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Segments Covered |
By Type, Application, and Region |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis; DROC; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
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Regions Covered |
UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic, Rest of Europe |
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Market Leaders Profiled |
KONE Corporation, Otis Elevator Company, TK Elevator, Schindler Group, Mitsubishi Electric Corporation, Fujitec, Hyundai Elevator, Hitachi, Orona Elevators, and others. |
Germany held the major share of the European elevators market in 2024 due to its advanced infrastructure, high construction activity, and strong emphasis on modernization. The German Federal Statistical Office reported that construction contributed over €140 billion to the economy in 2023, driving demand for elevators in residential and commercial buildings. Additionally, Germany’s stringent safety and energy regulations, such as compliance with the Energy Performance of Buildings Directive (EPBD), encourage the adoption of modern, energy-efficient elevators. Global leaders like Thyssenkrupp, headquartered in Germany, further reinforce the country's dominance by offering innovative and sustainable elevator solutions.
France is another key regional segment for elevators in Europe and the growth of the French market is majorly supported by large-scale urban modernization projects and sustainability initiatives. The Grand Paris Express, Europe’s largest urban transport project, involves extensive elevator installations, as reported by the French Ministry of Ecological Transition in 2023. France’s aging infrastructure also drives significant modernization efforts, with nearly 40% of elevators over 20 years old, creating consistent demand for upgrades. Major players like Otis and Schindler have established strong presences in France, contributing to its market leadership.
The United Kingdom ranks among the top markets foe elevators in Europe. The growth of the UK market is majorly attributed to substantial investments in infrastructure and high-rise construction. According to the UK Department for Levelling Up, Housing, and Communities, £12 billion was allocated in 2023 for urban housing and public infrastructure, boosting elevator demand. The UK’s focus on accessibility, particularly under the Equality Act 2010, has increased installations in both new and existing buildings. Companies like KONE and Mitsubishi Electric dominate the UK market, catering to its diverse and growing elevator needs.
The major key players in Europe elevators market are KONE Corporation, Otis Elevator Company, TK Elevator, Schindler Group, Mitsubishi Electric Corporation, Fujitec, Hyundai Elevator, Hitachi, Orona Elevators, and others.
This research report on the Europe elevators market is segmented and sub-segmented into the following categories.
By Type
By Application
By Country
Frequently Asked Questions
The Europe elevators market was valued at USD 17.36 billion in 2024 and is projected to reach USD 28.12 billion by 2033, growing at a CAGR of 5.5% from 2025 to 2033.
Key drivers include rapid urbanization leading to increased high-rise constructions, substantial investments in residential and commercial infrastructure, and a focus on sustainability initiatives promoting energy-efficient elevator systems.
Major markets include Germany, the UK, France, Italy, and Spain, driven by robust construction activities and modernization efforts in these countries.
The market demand encompasses various types of elevators, including passenger elevators, goods elevators, capsule elevators, automobile elevators, stretcher elevators, and hydraulic elevators, catering to diverse applications in residential and commercial sectors.
A significant portion of Europe's building infrastructure is aging, leading to increased modernization projects to upgrade elevator systems for enhanced safety, compliance with current standards, and improved energy efficiency.
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