Residential Elevators Market To Reach $100.79 Billion By 2033

Residential Elevators Market Growth & Trends

The global residential elevators market size is anticipated to reach USD 100.79 billion by 2033 and is expected to expand at a CAGR of 7.1% from 2025 to 2033, according to a new report by Grand View Research, Inc. Rapid urbanization is increasing the demand for multi-story residential buildings, driving the need for home elevators. High-rise developments in metropolitan areas require efficient vertical transportation solutions. Developers prefer modern elevator systems to enhance property value.

An increasing elderly population in developed regions is boosting demand for residential elevators. Elevators provide safer and more convenient mobility at home. This demographic shift encourages both new installations and retrofitting of existing homes. Enhanced safety features and accessibility solutions are key selling points.

Innovations such as machine room-less elevators, energy-efficient systems, and IoT-enabled smart elevators drive market growth. Consumers are attracted to automated and connected home solutions. Manufacturers invest in R&D to improve performance, efficiency, and user experience. Advanced technology also supports predictive maintenance and reduces downtime. 

Increasing disposable income allows homeowners to invest in comfort and luxury features. Residential elevators are seen as a convenience and status symbol in premium housing. Smart home integration and customizable designs appeal to tech-savvy consumers. This trend is most notable in North America, Europe, and affluent parts of Asia Pacific.

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Residential Elevators Market Report Highlights

• Based on type, the hydraulic segment led the residential elevators market in 2024 due to its cost-effectiveness and reliability. It is well-suited for low- to mid-rise buildings and offers smooth, quiet operation. Easy installation and lower maintenance requirements further strengthened its adoption.

• Based on business, the new equipment segment led the residential elevators market in 2024, holding a 47.7% share, due to strong demand from new residential constructions. Homeowners prefer modern, customized installations with advanced features. Growing urbanization and luxury housing projects further boosted adoption.

• Based on region, Asia Pacific led the residential elevators market due to rapid urbanization and widespread high-rise residential construction. Rising disposable incomes and growing demand for luxury and smart home features drive adoption. Strong real estate development in countries such as China and India further supports market growth.

• In September 2025, Schindler’s ReStore program modernizes older elevators in New Zealand by upgrading key electrical components such as controllers, inverters, and fixtures. The solution improves performance, efficiency, and prepares systems for future needs. It reduces downtime and costs compared to full replacements. Compatible with elevators from any brand, ReStore offers a flexible and sustainable modernization option for building owners.

Residential Elevators Market Segmentation

Grand View Research, Inc. has segmented the global residential elevators market on the basis of type, business, and region.

Residential Elevators Type Outlook (Revenue, USD Billion, 2021 - 2033)

• Hydraulic

• Traction

• Machine Room-Less Traction

• Others

Residential Elevators Business Outlook (Revenue, USD Billion, 2021 - 2033)

• New Equipment

• Maintenance

• Modernization

Residential Elevators Regional Outlook (Revenue, USD Billion, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • France

  • Germany

  • Italy

  • Spain

  • UK

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Residential Elevators Market

• Otis Worldwide Corporation

• Schindler

• KONE Corporation

• Hitachi Ltd.

• HYUNDAIELEVATOR CO.,LTD.

• Mitsubishi Electric Corporation

• Toshiba Group

• FUJITEC CO., LTD.

• Aritco Lift AB

• EMAK

• TK Elevator

• Schindler Group

• ESCON Elevators Pvt Limited

• Electra Elevators

• CANNY ELEVATOR CO, LTD.