Market Overview
Installed base versus new build
- Brevintel analysis values the market at USD 25.1 billion in 2025 ($25.1B), reaching USD 26 billion in 2026 before expanding to USD 37.1 billion by 2035 ($37.1B) at approximately 4% CAGR.
- The market includes new equipment, maintenance, and modernization revenue.
- Schindler led with over 11% share in 2025; Schindler, Fujitec Co., Ltd., Mitsubishi Electric Corporation, KONE, and Hitachi, Ltd. held 25%.
- Europe's urban population is projected to reach 83.7% by 2050.
- Buildings account for about 40% of energy consumption in the European Union.
- The shift from USD 26.0 billion in 2026 to USD 37.1 billion in 2035 is led by modernization, connected controls, and machine room-less traction.
- Hydraulic elevators represented USD 13.4 billion in 2025, or 53.4% of market value.
- Machine room-less traction elevators are the fastest-growing product category at approximately 5.2% CAGR, from USD 3.8 billion in 2025 to USD 6.3 billion in 2035.
Market Dynamics
Modernization and energy policy
- The revised Energy Performance of Buildings Directive strengthens the case for elevator upgrades inside larger renovation budgets.
- Hydraulic lifts typically operate below 1 m/s and are suited to travel heights of roughly 20 meters, corresponding to buildings of five to seven floors.
- Hydraulic projected growth of approximately 3.6% CAGR indicates a mature installed base.
- Traction elevators are projected to grow at approximately 4.2% CAGR.
- Traction lifts assessed by the European Lift Association achieved average energy class B or better under ISO 25745-2.
- EN 81-21:2022 addresses safety rules for new lifts installed in existing buildings.
- Technician availability and equipment compatibility determine how fast the installed base can be upgraded.
- In September 2025, Otis introduced Arise MOD Prime and Plus modernization solutions for low- to mid-rise buildings in Spain, the UK, France, and Benelux.
Segmentation Analysis
Product, deck, height, and speed
- Hydraulic elevators represented USD 13.4 billion in 2025, or 53.4% of market value, at approximately 3.6% CAGR.
- Machine room-less traction elevators rise from USD 3.8 billion in 2025 to USD 6.3 billion in 2035 at approximately 5.2% CAGR.
- Single-deck elevators generated USD 14.1 billion in 2025 and accounted for 56.2% of market value.
- Double-deck elevators accounted for USD 11.0 billion in 2025 and are expected to grow at approximately 4.3% CAGR.
- Standard commercial configurations commonly operate between 1 m/s and 2.5 m/s.
- TK Elevator's Evolution guidance identifies 1.0 m/s, 1.6 m/s, and 2.0 m/s as standard commercial operating speeds.
- The 4-6 m/s category serves premium high-rise offices and hubs; 7-10 m/s and above 10 m/s remain niche in Europe.
- Germany currently holds the largest country share and is also projected to be the fastest-growing country.
Application, destination control, and speed
- Passenger elevators generated USD 19.8 billion in 2025 and are expected to reach USD 29.3 billion by 2035, growing at approximately 4.1% CAGR.
- Freight elevators accounted for USD 5.3 billion in 2025 and are forecast to reach USD 7.8 billion by 2035.
- Conventional destination control remained the larger category at USD 14.8 billion in 2025, representing approximately 59% of the market.
- Smart destination control generated USD 10.3 billion in 2025 and is expected to expand at approximately 4.5% CAGR, reaching USD 16.0 billion by 2035.
- The 1-3 m/s range represents the core speed band for mid-rise residential and commercial applications.
Regional Outlook
Country demand inside Europe
- Germany currently holds the largest share of the Europe elevators market in 2025 and is projected to be the fastest-growing country.
- Urbanizing Central and Eastern European locations still contribute new-build equipment demand.
- Western European markets rely more on modernization and service where permits weaken.
- High-rise demand concentrates in locations such as London, Frankfurt, Warsaw, and Amsterdam.
- European height restrictions limit the volume of supertall development relative to Asia-Pacific.
- Densification toward an 83.7% urban population by 2050 keeps elevator intensity high even in mature cities.
Country values
- The market is estimated to reach USD 26 billion in 2026, before expanding to USD 37.1 billion by 2035, reflecting approximately 4% CAGR over 2026-2035.
- Italy was valued at USD 4.4 billion in 2025 and is expected to reach USD 6.7 billion by 2035, at approximately 4.3% CAGR, with more than 40% of Italy's installed base over 30 years old.
- Germany is the largest national market at USD 5.3 billion in 2025 and is projected to reach USD 7.4 billion by 2035, at approximately 3.5% CAGR.
- France generated USD 4.5 billion in 2025 and is forecast to reach USD 7.1 billion by 2035, representing approximately 4.8% CAGR.
- The UK market was valued at USD 4.5 billion in 2025 and is projected to reach USD 6.5 billion by 2035, expanding at approximately 3.9% CAGR.
- Spain accounted for USD 4.6 billion in 2025 and is projected to reach USD 6.9 billion by 2035, growing at approximately 4.2% CAGR.
- The Rest of Europe grouping, which includes Russia, was valued at USD 1.9 billion in 2025 and is expected to grow at approximately 2.8% CAGR through 2035.
- Russian elevator production fell sharply after 2021, partially recovered, and then declined again in 2025, according to industry reporting.
Competitive Landscape
Structure
- Schindler held more than 11% of Europe elevators market revenue in 2025.
- Schindler, Fujitec, Mitsubishi Electric, KONE, and Hitachi collectively accounted for approximately 25%.
- KONE, Schindler, Fujitec, Mitsubishi Electric, Hitachi, Hyundai Elevator, TK Elevator, and Toshiba compete through equipment, digital controls, and service.
- Aritco is positioned in home lifts and accessibility-oriented residential applications.
- Otis introduced Arise MOD Prime and Plus in September 2025 for phased modernization with regenerative technology.
- Independent providers remain competitive where local installation relationships and price positioning are decisive.
Modernization programs
- KONE identified service as the majority of its Europe business mix at its 2024 Capital Markets Day.
- KONE's 2024 annual review reported EUR 4,233.8 million in European sales, up 5.8% year over year, with modernization showing clearer growth than new building solutions.
- In June 2026, TK Elevator launched EOX Rebuild for modernization of aging European elevator infrastructure, covering capacities from 320 kg to 1,000 kg, speeds up to 1.75 m/s, and travel heights up to 75 meters.
Integrated producers
- Schindler
- Mitsubishi Electric Corporation
- KONE
- Hitachi, Ltd.
Specialty suppliers
- Fujitec Co., Ltd.