European Elevator Market revenue to cross $14.8 Bn by 2028

Published Date: 2022-08-08

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European Elevator Market size is poised to reach USD 14.8 billion by 2028, according to a latest forecast report by Graphical Research.

The market growth is driven by the rising demand for advanced elevator systems in major European countries, as well as increasing requests for maintenance and repair services for aging construction in the region.

Growing awareness regarding potential implications of aging building systems on human as well as environmental health is emerging as a major contributor to demand for elevator maintenance and modernization services. To that end, in April 2022, Mitsubishi Electric Corporation announced its plans to wholly acquire Motum AB, a Sweden-based elevator and automatic door firm, to strengthen its potential for servicing and modernizing escalators and elevators in Sweden, other European nations, and beyond.

The MR traction elevator market will record a 2% CAGR through 2028, on account of the robust demand for the technology in mid-rise constructions. MR elevators have distinct advantages, including less vibration and noise during operation at high speeds, making these systems ideal for speeds of 1.75m/s or higher. These systems also possess higher load capacities than MRL elevators, reinforcing their position as a lucrative Europe market segment.

The building & construction segment is estimated to exhibit a commendable growth rate till 2028, particularly from the commercial segment, on account of rising number of hotels, shopping malls and hypermarkets among other commercial projects across regions like the UK. Powered by the expanding tourist traffic in the region, the rapid increase in commercial construction is set to be a significant growth enabler for the industry in Europe.

Browse detailed statistical insights from the report, “Europe Elevator Market Forecast 2028 By Product (MR Traction, MRL Traction, Hydraulic & Pneumatic, Others), By End-user (Industrial, Building & Construction {Institutional, Residential, Commercial}), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @

In June 2022, KONE Corporation received an order for the supply of a People Flow® solutions suite, including two escalators and twenty-five elevators to One Leadenhall, a new upmarket commercial building tower. Located next to the historic City of London-based Leadenhall Market, the 35-story tower was designed with a free public terrace with the capacity to accommodate over 4500 visitors, driving up the need for efficient vertical mobility systems.

The France elevator market will exceed USD 3000 million by 2028, given persistent efforts by major companies to cater to emerging architectural projects in the region. For instance, Otis Worldwide Corp. announced in December 2021 that its Gen360 vertical mobility solution had been selected for major architectural projects across France, including sports competition facilities planned for 2024 in Paris.

The European elevator market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028 for the following segments:

Europe Market, By Product

  • Hydraulic & Pneumatic
  • MR Traction
  • MRL Traction
  • Others

Europe Market, By End-user

  • Building & Construction
    • Residential
    • Institutional
    • Commercial
  • Industrial

The above information has been provided for the following countries:

  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia