Elevator Manufacturing in the US - Industry Market Research Report

Going up: Despite increased competition, a stable construction market will likely benefit the industry

The Elevator Manufacturing industry is composed of companies that produce elevator cars, hoisting systems and escalators for commercial, residential and industrial buildings. Demand for this industry is largely based on trends in the Construction sector (IBISWorld report 23), as buildings with multiple floors typically need elevators to move people and equipment between floors quickly and safely. The pandemic resulted in a weakened construction sector, as work-from-home capabilities and growing economic uncertainty reduced demand for new construction projects. The residential sector expanded momentarily during the pandemic; however, growing economic uncertainty and inflation caused residential projects to fall, placing downward pressure on profit. These trends are expected to cause revenue to drop at a CAGR of 1.7% to $3.7 billion over the five years to 2023, including a 2.8% dip in 2023 alone.

Elevator manufacturers produce elevators for humans, freight and other transportation applications. This industry also includes the manufacturing of escalators and moving sidewalks.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.