Energy Efficient Elevators Market Research Report: By Elevator Type (Hydraulic Elevators, Traction Elevators, Machine Room-less Elevators), By Capacity (Low Capacity (Up to 1,000 kg), Medium Capacity (Up to 2,000 kg), High Capacity (Over 2,000 kg)), By Application (Residential Buildings, Commercial Buildings, Industrial Buildings, Public Infrastructure), By Efficiency Level (Single-Speed Motors, Variable-Speed Drives, Regenerative Drives, Standby Modes), By Installation Type (New Installation, Modernization, Replacement) and By Regional (No

Global Energy Efficient Elevators Market Overview

The Energy Efficient Elevators Market Size was estimated at 26.35 (USD Billion) in 2022. The Energy Efficient Elevators Industry is expected to grow from 28.78(USD Billion) in 2023 to 63.75 (USD Billion) by 2032. The Energy Efficient Elevators Market CAGR (growth rate) is expected to be around 9.23% during the forecast period (2024 - 2032).

Key Energy Efficient Elevators Market Trends Highlighted

The main driving factors for energy-efficient elevators market are increasing energy costs, increasing environmental concern, and government policies promoting reduction in carbon footprints. Opportunities still exist in changing the game through the establishment of new technologies such as regenerative drives, permanent magnet motors, and frequency controlled drives that promote energy efficiency even more.

Some of the recent market developments cover the application of artificial intelligence (AI) and Internet of things (IoT) in the process of predictive maintenance and remote monitoring. Smart features such as destination controls as well as automated passenger counting work to optimize the operation of elevators, consuming lesser energy. Changes also come at the level of the materials and components where new lightweight materials and technologies that reduce friction are used in order to bring about energy efficiency.

The market is gradually shifting to green buildings, and building methods are changing, where energy-efficient elevators are now central to a green building practice. Solar panels are additional aids that enhance the environmental suitability of these types of lifts. Due to more people moving to cities and new construction designs that require taller buildings, the need for energy efficient elevators is likely to increase in the near future.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Energy Efficient Elevators Market Drivers

Rising Demand for Energy-Efficient Buildings

One of the significant market drivers for the  Energy Efficient Elevator Market Industry is the increasing demand for energy-efficient buildings. This trend is driven by the fact that different governments worldwide have been imposing stricter and more demanding energy efficiency regulations that owners and developers of buildings have to comply with. Consequently, the target audience of the market is highly interested in opportunities to reduce the energy consumption of their properties.Elevators have always been energy-intensive, with few viable energy-efficient alternatives. The growing awareness of the environmental problems that buildings cause is also boosting the market for these technologies.

Growing Popularity of Green Buildings

Yet another market driver for the  Energy Efficient Elevators Market Industry is the fact that green buildings have become very popular. This is due to the fact that green buildings are engineered to reduce their environmental impact and to be energy efficient. An essential part of said energy efficiency is having energy efficient elevators. This is likely to stay a steady market driver as the demand for green buildings only continues to grow.

Technological Advancements

Technology advances Technological advancements are also driving the growth of the  Energy Efficient Elevators Market Industry. Elevator manufacturers are continuously researching and developing new energy-efficient technologies. Some of the most promising technologies on the market already include regenerative drive systems, which capture energy during braking and use it to power the elevator. LED lights can also be used in the lift, which sip power and do not consume much power.As technology continues to improve and become more advanced, the efficiency of elevators is sure to improve as well. .

Energy Efficient Elevators Market Segment Insights

Energy Efficient Elevators Market Elevator Type Insights

The Elevator Type segment of the  Energy Efficient Elevators Market demonstrates considerable growth potential, as a result of the increasing demand for energy-efficient solutions in the construction industry. Hydraulic Elevators, Traction Elevators, and Machine Room-less Elevators are the key types of energy-efficient elevators. Specifically, Hydraulic Elevators apply a hydraulic piston to raise and lower the elevator car. They are usually used in low-rise buildings because of the small cost and simple installation. Thus, in 2023, the Hydraulic Elevators market at the  level was evaluated at USD 5.322 billion, and by 2032, it will reach USD 12.01 billion, growing at a CAGR of 6.7%.Traction Elevators apply a traction sheave and steel ropes or belts to move the elevator car. They are considered more suitable than hydraulic elevators for high-rise buildings and reach higher speeds and are usually more efficient regarding energy. In 2023, the  Traction Elevators market was assessed at USD 14.817 billion, and by 2032, it will grow to USD 32.023 billion, given a CAGR of 6.3%. Machine Room-less Elevators are made to operate without a separate machine room, thus lowering the cost of construction and space demand. They apply a small-capacity drive system located in the hoistway.The  Machine Room-less Elevators market was assessed at USD 8.64 billion in 2023, and by 2032, it will reach USD 19.677 billion with a CAGR of 7.1%. Overall, the energy-efficient elevators market is growing because people put the focus on energy consumption, and governments support the application of energy-efficient solutions. At the same time, designers and manufacturers are developing new technologies of regenerative drives and LED lighting solutions that make use of even less energy.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Energy Efficient Elevators Market Capacity Insights

The Capacity segment of the  Energy Efficient Elevators Market is categorized into Low Capacity (Up to 1,000 kg), Medium Capacity (Up to 2,000 kg), and High Capacity (Over 2,000 kg). In 2023, the Low Capacity segment held the largest  Energy Efficient Elevators Market revenue share due to its extensive use in residential and commercial buildings. However, the High Capacity segment is projected to witness the highest growth rate during the forecast period, owing to rising demand from industries such as manufacturing and logistics. The Medium Capacity segment is expected to maintain a steady growth trajectory, driven by its versatility and suitability for various applications.

Energy Efficient Elevators Market Application Insights

The  Energy Efficient Elevators Market segmentation by Application includes Residential Buildings, Commercial Buildings, Industrial Buildings, and Public Infrastructure. The commercial buildings segment is projected to dominate the  market in 2023, accounting for a share of around 45%. The growth of this segment can be attributed to the increasing construction of commercial buildings, such as offices, shopping malls, and hotels, which require energy-efficient elevators to meet sustainability goals and reduce operating costs. The residential buildings segment is expected to witness steady growth during the forecast period, driven by the rising demand for energy-efficient solutions in residential constructions to reduce energy consumption and utility bills.The industrial buildings segment is anticipated to grow at a moderate pace, owing to the increasing adoption of energy-efficient elevators in manufacturing facilities, warehouses, and other industrial applications. The public infrastructure segment is projected to experience significant growth in the coming years, supported by government initiatives and investments in energy-efficient infrastructure projects, including the installation of energy-efficient elevators in public transportation systems, airports, and other public buildings.

Energy Efficient Elevators Market Efficiency Level Insights

The Energy Efficient Elevators Market is segmented by Efficiency Level into Single-Speed Motors, Variable-Speed Drives, Regenerative Drives, and Standby Modes. Among these, Variable-Speed Drives are expected to hold the largest share of the market in 2023, owing to their ability to reduce energy consumption by up to 50%. Regenerative Drives are also gaining popularity, as they can generate electricity when the elevator is descending, which can be used to power other building systems. Standby Modes can also help to reduce energy consumption by putting the elevator into a low-power state when it is not in use.The increasing demand for energy-efficient buildings is driving the growth of the Energy Efficient Elevators Market. For instance, the European Union has implemented a new energy efficiency directive that requires all new elevators to be equipped with variable-speed drives by 2025.

Energy Efficient Elevators Market Installation Type Insights

The  Energy Efficient Elevators Market is segmented by Installation Type into New Installation, Modernization, and Replacement. Among these, the New Installation segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. This is primarily due to the increasing demand for new energy-efficient buildings, especially in developing countries. The Modernization segment is also expected to witness significant growth, owing to the rising need to upgrade existing elevators with energy-efficient technologies.The Replacement segment is expected to grow at a steady pace, driven by the need to replace aging elevators with new, energy-efficient models.

Energy Efficient Elevators Market Regional Insights

The  Energy Efficient Elevators Market segmentation includes regional analysis covering several significant regions such as North America, Europe, APAC, South America, and MEA. Among these regions, APAC is anticipated to showcase a prominent growth rate in the Energy Efficient Elevators Market over the forecast period. The regional market growth can be attributed to factors like rising urbanization, increasing construction activities, and growing demand for sustainable and energy-efficient solutions. In 2023, the  Energy Efficient Elevators Market revenue in APAC was valued at approximately USD 12.54 billion, and it is projected to reach around USD 27.48 billion by 2032, expanding at a CAGR of 9.8% during the forecast period.The growth in the region is driven by countries like China, India, and Japan, which are experiencing rapid urbanization and have a high demand for energy-efficient elevators in both residential and commercial buildings.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Energy Efficient Elevators Market Key Players And Competitive Insights

Leading players in Energy Efficient Elevators Market are actively launching novel products and expanding their geographical presence. For example, in June 2023, OTIS Elevator Company launched a new line of energy-efficient elevators called the Gen2 Momentum™ in the Energy Efficient Elevators Market. This new range of elevators contains a number of features that are responsible for a decrease in energy consumption. Such features include a regenerative drive system and a permanent magnet motor. Moreover, the leading players in the industry are focused on the development of their research and development departments. Thus, ThyssenKrupp Elevator is developing a new type of elevator preserving key features of conventional products, e.g., cabin and movements. However, the new elevator is based on a linear motor instead of using a rope and pulley system. Most importantly, such a novel solution will lead to a significant reduction in energy consumption.

OTIS Elevator is known as a worldwide market leader that has a presence in the Energy Efficient Elevators Market. It offers a variety of energy-efficient solutions and services, which help reduce the energy consumption of elevators provided by the company. Such innovative features as a regenerative drive system and permanent magnet motor are used in OTIS’s products. Moreover, the company is also actively providing a number of energy-saving solutions and services, such as energy audits and balance field maintenance, which is designed to optimize performance and energy saving. Such a company as Schindler Group is a  leader in the field of elevators and escalators. It has several products that are included in the Energy Efficient Elevators Market as energy-efficient solutions. Noteworthy, a variety of features which help reduce energy consumption, such as a regenerative drive system and a permanent magnet motor, is used in Schindler’s products. However, the company is also targeted at providing efficient services and solutions to decrease the energy consumption of its products.

Key Companies in the Energy Efficient Elevators Market Include

• Hyundai Elevator


• Navitas


• Lerch Bates


• Toshiba


• Kone


• thyssenkrupp


• Otis


• Schindler


• Fujitec


• Wittur


• GoldStar


• KLEEMANN


• Hitachi


• Mitsubishi Electric


• MCE

Energy Efficient Elevators Market Industry Developments

The Energy Efficient Elevators Market is projected to grow from USD 28.78 billion in 2023 to USD 63.75 billion by 2032, at a CAGR of 9.23%. The growth of the market is attributed to the increasing demand for energy-efficient solutions in the construction industry, rising environmental concerns, and government regulations promoting the adoption of sustainable practices. Technological advancements, such as the development of regenerative drives and LED lighting systems, are further driving the market growth. The Asia Pacific region is expected to hold the largest market share due to the rapid urbanization and increasing construction activities in developing countries like China and India. Key industry players are focusing on strategic partnerships, product innovations, and geographical expansion to gain a competitive edge in the market.

Energy Efficient Elevators Market Segmentation Insights

Energy Efficient Elevators Market Elevator Type Outlook

• Hydraulic Elevators


• Traction Elevators


• Machine Room-less Elevators

Energy Efficient Elevators Market Capacity Outlook

• Low Capacity (Up to 1,000 kg)


• Medium Capacity (Up to 2,000 kg)


• High Capacity (Over 2,000 kg)

Energy Efficient Elevators Market Application Outlook

• Residential Buildings


• Commercial Buildings


• Industrial Buildings


• Public Infrastructure

Energy Efficient Elevators Market Efficiency Level Outlook

• Single-Speed Motors


• Variable-Speed Drives


• Regenerative Drives


• Standby Modes

Energy Efficient Elevators Market Installation Type Outlook

• New Installation


• Modernization


• Replacement

Energy Efficient Elevators Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa