$41.4bn
$X.Xbn
164k
31,354
$XX.Xbn
The industry includes contractors who install and maintain elevators, escalators, moving walkways, and other automated heavy machinery. Business is evenly spread between millwright contracting, mainly on material-handling equipment and elevator and escalator servicing. The industry generates a significant portion of its revenue from elevator installations in new multiunit residential and commercial structures and year-round demand for repair, maintenance, and modernization work. The industry's performance is heavily dependent on investment in construction, new capital equipment, and the economy's overall health. As macroeconomic conditions suffered amid the COVID-19 pandemic, the elevator installation industry has yet to fully recover, with revenue falling at an expected CAGR of 1.1% to reach $41.4 billion over the past five years, despite an expected increase of 1.4% in 2024, as profit slid to 3.9%. Although the value of nonresidential construction fell overall, driving down demand, industry declines were tempered by inclines in corporate profit and private investment in manufacturing.
Industry revenue has declined at a CAGR of 1.1 % over the past five years, to reach an estimated $41.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
One Inc. | 2,395.5 | 294.6 | 12.3 | |
United Technologies Corporation | 1,904.8 | 259.6 | 13.6 | |
Schindler Group | 1,330.6 | 144.3 | 10.8 |
To view the market share and analysis for all 11 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Elevator installations, Elevator maintenance and repair services and Escalator installation, maintenance and repair services. Elevator installations is the largest segment of the Elevator Installation & Service in the US.
As new elevator installations wane, repair and maintenance services pick up the slack
This industry comprises establishments primarily engaged in one or more of the following activities: the installation or dismantling of elevators, escalators and moving walkways; machine rigging; millwrighting; and modernization and maintenance of products installed, which includes elevators, dumbwaiters, escalators, conveyor systems and automated revolving doors.
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NAICS 23829 - Elevator Installation & Service in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Declines in the value of private nonresidential construction have contributing to declining industry returns. As the macroeconomic effects of the COVID-19 have begun to fade,...
Learn about an industry's products and services, markets and trends in international trade.
As demand for new elevator installations waned during the COVID-19 pandemic, repair and maintenance services picked up the slack. Steady demand for repair and maintenance wor...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The manufacturing hub in the Great Lakes represents a prime growth opportunity for elevator installers looking to take advantage of renewed private investment. As industrial ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The industry is dominated by small regional enterprises that often compete on the basis of price. Contractors must ensure a high quality of work to establish reputable credib...
Learn about the performance of the top companies in the industry.
Kone has captured the largest market share in the elevator installation and shows no signs of letting up, as evidenced by a series of strategic acquisitions. The acquired bus...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Corporate profit has seen overall growth in the last five years, benefitting elevator installation contractors. As commercial markets represent a significant share of revenue...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Volatility in the price of steel have impacted companies' ability to turn a profit. An uncertain operating environment impedes operators ability to plan and maximize margins.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Elevator Installation & Service in the US industry in United States is $41.4bn in 2024.
There are 31,354 businesses in the Elevator Installation & Service in the US industry in United States, which has grown at a CAGR of 2.5 % between 2019 and 2024.
The market size of the Elevator Installation & Service in the US industry in United States has been declining at a CAGR of 1.1 % between 2019 and 2024.
Over the next five years, the Elevator Installation & Service in the US industry in United States is expected to grow.
The biggest companies operating in the Elevator Installation & Service market in United States are One Inc., United Technologies Corporation and Schindler Group
Elevator installations and Elevator maintenance and repair services are part of the Elevator Installation & Service in the US industry.
The company holding the most market share in United States is One Inc..
The level of competition is high and steady in the Elevator Installation & Service in the US industry in United States.