Residential Elevators Market Size, Share, Opportunities, And Trends By Type (Shaftless Elevators, Machine-Room-Less Elevators, Winding Drum Elevators, Others), By Design (Hydraulic, Belt-Drive, Chain-Drive), By End-User (Apartments, Condominiums, Dormitory), And By Geography - Forecasts From 2024 To 2029

The residential elevator market is anticipated to show steady growth during the forecast period.

Residential elevators are vertical transportation machines designed specifically for residential buildings. They are similar to elevators used in commercial buildings but are designed to meet the unique requirements and standards of private homes. These elevators are installed based on inside or outside installation and provide easy access between floors, making mobility easier for homeowners, particularly those with limited mobility or disabilities. The increasing construction activities and technological advancements in elevators are the major driving forces behind the residential elevator market growth.

Market Drivers

• Booming residential building construction bolsters the residential elevator market growth.

Residential elevators are primarily used to provide easy access and mobility for people with physical disabilities or who have trouble climbing stairs. Buildings install these elevators to ensure that all individuals can easily and comfortably travel between the floors. The growing urban population creates a greater demand for housing, prompting the construction of new residential buildings to meet the demand, which has contributed to the residential elevator market growth. For instance, according to the Spring Real Estate Industry Report, in 2020, the number of completed apartments exceeded 300,000 for the first time in 20 years, with a total of 306,000 apartments built, and in 2021, the number of completed buildings increased to 315,000 as well as the number of building permits increased to 384,000 in 2021.

• Technological advancements in elevators have contributed to the residential elevator market growth.

Advancements in elevator technology change residential elevators through the development of compact and space-saving designs and technology to install residential elevators in homes with limited space. This integration enhances convenience, security, and customization options for homeowners, and such elevators are now equipped with emergency stop buttons, sensors to detect obstacles, and backup power supply systems. Market players are investing in innovations to meet the latest trends. For instance, ECE Elevators offers elegant Primus Mini, which suits the delicate nature of the home and fits into the premium space without interfering with the home's artistry. The lift consists of a PMSM gearless machine with a load capacity of 272 kg.

• New Condominiums establishments drive the residential elevator market growth.

Residential elevators improve the convenience, accessibility, and overall quality of life in condominiums. These innovative lifting systems provide numerous benefits to both residents and building management and allow people with mobility issues, the elderly, or those carrying heavy items to easily navigate different floors without making a physical effort. The urbanization trend and limited land availability in many cities have led to an increase in demand for housing options that maximize space efficiency, resulting in the establishment of condominiums, which is driving the residential elevator market expansion. For instance, in March 2023, Greenwich Village opened its first new condo building with the Keller, a complete redevelopment of the former Keller Hotel.

• North America is projected to grow significantly.

North America is expected to account for a significant share of the residential elevator market due to the increasing multi-unit construction in the major regional economies, namely the USA and Canada. For instance, according to the report of the U.S. Census Bureau, till September 2023, the value of multi-family unit construction stood at US$135,491 million. Additionally, according to Statistics Canada data, in September 2023, multi-unit construction increased 8.2% to $6.6 billion with all provinces reporting gains.

Market Restraints

• High costs will restrain the residential elevator market growth

Residential elevators are expensive and require proper installation, maintenance, and operation. The expense of purchasing and installing an elevator system can be prohibitive for many homeowners, particularly in regions with a lower average income. This may limit the adoption of residential elevators and may hinder market growth.

Market Developments

• October 2023- TK Elevator launched EOX Renew, the newest member of the EOX elevator family designed for low and medium-rise residential buildings. It is designed and manufactured in Europe using 100% green electricity and uses up to 28% less energy to operate.
• May 2022- Nibav Lifts introduced an environment-friendly green home lift NIBAV Series II in India, which is suitable for homes, low-rise apartments, penthouses, and bungalows. The NIBAV Series II uses a pneumatic elevation mechanism, allowing the lift to be designed compactly while remaining extremely energy efficient.

Company Products

• Connect XL Home Elevator- The Bruno Connect XL home elevator is an oversized, elegantly crafted cab that can accommodate two people. Connect XL home boasts an exceptionally effortless, quiet ride from start to finish, with an ultra-low entry threshold, an in-cab emergency phone system, and onboard backup batteries to ensure user safety throughout all certain points. It features a lift capacity of 500 lbs (227 kg).
• Kalea A4 Mini- The Kalea A4 Mini is a residential platform lift from Kalea Lifts with a neutral and contemporary design that is intended to fit into small and very narrow spaces. The Kalea A4 Mini is delivered in ready-made components that include everything needed for installation and requires only 2.3 m of headroom on the top floor to accommodate standard doors.
• Aritco Home Lift- Aritco HomeLift is an indoor lift for homes offered by Niche Lifts which is designed to be that extra feature for homes. It provides an extra feeling of luxury, and it ignites the full potential of homes. Aritco home lifts feature with load capacity of 250-400kgs and a related speed of 0.15 m/s. It comes in different sizes including 600×830,1000×830, 1100×830, 1000×1200, and 1100×1400.
• Enta200- TK Elevator's enta200 is intended to meet the needs of low-rise residential and commercial buildings. It utilizes intelligent solutions to ensure safe and reliable operations. Enta 200 comes with premium interior options and useful controls and consists of a load capacity of 544kg and a travel height of up to 45m with a speed of 1m/s.

Segmentation

• By Type
  • Shaftless Elevators
  • Machine-Room-Less Elevators
  • Winding Drum Elevators
  • Others
• By Design
  • Hydraulic
  • Belt-Drive
  • Chain-Drive
• By End-User
  • Apartments
  • Condominiums
  • Dormitory
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Others