Elevator Installation & Service in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS 23829Revenue
$41.4bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
164k
Businesses
31,354
Wages
$XX.Xbn
Elevator Installation & Service in the US industry analysis
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.
Trends and Insights
- 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, nonresidential construction has begun to rebound.
- 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 work helped buoy the industry during times in which commercial and residential markets dried up.
- 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 activity has taken off following the COVID-19 pandemic, the region has displayed demand for millwright and machine rigging services for the installation of plant and equipment.
- 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 credibility and build relationships with both buyers and suppliers.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 1.1 % over the past five years, to reach an estimated $41.4bn in 2024.
Trends and Insights
Falling demand from nonresidential construction has been tempered by repair work
- As the COVID-19 pandemic created general macroeconomic uncertainty and specifically drove down demand for office space as work from home became more common, the value of private nonresidential construction fell, taking demand for elevator installation down a level. As sentiment improved following the pandemic, nonresidential construction has returned to growth, as has industry revenue.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Improvements in macroeconomic conditions translate into enlivened demand
- Expected US real estate market improvements will primarily drive industry growth as the residential, industrial, commercial, and institutional construction markets expand. These downstream markets account for nearly three-quarters of the industry's total market.
Biggest companies in the Elevator Installation & Service in the US
| Company | Market Share (%)
2024 | Revenue ($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.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
As new elevator installations wane, repair and maintenance services pick up the slack
- Elevator installation, maintenance and repair services represent a significant share of the revenue for the industry. These services are spread primarily between the residential market (e.g. multifamily apartment buildings) and the commercial market (e.g. office buildings and retail spaces). Installing elevators typically requires specialist equipment and a thorough inventory of parts from the specific elevator manufacturer.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Electricians in the US
Complementors
- Carpenters in the US
- Heating & Air-Conditioning Contractors in the US
- Plumbers in the US
International industries
- Electrical Equipment Manufacturing in Canada
- Elevator Installation and Maintenance in Australia
- Elevator Installation and Maintenance in New Zealand
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Elevator installationsElevator maintenance and repair servicesEscalator installation, maintenance and repair servicesMillwright and machine rigging contractingConveyor-system installationAutomated and revolving-door installationDumbwaiter installationCompanies
One Inc.United Technologies CorporationSchindler GroupPurchase this report to view all 11 major companies in this industry.
Related Terms
MILLWRIGHTBUILDING AUTOMATIONELEVATORESCALATORNONEMPLOYERIndustry Code
NAICS 23829 - Elevator Installation & Service in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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,...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
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...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
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 ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
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...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
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...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of One Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of United Technologies Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Schindler Group's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 8 additional companies
Detailed analysis
- Description and key data for One Inc., and factors influencing its performance in the industry
- Description and key data for United Technologies Corporation, and factors influencing its performance in the industry
- Description and key data for Schindler Group, and factors influencing its performance in the industry
- Description, key data and performance trends for 8 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Corporate profit has seen overall growth in the last five years, benefitting elevator installation contractors. As commercial markets represent a significant share of revenue...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
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.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Elevator Installation & Service in the US industry in United States in 2024?
The market size of the Elevator Installation & Service in the US industry in United States is $41.4bn in 2024.
How many businesses are there in the Elevator Installation & Service in the US industry 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.
Has the Elevator Installation & Service in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Elevator Installation & Service in the US industry in United States over the next 5 years?
Over the next five years, the Elevator Installation & Service in the US industry in United States is expected to grow.
What are the biggest companies in the Elevator Installation & Service in the US market in United States?
The biggest companies operating in the Elevator Installation & Service market in United States are One Inc., United Technologies Corporation and Schindler Group
What does the Elevator Installation & Service in the US in United States include?
Elevator installations and Elevator maintenance and repair services are part of the Elevator Installation & Service in the US industry.
Which companies have the highest market share in the Elevator Installation & Service in the US in United States?
The company holding the most market share in United States is One Inc..
How competitive is the Elevator Installation & Service in the US industry in United States?
The level of competition is high and steady in the Elevator Installation & Service in the US industry in United States.
