Procurement Market Intelligence Report
Elevators
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Elevators Global Overview
Definition
Summary
It is common for suppliers to install and service elevators in addition to selling them. Typically, suppliers are either manufacturers or elevator service companies, the latter acting as distributors that perform installation, repairs and other services on elevators. Buyers include construction firms and transportation and warehousing providers.
This Report Includes:
- Hydraulic Elevators
- Geared Traction Elevators
- Machine Room Less Elevators
- Gearless Traction Elevators
Not in this Report:
- Hoisting Equipment
- Conveyor and Storage Systems
Global Elevators Procurement Trends
Discover the top international trends affecting procurement in the global Elevators market.
Warning Trends
Tariffs to negatively impact the industrial manufacturing and processing machinery sector
- The United States imposed a blanket 10.0% tariff on all US imports of foreign goods. US imports from China will now face a base tariff of 30.0%, down from 145.0%, after the agreement reached on May 12th, and goods imported from Canada and Mexico that are not compliant with the US-Mexico-Canada Agreement (USMCA) will be subject to a 25.0% tariff.
- The United States raised the tariff rate on steel and aluminum imports to 25.0%, and this is expected to increase the cost of manufacturing industrial machinery as raw material costs increase. As many raw materials and industrial machinery components, such as fittings, bearings, springs, nuts, gears, hydraulic systems, control modules, or bolts, are made from steel or heavily sourced from China, suppliers will be forced to raise the price of machinery to offset cost increases and maintain profit margins.
- China, Mexico, and Japan are three of the top sources of US imports of machinery, accounting for around 50.0% of US imports. While as of April 9, the reciprocal tariff of 24.0% on Japan will be paused, the Japanese machinery sector could face increased financial risk as it is heavily dependent on the US market for exports (US machinery imports from Japan account for nearly 25.0% of its total exports in value, according to Oxford Economics).
- According to the Association of Equipment Manufacturers, the increase in tariff rates on steel and aluminum in 2018 led to a 78.0% increase in domestic equipment production costs. In addition, retaliatory tariffs on machinery exports can contribute to disruptions in the domestic industry as the price of US manufacturers’ exports to China rises, making them less attractive to foreign buyers.
- Suppliers that source machinery or parts from tariff-affected countries may see supply chain disruptions or extended lead times as they seek alternative suppliers to mitigate tariff impacts. In addition, buyers seeking to rent industrial machinery will likely see higher rental rates as dealers pass on higher costs and possibly limited available units if supply chain issues occur.
United States announces new tariffs on all imported steel
- In February 2025, the United States announced 25.0% tariffs on all imported steel with no exemptions or exceptions. The tariffs took effect on March 12, 2025. However, on May 8th the US announced an agreement with the United Kingdom to remove all levies on steel exported from the UK.
- Previously, countries such as Canada, Mexico, and Brazil, the top exporters of steel to the United States, had exemptions from tariffs. These have now been removed and all imported steel, regardless of origin, will be subject to the 25.0% tariff.
- When tariffs on steel imports were introduced in March 2018, they contributed to an increase in the price of steel and steel products. According to the Bureau of Labor Statistics, the price of steel-milled products increased by 10.2% in the year after the tariffs were implemented. This market heavily relies on steel as an input and may be impacted by this policy.
- ProcurementIQ will continue to monitor developments on this policy and will update analysis accordingly.
Global Elevators Market - Suppliers by Region
| Country/Region | Number of Suppliers |
|---|---|
| #1China | 11,335 |
| #2Europe | 9,320 |
| #3India | 5,250 |
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Geography Drilldown - US
Average Cost of Elevators
United States
2025 Market Pricing$10,000.00 to $XXX,XXX.XX
per elevatorAverage Price
Prices in the Elevators market range from $10,000.00 to $XXX,XXX.XX, depending on Elevator Type, Building Height, Design and Finishes, Installation Complexity and Additional Features. For example, lower prices are associated with Basic hydraulic model for low-rise ($10,000 to $25,000 per elevator), whereas higher prices are associated with Advanced traction system with customization ($50,000 to $100,000 per elevator).
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Between our Europe and Canada collections, we provide price data for 350 markets so you can instantly compare prices across borders. Or, use our custom research services for intel on prices in any region across the globe.
Elevators Category Price Trends
Pricing trends are indicated by the compound annual growth rate (CAGR) during a set period of time. For the Elevators market, prices in the US have grown 1.8% from 2022 to 2025. Subscribers can access price trend forecasts, price driver projections and forward-looking cost structure data. Learn more
United States (2022-2025)
1.8%
Compound Annual Growth RateUnited States (2025-2028)
Wondering where prices are heading?
Price trend forecasts are available to subscribers, along with price driver projections and forward-looking cost structure data.
Cost Analysis - Total Cost of Ownership for Elevators
Total cost of ownership is High in the Elevators market. The average cost of ownership differs depending on the contract but generally includes costs negotiated before the contract begins, costs billed during the contract period and unforeseen costs. For example, unforeseen costs in the form of Delays may raise the total cost of ownership unexpectedly.
Negotiated Before
Installation
Customization
Billed During
Maintenance
Warranties
Unforeseen
Delays
Buyer Power in Procurement Negotiations
In 2025, buyer power amounts to -1.8 in the United States. Buyer power is most positively impacted by Recent Developments. It is most negatively impacted by Recent Price Volatility. Subscribers can access details on eight other factors that impact buyer power. Learn more
United States
Buyer power forecasts: your glimpse into the future
Develop strategies for the upcoming year and identify unforeseen opportunities for buying now
- Actionable "Buy Now" and "Buy Later" insights
- Near-real-time updates to current and forecast Buyer Power Scores
- Methodology and weightings for Buyer Power Score Components
Supply Chain Risk
The average level of supply chain risk is assessed as Medium, which has a negative impact on buyer power. The level of supply chain risk is affected by industry volatility, barriers to entry, competition, import penetration, regulation and industry financial risk. Buyers in this market can mitigate procurement and supply chain management risks by monitoring risk levels for individual first and second tier suppliers:
1st
Tier Suppliers
- Iron & Steel Manufacturers
- Nonferrous Metal Foundry Product Manufacturers
- Engine & Turbine Manufacturers
- Plastic & Resin Manufacturers
2nd
Tier Suppliers
- Iron Ore Miners
- Aluminum Manufacturers
- Ball Bearing Manufacturers
- Oil Refiners
Biggest Elevators Suppliers in the US by Revenue
The largest Elevators vendors by revenue in the US are Kone Oyj, Otis Worldwide Corporation and Fujitec Co. Ltd. Subscribers can sort and filter by market share concentration, profit level and other factors. Learn more
| Supplier | Operational Size | Headquarters | Number of Employees | Market Share (%) | Market Share Performance (3yr trend) | Total Revenue ($ million) | Profit Level (%) | Risk Level |
|---|---|---|---|---|---|---|---|---|
| Kone Oyj | Global | Espoo, FI | >10,001 | 10-15 | ||||
| Schindler Group | Global | Hergiswil , CH | >10,001 | 10-15 | ||||
| TK Elevator GmbH | Global | Essen, DE | >10,001 | 10-15 | ||||
| Otis Worldwide Corporation | Global | FARMINGTON, CT | >10,000 | 20-25 | ||||
| Mitsubishi Electric Corp | Global | Tokyo, JP | >10,001 | 5-10 | ||||
| Hyundai Elevator Co. Ltd. | Global | Seoul, KR | >10,001 | 5-10 | ||||
| Fujitec Co. Ltd | Global | Tokyo, JP | >10,001 | < 5 | ||||
| Schumacher Elevator Company | Regional | Denver, IA | 101-250 | < 5 | ||||
| American Crescent Elevator Manufacturing Corp. | National | Picayune, MS | 25-50 | < 5 | ||||
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Subscribers can access vendor information on Canadian and European suppliers, too. We also offer custom research services to help with vendor sourcing anywhere in the world.
Profit Analysis
The average profit margin across vendors in the Elevators market is 8.8% and steady. Profit levels shift depending on suppliers' spend on wages, purchases and overhead. The highest cost component for vendors is Overhead. The cost trend for this component is stagnating, when considering movement between 2024 and 2025. To understand cost forecasts for 2026 and uncover the implications on profit, start your subscription. Learn more
Vendor & Supply Chain Analysis
While concentration among manufacturers is high, the elevator installation supplier base is highly fragmented since barriers to entry for these companies are lower, resulting in moderate market share concentration in this market.
The volatile price of steel largely due to tariffs and supply shortages has led to elevated risk for primary upstream suppliers.
The price and availability of steel, aluminum, and other electrical equipment are subject to significant volatility due to environmental factors, global demand trends, and competition from overseas producers, resulting in moderate supply chain risk.
As the United States is a net importer of elevators buyers, buyers mist consider additional costs such as tariffs, shipping, and logistics. Buyers must factor these into their total cost of ownership calculations when sourcing internationally.
Supplier Information
TK Elevator GmbH
TK Elevator GmbH is a private company operating globally in the construction and manufacturing sectors. The company's offerings include elevators, wheelchair lifts and elevator & escalator maintenance services. Founded in 2020, the company is currently headquartered in Essen, North Rhine-Westphalia, Germany... Subscribe to learn more
Schindler Group
Schindler Group is a public company operating globally in the construction and manufacturing sectors. The company's offerings include elevators, lifting & hoisting equipment, escalators and elevator & escalator maintenance services. Founded in 1979, the company is currently headquartered in Hergiswil, Switzerland... Subscribe to learn more
Kone Oyj
Kone Oyj is a public company operating globally in the construction, manufacturing and other services (except public administration) sectors. The company's offerings include elevators, lifting & hoisting equipment, escalators, elevator & escalator maintenance services and loading dock maintenance services.... Subscribe to learn more
Otis Worldwide Corporation
Otis Worldwide Corporation is a public company operating globally in the construction and manufacturing sectors. The company's offerings include elevators, lifting & hoisting equipment, escalators and elevator & escalator maintenance services. Founded in 1853, the company is currently headquartered in FARMINGTON,... Subscribe to learn more
Hyundai Elevator Co. Ltd.
Hyundai Elevator Co. Ltd. is a public company operating globally in the construction and manufacturing sectors. The company's offerings include elevators, escalators and elevator & escalator maintenance services. Founded in 1984, the company is currently headquartered in Seoul, South Korea with an estimated... Subscribe to learn more
Mitsubishi Electric Corp
Mitsubishi Electric Corp is a public company operating globally in the construction, manufacturing and professional, scientific and technical services sectors. The company's offerings include packaging machines, elevators, escalators, once-through steam generators, auxiliary generators. Founded in 1921, the... Subscribe to learn more
Admiral Elevator Company Inc.
Admiral Elevator Company Inc. is a private company operating regionally in the manufacturing sector. The company's offerings include elevators and escalators. Founded in 2000, the company is currently headquartered in Baltimore, Maryland, United States of America with an estimated 75 employees. Subscribe to learn more
American Crescent Elevator Manufacturing Corp.
American Crescent Elevator Manufacturing Corp. is a private company operating nationally in the manufacturing sector. The company's offerings include elevators. Founded in 1976, the company is currently headquartered in Picayune, Mississippi, United States of America with an estimated 37 employees. Subscribe to learn more
Schumacher Elevator Company
Schumacher Elevator Company is a private company operating regionally in the construction and manufacturing sectors. The company's offerings include elevators and elevator & escalator maintenance services. Founded in 1936, the company is currently headquartered in Denver, Iowa, United States of America with... Subscribe to learn more
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Procurement Management KPIs for the Elevators Market
Managing vendor performance throughout the contract period is easier when tracking specific key performance indicators (KPIs). For example, buyers should monitor Current Ratio (Assets/Liabilities) and Revenue Growth Rate. Buyers may experience better performance throughout their contracts if they establish service level agreements (SLAs) based on Elevator Maintenance and Inspection and other factors.
| KPI | Level of Importance (1-5) | Measurements | Key Considerations |
|---|---|---|---|
| Current Ratio (Assets/Liabilities) | Current Assets Current Liabilities | The current ratio represents a company’s liquidity. The current ratio can be used to determine a company’s ability to utilize its current assets to satisfy its current liabilities. | |
| Revenue Growth Rate | Total Revenue for Current Period Total Revenue for Past Period | The revenue growth rate represents a company’s ability to grow revenue over a set timeframe. A negative revenue growth rate can indicate the need for corrective action, such as introducing new product or service lines or altering customer acquisition processes. | |
Questions to Ask During Procurement Negotiations
How can I gain leverage during negotiations?
Experience and Expertise
How long have you been in business?
What similar businesses or applications have you served?
Reputation
Can you provide me with a list of references with contact information?
How much of your business is based on referrals?
Service & Maintenance
What kind of service and maintenance will be required for this elevator system over the short and long term?
What kinds of service and maintenance plans do you offer? Is there a discount for bundling these services with my purchase?
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Elevators RFP Guidelines
What should my RFP include?
Organizational Overview
Buyers should describe their organization (e.g. retail, commercial, industrial) and expected passenger volume.
Buyers should describe their management structure, including to whom vendors will report.
Statement Of Need
Buyers should specify the number and dimensions of their elevator shafts, including how many floors and stops their building has.
Buyers should specify weight limits and maximum passenger capacities.
Project Budget
Buyers should explicitly outline their budget for elevators.
Buyers should describe their preferred payment method.
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- Supply chain and vendors
- Global supplier breakdown
- Market share concentration
- Regulation and business requirements
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