Canada Elevator Market Overview, 2029

The Canadian elevator market is experiencing significant growth, driven by factors such as an aging population and the increasing demand for energy-efficient vertical transportation solutions. As urbanization continues, the need for modernized elevator systems in high-rise buildings, commercial complexes, and residential areas has become paramount. Key players in the market include both international giants like Otis and KONE, and established Canadian manufacturers, highlighting a competitive landscape that caters to diverse sectors including healthcare, retail, and public transportation. Certification and compliance with safety standards are crucial in this market. The Canadian government has implemented stringent regulations governing the installation and maintenance of elevators and escalators to ensure user safety. These regulations encompass various aspects, including design, construction, and operational safety, mandating that all installations adhere to the Canadian Standards Association (CSA) standards. Regular inspections and certifications are required to maintain compliance and ensure the safety of users, particularly in high-traffic areas. Policies promoting sustainability and energy efficiency are shaping the market dynamics. The Canadian government encourages the adoption of eco-friendly technologies, leading to a rise in the development of smart elevators equipped with features such as predictive maintenance and remote monitoring. This focus on energy efficiency not only aligns with global sustainability goals but also enhances the operational efficiency of vertical transportation systems.

According to the research report "Canada Elevator Market Overview, 2029," published by Bonafide Research, the Canada elevator market is expected to reach a market size of more than USD 1.77 Billion by 2029. As urbanization intensifies, there is a corresponding increase in infrastructural developments, industrial projects, and residential buildings. This surge in urban development fuels the demand for elevators, particularly in high-rise buildings and mixed-use complexes, as they become essential components of vertical mobility within urban centres. The introduction of AI-powered predictive maintenance for elevators presents a promising opportunity within the elevator industry, utilizing AI to revolutionize maintenance and operational procedures. By analyzing data gathered from elevator sensors, AI algorithms can proactively detect maintenance requirements, minimizing downtime and maximizing elevator availability. This proactive strategy not only prolongs the lifespan of elevator components but also enhances safety by averting unexpected breakdowns and streamlines resource allocation, leading to substantial cost reductions for elevator firms. Additionally, dependable and well-serviced elevators contribute to increased user satisfaction, thereby enriching the overall experience for building occupants and visitors. Embracing AI-driven predictive maintenance enables elevator companies to stay competitive and provide exceptional service quality in a swiftly evolving market environment. The substantial expenses linked with installing, maintaining, and upgrading elevators pose significant obstacles to canadian market expansion. The initial capital required for installing elevator systems, especially in structures not originally designed for such infrastructure, can impose a considerable financial burden on building owners and developers. Ongoing costs associated with maintenance agreements, involving regular inspections and repairs, add to the overall ownership expenses. The necessity for modernization to comply with updated safety regulations and improve energy efficiency further compounds the financial pressure. These expenditures can be especially daunting for building owners in areas with limited financial resources or older buildings where retrofitting elevators is complex and costly. As a result, the increased costs associated with elevators hinder market growth, impacting expansion opportunities across various regions in Canada.

Hydraulic elevators operate using a hydraulic system to lift and lower the car. They are typically used in low-rise buildings, such as residential homes and small commercial structures, due to their cost-effectiveness and simpler installation process. Their design allows for smooth and quiet operation, making them suitable for environments where noise reduction is essential. In Canada, they are often found in older buildings and residential complexes, particularly where space for a machine room is limited. Traction elevators use a system of ropes and pulleys, powered by electric motors, to move the elevator car. They are more efficient than hydraulic elevators, especially in high-rise buildings, and are commonly used in commercial spaces, including office buildings and shopping malls. In urban centers like Toronto and Vancouver, traction elevators are prevalent due to the increasing number of high-rise developments, supporting the growing demand for vertical transportation in densely populated areas. Machine Room-Less (MRL) traction elevators are a modern innovation that eliminates the need for a separate machine room. This design allows for more usable building space and is particularly advantageous in new constructions. MRL elevators are increasingly popular in both residential and commercial applications across Canada, especially in mid-rise buildings, as they offer energy efficiency and reduced installation costs. Others category includes specialized elevators such as freight elevators, service elevators, and those designed for specific applications, like hospital or observation elevators. These are utilized in various sectors, including industrial facilities, hospitals, and public transportation hubs. The demand for these elevators is driven by the need for efficient movement of goods and people in diverse environments.

The new equipment segment involves the installation of elevators in newly constructed buildings, including residential, commercial, and industrial properties. This segment is particularly active in urban centers like Toronto, Vancouver, and Montreal, where high-rise buildings and mixed-use developments are on the rise. The demand for modern, efficient elevators is driven by the growing population and the need for improved vertical transportation in densely populated areas. Maintenance is a significant aspect of the elevator business in Canada, ensuring the safety and reliability of existing systems. Companies like TK Elevator and Element Elevators offer comprehensive maintenance services, including regular inspections, repairs, and emergency services. This segment is vital in regions with a high concentration of commercial buildings, such as Ontario and Alberta, where elevators are essential for daily operations in offices, malls, and hospitals. Regular maintenance helps prevent breakdowns and extends the lifespan of elevators, making it a critical service for building owners. Modernization refers to upgrading existing elevator systems to enhance performance, safety, and energy efficiency. This segment is increasingly important as older buildings seek to comply with modern safety standards and improve user experience. Regions with a substantial stock of aging infrastructure, such as parts of Quebec and Ontario, often invest in modernization projects. This includes updating control systems, improving accessibility features, and integrating smart technologies for better operational efficiency.

The residential segment is the largest application area for elevators in Canada. This segment primarily includes elevators installed in multi-family homes, condominiums, and apartment buildings. The most common types of elevators used in residential applications are hydraulic elevators and machine room-less (MRL) traction elevators. Hydraulic elevators are favored for low-rise buildings due to their cost-effectiveness and ease of installation. MRL traction elevators, on the other hand, are increasingly popular in mid-rise residential buildings because they save space by eliminating the need for a separate machine room, making them ideal for urban environments where space is at a premium. In the commercial sector, elevators are essential for facilitating movement within office buildings, shopping malls, hotels, and hospitals. This segment typically employs traction elevators, which are preferred for their speed and efficiency in high-traffic areas. Smart elevators equipped with advanced technologies, such as IoT connectivity for predictive maintenance, are becoming more common in commercial buildings. These elevators are designed to handle a high volume of passengers, ensuring quick and efficient transportation between floors. The growing trend towards energy-efficient and eco-friendly solutions is also driving innovation in this segment. The industrial application of elevators includes freight elevators and material lifts used in warehouses, factories, and distribution centers. These elevators are designed to transport heavy goods and materials, making them robust and capable of handling significant weight loads. Hydraulic elevators are often used in this segment due to their strength and reliability. As industrial operations expand, the demand for specialized elevators that can efficiently move goods between different levels of a facility continues to grow.



COVID-19 impacts:
The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in Canada due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of Canada prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years.

Considered in this report
• Geography: Canada
• Historic Year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Canada Elevator & Escalator Market with its value and forecast along with its segments
• Application wise tire industry distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type:
• Hydraulic
• Traction
• Machine Room-Less Traction
• Others

By Business:
• New Equipment
• Maintenance
• Others (Modernization)

By Application:
• Residential
• Commercial
• Industrial

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.