Global residential elevators market to grow to $58.6B by 2031, driven by aging populations and smart tech.

The global residential elevators market is forecasted to grow from $51.8 billion in 2026 to $58.6 billion by 2031, at a CAGR of 2.5%. Growth is fueled by aging populations increasing demand for home accessibility, energy-efficient building trends, and investments in smart cities. Machine-room-less elevators and maintenance services are key growth segments, with North America remaining a major market due to strong demand for luxury and accessible homes. Leading companies include Otis, Schindler, and KONE, among others. This growth reflects broader trends in home mobility, sustainability, and digital connectivity in residential infrastructure.