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Elevator Installation & Service in the US Industry Data and 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 industrial and commercial structures, as well as 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. A healthy nonresidential construction market has drove growth for the industry, with revenue expanding at an expected CAGR of 1.6% to reach $54.9 billion over the past five years, including an expected increase of 2.0% in 2025, as profit is expected to see an overall decline. Although the demand for office construction has weakened, driving down demand, surges in corporate profit and private investment in manufacturing have aided the industry.
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What's included in this industry analysis
IBISWorld's research coverage on the Elevator Installation & Service industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released May 2025.
About this industry
What's this industry report about?
The Elevator Installation & Service industry in the United States operates under the NAICS industry code 23829. This industry comprises establishments primarily engaged in one or more of the following activities: installing or dismantling elevators, escalators and moving walkways; machine rigging; millwrighting; and modernizing and maintaining installed products, which include elevators, dumbwaiters, escalators, conveyor systems and automated revolving doors. Related terms covered in the Elevator Installation & Service industry in the United States include millwright, building automation, elevator, escalator and nonemployer.
What's included in this industry?
Products and services covered in Elevator Installation & Service industry in the United States include Elevator installations, Elevator maintenance and repair services and Escalator installation, maintenance and repair services.
What companies are included in this industry?
Companies covered in the Elevator Installation & Service industry in the United States include Otis Worldwide Corporation, Schindler Group and TK Elevator GmbH.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Elevator Installation & Service industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Elevator Installation & Service industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Elevator Installation & Service industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Elevator Installation & Service industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Elevator Installation & Service industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Elevator Installation & Service industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Elevator Installation & Service industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Elevator Installation & Service industry in the United States.
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Frequently Asked Questions
What is the market size of the Elevator Installation & Service industry in the United States in 2026?
The market size of the Elevator Installation & Service industry in the United States is $54.9bn in 2026.
How many businesses are there in the Elevator Installation & Service industry in the United States in 2025?
There are 32,679 businesses in the Elevator Installation & Service industry in the United States, which has grown at a CAGR of 2.6 % between 2020 and 2025.
How may import tariffs affect the Elevator Installation & Service industry in the United States?
The Elevator Installation & Service industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Elevator Installation & Service industry in the United States?
The Elevator Installation & Service industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Elevator Installation & Service industry in the United States grown or declined over the past 5 years?
The market size of the Elevator Installation & Service industry in the United States has been growing at a CAGR of 1.6 % between 2020 and 2025.
What is the forecast growth of the Elevator Installation & Service industry in the United States over the next 5 years?
Over the next five years, the Elevator Installation & Service industry in the United States is expected to grow.
What are the biggest companies in the Elevator Installation & Service industry in the United States?
The biggest companies operating in the Elevator Installation & Service industry in the United States are Otis Worldwide Corporation, Schindler Group and TK Elevator GmbH
What does the Elevator Installation & Service industry in the United States include?
Elevator installations and Elevator maintenance and repair services are part of the Elevator Installation & Service industry in the United States.
Which companies have the highest market share in the Elevator Installation & Service industry in the United States?
The company holding the most market share in the Elevator Installation & Service industry in the United States is Otis Worldwide Corporation.
How competitive is the Elevator Installation & Service industry in the United States?
The level of competition is high and steady in the Elevator Installation & Service industry in the United States.
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