The elevator market - Italy

The global elevator market continues to expand, with growth projected from 2024 to 2032 at a compound annual growth rate (CAGR) of 5.33 percent, which will take the industry to a total value of $86.48 billion, up from an estimated $56.99 billion in 2024. This development is fueled by key factors such asincreasing urbanization, the construction of taller and taller buildings, and the adoption of advanced technologies, including theInternet of Things (IoT), which is revolutionizing facility maintenance and efficiency. At the European level, the sector has gone through significant fluctuations, contracting in 2023, with the market value falling to 5.6 billion euros. However, data from the previous five years show considerable growth over 2018, signaling the industry's resilience despite economic difficulties. In Italy, the elevator industry presents a dynamic and expanding landscape, with the market value expected to grow from €13.1 billion in 2024 to €17.89 billion in 2030, supported by a CAGR of 5.33 percent. This progress reflects the robustness of the Italian industry, despite some downturns, such as the 9% drop in sales in 2020 due to the pandemic. Between 2018 and 2022, the value of production sold of elevators and elevators increased by 120.7 percent, with a further 46.2 percent increase in 2023 compared to the previous year, signaling a booming manufacturing sector. Demand for elevators in Italy is supported by structural and demographic factors. The over-65 population is set to growby 11.6 percent by 2030, while more than 50 percent of elevators in operation are over 35 years old, outlining a market with high potential for new installations and modernization. On the supply side, Italy has a strong presence of medium and large companies, many of which specialize in the production of advanced components and customized solutions. The sector is also accelerating the adoption of green and IoT technologies, enabling functions such as predictive maintenance and flow optimization, in line with new demands for efficiency and sustainability.

Analyst commentary The elevator sector remains a key segment of the global industry, with expansion driven byurbanization and technological innovation. The growing adoption of smart and sustainable solutions is redefining the market, making the integration ofIoT and artificial intelligence a differentiator for the most competitive companies. In Europe, despite the recent downturn, the sector maintains a growth outlook, supported by needs to modernize existing infrastructure and transition to more energy-efficient solutions.Italy, with its strong industrial fabric and demand supported by demographic factors, is positioned as a strategic market, partly due to its specialization in the production of high-quality components and its ability to innovate with cutting-edge technologies. Future prospects will depend on the industry's ability to respond to challenges related to sustainability, digitization, and smart management of urban infrastructure. Companies that can integrate advanced technological solutions and offer increasingly efficient and customized products will have a competitive advantage in a changing market.