By business type, new equipment business accounted for 47.7% of global elevator market revenue in 2024, while maintenance and modernization businesses combined accounted for 52.3%. By elevator type, traction elevators held 55.2% of the market share, with hydraulic elevators accounting for the remainder. Regionally, North America accounted for 12.7%, Europe for 22.3%, and Latin America and Middle East Africa combined for 23.5%. India is the fastest growing elevator market in the world, with a projected CAGR of over 9% from 2025 to 2030, driven by rapid urbanization and infrastructure development.