HS Code:
The Elevators category, classified under HS Code 8428, includes a range of lifting and handling equipment such as passenger elevators, freight elevators, escalators, and moving walkways. This category is integral to the construction and infrastructure sectors, facilitating vertical transportation in residential, commercial, and industrial buildings. Global demand for elevators is driven by urbanization, high-rise building construction, and the need for efficient mobility solutions in densely populated areas. The market also sees innovation in energy-efficient and smart elevator technologies.
Total Trade Volume
USD 38.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
6.2%
Highest Rate
12.5% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rise in Smart Elevator Technology
Increased demand for IoT-enabled elevators with predictive maintenance and remote monitoring, driving market growth in developed regions.
2021-2023
Urbanization in Emerging Markets
Rapid urban growth in Asia-Pacific and Africa boosts demand for elevators in high-rise residential and commercial projects.
2020-2022
Focus on Energy Efficiency
Growing adoption of energy-saving elevators with regenerative drives, influenced by stringent environmental regulations.
2019-2023
The European Union introduced stricter energy efficiency standards for elevators under the Ecodesign Directive, mandating lower energy consumption.
January 2023
Manufacturers must innovate to meet standards, potentially increasing production costs but also opening markets for eco-friendly products.
Additional tariffs imposed by the US on Chinese elevator components as part of ongoing trade disputes.
September 2022
Increased costs for US importers, prompting a shift towards alternative suppliers in Europe and Southeast Asia.
Post-COVID-19, major elevator manufacturers like Otis and KONE introduced touchless control systems using mobile apps and voice commands.
March 2022
Enhanced safety perceptions are driving adoption in commercial spaces, boosting demand for retrofitting existing systems.