The global residential elevator market was valued at more than $65billion in 2024,
with a projected reach of over $118.67 by 2032 according to a report by Fortune
Business Insights.
As part of this rapid expansion, there is unsurprisingly increasing demand for home
elevators, including a shift in homeowners and architects’ priorities looking to future
proof and develop homes and spaces.
Residential elevators, which were originally seen as a luxury, reserved for high-end
mansions or commercial spaces, have clearly become a practical and desirable
feature in modern properties.
With families seeking greater convenience, accessibility and safety for their homes,
the elevator market is experiencing remarkable growth.
Several factors are driving the growing demand, from demographical trends to
practical lifestyle considerations. Here at Lifton, the team has covered the main
areas which are responsible for the drive.
Americans aged 65+ is growing
The biggest driver of demand is the global aging population. As life expectancy
increases, so does the need for solutions that allow for independence within the
home.
Home elevators provide a safe and convenient method of navigation when it comes
to multi-story living spaces.
Seniors can avoid the risks associated with climbing stairs and families can benefit
from seeing their loved ones in a safe setting. Installing an elevator allows for all
family members to age in place, without the need for assisted living facilities.
Space Optimisation
Most modern urban homes are multi-story, especially in busier states where land
availability may be limited and larger property comes at a high premium.
For example, at Lifton, our home elevators are specifically designed to retrofit into an
existing space, maximising usable living area without compromising on style.
Thanks to its multi-faceted benefits offering convenience whilst being aesthetically
pleasing, relative to the needs of a compact space, this has given rise to a huge
increase in home elevator installations.
The light and airy, Lifton home lift has a compact footprint and can be installed
virtually anywhere in the property.
Property Value Enhancement
In certain markets, an elevator is seen as a premium feature helping a home stand
out in listings and increasing ‘marketability’.
It is also a factor contributing to the rise in home elevator installations as homes with
elevators offer a broader buyer appeal capturing older buyers, people with mobility
issues, families looking for a future proofed home and, of course investors.
Buyers are becoming more discerning in their searches and looking for multi-
functional, multi-generational homes that combine both convenience and modern
technology with long-term accessibility.
Convenience
A home lift adds aspirational convenience to a household by making everyday tasks
easier and safer.
Carrying groceries upstairs becomes effortless. Laundry can also be transported
effortlessly between floors, and large items can be moved without risk of injury or
damage.
Your home becomes more accommodating for older relatives allowing them to
navigate the home independently and safely.
Beyond practical chores, a home elevator streamlines daily routines and enhances
comfort throughout the house.
Smart Features & Tech Advancements
The residential elevator industry is evolving rapidly and is driven by technological
innovations which change the way we see the traditional elevator.
At Lifton, we believe our elevator are an engineering triumph with a semi-silent,
modular design packed with features that are leading the way in the market.
An ergonomic design combined with an integrated drive system, as well as extras
such as two remote controls make one of our home lifts an excellent choice.
Energy Efficiency
Energy efficiency is now a standard expectation for residential elevators.
Lifton’s models for example, are designed to operate from a standard power socket,
meaning they consume only as much power as any other regular domestic
appliance.
In practical terms, this means lower running costs and a smaller ongoing carbon
footprint for the environment, when compared with older lift systems.
Looking to the Future
Looking ahead to 2026, trends are all pointing to further growth.
Home elevators are no longer perceived as a luxury but a modern necessity which
offer convenience, safety and accessibility for multi-story homes.
Driven by an ageing population, urban space constraints and property value appeal,
home elevators like Lifton combine smart technology, compact design and energy
efficiency.
These days sleek, beautiful home elevators streamline daily life making them a
practical, popular and desirable feature for modern living.
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