McCoy's automatic lubricators were widely adopted by railroads, steamships, factories, and other industries that relied on steam-powered machinery. His inventions dramatically improved the efficiency and reliability of these machines, leading to significant economic benefits.

The reliability and quality of McCoy's lubricators became so well-known that the phrase 'the real McCoy' is thought to have originated to distinguish genuine McCoy lubricators from cheaper, less reliable imitations. This attests to the high regard in which his inventions were held.

Elijah McCoy was posthumously inducted into the National Inventors Hall of Fame in 2001, recognizing his significant contributions to the field of engineering and his impact on American industry.

Elijah McCoy's story continues to inspire inventors, engineers, and entrepreneurs, particularly those from underrepresented groups. His perseverance in the face of racial discrimination and his commitment to innovation serve as a powerful example of the impact that one individual can have on the world.