As per MRFR Analysis, the Smart Elevator Market was valued at USD 16,453.7 Million in 2023 and is projected to grow to USD 48,839.9 Million by 2032, with a CAGR of 12.87% from 2024 to 2032. The growth is driven by urbanization, increased consumer spending in emerging markets, and demand for energy-efficient solutions. The COVID-19 pandemic initially hindered growth, but the adoption of smart elevators for maintenance and repair is expected to boost demand. Key regions include Asia Pacific, North America, and Europe, with Europe and North America showing steady growth due to modern infrastructure and energy-efficient replacements.
The Smart Elevator Market is witnessing significant trends driven by technological advancements and urbanization.
ThyssenKrupp AG, Otis Elevator Company, Schindler Group, KONE Corporation, Johnson Controls Inc., Motion Control Engineering, Mitsubishi Electric, Hyundai Elevator, Hitachi, Fujitec.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market's overall development is essentially determined by the expanded spending capacities of the purchasers in the developing business sectors and the rising interest in different energy-productive arrangements across the globe.As per Smart Elevator Market Analysis, the Global Smart Elevator Market is portioned into four significant areas like Asia Pacific, North America, Europe, and the Rest of the World. In view of the Smart Elevator Market Analysis, Europe and North America are supposed to have consistent development in the Global Smart Elevator Market. This is because the area is furnished with a present-day foundation and the rising interest for an energy-proficient answer for supplanting the old lifts with the most recent Global Smart Elevator Market innovations.
COVID-19 had a devastating effect on various construction sectors. Also in the development sector, the construction of the buildings had been halted since the imposing of worldwide lockdown. Various laborers were forced to return to their native places. Moreover, the customers also lost interest in spending money on the infrastructural properties because of the financial uncertainty crisis. This factor straightly affected the growth of Smart Elevator Market Size in 2020. This negative effect of the pandemic on the Smart Elevator Market Size continued to be present till the mid of 2021 across several countries around the world.
However, currently, the increasing adoption of smart elevators for maintenance and repair is expected to result in further growth of Smart Elevator Market Demand. The market is estimated to continue growing and would have a modest increase in the Smart Elevator Market Demand in the successive 5 years. However, the growth is related to numerous macroeconomic factors that would restrict the investments in various technologies like smart elevators. And, the effect of COVID-19 had surely resulted in the slowdown of the growth of the worldwide economy and is assumed to be the major challenge for various players that are operating in this Smart Elevator Market.
According to the Smart Elevator Market report, the populated cities consist of very tall buildings that are generally utilized for offices as well as for residential purposes. Therefore, these tall buildings cause severe inconvenience for the commoners because they have to wait a long time in the lift. Also, these existing old versions of elevators ask for greater operating costs. Therefore, the increasing requirement for energy-efficient solutions is the major reason behind the rising demand of the Residential Elevator Market.
As a result of technological advancements, these elevators made by the Schindler Elevator Market and installed in the residential and commercial buildings consist of various smart solutions like destination dispatch that is facilitated at various multi-elevator buildings; the total number of people are being informed and provided the option to choose a specific floor for travel. Therefore, this procedure comparatively decreases the waiting time. Therefore, according to the Smart Elevator Market report these convenient feature results in Schindler Elevator Market Demand.
Nowadays, various destination dispatch technology is being utilized in multi-floor smart buildings like the 20-25 storey buildings in which the panel buttons are there at the lobby, rather than at the existing elevator. The advanced technologies utilized in the Schindler Elevator Market, identify the proper traffic arrangement and also adjust the total number of elevators present in the lobby. The Smart Elevator Market Expert also thinks that the new technologies engage specific elevators at the higher floors that decrease the waiting and travel times in the course of the peak period of the business hours.
According to each Smart Elevator Market Expert, on the flip side, the implementation of the smart solutions on a high scale needs massive investment, which in turn is regarded as the challenging factor for the Smart Elevator System Market. Since many clients may not be willing to spend a hefty amount of money to purchase this premium quality access control system, it may hinder the rise of Smart Elevator Market Demand.
According to the Smart Elevator Market Expert, the Smart Elevator System Market can be segmented on the basis of component, speed, application, end-user, and region.
Based on Smart Elevator Market Forecast the different divisions of the component category of the Smart Elevator System market are –
Control system
Elevator
Security
Access
Sensors
Maintenance
Communication system
Based on Smart Elevator Market Forecast the different divisions of the speed category of the Smart Elevator Industry are
Fast-speed
Super-speed
Low-speed
High-speed
Based on Smart Elevator Market Forecast the different divisions of the application category of the Smart Elevator Industry are
Commercial
Infrastructure
Industrial
Residential
Institutional
Others
Based on Smart Elevator Market Statistics the different divisions of the end-user category of the Smart Elevator Industry are –
Government agencies
Organizations associated with smart elevators
Regulating authorities
Private construction
Software vendors
Forums associated with smart elevators
Research firms
Smart Elevator Service Providers
Associations associated with smart elevators
Policymakers
Alliances associated with the smart elevators
Building owners
Various governmental bodies that undergo the modernization of infrastructure
Elevator associations
Based on Smart Elevator Market Analysis the different divisions of the region category of the Smart Elevator Industry are –
Asia Pacific
Europe
North America
Rest of the world
According to Smart Elevator Market Analysis, the Global Smart Elevator Market is segmented into four major regions such as Asia Pacific, North America, Europe, and the Rest of the World. Based on the Smart Elevator Market Analysis, Europe and North America are expected to have constant growth in the Global Smart Elevator Market. This is because the region is equipped with modern infrastructure and the rising demand for an energy-efficient solution to replace the old elevators with the latest Global Smart Elevator Market technologies.
Also, according to Smart Elevator Market Analysis, the Asia Pacific region is expected to experience the speediest Smart Elevator Market Growth in the course of the forecast period. This is because various emerging nations like Vietnam, Bangladesh, and Indonesia are constantly improving the living standards that would lead to more construction and urbanization of building with these smart technologies. Moreover, the most populous nations of the Asia Pacific region like China, India, and Japan are also facing the Smart Elevator Market Growth. The reason behind such massive Smart Elevator Market Growth is the speedy increase in the transformation of the infrastructure with various smart solutions.
Also, according to Smart Elevator Market Analysis, the Asia Pacific region is expected to experience the speediest Smart Elevator Market Growth in the course of the forecast period. This is because various emerging nations like Vietnam, Bangladesh, and Indonesia are constantly improving the living standards that would lead to more construction and urbanization of building with these smart technologies. The key players of the smart elevator market have implemented several types of inorganic and organic growth strategies like product developments, acquisitions, product launches, agreements, and partnerships for strengthening their particular offerings in the market.
June 2021:
Otis sent off its recently evolved Smart Gen3™ lift which improved the shrewd lift item arrangement of the organization. Otis will target noticeable merchants working in the development area of China who are searching for the acquisition of lifts for their new foundation projects. The organization has decisively centred this specific market because of the expanded proclivity of the development area in China toward a green turn of events. The item will utilize cloud-based IoT innovation and be functionally simple to lift tenants.
June 2021:
Hyundai Elevators and KT concluded and marked an update of grasping (MoU) to speed up their aggregate endeavours for the Elevator Digital Transformation (DX) Expansion business. The remainder of understanding was appropriately endorsed to reinforce their improvement of the lift portfolio by incorporating AI innovation, programmed driving robots and voice acknowledgement in its lifts. The improvement of these lifts will direct the development of Hyundai Elevators in the brilliant lift market.
April 2021:
Hyundai Elevators has joined a joint effort with Woowa Brothers to plan and advance the use of lifts and conveyance robot synchronization. These lifts and conveyance robots will track their applications in the wide scope of ventures like business offices, inns, and private lofts.
March 2021:
Kone Elevator India, a completely claimed auxiliary association of KONE company situated in Finland, has divulged carefully associated lifts to give a clever item as a savvy lift. The item can draw in various clients in a worthwhile and second greatest lift market globally. The item gives upgraded work in the network and better administration of individual courses through lifts.
ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran)
The Smart Elevator Market Facts of the report cover the competitive landscape, the latest trends, the estimated revenue, and the key driving factors that influence the rise of Smart Elevator Market Share. The segments covered under this report are the divisions of the Smart Elevator Market Size depending on the service, type, and component. According to the Smart Elevator Facts, the geographical regions that would experience huge growth in the Smart Elevator Market Share are Europe, Asia Pacific, North America, and the Rest of the world. Also, the Smart Elevator Facts imply that the rising demand for various energy-efficient replacements like the smart elevators for better convenience of the people is resulting in the rise of Smart Elevator Market Share.
Scope of Report and Segmentation Table:
Base year – 2021
Forecast period – 2022-2030
Historical data – 2018-2020
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 16,453.7 Million |
| Market Size 2023 | USD 18,535.1 Million |
| Market Size 2032 | USD 48,839.9 Million |
| CAGR | 12.87% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, by Service, by Component |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran). |
| Key Market Opportunities | Rising need for energy efficient solutions such as smart elevators is required to allow better convenience for the people. |
| Key Market Drivers | North America and Europe are presumed to have steady growth in the smart elevator market. |
Smart Elevator Market Highlights:
Frequently Asked Questions (FAQ) :
The smart elevator market worth surpassing USD 48,839.9 Million by 2032.
The smart elevator market includes players like Schindler Group (Switzerland), ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Motion Control Engineering (U.S.), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Fujitec (Japan), Hitachi (Japan), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), and Hyundai Elevator Co. Ltd (Iran).
The smart elevator market CAGR would be 12.87% during the forecast period covering 2024 to 2032.
Asia Pacific, with its huge scope of growth, would record the highest CAGR during the forecast period.
The segments discussed for the smart elevator market are type, services, speed, component, and application.
The smart elevator market is differentiated by passenger elevator, freight elevator and fireproof elevators
smart elevators are developed with advanced solutions and equipped with security controls such as access control systems, destination dispatching, biometric and touchscreen
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Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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