Smart Elevator Market Research Report Information by Component (Control systems (Elevator control systems, Security control systems (Surveillance camera, Intruder camera system, Fire alarm system, Visitor management system), Access control systems (Biometrics access control systems, Card-based access control systems, Touch-screen & keypad based access control systems), Sensors), Maintenance systems, Communication systems), by Service (New Installation, Maintenance, Renovation), by Application (Residential, Commercial, Industrial) and Region

Smart Elevator Market Summary

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.

Key Market Trends & Highlights

The Smart Elevator Market is witnessing significant trends driven by technological advancements and urbanization.

• Market Size in 2023: USD 16,453.7 Million.
• Projected Market Size by 2032: USD 48,839.9 Million.
• CAGR from 2024 to 2032: 12.87%.
• Key Players include Otis, Schindler, and KONE.

Market Size & Forecast

2023 Market Size: USD 16,453.7 Million

2024 Market Size: USD 18,535.1 Million

2032 Market Size: USD 48,839.9 Million

CAGR (2024-2032): 12.87%.

Major Players

ThyssenKrupp AG, Otis Elevator Company, Schindler Group, KONE Corporation, Johnson Controls Inc., Motion Control Engineering, Mitsubishi Electric, Hyundai Elevator, Hitachi, Fujitec.

The growing demand for energy-efficient and sustainable solutions triggers the market and increasing urbanization and smart cities promoting smart elevator adoption and impact of aging population and growing accessibility demands are driving the growth of the Smart Elevator Market.

As per the Analyst at MRFR, the growing demand for energy-efficient and sustainable vertical transportation solutions is one of the key drivers in the smart elevator industry. As environmental concerns rise globally, both consumers and businesses are prioritizing energy-saving technologies. According to the World Health Organization (WHO), climate change is affecting human health in multiple ways across the world, with 24% of global deaths linked to environmental factors, including 4.2 million deaths annually from air pollution exposure. 

This growing environmental concern underscores the need for sustainable technologies, driving the demand for energy-efficient and eco-friendly solutions like smart elevators. These elevators are equipped with features like regenerative drives and energy-saving systems, offer effective solutions to reduce electricity usage and operational costs. These systems not only lower energy consumption but also help in curbing the environmental impact by recycling energy that would otherwise be wasted.

 FIGURE 1: SMART ELEVATOR MARKET VALUE (2019-2035) USD BILLION

 Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Smart Elevator Market Opportunity

INTEGRATION WITH SMART BUILDING SYSTEMS CREATES OPPORTUNITY

The rising smart cities and the integration of building management systems (BMS) with IoT creates significant opportunities for the smart elevator industry. As smart elevators become essential components of connected buildings, they offer features such as remote monitoring, predictive maintenance, and seamless integration with other smart systems like HVAC, security, and lighting. These capabilities enhance the overall building efficiency and user experience, driving demand for advanced vertical transportation solutions.

With the growing adoption of smart buildings, there is an increasing need for elevators that optimize energy use, improve operational efficiency, and provide better user experience. This trend presents a prime opportunity for manufacturers to innovate and develop smarter, more efficient elevator systems. As smart building solutions gain traction, the demand for these advanced elevators is expected to rise, creating substantial growth prospects within the industry.

Smart Elevator Market Segment Insights

Smart Elevator by Component Insights

Based on Component, this segment includes Control systems (Elevator control systems, Security control systems (Surveillance camera, Intruder camera system, Fire alarm system, Visitor management system), Access control systems (Biometrics access control systems, Card-based access control systems, Touch-screen & keypad-based access control systems), Sensors), Maintenance systems, Communication systems. 

The Control systems segment dominated the global market in 2024, while the Communication systems segment is projected to be the fastest–growing segment during the forecast period. The increasing adoption of automation and digital technologies in building infrastructure has significantly propelled the demand for smart elevator control systems. These systems are designed to enhance safety, efficiency, and user experience while optimizing energy consumption. The integration of cutting-edge technologies such as IoT, AI, and cloud computing has transformed traditional elevator operations, making them more responsive and intelligent. 

One of the primary drivers of this market segment is the growing emphasis on energy-efficient buildings, where smart elevators contribute to reduced power consumption through adaptive control mechanisms. Furthermore, the rising urbanization and construction of high-rise buildings have fueled the need for advanced control systems that ensure seamless mobility and minimize wait times.

Smart Elevator by Service Insights

Based on Service, this segment includes New Installation, Maintenance, Renovation. The New Installation segment dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period. The new installation service segment involves the deployment of new smart elevators in various buildings, including residential, commercial, and industrial facilities. As the demand for high-tech, efficient, and space-saving elevators grows, new installations are a significant driver for the smart elevator market. The new installation process typically includes site surveys, design, fabrication, testing, and final installation. 

The installation of smart elevators is a highly customized process, as each building has specific requirements, such as space constraints, traffic patterns, and energy efficiency goals. Smart elevators installed in new buildings often incorporate advanced technologies such as touchless controls, IoT connectivity, and AI-based traffic management systems to optimize the performance and user experience. Additionally, building codes and regulations are a key consideration, ensuring that all smart elevator systems meet safety standards and comply with local building regulations.

FIGURE 2: SMART ELEVATOR MARKET SHARE BY SERVICE 2024 AND 2035 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Elevator by Application Insights

Based on Application, this segment includes Residential, Commercial, Industrial. The Commercial segment dominated the global market in 2024, while the Industrial segment is projected to be the fastest–growing segment during the forecast period. Commercial buildings, including office buildings, hotels, shopping malls, and mixed-use developments, represent a significant portion of the smart elevator market. In commercial applications, smart elevators are designed to optimize building traffic, enhance passenger experience, and integrate seamlessly with other building systems to improve overall operational efficiency. 

One of the key factors driving the adoption of smart elevators in commercial buildings is the need for efficient vertical transportation systems that can handle high volumes of traffic. Commercial buildings with multiple floors require systems that not only reduce waiting times but also optimize elevator usage based on real-time demand. AI-powered elevator systems can predict traffic patterns and adjust the operation of the elevator system, accordingly, improving both performance and energy consumption.

Smart Elevator Regional Insights

Based on the Region, the global Smart Elevator is segmented into North America, Europe, Asia-Pacific, South America and Middle East & Africa. The Asia-Pacific dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period. Major demand factors driving the Asia-Pacific market are the growing demand for energy-efficient and sustainable solutions that triggers the market and increasing urbanization and smart cities promoting smart elevator adoption and impact of aging population and growing accessibility demands. 

This rapid urban expansion is fueling demand for smarter infrastructure, including advanced vertical mobility solutions like smart elevators, to accommodate high-density living and commercial spaces efficiently. Countries such as China, India, and Indonesia among others are witnessing significant high-rise construction projects, increasing the demand for advanced vertical transportation solutions. 

The region's rapid construction boom, particularly in megacities like Shanghai, Mumbai, and Jakarta, is fueling the need for smart elevators that enhance efficiency and safety. Smart city programs including China’s " ew Infrastructure" initiative and India’s "Smart Cities Mission " are further accelerating the adoption of intelligent elevator systems. 

Bridging this gap is essential for maintaining economic momentum and achieving development goals. Increased investments in infrastructure, including high-rise buildings and urban mobility solutions, is expected to drive demand for smart elevators. As cities expand and modernize, the need for energy-efficient, connected elevator systems will rise, making smart elevators integral to the region’s rapid urban development and construction boom.

FIGURE 3: SMART ELEVATOR MARKET VALUE BY REGION 2024 AND 2035 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the countries considered in the scope of the Application Tracking System Market are the US, Canada, Mexico, Germany, France, UK, Italy, China, Japan, India, Brazil, Argentina, Saudi Arabia, UAE, South Africa and others.

Global Smart Elevator Key Market Players & Competitive Insights

Many global, regional, and local vendors characterize the Smart Elevator Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.

The major competitors in the market are Fujitec Co Ltd, Toshiba Corporation, Honeywell, Mitsubishi Electric Corporation, Hyundai Elevators, Hitachi Ltd, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Robert Bosch Group are among others. The Smart Elevator Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the Smart Elevator Market include

• Fujitec Co Ltd


• Toshiba Corporation


• Honeywell


• Mitsubishi Electric Corporation


• Hyundai Elevators


• Hitachi Ltd


• Schindler Group


• Otis Worldwide Corporation


• KONE Corporation


• Robert Bosch Group

Smart Elevator Market Industry Developments

November 2024: Otis Electric Launched Smart Elevator for New Construction and Modernization. With a suite of features that optimize safety, dependability, and passenger experience, the new connected Otis Electric 7000 elevator from Otis Electric Elevator Company (Otis Electric) is ideal for both new construction and modernization projects. It offers a variety of customizable aesthetic packages and a new space-saving design.

December 2024: KONE India, a market leader in elevator and escalator technology, showcased its groundbreaking I MonoSpace SMART, KONE I MiniSpace, and KONE A MonoSpace SMART elevator at the International Sourcing Exposition for Elevators (ISEE 2024) in Mumbai.

April 2023: Mitsubishi Electric Corporation announced today that Motum AB, a Sweden-based wholly owned subsidiary of Mitsubishi Electric, formally agreed on April 27 to wholly acquire Norway-based UNIHEIS AS, which operates an elevator business mainly in Norway as a distributor of Mitsubishi Electric products.

July 2019: The Next-Generation Smart Elevator MCA-ES is introduced by Hitachi Elevator. Hitachi Elevator's most recent contribution to the advancement and expansion of the smart buildings industry was demonstrated with the launch of the next-generation smart elevator, the MCA-ES.

Smart Elevator Market Segmentation

Smart Elevator by Component Outlook

• 
  Control systems
  
  
  
  • Elevator control systems
  
  
  • 
    Security control systems
    
    
    
    • Surveillance camera
    
    
    • Intruder camera system
    
    
    • Fire alarm system
    
    
    • Visitor management system
    
    
    
    
  
  
  • 
    Access control systems
    
    
    
    • Biometrics access control systems
    
    
    • Card-based access control systems
    
    
    • Touch-screen & keypad-based access control systems
    
    
    
    
  
  
  • Sensors
  
  
  
  


• Maintenance systems


• Communication systems

Smart Elevator by Service Outlook

• New Installation


• Maintenance


• Renovation

Smart Elevator by Application Outlook

• Residential


• Commercial


• Industrial

Smart Elevator Regional Outlook

• 
  North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• 
  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• 
  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • Japan
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America
  
  
  
  


• 
  Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of MEA
  
  
  
  

Report Attribute/Metric	Details
Market Size 2024	USD 15.57 Billion
Market Size 2025	USD 16.91 Billion
Market Size 2035	USD 38.65 Billion
Compound Annual Growth Rate (CAGR)	9.02% (2025-2035)
Base Year	2024
Forecast Period	2025-2035
Historical Data	2019-2023
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Component, By Service, By Application
Geographies Covered	North America, Europe, Asia Pacific, South America, Middle East & Africa
Countries Covered	The US, Canada, Mexico, Germany, France, UK, Italy, China, Japan, India, Brazil, Argentina, Saudi Arabia, UAE, South Africa
Key Companies Profiled	Fujitec Co Ltd, Toshiba Corporation, Honeywell, Mitsubishi Electric Corporation, Hyundai Elevators, Hitachi Ltd, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Robert Bosch Group
Key Market Opportunities	·         Integration with smart building systems creates opportunity ·         Demand for energy-efficient and sustainable solutions shows promising future
Key Market Dynamics	·         Growing demand for energy-efficient and sustainable solutions triggers the market ·         Increasing urbanization and smart cities promoting smart elevator adoption ·         Impact of aging population and growing accessibility demands