US Smart Elevator Market Research Report By Component (Control system, Elevator, Security, Access, Sensors, Maintenance, Communication system), By Speed (Fast-speed, Super-speed, Low-speed, High-speed), By Application (Commercial, Infrastructure, Industrial, Residential, Institutional, Others) and By End-User (Government agencies, Organizations associated with smart elevators, Regulating authorities, Private construction, Software vendors, Forums associated with smart elevators, Research firms, Smart Elevator Service Providers, Association

US Smart Elevator Market Overview

The US Smart Elevator Market Size was estimated at 2.63 (USD Billion) in 2023. The US Smart Elevator Industry is expected to grow from 3(USD Billion) in 2024 to 14 (USD Billion) by 2035. The US Smart Elevator Market CAGR (growth rate) is expected to be around 15.032% during the forecast period (2025 - 2035).

Key US Smart Elevator Market Trends Highlighted

The US Smart Elevator Market is witnessing significant growth driven by the increasing focus on energy efficiency and sustainability in building operations. As urbanization rises, the demand for smart infrastructure that enhances building management and optimizes energy use is becoming a key market driver. Building codes and regulations in the US are increasingly advocating for energy-efficient systems, which is pushing developers to install smart elevator technologies that integrate with building management systems.  Moreover, the advancement of IoT (Internet of Things) technology is offering substantial opportunities to be explored in the US Smart Elevator Market.

Smart elevators equipped with IoT devices allow for real-time monitoring and predictive maintenance, reducing downtime and improving user experience. This trend is particularly appealing in densely populated urban areas such as New York City and Los Angeles, where elevator systems are critical for high-rise buildings.  In recent times, there has been a noticeable trend of integrating smart elevators with mobile applications, allowing users to call elevators and provide feedback through their smartphones. This reflects a broader shift towards smart buildings where occupants have better control over their environment. Additionally, the focus on safety and hygiene, especially post-pandemic, has led to the implementation of contactless systems within smart elevators, highlighting the evolving needs and priorities of users in the US market.

These trends indicate a robust evolution in the US Smart Elevator Market, driven by technology and changing consumer preferences.

 

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

US Smart Elevator Market Drivers 

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  Increasing Urbanization in the United States

  
  

Urbanization is a significant driving force behind the growth of the US Smart Elevator Market Industry. According to the United States Census Bureau, over 82% of the US population is projected to live in urban areas by 2050. This shift is leading to a rise in the number of high-rise buildings, necessitating advanced and efficient elevators. Companies like Otis Elevator Company and Schindler Group are innovating to meet the needs of urban developments by integrating smart technology into their elevator systems to enhance energy efficiency and human flow management.

As urban landscapes evolve, the demand for smart elevators that can manage increased traffic and improve safety and accessibility is expected to rise drastically, driving expansion in the US market.

Technological Advancements in Elevator Systems

The US Smart Elevator Market Industry is experiencing strong growth due to rapid technological advancements. Innovations in Internet of Things (IoT) and machine learning have transformed conventional elevators into smart, self-optimizing systems. According to a report by the National Institute of Standards and Technology, advancements in these technologies have enabled elevator systems to reduce energy consumption by up to 30% while enhancing performance.

Manufacturers such as KONE and Thyssenkrupp are at the forefront of these advancements, offering modern solutions that incorporate real-time data analytics and predictive maintenance, ensuring greater efficiency and reliability in smart elevators across the US.

Rising Demand for Energy-Efficient Solutions

Sustainability and energy efficiency are increasingly critical factors influencing the growth of the US Smart Elevator Market Industry. With regulations like the Energy Policy Act and Leadership in Energy and Environmental Design (LEED) certifications gaining traction, there is a heightened focus on reducing carbon footprints in building projects. The U.S. Department of Energy has reported that energy-efficient technologies can potentially lead to cost savings of around 30% in high-rise developments.

Companies such as Mitsubishi Electric and Otis have begun to focus on developing eco-friendly elevator systems, further fueling the demand for smart elevators that use less energy, contributing to more sustainable construction practices in the United States.

Government Initiatives and Regulations

Government policies and initiatives aimed at improving building safety and energy efficiency significantly contribute to the growth of the US Smart Elevator Market Industry. In response to increasing urban populations and safety challenges, the American Society of Mechanical Engineers has established codes and guidelines that govern elevator installations, focusing on integrating advanced technologies. Additionally, the US government has introduced programs to incentivize energy-efficient upgrades in existing infrastructures.

Such regulatory frameworks encourage building owners to opt for smart elevator systems that meet new safety and sustainability standards, thereby driving the market forward.

US Smart Elevator Market Segment Insights 

Smart Elevator Market Component Insights   

The US Smart Elevator Market, a rapidly evolving sector, is profoundly influenced by its component segment which forms the backbone of its functionality and innovation. This segment encompasses various critical areas such as control systems, elevators, security, access, sensors, maintenance, and communication systems, each contributing to the seamless operation and enhanced efficiency of smart elevators. Control systems are instrumental as they determine how elevators respond to user commands and manage traffic flow, ensuring optimal performance in high-traffic scenarios typical in urban buildings. Elevators themselves are witnessing significant advancements in technology, integrating artificial intelligence and IoT capabilities that not only elevate the user experience but also improve energy efficiency. Security measures have become paramount, given the increasing demand for intelligent buildings, leading to advanced access control systems that integrate with broader building management solutions, allowing for enhanced safety and ease of operation.

Sensors play a crucial role in smart elevators by providing real-time data and analytics that facilitate predictive maintenance, thus significantly reducing downtime and operational costs. Moreover, maintenance strategies have shifted, relying increasingly on proactive measures that leverage data collected from sensors to predict failures before they occur. An effective communication system is also vital, enabling integration with building management systems and enhancing the overall operational efficiency of elevators. The growing emphasis on sustainability and energy efficiency is driving innovations in these components, reflecting broader trends across the US market where energy conservation and environmental responsibility are prioritized. As the US Smart Elevator Market continues to expand, the component segment is expected to remain a focal point, driving advancements and ensuring that smart elevators meet the increasing expectations for safety, comfort, and operational efficiency in modern infrastructures. 

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

Smart Elevator Market Speed Insights   

The Speed segment of the US Smart Elevator Market plays a crucial role in enhancing vertical transportation efficiency within urban environments. As cities grow denser and building heights increase, the demand for Fast-speed and High-speed elevators has significantly risen, driven by the need for quick transit within high-rise structures. Fast-speed elevators have gained preference in office buildings, contributing to improved workplace efficiency. Meanwhile, Super-speed elevators, capable of reaching unprecedented heights, are essential for skyscrapers and mixed-use developments.

Low-speed elevators maintain their relevance in residential and lower-rise commercial buildings, where cost-effectiveness and energy efficiency are valued. The diverse requirements of various building types ensure that the Speed segment maintains a balanced distribution among its types, addressing specific operational needs and user expectations. Additionally, advancements in technology and materials enhance overall performance and safety, making this market segment pivotal in shaping modern urban infrastructure. The ongoing trend towards smart city initiatives further intensifies the focus on integrating innovative elevator solutions that cater to varying speed demands while ensuring energy efficiency and user convenience within the entire US Smart Elevator Market landscape. 

Smart Elevator Market Application Insights   

The US Smart Elevator Market focuses on a variety of applications that cater to different sectors, ensuring a broad range of enhancements and operational efficiencies. The Commercial segment plays a crucial role, driven by the growing demand for smart buildings that prioritize energy efficiency and user experience. Infrastructure applications emphasize the need for advanced systems in urban settings, reflecting the increasing urbanization in the US, while the Industrial sector benefits from smart elevators that enhance logistical performance in warehouses and manufacturing sites.

The Residential segment is witnessing a shift towards modernization, with homeowners seeking integrated technology solutions for convenience and safety, contributing to growth across this domain. Additionally, the Institutional segment, encompassing educational facilities and healthcare institutions, highlights the importance of accessibility and safety regulations, making smart elevators an essential aspect of building design. Other applications further diversify the market, tapping into niche requirements across varying environments. The US Smart Elevator Market is driven by trends promoting automation, IoT integration, and energy efficiency, creating challenges related to integration costs and the need for skilled labor while presenting significant opportunities for innovation and growth in elevator technologies. 

Smart Elevator Market End-User Insights   

The US Smart Elevator Market showcases a diverse range of End-User segments that play vital roles in driving the market's development and implementation. Key players include Government agencies that prioritize infrastructure upgrades for urban mobility, ensuring safety and efficiency. Organizations associated with smart elevators contribute to innovation and compliance with regulations, while regulating authorities establish standards for safety and performance. Private construction ventures increasingly integrate smart elevator technologies, aligning with modern building requirements such as energy efficiency and automation.

Software vendors contribute significantly to the digital transformation of elevator systems, offering solutions that enhance operational performance and user experience. Forums and associations focused on smart elevators serve as platforms for knowledge exchange and collaboration, promoting best practices within the industry. Policymakers support the modernization of infrastructure, recognizing the importance of smart elevators in streamlining vertical transportation within high-rise buildings. Various governmental bodies engage in initiatives to retrofit existing structures, while building owners benefit from advanced technology that offers improved maintenance and operational efficiency.

Collectively, these factors highlight the crucial impact of the End-User segment in shaping the US Smart Elevator Market landscape. 

US Smart Elevator Market Key Players and Competitive Insights

The competitive landscape of the US Smart Elevator Market is characterized by rapid advancements in technology, a surge in demand for energy-efficient solutions, and a growing emphasis on building connectivity and automation. Companies are increasingly focusing on innovating their product offerings to integrate artificial intelligence and IoT features into smart elevators, facilitating the development of more intuitive and user-friendly systems. This sector is witnessing robust competition, as various firms aim to capture market share by enhancing sustainability and safety measures while ensuring compliance with evolving regulations. The market is also shaped by dynamic consumer preferences and the need for improved urban mobility solutions, which drive companies to adopt strategic partnerships, mergers, and acquisitions to bolster their market presence and capabilities.

TKE has established itself as a formidable player in the US Smart Elevator Market, leveraging its deep expertise in elevator engineering and modern technologies. The company focuses on innovative solutions that encompass energy efficiency, predictive maintenance, and enhanced user experience. TKE's strong R&D capabilities enable it to stay ahead of trends and regulations, allowing the company to introduce cutting-edge products that cater to the diverse needs of commercial and residential buildings. Its commitment to sustainability is evident in its product lineup, which emphasizes reduced energy consumption and lower operating costs. TKE also benefits from an extensive service network across the United States, ensuring that customers receive timely support and maintenance services that enhance the longevity and reliability of their smart elevator systems.

Brookfield Properties plays a significant role in the US Smart Elevator Market through its extensive portfolio of commercial real estate assets. The company prioritizes smart building initiatives, including the installation of state-of-the-art elevator systems that enhance operational efficiency and tenant experience. Brookfield Properties invests in advanced elevator technologies that feature connectivity, automation, and energy efficiency, aligning with its commitment to sustainability and modern infrastructure. With a focus on architectural innovation and tenant satisfaction, Brookfield Properties continuously seeks to improve its offerings through strategic partnerships and technological advancements. The company’s proactive approach to mergers and acquisitions has also enabled it to incorporate advanced elevator solutions into its properties, reinforcing its position as a leader in shaping the future of smart buildings and infrastructure within the US market.

Key Companies in the US Smart Elevator Market Include 

• TKE


• Brookfield Properties


• Hitachi


• Schindler


• Thyssenkrupp


• Dover Corporation


• Access Technologies


• United Technologies


• Johnson Controls


• Otis


• Fujitec


• Mitsubishi Electric


• Pacific Elevator


• Kone

US Smart Elevator Market Industry Developments

The US Smart Elevator Market has experienced notable developments in recent months, particularly with companies like Otis and Thyssenkrupp focusing on the enhancement of digitalization and AI integration into their elevator systems, which is aimed at improving operational efficiency and user experience. Additionally, in June 2023, Schindler announced its strategic collaboration with Access Technologies to bolster smart mobility solutions across various urban infrastructures. As for growth, a study by an industry group indicated that the US smart elevator market valuation is poised to exceed USD 5 billion by 2025, driven by increasing urbanization and the demand for energy-efficient solutions. Furthermore, in September 2023, Mitsubishi Electric revealed plans to invest significantly in advanced elevator R&D to cater to the evolving needs of smart buildings. Seen as a trend, many companies are also beginning to focus on sustainable technology, reducing their carbon footprints, as both consumer awareness and regulations push for greener solutions. In the last two years, Johnson Controls acquired a stake in Pacific Elevator to enhance service offerings within the region, demonstrating the ongoing trend of consolidation within the smart elevator sector. 

Smart Elevator Market Segmentation Insights 

Smart Elevator Market Component Outlook

• Control system


• Elevator


• Security


• Access


• Sensors


• Maintenance


• Communication system 

Smart Elevator Market Speed Outlook

• Fast-speed


• Super-speed


• Low-speed


• High-speed 

Smart Elevator Market Application Outlook

• Commercial


• Infrastructure


• Industrial


• Residential


• Institutional


• Others 

Smart Elevator Market End-User Outlook

• 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  

Report Attribute/Metric	Details
Market Size 2018	2.63(USD Billion)
Market Size 2024	3.0(USD Billion)
Market Size 2035	14.0(USD Billion)
Compound Annual Growth Rate (CAGR)	15.032% (2025 - 2035)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year	2024
Market Forecast Period	2025 - 2035
Historical Data	2019 - 2024
Market Forecast Units	USD Billion
Key Companies Profiled	TKE, Brookfield Properties, Hitachi, Schindler, Thyssenkrupp, Dover Corporation, Access Technologies, United Technologies, Johnson Controls, Otis, Fujitec, Mitsubishi Electric, Pacific Elevator, Kone
Segments Covered	Component, Speed, Application, End-User
Key Market Opportunities	Demand for energy-efficient solutions, Integration with IoT technologies, Growth in smart building projects, Aging infrastructure modernization, Enhanced safety and security features
Key Market Dynamics	Increasing urbanization, Technological advancements, Energy efficiency regulations, Safety and security concerns, Investment in smart infrastructure
Countries Covered	US