Smart Elevators Market

Global Smart Elevators Market Report: By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Manufacturing & Construction | February 2024 | Report ID: EMR00566 | Pages: 301

Global Smart Elevators market is predicted to reach approximately USD 39.42 billion by 2032, at a CAGR of 7.11% from 2024 to 2032.

Smart elevators incorporate cutting-edge features such as destination dispatch systems, predictive maintenance, biometric access controls, and cloud-based monitoring, which optimize performance, enhance user experience, and improve building management efficiency. These elevators utilize IoT sensors, artificial intelligence, and machine learning algorithms to analyse passenger traffic patterns, reduce waiting times, and minimize energy consumption, contributing to sustainable development and smart infrastructure initiatives worldwide. The market encompasses residential, commercial, institutional, and industrial sectors, with key players continuously innovating to offer customized solutions tailored to diverse end-user requirements and regulatory standards. As smart buildings become integral components of smart cities, the global smart elevators market is poised for robust expansion, driven by rapid urbanization, burgeoning middle-class populations, and the imperative to mitigate environmental impact while ensuring seamless vertical mobility.

 

 

Global Smart Elevators report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2023)

USD 21.24 billion

Projected Market Value (2032)

USD 39.42 billion

Base Year

2023

Forecast Years

2024 – 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Setup, By Installation, By Carriage, By Application, & Region.

Segments Covered

By Setup, By Installation, By Carriage, By Application, & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Smart Elevators dynamics

Urbanization trends, particularly in emerging economies, are a primary driver as cities continue to expand vertically, creating a need for efficient vertical transportation solutions. Additionally, the growing emphasis on sustainability and energy efficiency in buildings is prompting the adoption of smart elevators equipped with features such as regenerative drives and energy-saving modes, aligning with environmental regulations and green building standards.

Technological developments also have a significant impact on market dynamics; for example, the combination of cloud computing, data analytics, and IoT sensors allows for remote monitoring, predictive maintenance, and customised user experiences. Through the analysis of passenger traffic patterns and the optimisation of lift dispatching systems to reduce wait times and increase operational efficiency, the convergence of artificial intelligence and machine learning algorithms improves lift performance. Furthermore, the integration of biometric access controls, destination control systems, and real-time communication features in smart lifts is being driven by the growing emphasis on safety and security in buildings. This is improving building security protocols and passenger safety.

 

Global Smart Elevators drivers

  • Urbanization and Infrastructure Development:

One of the major factors propelling the global market for smart lifts is the speed at which urbanisation is occurring, especially in emerging markets. Effective vertical transport systems are becoming more and more necessary as cities grow vertically to accommodate expanding populations and constrained horizontal space. Smart lifts optimise space utilisation, lessen traffic, and enhance mobility within high-rise buildings, providing answers to the problems brought about by urbanisation. The need for smart lift solutions is also fuelled by infrastructure development initiatives like smart city programmes, which highlight the significance of technologically advanced and sustainable vertical transportation.

  • Technological Advancements and Innovation:

The market for smart lifts is driven by innovation due to ongoing technological advancements. Real-time monitoring, personalised user experiences, and predictive maintenance are made possible by the integration of artificial intelligence (AI), data analytics, and Internet of Things (IoT) sensors. These innovations support sustainability objectives and legal requirements by improving energy efficiency, enhancing safety and security features, and optimising lift performance. Furthermore, developments in materials science and engineering lead to the creation of lift components that are stronger, lighter, and more energy-efficient, making it easier to install smart lifts in both new construction and retrofit projects.

 

Restraints:

  • High Initial Investment Costs:

The high initial investment costs related to installation and integration are one of the main obstacles impeding the widespread adoption of smart lifts. Modern technologies necessitate large upfront investments in hardware, software, and infrastructure, such as cloud-based systems, IoT sensors, and AI algorithms. The labour and disruption required to retrofit existing buildings with smart lift solutions can be substantial, which raises the adoption cost overall. Therefore, financial limitations and other costs may discourage developers and building owners from investing in smart lift upgrades, particularly in areas with scarce financial resources or unstable economic conditions.

  • Complex Regulatory Compliance and Standards:

Compliance with complex regulatory requirements and standards poses another restraint to the smart elevators market. Building codes, safety regulations, and accessibility standards vary across different regions and jurisdictions, requiring elevator manufacturers and developers to navigate a labyrinth of regulatory frameworks. Ensuring compliance with evolving regulations and obtaining necessary certifications can add complexity to product development and deployment processes, potentially delaying time-to-market and increasing project costs. Moreover, discrepancies in regulatory requirements between countries or regions may create challenges for multinational companies operating in diverse markets, necessitating careful coordination and adaptation of smart elevator solutions to local regulatory contexts.

 

Opportunities:

  • Emerging Trends in Smart Building Integration

There are many opportunities to integrate smart lifts into larger smart building ecosystems as a result of the convergence of smart technologies and the Internet of Things (IoT). The smooth integration of lift systems with building management platforms, HVAC systems, lighting controls, and security systems is made possible by cooperative efforts between lift manufacturers, building automation providers, and software developers. Building owners and occupants alike will benefit from this integration's increased operational efficiency, streamlined facility management procedures, and actionable insights into building performance.

 

Segment Overview

  • By Setup

The setup segment of the smart elevators market encompasses three distinct categories: new deployment, modernization, and maintenance. New deployment involves the installation of smart elevator systems in newly constructed buildings, meeting the demand for innovative vertical transportation solutions in modern infrastructure projects. Modernization entails the upgrading of existing elevator systems with advanced technologies to enhance performance, safety, and energy efficiency, catering to the needs of building owners seeking to optimize the value and functionality of their properties. Maintenance services focus on ensuring the smooth operation and longevity of smart elevator systems through preventive maintenance, repair, and upgrade solutions, maximizing uptime and return on investment for building operators.

  • By Application  

Regarding installation, the market is divided into low & mid-rise and high-rise segments. Low & mid-rise installations are tailored for buildings with fewer floors, offering efficient vertical mobility solutions for residential complexes, educational institutions, and small commercial buildings. High-rise installations, on the other hand, address the unique challenges of tall buildings and skyscrapers, requiring advanced elevator technologies and control systems to manage passenger traffic, optimize energy usage, and ensure safety in densely populated urban environments.

  • By Carriage Type

In terms of carriage type, the smart elevators market includes passenger and freight segments. Passenger elevators provide convenient vertical transportation for individuals within buildings, featuring various configurations and capacities to accommodate diverse occupancy needs in residential, commercial, and institutional settings. Freight elevators, designed for the transportation of heavy goods and materials, support logistics and industrial operations by offering robust construction, high load capacities, and customizable configurations to facilitate the movement of cargo within warehouses, factories, and industrial facilities.

  • By Application

By Application, the market is segmented by application into residential, commercial, and industrial categories. Residential applications focus on providing comfortable and efficient vertical mobility solutions for apartment buildings, condominiums, and housing complexes. Commercial applications encompass office buildings, hotels, shopping malls, and other commercial facilities requiring reliable and high-performance elevator systems to meet the demands of occupants and visitors. Industrial applications cater to warehouses, manufacturing plants, and distribution centers, where freight elevators play a critical role in supporting material handling and logistics operations.

 

Global Smart Elevators Overview by Region

North America stands as a prominent market driven by technological innovation, stringent building codes, and a focus on sustainability. The region's mature construction industry and high demand for smart building solutions contribute to the adoption of advanced elevator technologies, particularly in commercial and institutional sectors. Europe follows suit with a strong emphasis on energy efficiency and green building practices, fostering the integration of smart elevator systems into modern architectural designs and urban developments. Asia-Pacific emerges as a key growth engine propelled by rapid urbanization, population growth, and infrastructure investments in emerging economies such as China, India, and Southeast Asian countries. The region's burgeoning middle-class population and increasing urbanization rates drive demand for vertical transportation solutions, particularly in high-rise residential and commercial buildings. Moreover, government initiatives promoting smart city development and sustainable urban infrastructure further accelerate market growth in the Asia-Pacific region. In contrast, Latin America and the Middle East & Africa exhibit untapped potential for smart elevator adoption, supported by urbanization trends, infrastructure investments, and rising awareness of energy efficiency and building safety standards.

 

 

Global Smart Elevators market competitive landscape

Industry leaders such as Otis Elevator Company, KONE Corporation, Thyssenkrupp AG, and Schindler Group dominate the market with their extensive product portfolios, technological expertise, and global presence. These companies focus on research and development initiatives to innovate new smart elevator solutions that address evolving customer needs, enhance user experience, and improve operational efficiency. Additionally, strategic partnerships, mergers, and acquisitions are common strategies employed by market players to expand market share, enter new geographic regions, and diversify product offerings. Emerging players and startups, fueled by advancements in IoT, artificial intelligence, and cloud computing technologies, contribute to market competitiveness by introducing innovative elevator solutions tailored to specific industry verticals and customer segments. Moreover, service providers play a crucial role in the competitive landscape by offering maintenance, repair, and modernization services to ensure the reliability, safety, and performance of smart elevator systems throughout their lifecycle.

 

Global Smart Elevators Recent Developments

  • April 2023, Bear Robotics introduced the Servi Lift, an elevator delivery robot tailored to fulfill last-mile delivery needs within multi-story buildings like hotels, senior living communities, ghost kitchens, hospitals, corporate campuses, and various high-rise commercial and residential properties.  

 

Scope of global Smart Elevators report

Global Smart Elevators report segmentation

ATTRIBUTE

DETAILS

By Setup

  • New Deployment
  • Modernization
  • Maintenance

By Installation

  • Low & Mid Rise
  • High Rise

By Carriage

  • Passenger
  • Freight

By Application

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Smart Elevators size and forecast: To identify and estimate the market size for global Smart Elevators market segmented by Setup, By Installation, By Carriage, By Application, and by region. Also, to understand the consumption/ demand created by consumers between 2024 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Smart Elevators
  • Market Influencing Factors: To find out the factors which are affecting the market of global Smart Elevators among consumers.
  • Company Profiling: To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Smart Elevators forecast period is 2024 - 2032.
According to global Smart Elevators research, the market is expected to grow at a CAGR of ~ 7.11% over the next eight years.
The possible segments in global Smart Elevators are based on by Setup, By Installation, By Carriage, By Application, & by region.
The expected market size for Global Smart Elevators is USD 21.24 billion in 2023.
The major players in the market are Otis Elevator Company, Schindler, Toshiba Corporation, Mitshubishi Electric Corporation, Nidec Americas Holding Corporation, TK Elevator GmbH, Kone Corporation, Hitachi, Ltd., HYUNDAIELEVATOR CO.,LTD. And FUJITEC CO., LTD.