Asia Pacific IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Component, Application, and End User

The Asia Pacific IoT in elevators market is expected to grow from US$ 8,106.23 million in 2022 to US$ 14,732.93 million by 2028; it is estimated to grow at a CAGR of 10.5% from 2022 to 2028.

The "smart cities" developments are gaining traction across the region. Several IoT in elevator manufacturing companies, escalator companies, and market players are increasingly focusing on integrating IoT into their products and new lines of escalators to register a larger market share and establish a solid foothold. Artificial intelligence (AI) and IoT have played a key role in transforming the elevator and escalator market landscape in recent years. Furthermore, predictive and tailored elevator maintenance, aided by IoT, is gradually gaining traction. Moreover, advancements in application programming interfaces (API) have increased the adoption of IoT in elevators over the last few years. Several players in the current market landscape are increasingly devoting resources to developing smart elevators, resulting in the development of innovative IoT solutions. For instance, Liftinzicht developed IoT-enabled smart apps to reduce maintenance costs; the company created a minimum viable product (MVP) using PHP and low-level databases and launched the Lift manager elevator app. The lift manager app consists of features that include the app collecting data from QR codes on elevators, making it easier for elevator managers on the go to enter registrations by simply opening their phones. In addition, to transform the application from a registration tool to a complete management tool, graphs and other business process intelligence such as alerts, emails, digests, and notifications on important events were added. The cutting-edge software anticipates when maintenance is required. The company has determined that elevators do not require as much maintenance as they did previously based on usage data. The lift manager app has maintained elevator performance, reduced failures, and decreased maintenance costs by 30% per year. On May 26, 2022, TK Elevator announced the launch of its cloud-based IoT building operations platform, MAX, in India. MAX analyzes real-time data from connected elevators, escalators, and moving walks to offer streamlined operations and increased availability. On April 20, 2021, TK Elevator entered the Chinese market by expanding its digital product portfolio with the launch of MAX in China. MAX has expanded its cutting-edge digital offerings in China, analyzing real-time data from connected elevators, escalators, and moving walks to enable optimal customer service for building operators and managers.

Smart cities access information and communication technologies (ICTs) in many aspects, including the economy, environment, mobility, health, living, and governance, to promote long-term economic development and high life quality to address growing urbanization challenges. The smart city mission's main goal is to boost economic growth and improve people's lifestyle by using various technologies, such as the IoT and AI, that lead to smarter outcomes. Thus, many governments of Asia Pacific countries are significantly investing in developing smart cities. For instance, in February 2022, the 'Smart City Mission' for Thiruvananthapuram, Kerala, was announced by NEC Corporation India. The smart city project is expected to be completed by 2022. The 'Smart City Mission' totaled US$ 28.31 billion (Rs. 205,018 crores) in 2020. In 2020, 5,331 projects worth US$ 24.31 billion (Rs. 176,059 crores) were tendered, accounting for 86% of total investments. In addition, in 2020, work orders for 4,540 projects worth US$ 19.33 billion (Rs. 139,969 crores) were issued, accounting for 68% of the total, and 2,122 projects worth US$ 4.83 billion (Rs. 34,986 crores) were completed, accounting for 17% of the total investment of US$ 28.31 billion. Hitachi Elevator (Thailand) Co., Ltd. a joint venture company between Hitachi, Ltd and Siam Motors Group is Thailand's sales and service company for elevators and escalators. On March 22, 2022, for the first time in Southeast Asia and Thailand, the company announced the launch of a full-scale smart building solution to build energy-efficient buildings and add value to buildings through the Lumada IoT platform's physical security system and digital service for smart buildings. Thus, government initiatives are positively impacting the development of smart cities, which would create lucrative opportunities for the IoT in elevators market growth during the forecast period.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific IoT in elevators market growth at a notable CAGR during the forecast period.

Asia Pacific IoT in Elevators Market Segmentation

The Asia Pacific IoT in elevators market is segmented into component, application, end user, and country.

• Based on component, the market is segmented into hardware, software, and services.
• Based on application, the Asia Pacific IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management.
• Based on end user, the Asia Pacific IoT in elevators market is categorized into residential, commercial, and industrial.
• Based on country, the Asia Pacific IoT in elevators market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific.

Asia Pacific IoT in Elevators Market Companies Mentioned

FUJITEC CO., LTD; Hitachi, Ltd.; KONE Corporation; Mitsubishi Electric Corporation; Otis Worldwide Corporation; Toshiba Elevator and Building Systems Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE are a few major companies operating in the Asia Pacific IoT in elevators market.