IoT in Elevators Global Market Report 2024

The global iot in elevators market has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $28.14 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth observed in the historical period can be attributed to trends in workplace access, integration within smart city initiatives, the emphasis on data-driven decision-making, improvements in user experience, and the increasing demand for energy-efficient solutions.

The global iot in elevators market is expected to see rapid growth in the next few years. It will grow to $52 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. Anticipated growth in the upcoming period is driven by the increasing adoption of smart building initiatives, heightened demand for remote monitoring and predictive maintenance, evolving trends toward flexible work arrangements, the ongoing process of urbanization, and the expanding capabilities of data-driven decision-making. Key trends expected in this period encompass the formation of strategic partnerships, a focus on remote monitoring and maintenance solutions, advancements in safety and security features, a continued emphasis on energy efficiency and sustainability, and the utilization of predictive analytics for maintenance purposes.

Government initiatives aimed at fostering smart city development are anticipated to drive the IoT in the elevator market. Smart cities leverage information and communication technology (ICT) to enhance operations, disseminate information, and improve residents' well-being. IoT-integrated elevators play a pivotal role in smart cities by offering real-time data streams for remote equipment health checks and issue identification. These data insights enhance city infrastructure and services. The Indian Brand Equity Foundation (IBEF) reported a substantial allocation of INR 6,450 crores ($868 million) in the Union Budget 2021-22 for India's Smart Cities Mission, totaling INR 205,018 crores ($27.60 billion) as of March 2021. Hence, the rise in government initiatives for smart city creation propels the IoT in the elevator market.

The stringent regulations governing building safety are expected to fuel the growth of the IoT in elevators market. These regulations, characterized by strict standards, prioritize public safety and environmental protection. IoT integration in elevators aligns with these regulations by offering real-time monitoring, predictive maintenance, and compliance support, enhancing overall safety and emergency response readiness. The European Union (EU), as reported by the European Commission in October 2023, plans to enforce Building Automation Control Systems (BACS) in all new tertiary buildings by 2025. This mandate aims to ensure safety in commercial, institutional, and residential buildings over 1,000 square meters. Thus, stringent safety regulations drive growth in the IoT in elevators market.

Technological advancements emerge as a significant trend shaping the IoT in elevators market. Key market players focus on innovating new technologies to maintain their market stance. For instance, Johnson Lifts introduced the IoT-based feature WATCH for its elevators in September 2022. WATCH (Wireless Assessment to Troubleshoot Channelize & Host) connects elevators to a data center via IoT devices, providing real-time monitoring and immediate technical support. This innovation anticipates defects, monitors lift behavior, and improves overall performance.

Major companies in the IoT in elevators market are developing digital elevator platforms to sustain their positions. These platforms utilize digital technology to enhance elevator efficiency, security, and convenience. Otis Worldwide Corp. launched the Gen3 and Gen360 digital elevator platforms in June 2021. The Gen3 elevator integrates the proven design of the Gen2 with Otis ONE IoT connectivity, offering real-time performance insights. The Gen360 introduces an all-new electronic architecture, setting higher safety, design, and service standards. Both platforms leverage IoT capabilities, providing proactive communication, remote services, and integration with smart building systems, thus delivering added value to facility managers and passengers.

In November 2022, 3 Phase Elevator Corporation, a company specializing in elevator services based in the US, merged with Elevator Industries Inc., another US-based elevator company. This merger represents a strategic step to fortify their combined position within the elevator and escalator services sector, particularly in Northern California. Leveraging 3Phase Elevator's industry expertise and resources, the merger aims to complement Elevator Industries' established leadership in the Sacramento area. The unified entity intends to retain Elevator Industries' local identity while capitalizing on the broader support and resources offered by the extended 3Phase family.

Major companies operating in the iot in elevators market report are Hyundai Elevator Co. Ltd., KONE Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Mitsubishi Electric Corporation, Toshiba Elevator and Building Systems Corporation, Hitachi Ltd., Huawei Technologies Co. Ltd., Fujitec Co. Ltd., Electra Ltd., Liftinzicht BV, Gruppo Millepiani SPA, Cygnet Infotech Pvt. Ltd., Doppler S.A., Robustel, Robert Bosch GmbH, Honeywell International Inc., Selcom Elevator, ThyssenKrupp AG, Carrier Global Corporation, Cisco Systems Inc., Delta Controls Inc., ALE International SAS, General Electric Company, United Technologies Corporation, International Business Machines Corporation, Johnson Controls International PLC, LG Electronics Inc., NEC Corporation, Panasonic Corporation, Siemens AG, Schneider Electric SE

North America was the largest region in the IoT in elevators market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot in elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the iot in elevators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components driving IoT integration in elevators comprise hardware, software, and services. Hardware facilitates elevator connectivity to a controller, typically via Wi-Fi or LAN interfaces. Various applications of IoT in elevators, such as preventive maintenance, remote monitoring, advanced reporting, and connectivity management, cater to residential, commercial, and industrial environments.

This report provides IoT in elevators market statistics, including IoT in elevators industry global market size, regional shares, competitors with an IoT in elevators market share, detailed IoT in elevators market segments, market trends and opportunities, and any further data you may need to thrive in the IoT in elevators industry. This IoT-in-elevator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The IoT in elevators market includes revenues earned by entities by generating data, identifying problems, and making decisions on operational patterns. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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