IoT in Elevators Market Report 2025

The IoT in elevators market size has grown rapidly in recent years. It will grow from $27.56 billion in 2024 to $32.27 billion in 2025 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to work trends and building access, smart city integration, data-driven decision-making, enhanced user experience, energy efficiency requirements.

The IoT in elevators market size is expected to see rapid growth in the next few years. It will grow to $60.94 billion in 2029 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to rise in smart building initiatives, remote monitoring and predictive maintenance demand, flexible working trends, urbanization, data-driven decision-making capabilities. Major trends in the forecast period include strategic partnerships, remote monitoring and maintenance, enhanced safety and security features, energy efficiency and sustainability, predictive analytics and maintenance.

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 ($27.6 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.

Key companies in the IoT elevators market are developing innovative technologies, such as cloud-based elevator platforms, to maintain their competitive edge. These platforms utilize cloud computing to remotely monitor and manage elevator operations, collecting real-time data to predict maintenance needs and enhance performance. This approach increases efficiency, minimizes downtime, and optimizes the user experience. For example, in May 2022, TK Elevator, a Germany-based elevator manufacturer, introduced MAX in India. MAX is the industry's first cloud-based predictive maintenance solution that leverages real-time data from connected elevators, escalators, and moving walks to optimize maintenance schedules and reduce downtime. The platform grants building owners and property managers access to cloud-based maintenance data and insights, facilitating streamlined operations and better decision-making. MAX enables continuous monitoring of equipment status, providing real-time updates on performance metrics, which aids in proactive maintenance management.

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 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 2024. 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.

IoT integration in elevators encompasses leveraging internet of things (IoT) technology to monitor and optimize elevator operational conditions through extensive data collection.

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.

The IoT in elevators market research report is one of a series of new reports that 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.

This product will be delivered within 3-5 business days.