The global smart elevator market size reached USD 30.4 Billion in 2024. Looking forward, the analyst expects the market to reach USD 60.5 Billion by 2033, exhibiting a growth rate (CAGR) of 7.55% during 2025-2033. The market is experiencing steady growth driven by rapid urbanization and population growth, increasing focus on sustainability and energy efficiency, significant technological advancements and innovation, growing urban mobility challenges, and increasing aging population and accessibility requirements.
Smart elevators are technologically advanced systems that allow automated vertical transportation of passengers and goods from one floor to another within a building. They consist of new-age digital security system controls, such as destination dispatching and access control systems, biometrics, and touch screens. They aid in eliminating problems, such as breakdowns, slow mobility, and frequent maintenance, and improving the operational efficiency, reliability, performance, aesthetics, and safety of the elevator while reducing energy costs and electromagnetic noise. As a result, smart elevators find extensive applications across the residential, commercial, institutional, and industrial sectors.
Additionally, the increasing demand for efficient mobility systems due to the growing high-rise buildings, supported by the expanding working population, is propelling the market growth. Apart from this, the integration of the Internet of Things (IoT) and artificial intelligence (AI) in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance safety are providing an impetus to the market growth. Other factors, including escalating demand for modern amenities and the implementation of various government initiatives promoting smart city projects, are anticipated to drive the market.
Smart elevators are technologically advanced systems that allow automated vertical transportation of passengers and goods from one floor to another within a building. They consist of new-age digital security system controls, such as destination dispatching and access control systems, biometrics, and touch screens. They aid in eliminating problems, such as breakdowns, slow mobility, and frequent maintenance, and improving the operational efficiency, reliability, performance, aesthetics, and safety of the elevator while reducing energy costs and electromagnetic noise. As a result, smart elevators find extensive applications across the residential, commercial, institutional, and industrial sectors.
Smart Elevator Market Trends:
The increasing demand for energy-efficient solutions due to rising concerns about energy consumption across the globe is creating a positive outlook for the market. Smart elevators have improved controls, hardware, software, and other components, such as alternating current (AC) motors, low-heat light-emitting diode (LED) lighting solutions, and touch screens, which save energy and are more efficient. In line with this, the widespread adoption of new permanent magnet synchronous (PMS) gearless traction machines that utilize less energy than conventional geared machines and are lighter and compact is favoring the market growth.Additionally, the increasing demand for efficient mobility systems due to the growing high-rise buildings, supported by the expanding working population, is propelling the market growth. Apart from this, the integration of the Internet of Things (IoT) and artificial intelligence (AI) in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance safety are providing an impetus to the market growth. Other factors, including escalating demand for modern amenities and the implementation of various government initiatives promoting smart city projects, are anticipated to drive the market.
Key Market Segmentation:
This report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on solution and application.Breakup by Solution:
- Control Systems
- Security Control System
- Elevator Control System
- Access Control System
- Maintenance Systems
- Communication Systems
- Services
- Support and Maintenance
- New Deployments
- Modernization
Breakup by Application:
- Residential
- Commercial
- Industrial
- Institutional
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bosch Service Solutions GmbH, Hyundai Elevator Co. Ltd., KONE Elevator India Private Limited (Kone Oyj), Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Thames Valley Controls Ltd, TK Elevator, and Toshiba Elevators and Building Systems Corporation (Toshiba Corporation).Key Questions Answered in This Report:
- What was the size of the smart elevator market in 2024?
- What is the expected growth rate of the global smart elevator market during 2025-2033?
- What has been the impact of COVID-19 on the global smart elevator market?
- What are the key factors driving the global smart elevator market?
- What is the breakup of the global smart elevator market based on the solution?
- What is the breakup of the global smart elevator market based on the application?
- What are the key regions in the global smart elevator market?
- Who are the key players/companies in the global smart elevator market?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Smart Elevator Market
6 Market Breakup by Solution
7 Market Breakup by Application
8 Market Breakup by Region
9 SWOT Analysis
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Bosch Service Solutions GmbH
- Hyundai Elevator Co. Ltd.
- KONE Elevator India Private Limited (Kone Oyj)
- Mitsubishi Electric Corporation
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- Thames Valley Controls Ltd
- TK Elevator
- Toshiba Elevators and Building Systems Corporation (Toshiba Corporation)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 30.4 Billion |
| Forecasted Market Value ( USD | $ 60.5 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
