Smart Elevators Global Market Report 2024

The smart elevators market size has grown rapidly in recent years. It will grow from $24.28 billion in 2023 to $26.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed in the historic period can be attributed to factors such as urbanization and the construction of high-rise buildings, concerns about energy efficiency, requirements for safety and security, integration of the Internet of Things (IoT), and advancements in elevator traffic management systems.

The smart elevators market size is expected to see strong growth in the next few years. It will grow to $38.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be attributed to factors such as the integration of smart building ecosystems, the increasing adoption of sustainable building practices, implementation of artificial intelligence (AI) and machine learning, the adoption of touchless and biometric solutions, and the influence of smart city initiatives. Major trends expected in the forecast period encompass remote monitoring and maintenance, ongoing technological advancements, the incorporation of biometric and touchless technologies, an emphasis on enhanced user experience and personalization, and increased integration with broader smart building ecosystems.

The anticipated surge in the construction of high-rise buildings is expected to drive the expansion of the smart elevator market in the future. High-rise buildings, characterized by multiple stories and the need for vertical transportation systems such as elevators, find smart elevators particularly beneficial. These elevators are equipped with advanced technologies that enhance efficiency, safety, and overall user experience in tall structures. In 2021, the Council on Tall Buildings and Urban Habitat reported an increase in buildings with a height of 200 meters or more from 1,922 in 2021 to 2,000 in 2022. Additionally, the construction of supertall buildings (300 meters or taller) reached 200 in 2021. This growth in high-rise constructions is a significant driver for the smart elevator market.

The increasing investments in infrastructure development are poised to fuel the growth of the smart elevator market. Infrastructure development encompasses the comprehensive process of planning, designing, financing, constructing, and maintaining physical and organizational structures crucial for societal and economic functioning. The upsurge in investments in infrastructure is often associated with urbanization projects and the modernization of existing structures. In April 2023, the World Bank reported a substantial increase in private participation in infrastructure (PPI) investments, reaching $91.7 billion across 263 projects, marking a significant 23% rise compared to 2021. This underscores the vital role of smart elevators in meeting the vertical mobility needs of contemporary urban spaces and renovated buildings. Hence, the escalating investments in infrastructure development are set to propel the smart elevators market's growth.

The growth of the smart elevator market is anticipated to be hindered by the initial high implementation cost. The upfront investment required for implementing smart elevator technology is seen as a deterrent, restricting the widespread adoption of smart elevators. For instance, Stiltz Inc., a US-based elevator manufacturer, reported in September 2023 that the cost of an elevator depends on factors such as model, size, location, applicable codes, and installation, with a general range of $25,000 to $29,000 for the elevator and installation. Consequently, the initial high implementation cost has the potential to impede the expansion of the smart elevator market.

Major companies in the smart elevator market are focusing on developing innovative technologies such as connected elevator platforms. These platforms are designed to seamlessly integrate with the growing array of smart technologies used in low- to mid-rise residential and commercial buildings. For example, in June 2021, Otis Worldwide Corporation, a US-based appliance company, introduced Gen3 and Gen360. The Gen3 elevator, a digitally native platform, incorporates connectivity features such as LED illumination and sleep mode to reduce energy consumption and carbon impact, while retaining the proven Gen2 elevator architecture. The Gen360 elevator, built on a completely new electronic architecture, sets new standards for proactive digital technologies, providing an enhanced experience, support, safety, design, and service, in addition to the advantages of the Gen3 elevator.

In August 2021, Kone Oyj, a Finland-based elevator manufacturing company, acquired Ross Elevator Inc. for an undisclosed amount. This acquisition is part of KONE's strategy to strengthen its market position in the elevator and escalator sector, contributing to the improvement of urban life by expanding its range of services. KONE aims to reinforce its local operations and augment its existing Cleveland team with additional talent and experience. Ross Elevator Inc., a US-based smart elevator company, specializes in high-quality service, modernization, and repair work.

Major companies operating in the smart elevators market report are Hitachi Ltd., International Business Machines Corporation, Thyssenkrupp AG, Mitsubishi Electric, Honeywell International Inc., Johnson Controls Inc., KT Corporation, Otis Elevator Company, Schindler Group, Kone Corporation, Bosch Security and Safety Systems, SICK AG, Hyundai Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba Elevator and Building Systems Corporation, Nidec Elevator Group, Guangzhou Robustel Ltd., Brivo Inc., Kisi Inc., Openpath Security, Thames Valley Controls Ltd., Rimrock Corporation, Kintronic Laboratories Inc., Emerald Elevators.

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

A smart elevator is an elevator system that incorporates advanced technologies to enhance efficiency, safety, and the overall user experience. These elevators are designed to minimize wait times, reduce energy consumption, and optimize the flow of people within a building.

The primary setups for smart elevators include modernization, maintenance, and new deployments. In the context of modernization, smart elevator systems involve the integration of advanced technologies to upgrade and optimize vertical transportation within existing structures. The carriage of smart elevators can accommodate passengers and freight through various installations, including low, mid-rise, and high-rise, and in various applications such as residential, commercial, and industrial settings.

The smart elevator market research report is one of a series of new reports that provides smart elevator market statistics, including smart elevator industry global market size, regional shares, competitors with a smart elevator market share, detailed smart elevator market segments, market trends and opportunities, and any further data you may need to thrive in the smart elevator industry. This smart 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 smart elevator market includes revenues earned by entities by providing services including elevator maintenance, elevator modernization, elevator repair and testing, escalator maintenance and repair, and smart elevator technology such as touchless elevator buttons and mobile controls. 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 smart elevators market also includes sales of automated delivery systems, destination control systems, touchless elevator systems and energy-efficient elevators . Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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