Smart Elevators Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart elevators market size has grown strongly in recent years. It will grow from $26.82 billion in 2024 to $29.34 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to urbanization and high-rise construction, energy efficiency concerns, safety and security requirements, iot integration, elevator traffic management.

The smart elevators market size is expected to see strong growth in the next few years. It will grow to $42.85 billion in 2029 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to smart building ecosystem integration, rise in sustainable building practices, ai and machine learning implementation, touchless and biometric solutions, smart city initiatives. Major trends in the forecast period include remote monitoring and maintenance, technological advancements, biometric and touchless technologies, enhanced user experience and personalization, integration with 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.

Leading companies in the smart elevator market are developing cutting-edge technologies, such as in-car multimedia displays, to secure a competitive edge. In-car multimedia displays in elevators provide passengers with real-time information and entertainment during their ride. For example, in May 2023, TK Elevator, a Germany-based provider of urban mobility solutions, introduced EOX, an eco-efficient and digitally advanced elevator platform designed for low- to mid-rise buildings in North America. Built to meet modern standards, EOX integrates sustainability with advanced technology. It reduces energy consumption by up to 45% and cuts embodied carbon by 50%, featuring a regenerative drive that recycles energy and an eco-mode that adjusts speed during low-traffic periods. The platform also includes state-of-the-art digital features, such as in-car multimedia displays for passenger interaction, predictive maintenance via the MAX platform, and enhanced safety elements like in-car sensors and two-way communication systems.

In May 2024, KONE Corporation, a Finland-based manufacturer of elevators, acquired Orbitz Elevators Pty Ltd. for an undisclosed amount. This acquisition allows KONE to broaden its service offerings and provide enhanced People Flow solutions to customers in Australia and New Zealand. Orbitz Elevators Pty Ltd., based in Australia, specializes in the design, supply, installation, maintenance, and modernization of elevators.

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 2024. 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.

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.

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 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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