Smart Elevators Market Report 2026

The smart elevators market size has grown strongly in recent years. It will grow from $18.02 billion in 2025 to $19.82 billion in 2026 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to urbanization and high-rise construction growth, increasing modernization of existing elevator systems, demand for energy-efficient building solutions, adoption of digital control systems, growth of commercial real estate development.

The smart elevators market size is expected to see rapid growth in the next few years. It will grow to $29.44 billion in 2030 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to increasing investments in smart building infrastructure, rising demand for touchless and connected elevator systems, expansion of predictive maintenance services, growing focus on carbon-neutral buildings, increasing integration with building management systems. Major trends in the forecast period include increasing adoption of ai-based elevator dispatch systems, rising deployment of predictive maintenance technologies, growing integration of energy-efficient elevator solutions, expansion of smart elevators in high-rise buildings, enhanced focus on passenger experience optimization.

The rising construction of high-rise buildings is expected to drive the growth of the smart elevator market going forward. High-rise buildings are multistorey structures tall enough to require mechanical vertical transportation systems, such as elevators. Smart elevators enhance these buildings by providing efficient vertical mobility while incorporating advanced technologies that improve safety, efficiency, and user experience. For instance, in January 2024, according to the Council on Tall Buildings and Urban Habitat, a US-based international authority on tall buildings, 2023 saw a record 185 completed buildings worldwide of 200 meters or taller, bringing the global total to 2,532 high-rise buildings. Therefore, the growth of high-rise construction is boosting the smart elevator market.

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 include Hitachi Ltd., Thyssenkrupp AG, Mitsubishi Electric, Otis Elevator Company, Schindler Group, Kone Corporation, Hyundai Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba Elevator and Building Systems Corporation, Nidec Elevator Group, Emerald Elevators, TK Elevator, Canny Elevator Co., Ltd., Zhejiang Meilun Elevator Co., Ltd., SJEC Corporation, Kleemann Hellas SA, Orona Group, Doppler S.A., IFE Elevators Co., Ltd., Express Lift Company, Stannah Group, Wittur Group, AVT Beckett,

North America was the largest region in the smart elevators market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elevators market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart elevators market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, 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.

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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