Smart Building Integration and IoT Adoption Accelerate the Smart Elevator Market
"Executive Summary Smart Elevator Market Size, Share, and Competitive LandscapeThe global smart elevator market size was valued at USD 12.29 billion in 2024 and is projected to reach USD 34.57 billion by 2032, with a CAGR of 13.8% during the forecast period of 2025 to 2032.
This Smart Elevator Market report has been generated by keeping in mind all the requirements of the businesses for thriving successful business growth. This information holds an immense significance to drive a business towards the success. Moreover, market status at the global and regional level is provided through this report which helps to achieve business insights at the extensive marketplace. Businesses are greatly depending on the different segments involved in the market research report as it offers better insights to drive the business on the right track. Hence the outcome i.e. Smart Elevator Market report is a great which implies a client-focused, leading edge, and trustworthy market report.
This competitive era calls for businesses to be equipped with knowhow of the major happenings of the market and Smart Elevator Market industry. Market segmentation is performed in terms of markets covered, geographic scope, years considered for the study, currency and pricing, research methodology, primary interviews with key opinion leaders, DBMR market position grid, DBMR market challenge matrix, secondary sources, and assumptions. For better decisions, more revenue generation, and profitable business, such Smart Elevator Market research report is the key. All this data and information is very important to the businesses when it comes to characterize the strategies about the production, marketing, sales, promotion and distribution of the products and services.
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Smart Elevator Industry Landscape
Segments
- By Component: Control System, Maintenance System, Communication System, Sensors, Others
- By Application: Residential, Commercial, Institutional, Industrial
- By Service: New Installation, Maintenance & Repair, Modernization
The global smart elevator market is segmented based on components, applications, and services. The key components of smart elevators include control systems, maintenance systems, communication systems, sensors, and others. These components work together to make elevators more efficient, reliable, and user-friendly. In terms of applications, the market is divided into residential, commercial, institutional, and industrial sectors. Smart elevators offer various benefits in each of these sectors, such as improved security, energy efficiency, and convenience. When it comes to services, the market is categorized into new installation, maintenance & repair, and modernization, catering to different needs of elevator users.
Market Players
- Otis Elevator Company
- Schindler Group
- KONE Corporation
- Thyssenkrupp AG
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Fujitec Co., Ltd
- Hitachi, Ltd
- Hyundai Elevator Co., Ltd.
- Electra Elevators
- Hyundai Elevator Co., Ltd.
- Eito & Global Inc.
- Liftinzicht
- ESAY Solutions
- Elevator System SAS
Key market players in the global smart elevator market include Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation, Fujitec Co., Ltd, Hitachi, Ltd, Hyundai Elevator Co., Ltd., Electra Elevators, Hyundai Elevator Co., Ltd., Eito & Global Inc., Liftinzicht, ESAY Solutions, and Elevator System SAS. These companies are actively involved in the development and deployment of smart elevator solutions worldwide, driving innovation in the industry and meeting the growing demand for advanced vertical transportation systems.
The global smart elevator market is witnessing significant growth propelled by advancements in technology, increasing urbanization, and the demand for energy-efficient and secure vertical transportation systems. Market players are continuously focusing on innovation to offer enhanced elevator solutions that cater to the evolving needs of various sectors such as residential, commercial, institutional, and industrial. These smart elevators are equipped with advanced components like control systems, maintenance systems, communication systems, sensors, and others, which collectively contribute to improved performance, safety, and user experience. The integration of IoT, AI, and cloud-based technologies in smart elevators is reshaping the vertical transportation landscape, providing seamless connectivity and intelligent operations.
Key market players such as Otis Elevator Company, Schindler Group, KONE Corporation, Thyssenkrupp AG, Mitsubishi Electric Corporation, and others are at the forefront of driving innovation in the smart elevator market. These companies are investing in research and development activities to introduce cutting-edge elevator solutions that meet the increasing demand for modern and sustainable vertical transportation systems. The focus is not only on new installations but also on maintenance, repair, and modernization services to ensure the longevity and efficiency of smart elevators across different sectors.
The residential segment is expected to witness significant growth in the global smart elevator market as consumers increasingly prioritize safety, comfort, and energy efficiency in their homes. Smart elevators offer features such as touchless controls, destination dispatch systems, and real-time monitoring, enhancing the overall living experience for residents. In the commercial sector, smart elevators are becoming essential for managing foot traffic, maximizing building space, and reducing operational costs. The integration of smart building technologies with elevators enables seamless access control, optimized traffic flow, and energy conservation, making them a valuable asset for commercial property owners.
In the institutional and industrial sectors, smart elevators play a crucial role in ensuring smooth and secure vertical transportation for occupants and goods. Institutions such as hospitals, schools, and government buildings are adopting smart elevator solutions to streamline traffic management, improve accessibility, and enhance emergency response capabilities. Industrial facilities are also leveraging smart elevators for efficient material handling, enhanced workforce mobility, and increased productivity.
Overall, the global smart elevator market is poised for robust growth driven by the continuous innovation efforts of key market players, the increasing adoption of smart technologies across various sectors, and the rising demand for sustainable and connected vertical transportation solutions. As urbanization accelerates and infrastructure developments expand, smart elevators will continue to play a pivotal role in shaping the future of modern buildings and smart cities worldwide.The global smart elevator market is experiencing significant growth momentum driven by technological advancements and the increasing demand for energy-efficient and secure vertical transportation systems. Key market players such as Otis Elevator Company, Schindler Group, KONE Corporation, and Thyssenkrupp AG are leading the innovation front by investing in research and development to introduce cutting-edge elevator solutions that cater to the evolving needs of residential, commercial, institutional, and industrial sectors. These companies are not only focusing on new installations but also on providing maintenance, repair, and modernization services to ensure the longevity and efficiency of smart elevator systems.
The residential segment is expected to be a major growth driver in the smart elevator market as consumers prioritize safety, comfort, and energy efficiency in their homes. Smart elevators offer features like touchless controls, destination dispatch systems, and real-time monitoring, enhancing the overall living experience for residents. In the commercial sector, smart elevators are crucial for managing foot traffic, maximizing building space, and reducing operational costs. The integration of smart building technologies with elevators enables access control, traffic flow optimization, and energy conservation, making them indispensable for commercial property owners.
Institutional and industrial sectors are also witnessing a surge in the adoption of smart elevators to streamline traffic management, improve accessibility, and enhance emergency response capabilities in buildings like hospitals, schools, government offices, and industrial facilities. These smart elevator solutions aid in efficient material handling, workforce mobility, and increased productivity, showcasing their diverse applications beyond traditional vertical transportation systems.
The integration of IoT, AI, and cloud-based technologies in smart elevators is reshaping the industry, providing seamless connectivity and intelligent operations. As urbanization continues to rise and infrastructure developments expand, smart elevators will play a pivotal role in shaping the future of modern buildings and smart cities globally. The continuous innovation efforts, increasing adoption of smart technologies across sectors, and the growing demand for sustainable and connected vertical transportation solutions underscore the promising outlook for the global smart elevator market. Market players will continue to drive the industry forward by delivering advanced solutions that meet the dynamic needs of a rapidly evolving urban landscape.
Review the company’s share in the market landscape
https://www.databridgemarketresearch.com/reports/global-smart-elevator-market/companies
Smart Elevator Market – Analyst-Ready Question Batches
- What is the total market valuation of the Smart Elevator Market industry?
- What is the growth potential of the Smart Elevator Market in the next 5 years?
- How is the Smart Elevator Market segmented by product and application?
- Which companies are featured prominently in the Smart Elevator Market market report?
- What country-specific statistics are available in the study?
- Who are the top players in the regional Smart Elevator Markets?
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