Market Perspective

The global Smart Elevator Market was valued at USD 21.50 billion in 2022 and is projected to reach USD 38.04 billion by 2030, growing at a CAGR of 8.40% from 2023 to 2030.

The key benefit of smart elevators is their ability to provide real-time data and analytics. For businesses in shopping malls, this data can be used to analyze customer flow, optimize store layouts, and track consumer behavior. Additionally, smart elevators in hotels can offer seamless navigation, quick check-ins, and floor-specific amenities, enhancing the guest experience.

Analyst’s Review on the Smart Elevator Market

Rapid advancements in technology have revolutionized our daily lives, and one area that has greatly benefited from this progress is vertical transportation. Smart elevators, equipped with cutting-edge technology and intelligent systems, have emerged as a game-changer in the industry. However, smart elevators are transforming the vertical transportation landscape, offering improved efficiency, safety, and user experience. With their advanced features and applications in various business sectors, they are poised to become an integral part of our daily lives. As technology continues to evolve, smart elevators will play a vital role in shaping the future of vertical transportation, revolutionizing the way we move within buildings.

Market Definition

Smart elevators have emerged as a game-changer in the vertical transportation industry, offering enhanced efficiency, safety, and user experience. Equipped with advanced technology and intelligent systems, these elevators are revolutionizing the way businesses operate.

Smart elevators utilize cutting-edge features such as sensors, artificial intelligence, and connectivity to optimize traffic flow and reduce wait times. This is particularly useful in office buildings, where efficient movement of employees is crucial. By assigning passengers to specific elevators based on their destination floor, smart elevators minimize congestion and increase efficiency.

In addition to improving traffic flow, smart elevators offer personalized experiences for users. By recognizing employees through keycards, facial recognition, or biometric authentication, these elevators can direct them to their respective floors, eliminating the need for manual selection.

Furthermore, smart elevators have a significant impact on energy consumption and sustainability. By incorporating features like regenerative braking, LED lighting, and efficient motor systems, these elevators minimize energy usage and reduce operational costs. This aligns with the growing emphasis on environmental responsibility in the business world.

With their advanced technology, personalized experiences, energy efficiency, and real-time data capabilities, smart elevators are becoming an integral part of optimizing operations, improving security, and enhancing user experience in various business sectors. As businesses continue to embrace innovation, smart elevators will remain at the forefront of efficient and intelligent vertical transportation solutions.

Market Dynamics

The integration of the digital realm and the Internet of Things (IoT) has witnessed exponential growth worldwide. This surge in popularity can be attributed to the successful implementation of sensor technology in elevators, which has vastly improved connectivity. These sensors enable the measurement and identification of critical factors like door functionality, shaft alignment, motor temperature, and cab speed. Consequently, technicians are empowered to detect issues at an earlier stage, allowing for swift repairs. Additionally, the incorporation of in-cab sensors has facilitated the deployment of advanced features such as an automated sleep mode. This functionality intelligently shuts off lights, ventilation, music, video, and other non-essential services when activated. This not only enhances energy efficiency but also contributes to a more seamless and enjoyable user experience.

The costs associated with installation, integration of automation and security solutions, provision of after-sales services, and timely maintenance is hampering the market growth. Furthermore, construction contractors encounter challenges in installing such elevators in mid-rise buildings or apartments due to limited project funding. As a result of these factors, the market for smart elevators is anticipated to experience a gradual growth rate in the forthcoming years.

Segmentation Analysis

The global smart elevator market is segmented based on setup, application, and geography.

Based on setup, the smart elevator market is bifurcated into new deployment, renovation, and maintenance. The renovation segment held the largest share in 2022. The renovation involves upgrading outdated elevator systems by installing new technologies to transform them into smart elevators. As technologies and regulations evolve over time, it becomes necessary to modernize various amenities within buildings, including elevators. Through renovation services, traditional elevators can be equipped with advanced features such as real-time monitoring, cloud-based predictive maintenance solutions, improved user interfaces and infotainment systems, enhanced security measures, and more.

Based on application, the smart elevator market is categorized into residential, commercial, and industrial. The commercial segment is poised to observe consistent growth in 2022 due to the surge in urban infrastructure development and the growing demand for customized elevators integrated with cutting-edge control system technologies like IoT, artificial intelligence, motion sensors, and voice controllers. With advancements in technology and substantial budgets, offices, hospitals, retail outlets, malls, transportation systems, and other commercial buildings are able to upgrade their elevators. In commercial elevator applications, ensuring the safety and security of individuals is of utmost importance, making it crucial to track the movement of people within these premises.

Geographical Analysis

Based on region analysis, the global smart elevator market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America dominated the global market in 2022 due to the rising adoption rate of new and advanced technologies in both industrial and commercial sectors, which is projected to fuel the demand for smart elevators in various buildings. The construction of new buildings and the presence of numerous tall structures play a significant role in driving the growth of the smart elevator market in both the new installation and maintenance/modernization segments in North America. This growth is driven by the modernization of existing building structures and the expansion of intelligent building concepts. Additionally, the ongoing development of high-rise residential buildings, office spaces, and residential areas further contributes to the market's development.

Competitive Landscape

The global smart elevator industry study will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolios and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives. Industry players are investing in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the smart elevator market are

• Kone Corporation
• Nidec Americas Holding Corporation
• Schindler
• TK Elevator GmbH
• Hitachi, Ltd.
• Toshiba Corporation
• Mitshubishi Electric Corporation
• Otis Elevator Company
• FUJITEC CO., LTD.
• HYUNDAIELEVATOR CO.,LTD.

Key Developments

• August 2023 (Collaboration): Hyundai Elevator entered into a Memorandum of Understanding (MOU) with Samsung C&T to collaborate on the development of modular elevators. This strategic partnership aims to enhance Hyundai elevator's competitive edge in securing contracts for modular construction projects abroad, with a specific focus on projects in Saudi Arabia.
• August 2023 (Contract): FUJITEC secured a significant contract for the supply of 538 elevators to support the construction of Signature Global City, a major residential development initiative located in Gurgaon, India.
• December 2022 (Launch): Otis India introduced the Gen3 series of intelligent elevators, featuring advanced capabilities such as continuous, real-time monitoring of elevator performance. This cutting-edge technology enables round-the-clock tracking and analysis of elevator operations, enhancing overall performance and ensuring optimal efficiency.
• September 2022 (Launch): Hitachi unveiled an innovative touchless operating panel that revolutionizes elevator technology by eliminating the need for physical floor buttons. This groundbreaking development offers users a unique and immersive experience, introducing a whole new level of convenience and ease of use.
• May 2021 (Launch): KONE unveiled a cutting-edge technological innovation aimed at enhancing accessibility for wheelchair users in contemporary buildings. This groundbreaking solution seamlessly integrates elevators and wheelchairs, facilitating smooth navigation and improved mobility within the premises.

The global Smart Elevator Market is segmented as:

By Setup

• New Deployment
• Renovation
• Maintenance

By Application

• Residential
• Commercial
• Industrial

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America