The smart elevator market size was valued at US$ 18.70 billion in 2022 and is expected to reach US$ 43.92 billion by 2030; it is anticipated to record a CAGR of 11.3% from 2022 to 2030.
Market Introduction:
Smart elevators are advanced systems that allow automatic vertical transportation of passengers or goods. These systems use automation, which decreases the waiting time and surges traffic management efficiency in commercial, residential, and other buildings. The growth in building construction, a rise in demand for green buildings, the use of automated systems in smart elevators, progressive features of smart elevators, and growth in the number of high-rise buildings due to rapid development and urbanization to bring new smart elevator market trends during the forecast period.
Market Dynamics:
The integration of the digital realm and the Internet of Things (IoT) has observed exponential growth globally. This rise in acceptance can be attributed to the effective application of sensor technology in elevators, which has massively upgraded connectivity. These sensors allow identifying and measuring critical factors such as shaft alignment, door functionality, motor temperature, and cab speed. Consequently, technicians are empowered to detect issues at the primary stage, allowing for swift repairs. Additionally, the integration of in-cab sensors has facilitated the deployment of advanced features such as an automated sleep mode. When activated, this functionality intelligently shuts off lights, ventilation, music, video, and other non-essential services. This enhances energy efficiency and provides a more seamless and enjoyable user experience.
The prices associated with installation, after-sales services, incorporation of automation and security solutions, and timely maintenance hamper the market growth. Furthermore, construction contractors encounter challenges 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 coming years.
Market Scope:
The smart elevator market analysis is based on setup, carriage, application, and region. By setup, the market is divided into new deployment, modernization, and maintenance. The new development segment held largest market share in 2022. By carriage, the market is bifurcated into passenger and freight. By application, the market is categorized into residential, commercial, and industrial. The commercial segment held largest market share in 2022.
Regional Framework:
The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global smart elevator market based on various segments. It also provides market size and forecast estimates from 2020 to 2030 regarding five major regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. The market by each region is sub segmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the area. The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The research also provides exhaustive PEST analysis at the global level after evaluating political, economic, social, and technological factors affecting the market growth in these regions.
Market Player Analysis:
The smart elevator market report emphasizes the key factors driving the market and prominent players' developments. KONE Corporation, Halma PLC(Avire Trading Limited), Fujitec Co., Ltd., Otis Worldwide Corporation, Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, ThyssenKrupp AG (TK Elevator), Hyundai Elevator Ltd, and Schindler Group are among the prominent players profiled in the smart elevator market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. Several other major market players have been analyzed during this research study to get a holistic view of the smart elevator market ecosystem. Prominent players operating in the market include companies proactively emphasizing research and development (R&D) initiatives to gain a competitive advantage in the market. The smart elevator market forecast can help stakeholders in this marketplace plan their growth strategies.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Smart Elevator Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
 4.3.1 List of Vendors in the Value Chain
5. Smart Elevator Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Smart Elevator Market - Global Market Analysis
6.1 Smart Elevator - Global Market Overview
6.2 Smart Elevator - Global Market and Forecast to 2030
7. Smart Elevator Market - Revenue Analysis (USD Million) - By Carriage, 2020-2030
7.1 Overview
7.2 Passenger
7.3 Freight
8. Smart Elevator Market - Revenue Analysis (USD Million) - By Setup, 2020-2030
8.1 Overview
8.2 New Deployment
8.3 Modernization
8.4 Maintenance
9. Smart Elevator Market - Revenue Analysis (USD Million) - By Application, 2020-2030
9.1 Overview
9.2 Residential
9.3 Commercial
9.4 Industrial
10. Smart Elevator Market - Revenue Analysis (USD Million), 2020-2030 - Geographical Analysis
10.1 North America
 10.1.1 North America Smart Elevator Market Overview
 10.1.2 North America Smart Elevator Market Revenue and Forecasts to 2030
 10.1.3 North America Smart Elevator Market Revenue and Forecasts and Analysis - By Carriage
 10.1.4 North America Smart Elevator Market Revenue and Forecasts and Analysis - By Setup
 10.1.5 North America Smart Elevator Market Revenue and Forecasts and Analysis - By Application
 10.1.6 North America Smart Elevator Market Revenue and Forecasts and Analysis - By Countries
 10.1.6.1 United States Smart Elevator Market
 10.1.6.1.1 United States Smart Elevator Market, by Carriage
 10.1.6.1.2 United States Smart Elevator Market, by Setup
 10.1.6.1.3 United States Smart Elevator Market, by Application
 10.1.6.2 Canada Smart Elevator Market
 10.1.6.2.1 Canada Smart Elevator Market, by Carriage
 10.1.6.2.2 Canada Smart Elevator Market, by Setup
 10.1.6.2.3 Canada Smart Elevator Market, by Application
 10.1.6.3 Mexico Smart Elevator Market
 10.1.6.3.1 Mexico Smart Elevator Market, by Carriage
 10.1.6.3.2 Mexico Smart Elevator Market, by Setup
 10.1.6.3.3 Mexico Smart Elevator Market, by Application
 Note - Similar analysis would be provided for below mentioned regions/countries
 
10.2 Europe
 10.2.1 Germany
 10.2.2 France
 10.2.3 Italy
 10.2.4 United Kingdom
 10.2.5 Russia
 10.2.6 Rest of Europe
10.3 Asia-Pacific
 10.3.1 Australia
 10.3.2 China
 10.3.3 India
 10.3.4 Japan
 10.3.5 South Korea
 10.3.6 Rest of Asia-Pacific
10.4 Middle East and Africa
 10.4.1 South Africa
 10.4.2 Saudi Arabia
 10.4.3 U.A.E
 10.4.4 Rest of Middle East and Africa
10.5 South and Central America
 10.5.1 Brazil
 10.5.2 Argentina
 10.5.3 Rest of South and Central America
11. Pre and Post Covid-19 Impact
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Smart Elevator Market - Key Company Profiles
14.1 ThyssenKrupp AG
 14.1.1 Key Facts
 14.1.2 Business Description
 14.1.3 Products and Services
 14.1.4 Financial Overview
 14.1.5 SWOT Analysis
 14.1.6 Key Developments
 Note - Similar information would be provided for below list of companies
 
14.2 Otis Elevator Company
14.3 KONE Oyj
14.4 Hitachi, Ltd.
14.5 HYUNDAIELEVATOR CO., LTD.
14.6 Mitsubishi Electric Corporation
14.7 Fujitec Co., Ltd.
14.8 Honeywell International Inc.
14.9 Toshiba Elevator and Building Systems Corporation.
14.10 Schindler Group
15. Appendix
15.1 Glossary
15.2 About
15.3 Market Intelligence Cloud
LIST OF TABLES
LIST OF FIGURES
The List of Companies - Smart Elevator Market?
KONE Corporation
Halma PLC (Avire Trading Limited)
Fujitec Co., Ltd.,
Otis Worldwide Corporation
Robert Bosch?GmbH
Hitachi Ltd.
Mitsubishi Electric Corporation
ThyssenKrupp AG (TK Elevator)
Hyundai Elevator Ltd
Schindler Group