PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1628235
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1628235
Smart Elevator Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Smart Elevator Market, valued at USD 20.4 billion in 2023, is anticipated to experience significant growth at a CAGR of 6.8% from 2024 to 2032. This expansion is primarily driven by the growing adoption of smart technologies in buildings, which emphasize energy efficiency, automation, and enhanced comfort. Powered by the Internet of Things (IoT) and Artificial Intelligence (AI), smart elevators are becoming essential in this trend, offering advanced features like predictive maintenance and efficient traffic management. These capabilities help building operators streamline operations, improve safety, and minimize energy usage.
As the development of smart cities continues, the integration of cutting-edge technologies in both residential and commercial properties is on the rise. Smart elevators are key components of these systems, connecting seamlessly with broader building management infrastructure. These elevators are equipped with user-friendly features such as destination dispatch and biometric access, enhancing security, simplifying the user experience, and reducing maintenance costs. The increasing focus on sustainability and green building certifications is also driving demand for smart elevators, as these systems are integral to energy-efficient, future-ready buildings.
Among the various components of smart elevator solutions, control systems held the largest market share, exceeding USD 8.9 billion in 2023. This segment is expected to grow at a robust CAGR of 6.4% through 2032. Control systems are crucial for the effective operation of smart elevators, enabling advanced functionalities that optimize traffic flow and enhance security. By leveraging IoT, AI, and machine learning, these systems facilitate efficient elevator management and provide features like real-time monitoring and access control. Control systems also integrate with building management technologies, ensuring smooth and coordinated operations within modern infrastructures.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $20.4 Billion |
| Forecast Value | $34.9 Billion |
| CAGR | 6.8% |
In terms of sales channels, direct sales accounted for approximately 63.5% of the market share in 2023, with this segment projected to grow at a CAGR of 6.5% by 2032. This model involves manufacturers working directly with end-users, such as developers and facility managers, to offer tailored solutions and foster long-term relationships. Direct sales are especially valuable for large-scale projects that require customized elevator systems and ongoing after-sales support. This approach benefits companies with extensive market experience and resources, as it requires a strong sales network and customer engagement.
As urbanization and smart building technologies continue to evolve, the demand for smart elevators is set to rise. With a focus on sustainability and operational efficiency, the market for smart elevators is poised for substantial growth over the next decade.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factors affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.2 Supplier landscape
- 3.3 Profit margin analysis
- 3.4 Key news & initiatives
- 3.5 Regulatory landscape
- 3.6 Impact forces
- 3.6.1 Growth drivers
- 3.6.1.1 Increasing adoption of smart building technologies
- 3.6.1.2 Rising urbanization and infrastructure development
- 3.6.1.3 Focus on energy efficiency and sustainability
- 3.6.2 Industry pitfalls & challenges
- 3.6.2.1 High initial installation and modernization costs
- 3.6.2.2 Complex integration with existing infrastructure
- 3.6.1 Growth drivers
- 3.7 Growth potential analysis
- 3.8 Technological overview
- 3.9 Porter's analysis
- 3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Solution, 2021 - 2032, (USD Billion) (Thousand Units)
- 5.1 Key trends
- 5.2 Control systems
- 5.2.1 Security control system
- 5.2.2 Elevator control system
- 5.3 Access control system
- 5.3.1 Maintenance systems
- 5.3.2 Communication systems
- 5.4 Services
- 5.4.1 Support & maintenance
- 5.4.2 New deployments
- 5.4.3 Modernization
Chapter 6 Market Estimates & Forecast, By Technology, 2021 - 2032, (USD Billion) (Thousand Units)
- 6.1 Key trends
- 6.2 Destination dispatching
- 6.3 IoT-enabled systems
- 6.4 Ai-powered elevators
- 6.5 Biometric integration
- 6.6 Energy-efficient elevators
Chapter 7 Market Estimates & Forecast, By End Use, 2021 - 2032, (USD Billion) (Thousand Units)
- 7.1 Key trends
- 7.2 Residential
- 7.3 Commercial
- 7.4 Institutional
- 7.5 Industrial
Chapter 8 Market Estimates & Forecast, By Distribution Channel, 2021 - 2032, (USD Billion) (Thousand Units)
- 8.1 Key trends
- 8.2 Direct sales
- 8.3 Indirect sales
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032, (USD Billion) (Thousand Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.6 MEA
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 South Africa
Chapter 10 Company Profiles
- 10.1 Bosch Security Systems
- 10.2 Fujitec Co., Ltd.
- 10.3 Hitachi Ltd.
- 10.4 Honeywell International Inc.
- 10.5 Hyundai Elevator Co., Ltd.
- 10.6 Johnson Controls
- 10.7 KONE Corporation
- 10.8 Mitsubishi Electric Corporation
- 10.9 Otis Elevator Company
- 10.10 Otis Worldwide Corporation
- 10.11 Savaria Corporation
- 10.12 Schindler Group
- 10.13 Siemens AG
- 10.14 Thyssenkrupp AG
- 10.15 Toshiba Elevator and Building Systems Corporation
