Smart Elevator Market Size, Share & Trends Analysis Report By Component (Control System, Maintenance System, Communication System), By Application (Residential, Commercial, Institutional, Industrial), By Region, And Segment Forecasts, 2024

Description

Smart Elevator Market Growth & Trends:

The global smart elevator market size is expected to reach USD 17.34 billion by 2030 and is projected to grow at a CAGR of 7.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. It is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth.

Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 17.34 billion by 2030

Smart Elevator Market Report Highlights:

Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate.
Maintenance systems are expected to register the fastest CAGR of 7.7% over the forecast period. However, it is anticipated to witness significant growth in coming years, particularly in North America and Europe owing to the existence of installed systems and high prevalence of MRO activities in the region. Stagnant economic growth of these regions is anticipated to fuel maintenance activities of smart elevators.
Smart elevators industry for residential applications was valued at USD 573.70 million in 2023 and is estimated to increase in the near future on account of rising disposable income and increasing demand for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial applications is expected to propel growth in the near future at a CAGR of 9.1% over the forecast period. Rapid industrialization, particularly in Asia Pacific and Latin America, coupled with growing inclination of manufacturers towards automation is expected to result in high demand for the technology.
In 2023, Asia Pacific smart elevator market dominated the global smart elevator market with a revenue share of 43.3% in 2023. Asia Pacific is expected to witness substantial growth at a CAGR of 8.1% over the projected period on account of rising urbanization, technological advancement, high purchasing power, and infrastructure development in the region. Supportive government initiatives to upgrade existing systems are anticipated to fuel the growth of the Europe industry in the near future.

Product Code: 978-1-68038-653-0

Chapter 1. Methodology and Scope

1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources

Chapter 2. Executive Summary

2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. Smart Elevator Market Variables, Trends, & Scope

3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Million)
3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
3.4. Smart Elevator Market Analysis Tools
- 3.4.1. Porter's Analysis
  - 3.4.1.1. Bargaining power of the suppliers
  - 3.4.1.2. Bargaining power of the buyers
  - 3.4.1.3. Threats of substitution
  - 3.4.1.4. Threats from new entrants
  - 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
  - 3.4.2.1. Political landscape
  - 3.4.2.2. Economic and Social landscape
  - 3.4.2.3. Technological landscape
  - 3.4.2.4. Environmental landscape
  - 3.4.2.5. Legal landscape

Chapter 4. Smart Elevator Market: Component Estimates & Trend Analysis

4.1. Segment Dashboard
4.2. Smart Elevator Market: Component Movement Analysis, 2023 & 2030 (USD Million)
4.3. Control System
- 4.3.1. Control System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Maintenance System
- 4.4.1. Maintenance System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5. Communication System
- 4.5.1. Communication System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.6. Others
- 4.6.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 5. Smart Elevator Market: Application Estimates & Trend Analysis

5.1. Segment Dashboard
5.2. Smart Elevator Market: Application Movement Analysis, 2023 & 2030 (USD Million)
5.3. Residential
- 5.3.1. Residential Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Commercial
- 5.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.5. Institutional
- 5.5.1. Institutional Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.6. Industrial
- 5.6.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 6. Smart Elevator Market: Regional Estimates & Trend Analysis

6.1. Smart Elevator Market Share, By Region, 2023 & 2030 (USD Million)
6.2. North America
- 6.2.1. North America Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.2. U.S.
  - 6.2.2.1. U.S. Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.3. Canada
  - 6.2.3.1. Canada Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.4. Mexico
  - 6.2.4.1. Mexico Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3. Europe
- 6.3.1. Europe Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2. UK
  - 6.3.2.1. UK Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.3. Germany
  - 6.3.3.1. Germany Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.4. France
  - 6.3.4.1. France Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Asia Pacific
- 6.4.1. Asia Pacific Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.2. China
  - 6.4.2.1. China Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.3. Japan
  - 6.4.3.1. Japan Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.4. India
  - 6.4.4.1. India Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.5. Australia
  - 6.4.5.1. Australia Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.6. South Korea
  - 6.4.6.1. South Korea Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Latin America
- 6.5.1. Latin America Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5.2. Brazil
  - 6.5.2.1. Brazil Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6. Middle East and Africa
- 6.6.1. Middle East and Africa Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.2. South Africa
  - 6.6.2.1. South Africa Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.3. Saudi Arabia
  - 6.6.3.1. Saudi Arabia Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.4. UAE
  - 6.6.4.1. UAE Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)

Chapter 7. Competitive Landscape

7.1. Recent Developments & Impact Analysis by Key Market Participants
7.2. Company Categorization
7.3. Company Heat Map Analysis
7.4. Company Profiles
- 7.4.1. Bosch Security Systems, LLC.
  - 7.4.1.1. Participant's Overview
  - 7.4.1.2. Financial Performance
  - 7.4.1.3. Product Benchmarking
  - 7.4.1.4. Recent Developments/Strategic Initiatives
- 7.4.2. FUJITEC CO., LTD.
  - 7.4.2.1. Participant's Overview
  - 7.4.2.2. Financial Performance
  - 7.4.2.3. Product Benchmarking
  - 7.4.2.4. Recent Developments/Strategic Initiatives
- 7.4.3. Hitachi, Ltd.
  - 7.4.3.1. Participant's Overview
  - 7.4.3.2. Financial Performance
  - 7.4.3.3. Product Benchmarking
  - 7.4.3.4. Recent Developments/Strategic Initiatives
- 7.4.4. HYUNDAIELEVATOR CO.,LTD.
  - 7.4.4.1. Participant's Overview
  - 7.4.4.2. Financial Performance
  - 7.4.4.3. Product Benchmarking
  - 7.4.4.4. Recent Developments/Strategic Initiatives
- 7.4.5. KONE Corporation Finland
  - 7.4.5.1. Participant's Overview
  - 7.4.5.2. Financial Performance
  - 7.4.5.3. Product Benchmarking
  - 7.4.5.4. Recent Developments/Strategic Initiatives
- 7.4.6. Mitsubishi Electric Corporation
  - 7.4.6.1. Participant's Overview
  - 7.4.6.2. Financial Performance
  - 7.4.6.3. Product Benchmarking
  - 7.4.6.4. Recent Developments/Strategic Initiatives
- 7.4.7. Otis Worldwide Corporation
  - 7.4.7.1. Participant's Overview
  - 7.4.7.2. Financial Performance
  - 7.4.7.3. Product Benchmarking
  - 7.4.7.4. Recent Developments/Strategic Initiatives
- 7.4.8. Schneider Electric
  - 7.4.8.1. Participant's Overview
  - 7.4.8.2. Financial Performance
  - 7.4.8.3. Product Benchmarking
  - 7.4.8.4. Recent Developments/Strategic Initiatives
- 7.4.9. TK Elevator
  - 7.4.9.1. Participant's Overview
  - 7.4.9.2. Financial Performance
  - 7.4.9.3. Product Benchmarking
  - 7.4.9.4. Recent Developments/Strategic Initiatives
- 7.4.10. Schindler
  - 7.4.10.1. Participant's Overview
  - 7.4.10.2. Financial Performance
  - 7.4.10.3. Product Benchmarking
  - 7.4.10.4. Recent Developments/Strategic Initiatives
- 7.4.11. Toshiba Elevator and Building Systems Corporation
  - 7.4.11.1. Participant's Overview
  - 7.4.11.2. Financial Performance
  - 7.4.11.3. Product Benchmarking
  - 7.4.11.4. Recent Developments/Strategic Initiatives
- 7.4.12. Honeywell International Inc.
  - 7.4.12.1. Participant's Overview
  - 7.4.12.2. Financial Performance
  - 7.4.12.3. Product Benchmarking
  - 7.4.12.4. Recent Developments/Strategic Initiatives
- 7.4.13. Siemens
  - 7.4.13.1. Participant's Overview
  - 7.4.13.2. Financial Performance
  - 7.4.13.3. Product Benchmarking
  - 7.4.13.4. Recent Developments/Strategic Initiatives

Smart Elevator Market Size, Share & Trends Analysis Report By Component (Control System, Maintenance System, Communication System), By Application (Residential, Commercial, Institutional, Industrial), By Region, And Segment Forecasts, 2024 - 2030