Smart Elevators Market by Services, Component, Application

List of Tables

The Smart Elevators Market was valued at USD 22.90 billion in 2023, expected to reach USD 25.13 billion in 2024, and is projected to grow at a CAGR of 10.79%, to USD 46.95 billion by 2030.

The smart elevator market is defined by its integration of advanced technologies, such as IoT, AI, and machine learning, to improve the vertical transportation experience in buildings by optimizing transit efficiency, energy consumption, and passenger safety. The rising necessity for smart elevators is driven by urbanization, the growth of smart cities, and increasing demand for energy-efficient and eco-friendly solutions. They are widely applied in residential, commercial, and industrial sectors, with prominent end-users including office buildings, hotels, airports, shopping centers, and healthcare facilities. Market growth is strongly influenced by the soaring demand for building automation, enhanced safety measures, and reduced operational costs associated with maintenance and energy use.

KEY MARKET STATISTICS
Base Year [2023]	USD 22.90 billion
Estimated Year [2024]	USD 25.13 billion
Forecast Year [2030]	USD 46.95 billion
CAGR (%)	10.79%

Emerging opportunities in the market lie in the integration of smart elevators with other building management systems to achieve holistic smart-building environments, particularly in rapidly urbanizing regions in Asia-Pacific. Companies can capitalize on these opportunities by focusing on developing retrofit solutions that modernize existing elevator systems and by offering enhanced service models derived from real-time data analytics. Challenges include high initial installation costs, complex retrofitting processes, and potential cybersecurity risks associated with connected systems. To overcome these barriers, ensuring robust data security protocols and providing economical modular solutions for building developers is essential.

Innovation should be directed towards developing adaptive elevator systems that learn and predict usage patterns to optimize service and reduce wait times. Additionally, investing in AI-driven predictive maintenance can minimize downtime and extend the lifespan of elevator systems, thereby enhancing customer satisfaction. The smart elevator market is characterized by dynamic competition, with key players continuously striving to offer cutting-edge solutions. To succeed, businesses must prioritize technology advancements in energy efficiency and connectivity, while forging strategic partnerships that enable integrated building solutions. By addressing urban mobility challenges with intelligent features and connectivity, the smart elevator market can unlock its full growth potential.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Smart Elevators Market

The Smart Elevators Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Rise in the number of high-rise and tall buildings globally
- Government mandates pertaining to the deployment of advanced elevators
- Increasing demand for energy-efficient and, secure & safe elevators
Market Restraints
- High cost and maintenance of smart elevators
Market Opportunities
- Introduction of technologically advanced smart elevators
- Rising focus towards energy-efficient and green buildings
Market Challenges
- Issues related to the interoperability of smart elevators

Porter's Five Forces: A Strategic Tool for Navigating the Smart Elevators Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Smart Elevators Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Smart Elevators Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Smart Elevators Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Smart Elevators Market

A detailed market share analysis in the Smart Elevators Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Smart Elevators Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Smart Elevators Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Smart Elevators Market

A strategic analysis of the Smart Elevators Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Smart Elevators Market, highlighting leading vendors and their innovative profiles. These include AVIRE Ltd. by Halma PLC, Brivo Systems LLC, Emerald Elevators, Fujitec Co., Ltd., HID Global Corporation by ASSA ABLOY AB, Hitachi, Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., International Business Machines Corporation, Kambar Technologies, Kintronics, Inc., Kisi Incorporated, Kone Corporation, Liftimsight, Matrix Comsec Pvt Ltd., Mitsubishi Electric Corporation, Motion Control Engineering, Nidec Corporation, Openpath Security Inc. by Motorola Solutions, Inc., Otis Worldwide Corporation, Pepperl+Fuchs SE, Rimrock Corporation, Robert Bosch GmbH, Robustel, Schindler Holding Ltd., Sick AG, Siemens AG, Sigma Elevator Company, Spectra Technovision Pvt. Ltd., Swiftlane, Inc., Taoping Inc., Thames Valley Controls Ltd. by VANTAGE ELEVATION, LLC, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and ZKTeco Co., Ltd.

Market Segmentation & Coverage

This research report categorizes the Smart Elevators Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Services, market is studied across Maintenance Services, Modernization & Update Services, and New Installation Services.
Based on Component, market is studied across Communication System, Control System, and Maintenance System. The Control System is further studied across Access Control System, Elevator Control System, Security Control System, and Sensor.
Based on Application, market is studied across Commercial, Industrial, Institutional, and Residential.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-031438419441

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in the number of high-rise and tall buildings globally
  - 5.1.1.2. Government mandates pertaining to the deployment of advanced elevators
  - 5.1.1.3. Increasing demand for energy-efficient and, secure & safe elevators
- 5.1.2. Restraints
  - 5.1.2.1. High cost and maintenance of smart elevators
- 5.1.3. Opportunities
  - 5.1.3.1. Introduction of technologically advanced smart elevators
  - 5.1.3.2. Rising focus towards energy-efficient and green buildings
- 5.1.4. Challenges
  - 5.1.4.1. Issues related to the interoperability of smart elevators
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Smart Elevators Market, by Services

6.1. Introduction
6.2. Maintenance Services
6.3. Modernization & Update Services
6.4. New Installation Services

7. Smart Elevators Market, by Component

7.1. Introduction
7.2. Communication System
7.3. Control System
- 7.3.1. Access Control System
- 7.3.2. Elevator Control System
- 7.3.3. Security Control System
- 7.3.4. Sensor
7.4. Maintenance System

8. Smart Elevators Market, by Application

8.1. Introduction
8.2. Commercial
8.3. Industrial
8.4. Institutional
8.5. Residential

9. Americas Smart Elevators Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Smart Elevators Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Smart Elevators Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Bear Robotics Bets on Elevator Interoperability with a Strategic Investment in M2MTech
- 12.3.2. Otis Unveils Gen3 Smart Elevator with Enhanced Capability
- 12.3.3. 3Phase Elevator & Elevator Industries Announce Merger
- 12.3.4. Telefonica and Schindler Join Forces to Provide IoT Connectivity for Elevators and Escalators Worldwide
- 12.3.5. TK Elevator Starts New Era of Connected Elevators and Escalators
- 12.3.6. Infosys, TK Elevator Announce Strategic Collaboration
- 12.3.7. TK Elevator Launches Building Operations Platform MAX in India
- 12.3.8. Hitachi to Launch Full-Scale Smart Building Solution in Thailand
- 12.3.9. DMRC Awards Contract to Johnson Lifts for Advanced and Indigenised Lifts & Escalators for Phase-IV Corridors
- 12.3.10. VGSI-Zeit Elevator Cooperates to Develop Smart Elevator Technology
12.4. Strategy Analysis & Recommendation

Companies Mentioned

1. AVIRE Ltd. by Halma PLC
2. Brivo Systems LLC
3. Emerald Elevators
4. Fujitec Co., Ltd.
5. HID Global Corporation by ASSA ABLOY AB
6. Hitachi, Ltd.
7. Honeywell International Inc.
8. Hyundai Elevator Co., Ltd.
9. International Business Machines Corporation
10. Kambar Technologies
11. Kintronics, Inc.
12. Kisi Incorporated
13. Kone Corporation
14. Liftimsight
15. Matrix Comsec Pvt Ltd.
16. Mitsubishi Electric Corporation
17. Motion Control Engineering
18. Nidec Corporation
19. Openpath Security Inc. by Motorola Solutions, Inc.
20. Otis Worldwide Corporation
21. Pepperl+Fuchs SE
22. Rimrock Corporation
23. Robert Bosch GmbH
24. Robustel
25. Schindler Holding Ltd.
26. Sick AG
27. Siemens AG
28. Sigma Elevator Company
29. Spectra Technovision Pvt. Ltd.
30. Swiftlane, Inc.
31. Taoping Inc.
32. Thames Valley Controls Ltd. by VANTAGE ELEVATION, LLC
33. Thyssenkrupp AG
34. TK Elevator GmbH
35. Toshiba Corporation
36. ZKTeco Co., Ltd