Connected Elevator Market by Component, Speed Range, Elevator Type, Load Capacity, Price Range, Installation Type, Deployment Type, End-User

List of Tables

The Connected Elevator Market was valued at USD 11.49 billion in 2023, expected to reach USD 12.60 billion in 2024, and is projected to grow at a CAGR of 10.35%, to USD 22.91 billion by 2030.

The connected elevator market encompasses digital advancements in the elevator sector, integrating IoT and smart technology to enhance user experience, improve efficiency, and ensure safety. This market addresses the need for real-time monitoring, predictive maintenance, and advanced security measures, substantiating its necessity in modern infrastructure. Applications range from residential to commercial spaces, including high-rise buildings and complexes, contributing to enhanced operational efficiency and reduced downtime. Emerging use cases such as interactive display panels, voice-activated commands, and custom app integration further broden the end-use scope, embracing a future-forward vision of urban mobility. Key growth factors include the increasing urbanization trend, the necessity for energy-efficient solutions, and rapid technological advancements in IoT. Latest opportunities lie in partnerships between tech firms and elevator manufacturers to develop holistic smart building solutions, tapping into the construction of smart cities. Moreover, regulations requiring improved energy efficiency and safety in infrastructure augment investment in connected technology. However, growth is challenged by high installation costs, potential cybersecurity threats, and the need for robust digital infrastructure, which may limit widespread adoption, especially in developing regions. Limitations also include the complexity of retrofitting existing systems and potential resistance from traditional regulatory frameworks. Opportunities for innovation focus on enhancing cybersecurity measures, developing cost-effective retrofitting solutions, and creating AI-driven analytics platforms that maximize elevator efficiency and safety. Businesses can explore simplified user interfaces and energy recovery systems for elevators, aiming to augment user convenience and sustainability. The market exhibits a dynamic and rapidly evolving nature, requiring continuous strategic partnerships, innovations in technology integration, and an adaptable approach to regulatory changes. Stakeholders must prioritize research initiatives that focus on sustainable development and smart, connected infrastructure solutions to secure a competitive edge in this burgeoning field.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.49 billion
Estimated Year [2024]	USD 12.60 billion
Forecast Year [2030]	USD 22.91 billion
CAGR (%)	10.35%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Connected Elevator Market

The Connected Elevator 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
- Rapid urbanization and the rising number of high rise buildings
- Increasing adoption of wireless technology and communication channels
Market Restraints
- Limited deployment due to the substantially high initial investment
Market Opportunities
- Evolving smart cities and integrated smart building management systems
- Rising inclination more towards green technologies
Market Challenges
- Lack of interoperability of connected elevators

Porter's Five Forces: A Strategic Tool for Navigating the Connected Elevator Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Connected Elevator 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 Connected Elevator Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Connected Elevator 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 Connected Elevator Market

A detailed market share analysis in the Connected Elevator 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 Connected Elevator Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Connected Elevator 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 Connected Elevator Market

A strategic analysis of the Connected Elevator 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 Connected Elevator Market, highlighting leading vendors and their innovative profiles. These include Canny Elevator Co., Ltd., Delta Elevator Co., Ltd., Dewhurst Ltd, Eito & Global Inc., Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Kone Corporation, L&T Technology Services Limited, Lui Elevators Pvt Ltd., Mitsubishi Electric Corporation, Orona Group, Otis Worldwide Corporation, Robert Bosch GmbH, Robustel, Savaria Corporation, Schindler Group, Siemens AG, Subaru Corporation, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and Vantage Elevation, LLC.

Market Segmentation & Coverage

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

Based on Component, market is studied across Communication Systems, Control Systems, and Maintenence Systems. The Control Systems is further studied across Access Control Systems and Security Control System. The Access Control Systems is further studied across Biometric Access Control Solutions, Card-Based Access Control Systems, and Touch Screen & Keypad-Based Access Control Systems. The Security Control System is further studied across Fire Alarm Systems, Intruder Alarm Systems, Surveillance Cameras, and Visitor Management Systems.
Based on Speed Range, market is studied across 1.6 - 3.0 m/s, Above 3.0 m/s, and Below 1.5 m/s.
Based on Elevator Type, market is studied across Freight Elevator, Passenger Elevator, and Service Elevator.
Based on Load Capacity, market is studied across 1001-2000 Kgs, Below 1000 Kgs, and Over 2000 Kgs.
Based on Price Range, market is studied across Entry-Level, High-End, and Mid-Range.
Based on Installation Type, market is studied across Machine Room Elevator and Machine Roomless Elevator.
Based on Deployment Type, market is studied across New Installation and Retrofit.
Based on End-User, market is studied across Commercial Buildings, Infrastructural Buildings, Institutional Buildings, and Residential Buildings.
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-43676CF4236F

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. Rapid urbanization and the rising number of high rise buildings
  - 5.1.1.2. Increasing adoption of wireless technology and communication channels
- 5.1.2. Restraints
  - 5.1.2.1. Limited deployment due to the substantially high initial investment
- 5.1.3. Opportunities
  - 5.1.3.1. Evolving smart cities and integrated smart building management systems
  - 5.1.3.2. Rising inclination more towards green technologies
- 5.1.4. Challenges
  - 5.1.4.1. Lack of interoperability of connected elevators
5.2. Market Segmentation Analysis
- 5.2.1. Component: Expanding usage of communication systems for the relay of information and the responsiveness of the system
- 5.2.2. Speed Range: Growing significance of connected elevators with a speed range above 3.0 m/s for high-rise and skyscraper applications
- 5.2.3. Deployment Type: Increasing preference for new installations with the emerging trend of smart building solutions
- 5.2.4. End-User: Rising potential of connected elevators efficient across commercial buildings for vertical transportation
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. Connected Elevator Market, by Component

6.1. Introduction
6.2. Communication Systems
6.3. Control Systems
- 6.3.1. Access Control Systems
  - 6.3.1.1. Biometric Access Control Solutions
  - 6.3.1.2. Card-Based Access Control Systems
  - 6.3.1.3. Touch Screen & Keypad-Based Access Control Systems
- 6.3.2. Security Control System
  - 6.3.2.1. Fire Alarm Systems
  - 6.3.2.2. Intruder Alarm Systems
  - 6.3.2.3. Surveillance Cameras
  - 6.3.2.4. Visitor Management Systems
6.4. Maintenence Systems

7. Connected Elevator Market, by Speed Range

7.1. Introduction
7.2. 1.6 - 3.0 m/s
7.3. Above 3.0 m/s
7.4. Below 1.5 m/s

8. Connected Elevator Market, by Elevator Type

8.1. Introduction
8.2. Freight Elevator
8.3. Passenger Elevator
8.4. Service Elevator

9. Connected Elevator Market, by Load Capacity

9.1. Introduction
9.2. 1001-2000 Kgs
9.3. Below 1000 Kgs
9.4. Over 2000 Kgs

10. Connected Elevator Market, by Price Range

10.1. Introduction
10.2. Entry-Level
10.3. High-End
10.4. Mid-Range

11. Connected Elevator Market, by Installation Type

11.1. Introduction
11.2. Machine Room Elevator
11.3. Machine Roomless Elevator

12. Connected Elevator Market, by Deployment Type

12.1. Introduction
12.2. New Installation
12.3. Retrofit

13. Connected Elevator Market, by End-User

13.1. Introduction
13.2. Commercial Buildings
13.3. Infrastructural Buildings
13.4. Institutional Buildings
13.5. Residential Buildings

14. Americas Connected Elevator Market

14.1. Introduction
14.2. Argentina
14.3. Brazil
14.4. Canada
14.5. Mexico
14.6. United States

15. Asia-Pacific Connected Elevator Market

15.1. Introduction
15.2. Australia
15.3. China
15.4. India
15.5. Indonesia
15.6. Japan
15.7. Malaysia
15.8. Philippines
15.9. Singapore
15.10. South Korea
15.11. Taiwan
15.12. Thailand
15.13. Vietnam

16. Europe, Middle East & Africa Connected Elevator Market

16.1. Introduction
16.2. Denmark
16.3. Egypt
16.4. Finland
16.5. France
16.6. Germany
16.7. Israel
16.8. Italy
16.9. Netherlands
16.10. Nigeria
16.11. Norway
16.12. Poland
16.13. Qatar
16.14. Russia
16.15. Saudi Arabia
16.16. South Africa
16.17. Spain
16.18. Sweden
16.19. Switzerland
16.20. Turkey
16.21. United Arab Emirates
16.22. United Kingdom

17. Competitive Landscape

17.1. Market Share Analysis, 2023
17.2. FPNV Positioning Matrix, 2023
17.3. Competitive Scenario Analysis
- 17.3.1. Otis Unveils Connected Gen3 Core Elevator for North America
- 17.3.2. TK Elevator Launches New-Generation AGILE Destination Control Kiosks
- 17.3.3. Sharry and Otis Announce Global Partnership to Bring Elevator Access Integration to SmichOFF Building in Prague
17.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Canny Elevator Co., Ltd.
2. Delta Elevator Co., Ltd.
3. Dewhurst Ltd
4. Eito & Global Inc.
5. Fujitec Co., Ltd.
6. Hitachi Ltd.
7. Honeywell International Inc.
8. Hyundai Elevator Co., Ltd.
9. Kone Corporation
10. L&T Technology Services Limited
11. Lui Elevators Pvt Ltd.
12. Mitsubishi Electric Corporation
13. Orona Group
14. Otis Worldwide Corporation
15. Robert Bosch GmbH
16. Robustel
17. Savaria Corporation
18. Schindler Group
19. Siemens AG
20. Subaru Corporation
21. Thyssenkrupp AG
22. TK Elevator GmbH
23. Toshiba Corporation
24. Vantage Elevation, LLC