PUBLISHER: The Business Research Company | PRODUCT CODE: 1599030
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599030
Smart elevators refer to advanced elevator systems that integrate modern technology to optimize the efficiency, safety and convenience of vertical transportation in buildings. These systems incorporate features such as destination control, energy efficiency, real-time monitoring and advanced security to enhance the user experience.
The smart elevators market consists of sales, by entities (organizations, sole traders and partnerships), of smart elevators that are used by a wide variety of users, including residents in residential buildings, employees and visitors in commercial and industrial spaces and people with special mobility needs. They are typically deployed in settings where high passenger volumes or complex building structures require more advanced management of elevator traffic.
The global smart elevators market was valued at $11,423.58 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Growth In Commercial Real Estate Developments
Growth in commercial real estate developments propelled the growth of the smart elevators market. As commercial real estate developments increasingly feature high-rise buildings, the demand for efficient vertical transportation solutions, such as smart elevators, is on the rise. These elevators are specifically engineered to accommodate high traffic volumes, making them particularly suitable for tall structures. For instance, in Australia, in November 2023, according to the Australian Bureau of Statistics (ABS), an Australia-based government agency that collects and analyzes statistics, total construction work increased by 1.3% to $64,768.7 million, with building work rising 0.2% to $34,300.2 million. Additionally, according to an analysis of data from the US Census Bureau by Deloitte Touche Tohmatsu Limited, a UK-based professional services network company, total construction spending was $1.98 trillion in 2023, up 7.4% from August 2022. The main driver of this overall spending was nonresidential construction spending, which grew at a rate of 17.6% over the previous year. Therefore, growth in commercial real estate developments drove the growth of the smart elevators market during the historic period.
Enhancing Urban Infrastructure With Advanced Elevator Technology
Major companies operating in the smart elevators market are focusing on enhancing urban infrastructure with advanced elevator technology. These technologies facilitate faster responses to user commands and enhance communication between the elevator and its control systems. For instance, in October 2024, Otis Worldwide Corporation, a US-based provider of smart elevators, announced the launch of its next-generation smart elevator system, the Otis Gen360. This innovative digital elevator features a completely reimagined electronic architecture that enhances safety, reliability and user experience. The Gen360 is equipped with advanced technologies, including remote monitoring and sophisticated sensors, which minimize downtime and improve maintenance efficiency. Designed for both new and existing buildings, it offers a smooth ride while seamlessly integrating with smart building systems. Ultimately, the Gen360 aims to redefine vertical mobility in urban environments.
The global smart elevators market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 91.63% of the total market in 2023.
Smart Elevators Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart elevators market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for smart elevators? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart elevators market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart elevators market; and compares it with other markets.