Smart Elevator Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Setup, Carriage, Application, and Geography

List of Tables

The smart elevator market size was valued at US$ 18.70 billion in 2023 and is expected to reach US$ 43.92 billion by 2031; it is anticipated to record a CAGR of 11.3% from 2023 to 2031.

Smart Elevator Market Introduction:

Smart elevators are advanced systems that allow automatic vertical transportation of passengers or goods. These systems use automation, which decreases the waiting time and surges traffic management efficiency in commercial, residential, and other buildings. The growth in building construction, a rise in demand for green buildings, the use of automated systems in smart elevators, progressive features of smart elevators, and growth in the number of high-rise buildings due to rapid development and urbanization boost the global smart elevators market.

Smart Elevator Market Dynamics:

The integration of the digital realm and the Internet of Things (IoT) has observed exponential growth globally. This rise in acceptance can be attributed to the effective application of sensor technology in elevators, which has massively upgraded connectivity. These sensors allow identifying and measuring critical factors such as shaft alignment, door functionality, motor temperature, and cab speed. Consequently, technicians are empowered to detect issues at the primary stage, allowing for swift repairs. Additionally, the integration of in-cab sensors has facilitated the deployment of advanced features such as an automated sleep mode. When activated, this functionality intelligently shuts off lights, ventilation, music, video, and other non-essential services. This enhances energy efficiency and provides a more seamless and enjoyable user experience.

The prices associated with installation, after-sales services, incorporation of automation and security solutions, and timely maintenance hamper the market growth. Furthermore, construction contractors encounter challenges installing such elevators in mid-rise buildings or apartments due to limited project funding. As a result of these factors, the market for smart elevators is anticipated to experience a gradual growth rate in the coming years.

Smart Elevator Market Scope:

The smart elevator market is segmented based on setup, carriage, application, and region. By setup, the market is divided into new deployment, modernization, and maintenance. By carriage, the market is bifurcated into passenger and freight. By application, the market is categorized into residential, commercial, and industrial.

Smart Elevator Market Regional Framework:

The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global smart elevator market based on various segments. It also provides market size and forecast estimates from 2021 to 2031 regarding five major regions: North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. The smart elevator market by each region is sub segmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the area. The report analyzes factors affecting the Smart elevator market from both the demand and supply side and further evaluates market dynamics during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The research also provides exhaustive PEST analysis at the global level after evaluating political, economic, social, and technological factors affecting the smart elevator market growth in these regions.

Smart Elevator Market Key Player Analysis:

KONE Corporation, Halma PLC(Avire Trading Limited), Fujitec Co., Ltd., Otis Worldwide Corporation, Robert Bosch GmbH, Hitachi Ltd., Mitsubishi Electric Corporation, ThyssenKrupp AG (TK Elevator), Hyundai Elevator Ltd, and Schindler Group, among others. Several other major companies have been analyzed during this research study to get a holistic view of the smart elevator market ecosystem. Prominent players operating in the smart elevator market include companies proactively emphasizing research and development (R&D) initiatives to gain a competitive advantage in the smart elevator market.

Product Code: TIPTE100000149

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market segment action

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Smart Elevator Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in the Value Chain

5. Smart Elevator Market - Key Market Dynamics

5.1 Smart Elevator Market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Rise in Building Construction Activities
- 5.2.2 Technological Advantages of Smart Elevators over Conventional Elevators
5.3 Market Restraints
- 5.3.1 Intense Competition Among Market Players
5.4 Market Opportunities
- 5.4.1 Growing Vertical Transportation Industry
- 5.4.2 Increasing Demand for Energy-Efficient Elevators
5.5 Future Trends
- 5.5.1 Technological Advancements in Elevator Industry

6. Smart Elevator Market - Global Market Analysis

6.1 Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 Smart Elevator Market Forecast Analysis

7. Smart Elevator Market Analysis - by Carriage

7.1 Passenger
- 7.1.1 Overview
- 7.1.2 Passenger: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
- 7.2.1 Overview
- 7.2.2 Freight: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)

8. Smart Elevator Market Analysis - by Setup

8.1 New Deployments
- 8.1.1 Overview
- 8.1.2 New Deployments: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
- 8.2.1 Overview
- 8.2.2 Modernization: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
- 8.3.1 Overview
- 8.3.2 Maintenance: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)

9. Smart Elevator Market Analysis - by Application

9.1 Residential
- 9.1.1 Overview
- 9.1.2 Residential: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
- 9.2.1 Overview
- 9.2.2 Commercial: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
- 9.3.1 Overview
- 9.3.2 Industrial: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)

10. Smart Elevator Market - Geographical Analysis

10.1 Overview
10.2 North America
- 10.2.1 North America Smart Elevator Market Overview
- 10.2.2 North America: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
- 10.2.3 North America: Smart Elevator Market Breakdown, by Carriage
  - 10.2.3.1 North America: Smart Elevator Market - Revenue and Forecast Analysis - by Carriage
- 10.2.4 North America: Smart Elevator Market Breakdown, by Setup
  - 10.2.4.1 North America: Smart Elevator Market - Revenue and Forecast Analysis - by Setup
- 10.2.5 North America: Smart Elevator Market Breakdown, by Application
  - 10.2.5.1 North America: Smart Elevator Market - Revenue and Forecast Analysis - by Application
- 10.2.6 North America: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.2.6.1 North America: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.2.6.2 United States: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.2.6.2.1 United States: Smart Elevator Market Breakdown, by Carriage
    - 10.2.6.2.2 United States: Smart Elevator Market Breakdown, by Setup
    - 10.2.6.2.3 United States: Smart Elevator Market Breakdown, by Application
  - 10.2.6.3 Canada: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.2.6.3.1 Canada: Smart Elevator Market Breakdown, by Carriage
    - 10.2.6.3.2 Canada: Smart Elevator Market Breakdown, by Setup
    - 10.2.6.3.3 Canada: Smart Elevator Market Breakdown, by Application
  - 10.2.6.4 Mexico: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.2.6.4.1 Mexico: Smart Elevator Market Breakdown, by Carriage
    - 10.2.6.4.2 Mexico: Smart Elevator Market Breakdown, by Setup
    - 10.2.6.4.3 Mexico: Smart Elevator Market Breakdown, by Application
10.3 Europe
- 10.3.1 Europe Smart Elevator Market Overview
- 10.3.2 Europe: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
- 10.3.3 Europe: Smart Elevator Market Breakdown, by Carriage
  - 10.3.3.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Carriage
- 10.3.4 Europe: Smart Elevator Market Breakdown, by Setup
  - 10.3.4.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Setup
- 10.3.5 Europe: Smart Elevator Market Breakdown, by Application
  - 10.3.5.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Application
- 10.3.6 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.3.6.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.3.6.2 Germany: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.2.1 Germany: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.2.2 Germany: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.2.3 Germany: Smart Elevator Market Breakdown, by Application
  - 10.3.6.3 United Kingdom: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.3.1 United Kingdom: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.3.2 United Kingdom: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.3.3 United Kingdom: Smart Elevator Market Breakdown, by Application
  - 10.3.6.4 France: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.4.1 France: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.4.2 France: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.4.3 France: Smart Elevator Market Breakdown, by Application
  - 10.3.6.5 Italy: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.5.1 Italy: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.5.2 Italy: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.5.3 Italy: Smart Elevator Market Breakdown, by Application
  - 10.3.6.6 Russian Federation: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.6.1 Russian Federation: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.6.2 Russian Federation: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.6.3 Russian Federation: Smart Elevator Market Breakdown, by Application
  - 10.3.6.7 Rest of Europe: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.3.6.7.1 Rest of Europe: Smart Elevator Market Breakdown, by Carriage
    - 10.3.6.7.2 Rest of Europe: Smart Elevator Market Breakdown, by Setup
    - 10.3.6.7.3 Rest of Europe: Smart Elevator Market Breakdown, by Application
10.4 Asia Pacific
- 10.4.1 Asia Pacific Smart Elevator Market Overview
- 10.4.2 Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
- 10.4.3 Asia Pacific: Smart Elevator Market Breakdown, by Carriage
  - 10.4.3.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Carriage
- 10.4.4 Asia Pacific: Smart Elevator Market Breakdown, by Setup
  - 10.4.4.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Setup
- 10.4.5 Asia Pacific: Smart Elevator Market Breakdown, by Application
  - 10.4.5.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Application
- 10.4.6 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.4.6.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.4.6.2 China: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.2.1 China: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.2.2 China: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.2.3 China: Smart Elevator Market Breakdown, by Application
  - 10.4.6.3 India: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.3.1 India: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.3.2 India: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.3.3 India: Smart Elevator Market Breakdown, by Application
  - 10.4.6.4 Japan: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.4.1 Japan: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.4.2 Japan: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.4.3 Japan: Smart Elevator Market Breakdown, by Application
  - 10.4.6.5 Australia: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.5.1 Australia: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.5.2 Australia: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.5.3 Australia: Smart Elevator Market Breakdown, by Application
  - 10.4.6.6 South Korea: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.6.1 South Korea: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.6.2 South Korea: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.6.3 South Korea: Smart Elevator Market Breakdown, by Application
  - 10.4.6.7 Rest of APAC: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.4.6.7.1 Rest of APAC: Smart Elevator Market Breakdown, by Carriage
    - 10.4.6.7.2 Rest of APAC: Smart Elevator Market Breakdown, by Setup
    - 10.4.6.7.3 Rest of APAC: Smart Elevator Market Breakdown, by Application
10.5 Middle East and Africa
- 10.5.1 Middle East and Africa Smart Elevator Market Overview
- 10.5.2 Middle East and Africa: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
- 10.5.3 Middle East and Africa: Smart Elevator Market Breakdown, by Carriage
  - 10.5.3.1 Middle East and Africa: Smart Elevator Market - Revenue and Forecast Analysis - by Carriage
- 10.5.4 Middle East and Africa: Smart Elevator Market Breakdown, by Setup
  - 10.5.4.1 Middle East and Africa: Smart Elevator Market - Revenue and Forecast Analysis - by Setup
- 10.5.5 Middle East and Africa: Smart Elevator Market Breakdown, by Application
  - 10.5.5.1 Middle East and Africa: Smart Elevator Market - Revenue and Forecast Analysis - by Application
- 10.5.6 Middle East and Africa: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.5.6.1 Middle East and Africa: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.5.6.2 Saudi Arabia: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.5.6.2.1 Saudi Arabia: Smart Elevator Market Breakdown, by Carriage
    - 10.5.6.2.2 Saudi Arabia: Smart Elevator Market Breakdown, by Setup
    - 10.5.6.2.3 Saudi Arabia: Smart Elevator Market Breakdown, by Application
  - 10.5.6.3 United Arab Emirates: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.5.6.3.1 United Arab Emirates: Smart Elevator Market Breakdown, by Carriage
    - 10.5.6.3.2 United Arab Emirates: Smart Elevator Market Breakdown, by Setup
    - 10.5.6.3.3 United Arab Emirates: Smart Elevator Market Breakdown, by Application
  - 10.5.6.4 South Africa: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.5.6.4.1 South Africa: Smart Elevator Market Breakdown, by Carriage
    - 10.5.6.4.2 South Africa: Smart Elevator Market Breakdown, by Setup
    - 10.5.6.4.3 South Africa: Smart Elevator Market Breakdown, by Application
  - 10.5.6.5 Rest of Middle East and Africa: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.5.6.5.1 Rest of Middle East and Africa: Smart Elevator Market Breakdown, by Carriage
    - 10.5.6.5.2 Rest of Middle East and Africa: Smart Elevator Market Breakdown, by Setup
    - 10.5.6.5.3 Rest of Middle East and Africa: Smart Elevator Market Breakdown, by Application
10.6 South and Central America
- 10.6.1 South and Central America Smart Elevator Market Overview
- 10.6.2 South and Central America: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
- 10.6.3 South and Central America: Smart Elevator Market Breakdown, by Carriage
  - 10.6.3.1 South and Central America: Smart Elevator Market - Revenue and Forecast Analysis - by Carriage
- 10.6.4 South and Central America: Smart Elevator Market Breakdown, by Setup
  - 10.6.4.1 South and Central America: Smart Elevator Market - Revenue and Forecast Analysis - by Setup
- 10.6.5 South and Central America: Smart Elevator Market Breakdown, by Application
  - 10.6.5.1 South and Central America: Smart Elevator Market - Revenue and Forecast Analysis - by Application
- 10.6.6 South and Central America: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.6.6.1 South and Central America: Smart Elevator Market - Revenue and Forecast Analysis - by Country
  - 10.6.6.2 Brazil: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.6.6.2.1 Brazil: Smart Elevator Market Breakdown, by Carriage
    - 10.6.6.2.2 Brazil: Smart Elevator Market Breakdown, by Setup
    - 10.6.6.2.3 Brazil: Smart Elevator Market Breakdown, by Application
  - 10.6.6.3 Argentina: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.6.6.3.1 Argentina: Smart Elevator Market Breakdown, by Carriage
    - 10.6.6.3.2 Argentina: Smart Elevator Market Breakdown, by Setup
    - 10.6.6.3.3 Argentina: Smart Elevator Market Breakdown, by Application
  - 10.6.6.4 Rest of South and Central America: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
    - 10.6.6.4.1 Rest of South and Central America: Smart Elevator Market Breakdown, by Carriage
    - 10.6.6.4.2 Rest of South and Central America: Smart Elevator Market Breakdown, by Setup
    - 10.6.6.4.3 Rest of South and Central America: Smart Elevator Market Breakdown, by Application

11. Competitive Landscape

11.1 Company Positioning & Concentration
11.2 Heat Map Analysis By Key Players

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions

13. Company Profiles

13.1 Fujitec Co Ltd
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Otis Worldwide Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 Kone Corp
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 Hyundai Elevator Co Ltd
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 ThyssenKrupp AG
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 Schindler Holding AG
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 Mitsubishi Electric Corp
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 Hitachi Ltd
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
13.9 Toshiba Elevator and Building Systems Corporation
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
13.10 Smart Plus Elevator Pvt. Ltd.
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners