According to our latest study on “Smart Elevator Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Carriage, Setup, and Application,” The market 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.
Technological Advancements to Provide Opportunities for Smart Elevator Market During 2023–2031
Technology developments in smart elevator manufacturing are predicted to generate lucrative opportunities for market players. For instance, in March 2023, Otis Elevator announced the launch of the new digitally connected elevator, Gen3TM, for the South Korean market. The novel offering includes Otis’s exclusive technology, “Otis ONE technology,” which allows 24/7 real-time equipment performance monitoring. In addition, it comprises an Otis review in-car infotainment display, which can connect to the 24/7 OTISLINE customer support center through video chat in emergency cases. Developments in spatial technologies, artificial intelligence (AI), sensors, the Internet of Things (IoT), and cameras play a significant role in the smart elevator market growth.
Smart Elevator Market
Smart Elevator Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Setup (Modernization, Maintenance, and New Deployments), Carriage (Passenger and Freight), Application (Residential, Commercial, and Industrial), and Geography
Smart Elevator Market Growth, Size and Analysis by 2030
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Features such as touch screen interface, voice commands, gesture control, and mobile app controllability enhance the comfort provided by smart elevators and make them more user-friendly. Smart elevators send operational data to the cloud in real-time, where certified employees can access it anytime and facilitate the timely resolution of any problem. Such advanced features of smart elevators are anticipated to emerge as the smart elevator market trends during the forecast period. Furthermore, there is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. For instance, Skyscrapers such as Ciel Tower, City Tower 1, and Il Primo Tower 1 are under construction in the UAE. In addition, China, India, Vietnam, and Middle Eastern countries are experiencing a substantial rise in building construction. Elevators are broadly used in high-rise buildings to offer residents easy and quick access to different floors, which fuels the smart elevator market growth.
Smart Elevator Market Segmental Overview
The smart elevator market analysis is based on setup, carriage, application, and geography. By setup, the market is divided into modernization, new deployment, and maintenance. By carriage, the market is bifurcated into passenger and freight. By application, the market is divided into residential, commercial, and industrial. Geographically, the scope of the smart elevator market report focuses on five major regions—North America, Asia Pacific (APAC), Europe, South America (SAM), and the Middle East & Africa (MEA).
In terms of carriage, the smart elevator market is divided into passenger and freight. The passenger segment accounted for a larger market share in 2022. On the other hand, the freight segment is predicted to register a substantial CAGR during the forecast period. Passenger elevators are one of the important building components for the movement of individuals in buildings. Elevators are used by children, older people, and other individuals with and without disabilities. The passenger segment's high smart elevator market share is accredited to the rise in population, including the elderly population who require easy-to-operate, safe, and fault-free elevators. Like passenger elevators, smart freight elevators are generally equipped with IoT and AI technologies for predictive maintenance and real-time elevator monitoring. The upsurge in numerous industrial, institutional, and commercial constructions is predicted to drive the market for the freight segment.
Smart Elevator Market Competitive Landscape and Key Developments
KONE Corporation; Fujitec Co., Ltd.; Halma PLC(Avire Trading Limited); Otis Worldwide Corporation; Robert Bosch GmbH; ThyssenKrupp AG (TK Elevator); Mitsubishi Electric Corporation; Hyundai Elevator Ltd; Hitachi Ltd.; and Schindler Group are among the prominent players profiled in the smart elevator market report. Several other important market players were also analyzed during this market research to better interpret the global market and its ecosystem. The leading market players focus on feature upgrades, expansion and diversification, acquisition, and collaboration strategies, which allow them to grasp new business opportunities. Various other market players are also introducing new product offerings to contribute to the smart elevator market size proliferation.
- In October 2021, KONE Elevator India announced the launch of the new digitally connected elevator, KONE DX Class. With the combination of technology, design, new materials, apps, and services, the new KONE DX elevators offer an improved user experience.
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