[Research Report] The IoT in elevators market size is expected to grow from US$ 35,415.87 million in 2022 to US$ 58,843.69 million by 2028; it is expected to grow at a CAGR of 8.8% from 2022 to 2028.
Small and medium-sized enterprises (SMEs) and large enterprises rely heavily on smart solutions. The adoption of IoT in these enterprises is becoming popular, which drives the IoT in elevators market growth. In addition, with the rising competition, many enterprises are investing significantly in smart solutions and services. Thus, there are lucrative opportunities for the key vendors of IoT in elevator as these enterprises have increasingly relied on safeguarding and protecting their property from internal or external threats. Many governments are also investing in urban development projects. As per the Ministry of Housing and Urban Affairs, the Government of India has invested US$ 160 billion in developing and upgrading urban infrastructure since 2014. Compared to 2004–2014, India's investment in the urban sector increased by over 600% from 2014 to 2021. The Indian government has established a National Infrastructure Pipeline (NIP) worth US$ 1.5 trillion for infrastructure projects that are expected to be completed between 2020 and 2025.
Favorable policies, initiatives, and massive investments in smart cities and urban development projects by government and private organizations have created lucrative opportunities for the key players operating in the IoT in elevators market. Furthermore, during the forecast period, expanding economies and growing interest in developing leading industrial verticals are expected to lift the demand for IoT in elevators. However, high initial investments needed in elevator modernization and IoT integrations restrict the growth of the IoT in elevators market.
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IoT in Elevators Market: Strategic Insights
Market Size Value in US$ 35,415.87 Million in 2022 Market Size Value by US$ 58,843.69 Million by 2028 Growth rate CAGR of 8.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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IoT in Elevators Market: Strategic Insights
| Market Size Value in | US$ 35,415.87 Million in 2022 |
| Market Size Value by | US$ 58,843.69 Million by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Europe IoT in Elevators Market Growth
The COVID-19 pandemic severely impacted the European countries, including Germany, France, Spain, and Italy. Italy was the most-affected country during the post-pandemic. Before the pandemic, the IoT in elevators market was expected to rise significantly owing to the growing demand for energy-efficient products and services; increasing adoption of IoT-based platforms, cloud-based solutions, and AI; and growing demand for industrialization in every industrial vertical.
The electronic industry is among the severely hit industries in certain countries of Europe. However, in the second wave of the COVID-19 outbreak, the electronics & semiconductor sector was negatively impacted by the pandemic. In 2021, with the relaxation of lockdown measures, the manufacturing business started again. Hence, the outlook for the IoT in elevators market has gained momentum. In addition, in 2022, the demand for IoT is expected to grow owing to the surging construction of commercial and industrial buildings. Hence, the IoT in elevators business has benefited from the pandemic. In post-pandemic scenario, the IoT adoption for sustainability, shift to cloud platforms, growing tax relief for citizens and various industrial verticals, and secured remote access would strengthen the IoT in elevators market expansion.
Lucrative Regions for IoT in Elevators Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – IoT in Elevators Market
The global IoT in elevators market, based on region, is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Europe held the largest IoT in elevators market share in 2021 and is also expected to dominate the market during the forecast period. The adoption of 5G and investments by companies in improving 5G infrastructure drive the market growth in the region. Germany has a long history of investing and innovating in industrial IoT over the years. The country is also a leader in the usage of 5G to expand the use of industrial IoT. The growing demand for industrial imaging systems across the industrial manufacturing sector and for advanced automotive infotainment parts, driver monitoring devices, and driver control units from the automotive sectors further influence the demand for IoT in elevators from the manufacturing and automotive sectors. The rapidly growing construction in the commercial sector across the country is also increasing the demand for IoT-based elevator systems. These factors are boosting the growth of the IoT in elevators market in Europe.
North America held the second largest share of the IoT in elevators market in 2020. The market in the US is anticipated to retain its robust growth outlook during the forecast period. In the US, the rising disposable income and improving living standard propel the demand for smart electronics. The demand for miniature devices is high owing to the growing popularity of AI and 4.0 industrial revolution. Also, many manufacturers are investing massive capital of capital in the development of smart electronics digitization’s systems such as for infrastructure’s automation applications. The US government has taken many initiatives to boost the electronics industry. On May 6, 2022, the government proposed new bipartisan proposal in the US to fuel the country’s printed circuit board (PCB) sector. Many established electronics manufacturing industry companies in the country welcomed the proposal. The bill will support the CHIPS Act of 2021 and American Printed Circuit Boards Act of 2022. As a result, there are many lucrative opportunities for the key operating in the IoT in elevators market.
Component - Based Insights
Based on component, the IoT in elevators market is segmented into hardware, software, and services. The hardware segment accounted for the largest market in 2021. Hardware demand has increased dramatically in recent years. Artificial intelligence is used to assist operators and mechanical contractors to keep up with their daily routines and find ways to manage the elevator traffic and prevent problems before they occur, based on data collected from daily elevator usage.
Based on application, the IoT in elevators market is segmented preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. The IoT in elevators market, by end-user, is segmented into residential, commercial, and industrial. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
OTIS; Schindler Group; KONE Corporation; Hyundai Elevator Co., Ltd.; and Fujitec are among the prominent IoT in elevators market players. The market is highly fragmented with several players localized in a specific region to cater to the domestic demand.
Players operating in the IoT in elevators market analysis are mainly focused on the development of advanced and efficient products.
- In December 2021, KONE, a multinational elevator and escalator manufacturer, partnered with Amazon Web Services (AWS), the world's most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies that will improve the scalability and performance of KONE's connected services and solutions.
- In April 2021, Mitsubishi Electric Corporation announced that its subsidiary Mitsubishi Elevator India Private Limited (IMEC) received a signed contract to deliver elevators to the Commerzone Madhapur and Altimus luxury complexes owned by K RAHEJA CORP, a renowned developer in India.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The IoT in elevators market is primarily driven by the integration of elevator systems with smart technologies and the rise in the number of construction projects in urban areas across the world. Elevator's functions have changed significantly over the last decade owing to the advances in IoT and AI.
The IoT in elevators market is estimated to grow at US$ 58,843.69 Million by 2028 at a CAGR of 8.8% during the forecast period.
Europe is holding major market share of IoT in elevators market.
OTIS, Schindler Group, Fujitec Co., Ltd., Hitachi, Ltd, Ltd., and KONE Corporation are the five key players holding the major market share in the IoT in elevators market.
Residential is the leading end-user segment in the IoT in elevators market. With increasing projects in residential sector, will help in boosting the demand for advanced elevators.
IoT in elevator company expansion and initiatives taken by these companies for developments in IoT in an elevator are supporting the market growth. Moreover, rising trends toward energy-efficient products & services are further supporting the growth of IoT in elevators market.
The List of Companies - IoT in Elevator Market
- Fujitec Co., Ltd.
- Hitachi, Ltd.
- KONE Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Company Ltd.
- Bosch GmbH
- Schindler Group
- Schneider Electric SE
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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