The smart elevator market is projected to reach US$ 43.91 billion by 2031 from US$ 18.70 billion in 2023. The market is expected to register a CAGR of 11.3% during 2023–2031. Technological advancements and the introduction of new technologies in smart elevators are anticipated to be the key smart elevator market trends during the forecast period.
Smart Elevator Market Analysis
In contrast to traditional elevators, smart elevators use progressive security measures such as facial recognition, biometrics, and other technologies to avoid unauthorized access. Furthermore, smart elevators integrate sensors and other systems that continually monitor the irregular behavior shown by the elevators, which includes excessive vibration, electrical faults, and others. Thus, the demand for smart elevators is anticipated to increase during the forecast period.
Smart Elevator Market Overview
Smart elevators are equipped with modern technology such as artificial intelligence (AI), the Internet of Things (IoT), cloud computing, hardware, and software. Together, these systems allow for condition-based analysis, proactive, real-time data sharing, predictive maintenance, enhanced security, destination prediction, and other features. The smart elevators are user-friendly, energy-efficient, safe, and secure and experience minimum downtime. Freight and passenger elevator systems have smart features; however, enhanced interior design, infotainment systems, and other precise passenger features do not exist in a smart freight elevator.
Smart Elevator Market Drivers and Opportunities
Rise in Building Construction and Increase in Demand for Green Buildings to Favor Market
The upsurge in building construction and the increase in demand for green buildings are major drivers for the smart elevator market growth. Moreover, the increase in demand for these elevators is attributed to the several features that set them apart from conventional elevators. Conventional elevators are ineffective since their basic computing power cannot improve users' waiting time. Furthermore, they are not energy efficient compared to modern elevators and do not include real-time monitoring of the elevator system. On the other hand, smart elevators are technically advanced and have various functions that contribute to their application among building contractors. The usage of autonomous systems in these elevators aids in optimizing elevator actions, which, in turn, helps lessen wait time, eventually leading to effective passenger transportation during busy hours. Thus, the demand for smart elevators is projected to increase during the forecast period.
Smart Elevator Market Report Segmentation Analysis
The “smart elevator analysis” has been performed by considering the following segments: setup, carriage, application, and geography.
- By setup, the smart elevator market is segmented into modernization, new deployment, and maintenance. In 2022, the modernization segment dominated the market share in terms of revenue, and the maintenance segment is predicted to register a considerable CAGR during the forecast period. The modernization segment involves installing novel systems in an old elevator system to make it advanced. Over time, the statutory and technology guidelines associated with the buildings are likely to be modified; thus, numerous amenities, including elevators, need to be modernized. With modernization services, conventional elevators have features such as cloud-based predictive maintenance solutions, real-time monitoring, improved user interface and infotainment systems, and greater security.
- Additionally, the maintenance segment involves the maintenance of already existing elevators in a building. Regular maintenance of smart elevators allows for extended life of the elevator and avoids unscheduled breakdowns.
- By carriage, the smart elevator market is bifurcated into passenger and freight. The market, by application, is segmented into residential, commercial, and industrial.
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Smart Elevator Market: Strategic Insights
Market Size Value in US$ 18.70 billion in 2023 Market Size Value by US$ 43.91 billion by 2031 Growth rate CAGR of 11.3% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Smart Elevator Market: Strategic Insights
| Market Size Value in | US$ 18.70 billion in 2023 |
| Market Size Value by | US$ 43.91 billion by 2031 |
| Growth rate | CAGR of 11.3% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Smart Elevator Market Share Analysis by Geography
The geographic scope of the smart elevator market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In 2022, North America held the major smart elevator market share. However, Asia Pacific is estimated to register the highest CAGR during the forecast period. The US and Canada are affluent nations with high urban living standards. Moreover, the rate of implementation of novel and latest technologies in all nonindustrial and industrial sectors is comparatively higher than in other parts of the globe, which is anticipated to boost the demand for elevators in buildings. Novel building construction and the availability of a higher number of tall buildings are playing a major role in boosting the smart elevator market growth for the new installation segment and modernization and maintenance segments in North America.
Furthermore, the high CAGR of Asia-Pacific is attributed to wide economic growth and a rise in urbanization and population in countries such as India, China, Indonesia, and Vietnam. The global population has amplified significantly in the past few years and is anticipated to increase rapidly in the coming years. According to the data published by United Nations projections, at the end of 2022, the worldwide population reached 8 billion and is projected to rise to 8.5 billion by 2030. Moreover, it is projected to become 9.7 billion by 2050. Africa and Asia, particularly countries such as China and India, are estimated to contribute majorly to the increase in urbanization in the next 30 years. These factors are likely to have a significant impact on the smart elevator market forecast in the next few years.
Smart Elevator Market Report Scope
Report Attributes | Details |
Market Size in 2023 | US$ 18.70 Billion |
Market Size in 2031 | US$ 43.92 Billion |
Global CAGR (2023–2031) | 11.3% |
Historical Data | 2021–2022 |
Forecast Period | 2023–2031 |
Segmental Coverage |
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Regional and Country Coverage |
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Market Leaders and Key Company Profiles |
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Smart Elevator Market News and Recent Developments
The smart elevator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. Following is a list of developments in the market:
- In December 2022, Otis announced the launch of a new Gen3 smart elevator with round-the-clock real-time tracking of elevator performance capability. (Source: Otis Corporation, Press Release)
Smart Elevator Market Report Coverage and Deliverables
The “Smart Elevator Market Size and Forecast (2023-2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Setup, Carriage, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Technological advancements in elevator industry are expected to set the future trend for the smart elevator market in the coming years.
The smart elevator market was estimated to be valued at US$ 18.70 billion in 2023 and is projected to reach US$ 43.91 billion by 2031; it is expected to grow at a CAGR of 11.3% during the forecast period.
The key players holding majority shares in the smart elevator market include Accenture Plc, Tata Consultancy Services Ltd., Capgemini SE, Larsen & Toubro Ltd., and Wipro Ltd
Rise in building construction activities, technological advantages of smart elevators over conventional elevators are driving factors of smart elevator market.
Passenger segment led the smart elevator market with a significant share in 2023 and freight segment is expected to grow with the highest CAGR.
The smart elevator market is expected to reach US$ 43.91 billion by 2031.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market segment ation
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
List of Tables
Table 1. Smart Elevator Market segmentation
Table 2. List of Vendors
Table 3. Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 5. Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 6. Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. North America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 8. North America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 9. North America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 10. North America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 11. United States: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 12. United States: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 13. United States: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 14. Canada: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 15. Canada: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 16. Canada: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 17. Mexico: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 18. Mexico: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 19. Mexico: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 20. Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 21. Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 22. Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 23. Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 24. Germany: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 25. Germany: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 26. Germany: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 27. United Kingdom: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 28. United Kingdom: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 29. United Kingdom: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 30. France: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 31. France: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 32. France: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 33. Italy: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 34. Italy: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 35. Italy: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 36. Russian Federation: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 37. Russian Federation: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 38. Russian Federation: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 39. Rest of Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 40. Rest of Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 41. Rest of Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 42. Asia Pacific: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 43. Asia Pacific: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 44. Asia Pacific: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 45. Asia Pacific: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 46. China: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 47. China: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 48. China: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 49. India: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 50. India: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 51. India: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 52. Japan: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 53. Japan: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 54. Japan: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 55. Australia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 56. Australia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 57. Australia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 58. South Korea: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 59. South Korea: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 60. South Korea: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 61. Rest of APAC: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 62. Rest of APAC: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 63. Rest of APAC: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 64. Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 65. Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 66. Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 67. Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 68. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 69. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 70. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 71. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 72. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 73. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 74. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 75. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 76. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 77. Rest of Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 78. Rest of Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 79. Rest of Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 80. South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 81. South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 82. South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 83. South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 84. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 85. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 86. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 87. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 88. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 89. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 90. Rest of South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 91. Rest of South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 92. Rest of South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 93. Heat Map Analysis By Key Players
Table 94. Heat Map Analysis By Key Players
List of Figures
Figure 1. Smart Elevator Market segment ation, by Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem Analysis
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Smart Elevator Market Revenue (US$ Million), 2023–2031
Figure 6. Smart Elevator Market Share (%) – by Carriage (2023 and 2031)
Figure 7. Passenger: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Freight: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Smart Elevator Market Share (%) – by Setup (2023 and 2031)
Figure 10. New Deployments: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Modernization: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Maintenance: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Smart Elevator Market Share (%) – by Application (2023 and 2031)
Figure 14. Residential: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Commercial: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Industrial: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Smart Elevator Market Breakdown by Region, 2023 and 2031 (%)
Figure 18. North America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. North America: Smart Elevator Market Breakdown, by Carriage (2023 and 2031)
Figure 20. North America: Smart Elevator Market Breakdown, by Setup (2023 and 2031)
Figure 21. North America: Smart Elevator Market Breakdown, by Application (2023 and 2031)
Figure 22. North America: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 23. United States: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. Canada: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 25. Mexico: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 26. Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Europe: Smart Elevator Market Breakdown, by Carriage (2023 and 2031)
Figure 28. Europe: Smart Elevator Market Breakdown, by Setup (2023 and 2031)
Figure 29. Europe: Smart Elevator Market Breakdown, by Application (2023 and 2031)
Figure 30. Europe: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 31. Germany: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. United Kingdom: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. France: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. Italy: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 35. Russian Federation: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. Rest of Europe: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. Asia Pacific: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Asia Pacific: Smart Elevator Market Breakdown, by Carriage (2023 and 2031)
Figure 39. Asia Pacific: Smart Elevator Market Breakdown, by Setup (2023 and 2031)
Figure 40. Asia Pacific: Smart Elevator Market Breakdown, by Application (2023 and 2031)
Figure 41. Asia Pacific: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 42. China: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. India: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 44. Japan: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 45. Australia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 46. South Korea: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Rest of APAC: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Middle East and Africa: Smart Elevator Market Breakdown, by Carriage (2023 and 2031)
Figure 50. Middle East and Africa: Smart Elevator Market Breakdown, by Setup (2023 and 2031)
Figure 51. Middle East and Africa: Smart Elevator Market Breakdown, by Application (2023 and 2031)
Figure 52. Middle East and Africa: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 53. Saudi Arabia: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 54. United Arab Emirates: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 55. South Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 56. Rest of Middle East and Africa: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 57. South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 58. South and Central America: Smart Elevator Market Breakdown, by Carriage (2023 and 2031)
Figure 59. South and Central America: Smart Elevator Market Breakdown, by Setup (2023 and 2031)
Figure 60. South and Central America: Smart Elevator Market Breakdown, by Application (2023 and 2031)
Figure 61. South and Central America: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 62. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 63. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 64. Rest of South and Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
The List of Companies - Smart Elevator Market
- Fujitec Co Ltd
- Otis Worldwide Corp
- Kone Corp
- Hyundai Elevator Co Ltd
- ThyssenKrupp AG
- Schindler Holding AG
- Mitsubishi Electric Corp
- Hitachi Ltd
- Toshiba Elevator and Building Systems Corporation
- Smart Plus Elevator Pvt. 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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