Home > Industrial Machinery > Industrial Equipment > Conveying System > Smart Elevator Market

Smart Elevator Market Size

Report ID: GMI1593
Published Date: Nov 2024
Report Format: PDF

Download Free Sample

Smart Elevator Market Size

The global smart elevator market was valued at USD 20.4 billion in 2023 and is estimated to grow at a CAGR of over 6.8% from 2024 to 2032, owing to rise of smart buildings. These buildings use advanced systems to improve energy efficiency, comfort, and automation. Smart elevators, powered by IoT and AI, fit perfectly into this trend. They offer features like predictive maintenance and traffic management, helping building managers improve operations and safety while cutting energy use.

To get key market trends

Download Free Sample

Additionally, as smart cities develop, smart technologies are becoming more common in homes and offices. Smart elevators play a key role by connecting with building management systems. They offer features like destination dispatch and biometric access, which improve user experience and reduce maintenance costs. As buildings are upgraded to smarter systems, the demand for smart elevators keeps growing. Growing focus on sustainability has made smart building tech a priority for developers. Smart elevators help buildings earn green certifications like LEED by using less energy. This makes them essential for developers who want to create future-proof buildings that meet modern standards and user expectations.

Smart Elevator Market Report Attributes
Report Attribute	Details
Base Year:	2023
Smart Elevator Market Size in 2023:	USD 20.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.8%
2032 Value Projection:	USD 34.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	230
Tables, Charts & Figures:	83
Segments covered:	By Solution, Technology, End User, Distribution Channel, Region
Growth Drivers:	Increasing adoption of smart building technologies Rising urbanization and infrastructure development Focus on energy efficiency and sustainability
Pitfalls & Challenges:	High initial installation and modernization costs Complex integration with existing infrastructure

Learn more about the key segments shaping this market

Download Free Sample

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for smart elevator was reached USD 20.4 billion in 2023 and is estimated to grow at a 6.8% CAGR from 2024 to 2032, driven by the rise of smart buildings.

The control systems segment was worth over USD 8.9 billion in 2023 and is expected to grow at a 6.4% CAGR up to 2032, due to their role in enhancing elevator efficiency and advanced features.

The direct sales segment accounted for around 63.5% of the market share in 2023 and is expected to grow at a 6.5% CAGR through 2032, as it fosters closer client relationships and custom solutions.

The U.S. smart elevator market size surpassed USD 3.8 billion in 2023 and is set to grow at a 6.8% CAGR up to 2032, led by urbanization, smart building technologies, and sustainability goals.

Major players in the smart elevator industry include Bosch Security Systems, Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Johnson Controls, KONE Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Otis Worldwide Corporation, Savaria Corporation, Schindler Group, Siemens AG, Thyssenkrupp AG, and Toshiba Elevator and Building Systems Corporation.