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Smart Elevator Market Trends

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

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Smart Elevator Market Trends

Smart elevators are evolving rapidly, focusing on user experience, safety, and digital integration. Key trends include destination control systems for efficient passenger grouping, contactless operation via smartphones or voice commands, and energy-saving features like regenerative drives. The integration of IoT and AI enables predictive maintenance, reducing downtime and costs. These advancements align with smart city initiatives, creating more connected and eco-friendly urban spaces. As the industry prioritizes sustainability and user-centric design, smart elevators are becoming essential components of modern, future-ready buildings, meeting both regulatory requirements and environmental goals.

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.