Smart Elevator Market Revenue to Attain USD 21.75 Bn by 2033

05 Nov 2024

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Table of Content

1. Smart Elevator Revenue and Trends 2. Market Overview 3. Report Highlights of the Smart Elevator Market 4. Smart Elevator Market Trends 5. Regional Snapshot 6. Smart Elevator Market Coverage 7. Market News 

Smart Elevator Revenue and Trends

The global smart elevator market revenue reached USD 11.61 billion in 2024 and is predicted to attain around USD 21.75 billion by 2033 with a CAGR of 7.22%. The demand for smart elevators is rising with the increasing construction activities worldwide. The increasing environmental concerns, rising construction of high-rise buildings, and development of smart cities further contribute to the market expansion. 

Market Overview

Smart elevators are equipped with advanced features, such as touchless controls and sensors, to enhance their functionality and efficiency. These elevators are designed to be energy efficient. The rising concerns about energy use led to a rapid shift from traditional to smart elevators. With the increasing awareness regarding the benefits of energy-efficient systems, the installation of gearless permanent magnet synchronous traction machines is increasing due to their enhanced efficiency. In addition to this, the rising modernization of existing elevator systems is expected to fuel the growth of the smart elevator market in the coming years. Integrating advanced sensors, virtual reality diagnostics, and cloud predictive maintenance helps technicians identify problems earlier, resulting in improved operational efficiency and safety. 

• For instance, in August 2024, Otis launched its Gen3 connected elevator platform, which is designed to integrate seamlessly into the building's ecosystem and is combined with various solutions, such as cloud-based APIs that enable easy integration with building management software, autonomous robots, and other tools and services.  

Report Highlights of the Smart Elevator Market

On the basis of component, the communication system segment dominated the market with the largest share in 2023, as it plays a key role in improving elevator safety and security. Communication systems enable real-time monitoring and data analysis, which makes communication easier and also improves overall efficiency. Moreover, the implementation of advanced communication tools assures emergency response capabilities. On the other hand, the maintenance system segment is projected to grow at the fastest rate in the coming years. This system ensures seamless operation and optimal performance.

Based on application, the commercial segment led the smart elevator market in 2023. This is mainly due to the increasing construction of commercial buildings, such as shopping malls, hotels, and office buildings. The rising demand for energy-efficient elevators with advanced features also contributed to segmental dominance.

Smart Elevator Market Trends

• Rising urbanization: Rising urbanization is a major factor contributing to market growth. With the rising urbanization in developing countries, the construction of high-rise buildings is on the rise, requiring smart elevators for vertical transportation. In addition, the rising development of smart cities and green infrastructure boosts the demand for energy-efficient elevator systems, thus contributing to market expansion.
• Technological advancements: Technological advancements led to improved safety features in elevators. Integrating cutting-edge technologies like the Internet of Things (IoT) and artificial intelligence (AI) in elevators improves automation, efficiency, and operations during peak hours, further reducing wait times. Moreover, many governments are funding and promoting the use of smart elevators due to their energy efficiency. For instance, in July 2024, Nibav Lifts launched the advanced Nibav series 4 home lifts that offer advanced features and luxurious designs with sophisticated technologies like AI-enabled cabin display, intuitive LED display LIDAR 2.0 technology with precise navigation, and gentle landing, making it the first-of-its-kind product in the home elevator segment.

Regional Snapshot

In 2023, Asia Pacific accounted for the largest share of the smart elevator market. This is mainly due to the rising urbanization in countries like India, China, and Japan. Moreover, the increasing construction of high-rise buildings and the development of smart cities are boosting the demand for elevators with smart features. Thus, regional players are adopting various business strategies to fulfill the consumers’ varying demands, contributing to regional market growth.

• For instance, in August 2024, Elite Elevators introduced advanced domestic elevators in Hyderabad. These elevators combine cutting-edge technology to improve home accessibility and style.

On the other hand, North America is expected to witness fastest growth in the smart elevator market in the coming years. The increasing infrastructure development and rising construction of commercial buildings are key factors boosting the demand for smart elevators in the region. Moreover, the increasing government regulations for energy use and safety protocols drive the demand for energy-efficient elevators with advanced technologies.

Smart Elevator Market Coverage

Market News 

• In September 2024, Fujitec Cooperative Limited received the certification for elevator maintenance using remote monitoring. The company acquired this certification, promoted by the Singapore government, through its group company Fujitec Singapore Corporation Ltd.
• In August 2024, Hyundai Elevator Co. signed a memorandum of understanding with Kakao Mobility Corporation to commercialize elevator-robot integration services.
• In June 2023, Hitachi Limited announced that Hitachi Elevator Engineering Company Limited received the order for 160 elevators, escalators, and moving sidewalks. The order consists of 115 elevators, including 22 high-speed elevators with a rated speed of 300 m/ min, 41 escalators, 4 moving sidewalks, and an FI -700 elevator management system that ensures efficient elevator operations.  

Market Segmentation

By Component

• Control System
• Maintenance System
• Communication System
• Others

By Application

• Residential
• Commercial
• Institutional
• Industrial

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