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Report
Smart Elevator Market Report by Solution (Control Systems, Access Control System, Services), Application (Residential, Commercial, Industrial, Institutional, and Others), and Region 2024-2032
Market Report I 2024-03-02 I 141 Pages I IMARC Group
The global smart elevator market size reached US$ 28.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 57.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032.
Smart elevators are technologically advanced systems that allow automated vertical transportation of passengers and goods from one floor to another within a building. They consist of new-age digital security system controls, such as destination dispatching and access control systems, biometrics, and touch screens. They aid in eliminating problems, such as breakdowns, slow mobility, and frequent maintenance, and improving the operational efficiency, reliability, performance, aesthetics, and safety of the elevator while reducing energy costs and electromagnetic noise. As a result, smart elevators find extensive applications across the residential, commercial, institutional, and industrial sectors.
Smart Elevator Market Trends:
The increasing demand for energy-efficient solutions due to rising concerns about energy consumption across the globe is creating a positive outlook for the market. Smart elevators have improved controls, hardware, software, and other components, such as alternating current (AC) motors, low-heat light-emitting diode (LED) lighting solutions, and touch screens, which save energy and are more efficient. In line with this, the widespread adoption of new permanent magnet synchronous (PMS) gearless traction machines that utilize less energy than conventional geared machines and are lighter and compact is favoring the market growth. Additionally, the increasing demand for efficient mobility systems due to the growing high-rise buildings, supported by the expanding working population, is propelling the market growth. Apart from this, the integration of the Internet of Things (IoT) and artificial intelligence (AI) in smart elevators to diagnose problems from a remote location, provide emergency responses, and enhance safety are providing an impetus to the market growth. Other factors, including escalating demand for modern amenities and the implementation of various government initiatives promoting smart city projects, are anticipated to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart elevator market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on solution and application.
Breakup by Solution:
Control Systems
Security Control System
Elevator Control System
Access Control System
Maintenance Systems
Communication Systems
Services
Support and Maintenance
New Deployments
Modernization
Breakup by Application:
Residential
Commercial
Industrial
Institutional
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bosch Service Solutions GmbH, Hyundai Elevator Co. Ltd., KONE Elevator India Private Limited (Kone Oyj), Mitsubishi Electric Corporation, Otis Worldwide Corporation, Schindler Holding Ltd., Thames Valley Controls Ltd, TK Elevator, and Toshiba Elevators and Building Systems Corporation (Toshiba Corporation).
Key Questions Answered in This Report
1. What was the size of the global smart elevator market in 2023?
2. What is the expected growth rate of the global smart elevator market during 2024-2032?
3. What has been the impact of COVID-19 on the global smart elevator market?
4. What are the key factors driving the global smart elevator market?
5. What is the breakup of the global smart elevator market based on the solution?
6. What is the breakup of the global smart elevator market based on the application?
7. What are the key regions in the global smart elevator market?
8. Who are the key players/companies in the global smart elevator market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Smart Elevator Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Solution
6.1 Control Systems
6.1.1 Market Trends
6.1.2 Key Segments
6.1.2.1 Security Control System
6.1.2.2 Elevator Control System
6.1.3 Market Forecast
6.2 Access Control System
6.2.1 Market Trends
6.2.2 Key Segments
6.2.2.1 Maintenance Systems
6.2.2.2 Communication Systems
6.2.3 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Key Segments
6.3.2.1 Support and Maintenance
6.3.2.2 New Deployments
6.3.2.3 Modernization
6.3.3 Market Forecast
7 Market Breakup by Application
7.1 Residential
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Commercial
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Industrial
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Institutional
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Bosch Service Solutions GmbH
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.2 Hyundai Elevator Co. Ltd.
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.3 KONE Elevator India Private Limited (Kone Oyj)
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.4 Mitsubishi Electric Corporation
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 Financials
13.3.4.4 SWOT Analysis
13.3.5 Otis Worldwide Corporation
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 Financials
13.3.6 Schindler Holding Ltd.
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.6.4 SWOT Analysis
13.3.7 Thames Valley Controls Ltd
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.8 TK Elevator
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.9 Toshiba Elevators and Building Systems Corporation (Toshiba Corporation)
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
Figure 1: Global: Smart Elevator Market: Major Drivers and Challenges
Figure 2: Global: Smart Elevator Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Smart Elevator Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Smart Elevator Market: Breakup by Solution (in %), 2023
Figure 5: Global: Smart Elevator Market: Breakup by Application (in %), 2023
Figure 6: Global: Smart Elevator Market: Breakup by Region (in %), 2023
Figure 7: Global: Smart Elevator (Control Systems) Market: Sales Value (in Million US$), 2018 & 2023
Figure 8: Global: Smart Elevator (Control Systems) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 9: Global: Smart Elevator (Access Control System) Market: Sales Value (in Million US$), 2018 & 2023
Figure 10: Global: Smart Elevator (Access Control System) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 11: Global: Smart Elevator (Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 12: Global: Smart Elevator (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 13: Global: Smart Elevator (Residential) Market: Sales Value (in Million US$), 2018 & 2023
Figure 14: Global: Smart Elevator (Residential) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 15: Global: Smart Elevator (Commercial) Market: Sales Value (in Million US$), 2018 & 2023
Figure 16: Global: Smart Elevator (Commercial) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 17: Global: Smart Elevator (Industrial) Market: Sales Value (in Million US$), 2018 & 2023
Figure 18: Global: Smart Elevator (Industrial) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 19: Global: Smart Elevator (Institutional) Market: Sales Value (in Million US$), 2018 & 2023
Figure 20: Global: Smart Elevator (Institutional) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 21: Global: Smart Elevator (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
Figure 22: Global: Smart Elevator (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 23: North America: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 24: North America: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 25: United States: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 26: United States: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 27: Canada: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 28: Canada: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 29: Asia-Pacific: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 30: Asia-Pacific: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 31: China: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 32: China: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 33: Japan: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 34: Japan: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 35: India: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 36: India: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 37: South Korea: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 38: South Korea: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 39: Australia: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 40: Australia: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 41: Indonesia: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 42: Indonesia: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 43: Others: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 44: Others: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 45: Europe: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 46: Europe: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 47: Germany: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 48: Germany: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 49: France: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 50: France: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 51: United Kingdom: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 52: United Kingdom: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 53: Italy: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 54: Italy: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 55: Spain: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 56: Spain: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 57: Russia: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 58: Russia: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 59: Others: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 60: Others: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 61: Latin America: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 62: Latin America: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 63: Brazil: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 64: Brazil: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 65: Mexico: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 66: Mexico: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 67: Others: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 68: Others: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 69: Middle East and Africa: Smart Elevator Market: Sales Value (in Million US$), 2018 & 2023
Figure 70: Middle East and Africa: Smart Elevator Market: Breakup by Country (in %), 2023
Figure 71: Middle East and Africa: Smart Elevator Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Global: Smart Elevator Industry: SWOT Analysis
Figure 73: Global: Smart Elevator Industry: Value Chain Analysis
Figure 74: Global: Smart Elevator Industry: Porter's Five Forces Analysis
Table 1: Global: Smart Elevator Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Smart Elevator Market Forecast: Breakup by Solution (in Million US$), 2024-2032
Table 3: Global: Smart Elevator Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 4: Global: Smart Elevator Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 5: Global: Smart Elevator Market: Competitive Structure
Table 6: Global: Smart Elevator Market: Key Players
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