Smart Elevator Market is expected to reach US$ 43.92 billion by 2030

According to our latest study on “Smart Elevator Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Carriage, Setup, and Application,” The smart elevator market size was valued at US$ 18.70 billion in 2022 and is expected to reach US$ 43.92 billion by 2030; it is anticipated to record a CAGR of 11.3% from 2022 to 2030.

Technological Advancements to Provide Opportunities for Smart Elevator Market During 2022–2030

Technology developments in smart elevator manufacturing are predicted to generate lucrative opportunities for players. For instance, in March 2023, Otis Elevator announced the launch of the new digitally connected elevator, Gen3TM, for the South Korean market. The novel offering includes Otis’s exclusive technology, “Otis ONE technology,” which allows 24/7 real-time equipment performance monitoring. In addition, it comprises an Otis review in-car infotainment display, which can connect to the 24/7 OTISLINE customer support center through video chat in emergency cases. Developments in spatial technologies, artificial intelligence (AI), sensors, the Internet of Things (IoT), and cameras to bring new smart elevator market trends during the forecast period.

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Features such as touch screen interface, voice commands, gesture control, and mobile app controllability enhance the comfort provided by smart elevators and make them more user-friendly. Smart elevators send operational data to the cloud in real-time, where certified employees can access it anytime and facilitate the timely resolution of any problem. Such advanced features of smart elevators are anticipated to boost the market growth during the forecast period. Furthermore, there is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. For instance, Skyscrapers such as Ciel Tower, City Tower 1, and Il Primo Tower 1 are under construction in the UAE. In addition, China, India, Vietnam, and Middle Eastern countries are also experiencing a substantial rise in building construction. Elevators are broadly used in high-rise buildings to offer residents easy and quick access to different floors. Thus, the market is expected to grow during the forecast period.

Smart Elevator Market Segmental Overview

The smart elevator market forecast involves the segmentation of the market based on setup, carriage, application, and region. By setup, the market is divided into modernization, new deployment, and maintenance. By carriage, the smart elevator market analysis has been done for passenger and freight. By application, the market is divided into residential, commercial, and industrial. Geographically, the smart elevator market is segmented into five major regions: North America, Asia Pacific (APAC), Europe, South America (SAM), and the Middle East & Africa (MEA).

In terms of carriage, the global smart elevator market analysis has been done for passenger and freight. The passenger segment accounted for a principal market share in 2022. On the other hand, the freight segment is predicted to register a substantial CAGR during the forecast period. Passenger elevators are one of the important building components for the movement of individuals in buildings. Elevators are used by children, older people, and other individuals with and without disabilities. The passenger segment's high market share is accredited to the rise in population, including the elderly population who require easy-to-operate, safe, and fault-free elevators. Like passenger elevators, smart freight elevators are generally equipped with IoT and AI technologies for predictive maintenance and real-time elevator monitoring. The surge in numerous industrial, institutional, and commercial constructions is predicted to drive the market for the freight segment.

Smart Elevator Market Competitive Landscape and Key Developments

The smart elevator market report emphasizes the key factors driving the market and prominent players' developments KONE Corporation; Fujitec Co., Ltd.; Halma PLC(Avire Trading Limited); Otis Worldwide Corporation; Robert Bosch GmbH; ThyssenKrupp AG (TK Elevator); Mitsubishi Electric Corporation; Hyundai Elevator Ltd; Hitachi Ltd.; and Schindler Group are among the prominent players profiled in the smart elevator market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. Various other smart elevator market players are introducing new product offerings to contribute to the smart elevator market size growth. Several other important smart elevator companies were also analyzed during this market research to better interpret the global market and its ecosystem. The leading smart elevator companies focus on feature upgrades, expansion and diversification, acquisition, and collaboration strategies, which allow them to grasp new business opportunities. The smart elevator market forecast can help stakeholders in this marketplace plan their growth strategies.

• In October 2021, KONE Elevator India announced the launch of the new digitally connected elevator, KONE DX Class. With the combination of technology, design, new materials, apps, and services, the new KONE DX elevators offer an improved user experience.

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