Product Code: ETC13366474 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Sumit Sagar | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Smart Elevators Market was valued at USD 20.3 Billion in 2024 and is expected to reach USD 32.1 Billion by 2031, growing at a compound annual growth rate of 7.10% during the forecast period (2025-2031).
The Global Smart Elevators Market is experiencing rapid growth due to increasing urbanization and the need for efficient vertical transportation systems in high-rise buildings. Smart elevators are equipped with advanced technologies such as destination dispatch systems, biometric access control, and energy-saving features. These elevators offer benefits such as reduced wait times, improved security, and energy efficiency, driving their adoption in commercial, residential, and industrial sectors worldwide. The market is witnessing significant investments in research and development to enhance elevator performance and connectivity, leading to a competitive landscape among key players like Otis Elevator Company, KONE Corporation, and Thyssenkrupp AG. The Asia-Pacific region is expected to dominate the market due to rapid urban development and infrastructure projects in countries like China and India.
The Global Smart Elevators Market is experiencing a significant growth trajectory driven by the increasing urbanization and demand for energy-efficient solutions. The integration of IoT technology and artificial intelligence in elevators allows for predictive maintenance, improved efficiency, and enhanced user experience. Furthermore, the emphasis on smart building infrastructure and sustainability initiatives is creating opportunities for smart elevator manufacturers to offer innovative solutions that meet the evolving needs of building owners and occupants. The market is also witnessing a growing demand for touchless and biometric access control systems in response to the ongoing COVID-19 pandemic, highlighting the importance of health and safety features in smart elevator solutions. Overall, the Global Smart Elevators Market presents promising opportunities for technological advancements and market expansion in the coming years.
The Global Smart Elevators Market faces challenges such as high initial installation costs, especially for retrofitting existing elevators with smart technologies. Additionally, there are concerns around data privacy and security as smart elevators collect and analyze passenger data. Integration with existing building management systems and ensuring compatibility with various elevator models from different manufacturers can also be challenging. Another obstacle is the need for skilled technicians to install and maintain smart elevator systems, which can lead to increased operational costs for building owners. Finally, resistance to change and lack of awareness about the benefits of smart elevator technologies among potential customers present hurdles in the widespread adoption of these innovative solutions in the market.
The Global Smart Elevators Market is primarily driven by the increasing demand for advanced elevator systems that offer improved energy efficiency, enhanced security features, and streamlined vertical transportation operations. The growing trend of urbanization and the construction of high-rise buildings in major cities are also key factors fueling the market growth. Smart elevators are equipped with technologies such as destination control systems, predictive maintenance, and cloud connectivity, which optimize elevator performance and enhance user experience. Additionally, the focus on sustainable building practices and the integration of Internet of Things (IoT) in building management systems are expected to further propel the adoption of smart elevator solutions across commercial, residential, and industrial sectors globally.
Government policies related to the Global Smart Elevators Market vary depending on the country or region. In general, governments are increasingly focusing on implementing regulations and standards that promote energy efficiency, safety, and sustainability in buildings, which includes the installation of smart elevator systems. Some countries offer incentives and subsidies for the adoption of smart technologies in buildings to reduce energy consumption and carbon emissions. Additionally, there are regulations related to building codes and safety standards that impact the design and installation of smart elevators. Overall, government policies are playing a significant role in driving the growth of the global smart elevators market by creating a supportive regulatory environment for the adoption of advanced elevator technologies.
The Global Smart Elevators Market is poised for significant growth in the coming years due to increasing urbanization, technological advancements, and the growing demand for energy-efficient solutions. Smart elevators offer benefits such as improved security, energy efficiency, and enhanced user experience, driving their adoption in commercial and residential buildings. The integration of IoT technology, artificial intelligence, and cloud computing is expected to further propel the market growth by enabling predictive maintenance, real-time monitoring, and personalized services. The expansion of smart cities and the increasing focus on sustainability are also contributing to the market`s positive outlook. Overall, the Global Smart Elevators Market is forecasted to experience robust growth in the near future as the need for efficient vertical transportation solutions continues to rise.
In the global smart elevators market, Asia is expected to witness significant growth due to rapid urbanization and infrastructure development in countries like China and India. North America is also a key region for smart elevator adoption, driven by the presence of advanced technology companies and a focus on sustainability. Europe is embracing smart elevator solutions to enhance building efficiency and meet stringent energy regulations. The Middle East and Africa region is experiencing growth in the smart elevators market with an increase in construction activities and smart city initiatives. Latin America is also showing potential for smart elevator adoption, especially in countries like Brazil and Mexico, where modernization projects are on the rise to improve urban mobility and building management.
Global Smart Elevators Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Smart Elevators Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Smart Elevators Market Revenues & Volume, 2021 & 2031F |
3.3 Global Smart Elevators Market - Industry Life Cycle |
3.4 Global Smart Elevators Market - Porter's Five Forces |
3.5 Global Smart Elevators Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Smart Elevators Market Revenues & Volume Share, By Elevator Type, 2021 & 2031F |
3.7 Global Smart Elevators Market Revenues & Volume Share, By Smart Features, 2021 & 2031F |
3.8 Global Smart Elevators Market Revenues & Volume Share, By Application, 2021 & 2031F |
3.9 Global Smart Elevators Market Revenues & Volume Share, By Connectivity, 2021 & 2031F |
3.10 Global Smart Elevators Market Revenues & Volume Share, By End User, 2021 & 2031F |
4 Global Smart Elevators Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Smart Elevators Market Trends |
6 Global Smart Elevators Market, 2021 - 2031 |
6.1 Global Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Smart Elevators Market, Revenues & Volume, By Passenger Smart Elevators, 2021 - 2031 |
6.1.3 Global Smart Elevators Market, Revenues & Volume, By Freight Smart Elevators, 2021 - 2031 |
6.1.4 Global Smart Elevators Market, Revenues & Volume, By Hospital Smart Elevators, 2021 - 2031 |
6.1.5 Global Smart Elevators Market, Revenues & Volume, By Capsule Smart Elevators, 2021 - 2031 |
6.1.6 Global Smart Elevators Market, Revenues & Volume, By Industrial Smart Elevators, 2021 - 2031 |
6.2 Global Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Smart Elevators Market, Revenues & Volume, By AI-Powered Traffic Control, 2021 - 2031 |
6.2.3 Global Smart Elevators Market, Revenues & Volume, By Predictive Maintenance, 2021 - 2031 |
6.2.4 Global Smart Elevators Market, Revenues & Volume, By Biometric Access Control, 2021 - 2031 |
6.2.5 Global Smart Elevators Market, Revenues & Volume, By Destination Dispatch, 2021 - 2031 |
6.2.6 Global Smart Elevators Market, Revenues & Volume, By Touchless Control, 2021 - 2031 |
6.3 Global Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Smart Elevators Market, Revenues & Volume, By Commercial Buildings, 2021 - 2031 |
6.3.3 Global Smart Elevators Market, Revenues & Volume, By Residential Towers, 2021 - 2031 |
6.3.4 Global Smart Elevators Market, Revenues & Volume, By Hospitals, 2021 - 2031 |
6.3.5 Global Smart Elevators Market, Revenues & Volume, By Airports, 2021 - 2031 |
6.3.6 Global Smart Elevators Market, Revenues & Volume, By Factories, 2021 - 2031 |
6.4 Global Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Smart Elevators Market, Revenues & Volume, By IoT-Enabled, 2021 - 2031 |
6.4.3 Global Smart Elevators Market, Revenues & Volume, By Cloud-Connected, 2021 - 2031 |
6.4.4 Global Smart Elevators Market, Revenues & Volume, By Remote Monitoring, 2021 - 2031 |
6.4.5 Global Smart Elevators Market, Revenues & Volume, By AI-Based Analytics, 2021 - 2031 |
6.4.6 Global Smart Elevators Market, Revenues & Volume, By Blockchain Security, 2021 - 2031 |
6.5 Global Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Smart Elevators Market, Revenues & Volume, By Offices, 2021 - 2031 |
6.5.3 Global Smart Elevators Market, Revenues & Volume, By Hotels, 2021 - 2031 |
6.5.4 Global Smart Elevators Market, Revenues & Volume, By Healthcare Facilities, 2021 - 2031 |
6.5.5 Global Smart Elevators Market, Revenues & Volume, By Transportation Hubs, 2021 - 2031 |
6.5.6 Global Smart Elevators Market, Revenues & Volume, By Manufacturing Plants, 2021 - 2031 |
7 North America Smart Elevators Market, Overview & Analysis |
7.1 North America Smart Elevators Market Revenues & Volume, 2021 - 2031 |
7.2 North America Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
7.4 North America Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
7.5 North America Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
7.6 North America Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
7.7 North America Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
8 Latin America (LATAM) Smart Elevators Market, Overview & Analysis |
8.1 Latin America (LATAM) Smart Elevators Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
8.4 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
8.5 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
8.6 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
8.7 Latin America (LATAM) Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
9 Asia Smart Elevators Market, Overview & Analysis |
9.1 Asia Smart Elevators Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
9.4 Asia Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
9.5 Asia Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
9.6 Asia Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
9.7 Asia Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
10 Africa Smart Elevators Market, Overview & Analysis |
10.1 Africa Smart Elevators Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
10.4 Africa Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
10.5 Africa Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
10.6 Africa Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
10.7 Africa Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
11 Europe Smart Elevators Market, Overview & Analysis |
11.1 Europe Smart Elevators Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
11.4 Europe Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
11.5 Europe Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
11.6 Europe Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
11.7 Europe Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
12 Middle East Smart Elevators Market, Overview & Analysis |
12.1 Middle East Smart Elevators Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Smart Elevators Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Smart Elevators Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Smart Elevators Market, Revenues & Volume, By Elevator Type, 2021 - 2031 |
12.4 Middle East Smart Elevators Market, Revenues & Volume, By Smart Features, 2021 - 2031 |
12.5 Middle East Smart Elevators Market, Revenues & Volume, By Application, 2021 - 2031 |
12.6 Middle East Smart Elevators Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
12.7 Middle East Smart Elevators Market, Revenues & Volume, By End User, 2021 - 2031 |
13 Global Smart Elevators Market Key Performance Indicators |
14 Global Smart Elevators Market - Export/Import By Countries Assessment |
15 Global Smart Elevators Market - Opportunity Assessment |
15.1 Global Smart Elevators Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Smart Elevators Market Opportunity Assessment, By Elevator Type, 2021 & 2031F |
15.3 Global Smart Elevators Market Opportunity Assessment, By Smart Features, 2021 & 2031F |
15.4 Global Smart Elevators Market Opportunity Assessment, By Application, 2021 & 2031F |
15.5 Global Smart Elevators Market Opportunity Assessment, By Connectivity, 2021 & 2031F |
15.6 Global Smart Elevators Market Opportunity Assessment, By End User, 2021 & 2031F |
16 Global Smart Elevators Market - Competitive Landscape |
16.1 Global Smart Elevators Market Revenue Share, By Companies, 2024 |
16.2 Global Smart Elevators Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |