Smart Elevators Market
The market for Smart Elevators was estimated at $19.4 billion in 2024; it is anticipated to increase to $40.6 billion by 2030, with projections indicating growth to around $75.1 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Smart Elevators Market Outlook
Revenue, 2024
$19.4B
Forecast, 2034
$66.4B
CAGR, 2025 - 2034
13.1%
The Smart Elevators industry revenue is expected to be around $21.9 billion in 2025 and expected to showcase growth with 13.1% CAGR between 2025 and 2034. In a time characterized by advancements and the emphasis placed convenience and effectiveness these cutting edge machines have quickly become essential elements, in todays city structures impacting everything from housing projects to business locations.
Emerging as an advancement in the evolution of modern buildings are Smart Elevators that stand out for their improved effectiveness in operation and energy saving capabilities as well as customized user interactions facilitated by advanced technologies such, as Internet of Things (IoT) Artificial Intelligence (AI) and sensor driven systems.
Market Key Insights
- The Smart Elevators market is projected to grow from $19.4 billion in 2024 to $66.4 billion in 2034. This represents a CAGR of 13.1%, reflecting rising demand across Energy Efficiency, Security Enhancement and Traffic Management.
- Otis Elevator Company, Schindler Group, Hitachi Ltd are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Smart Elevators market and are expected to observe the growth CAGR of 11.8% to 15.7% between 2024 and 2030.
- Emerging markets including Brazil, India and South Africa are expected to observe highest growth with CAGR ranging between 9.2% to 13.8%.
- Transition like Transition towards IoT-driven Infrastructure is expected to add $2 billion to the Smart Elevators market growth by 2030.
- The Smart Elevators market is set to add $47.0 billion between 2024 and 2034, with manufacturer targeting Freight & undefined Product Type projected to gain a larger market share.
- With Rise of smart cities, and Advancements in iot and ai, Smart Elevators market to expand 242% between 2024 and 2034.
Opportunities in the Smart Elevators
The growing emphasis on predictive maintenance of building infrastructure is also creating exciting possibilities for smart elevators, which are equipped with IoT technology to continuously monitor performance and anticipate potential issues leading to significant advancements, in the industry.
Growth Opportunities in North America and Europe
The Smart Elevator market in North America has experienced expansion with a focus on the United States and Canada in particular The growth in the region is mainly fueled by the widespread embrace of smart technologies improved infrastructure and the strong existence of key industry players Nevertheless there is competition, in this market requiring providers to innovate continuously to maintain a competitive edge Opportunities abound in developing elevator systems that are both energy efficient and technologically advanced
In Europe's Smart Elevator market the driving forces include energy consumption regulations and a significant emphasis placed upon upgrading buildings, for increased energy efficiency levels. The competitive scenario is fierce owing to the multinational companies operating within this sector. There are opportunities present as regulations actively promote the implementation of smart and energy efficient solutions.
Market Dynamics and Supply Chain
01
Driver: Rise of Smart Cities, and Increasing Safety Concerns
The focus on creating cities worldwide is also at an all time high currently. These urban areas rely heavily on cutting edge technology and innovative infrastructure like energy secure smart elevators to enhance convenience for residents. The push towards cities plays a significant role, in propelling the growth of the smart elevator industry. The increasing focus placed upon safety in buildings is also impacting the smart elevator market industry as smart elevators are also equipped with various safety features such, as biometrics and facial recognition to prevent unauthorized access driving the growth of this industry upward significantly.
The smart elevators market is also booming thanks to the progress in Internet of Things (IoTs) and Artificial Intelligence (AI). These innovations enable tracking in real time and predictive maintenance for elevators while enhancing traffic management efficiency as well as service response times, for improved overall effectiveness.
02
Restraint: High Installation and Maintenance Costs
One major challenge hindering the expansion of the elevator industry is the steep expenses linked to their setup and upkeep. Smart elevators come with an initial price tag compared to conventional elevators because of the advanced technology they incorporate. Moreover smart elevators entail maintenance costs since they need specialized technical expertise, frequent software upgrades and regular inspections to guarantee smooth operations. Having funds to install and upkeep smart elevators could pose a difficulty, for smaller buildings and businesses which might limit the overall market expansion.
03
Opportunity: Green Building Revolution and Aging Population & Senior Living
The trend towards eco friendly construction is gaining momentum rapidly and offers a significant opportunity for innovative elevator solutions to thrive in the market niche that remains unexplored till now. These buildings demand elevators thatre energy efficient and the introduction of smart elevators equipped with advanced technologies such, as regenerative drive technology perfectly meets this requirement. Smart elevators are capable of harnessing the energy produced during their descent and converting it into electricity for various purposes. A feature that contributes to lowering the overall energy usage in buildings.
Given the growing number of people worldwide theres a push to develop buildings that cater to their needs. Smart elevators with voice recognition and touchless controls, alongside user interfaces can benefit senior care facilities and homes by improving their mobility options.
Supply Chain Landscape
1
Raw Material Procurement
ArcelorMittalPOSCO Steel
2
Component Manufacturing
Hitachi Ltd.Toshiba Corporation
3
Assembly & Integration
Otis Elevator CompanySchindler Group
4
Installation & Maintenance
Kone CorporationThyssenkrupp AG
1
Raw Material Procurement
ArcelorMittalPOSCO Steel
2
Component Manufacturing
Hitachi Ltd.Toshiba Corporation
3
Assembly & Integration
Otis Elevator CompanySchindler Group
4
Installation & Maintenance
Kone CorporationThyssenkrupp AG
Use Cases of Smart Elevators in Energy Efficiency & Security Enhancement
Energy Efficiency : Smart elevators play a role in cutting down energy usage by effectively overseeing elevator activities adjusting power usage according to factors like lift weight and travel distance for optimum efficiency and sustainability benefits leading to cost savings as well as environmental friendliness being standout features of these solutions in the market, with Otis Elevator Company and Schindler Group standing out as industry leaders known for their eco conscious smart elevator technologies.
Security Enhancement : Intelligent elevators enhance building security by implementing access restrictions that prevent entry to certain floors. They employ tools like keycard scanners and biometric identification to ensure this safety measure positioning them as choices for locations requiring high levels of security. Leading the charge in advancements in this field are companies such, as KONE and Thyssenkrupp Elevator.
Traffic Management : Smart elevators are designed to improve the flow of people in buildings by using advanced algorithms to guide elevators to where they are most needed efficiently and effectively This leads to increased efficiency shorter wait times and a smoother ride Their ability to adapt and learn from building traffic patterns allows them to continually enhance their performance over time These capabilities provide significant benefits by enhancing user satisfaction and optimizing building operations Mitsubishi Electric and Hitachi are prominent companies known for their outstanding contributions, in this area
Recent Developments
In times smart elevators have seen significant progress mostly because of advancements in artificial intelligence and the Internet of Things (Io) technology has been viewed as a game changer for the market for intelligent elevators due to the shift, towards digital and user friendly technology.
December 2024 : Kone Corporation unveiled the innovative 24 hour Assistance Service powered by Artificial Intelligence designed to detect maintenance requirements and improve user satisfaction.
October 2024 : The Schindler Group partnered with Google Cloud to implement driven predictive maintenance solutions that improved efficiency and saved on costs.
July 2024 : Otis Worldwide Corporation introduced Otis ONE a platform that provides instant data and predictive analytics to customize services.
Impact of Industry Transitions on the Smart Elevators Market
As a core segment of the Buildings & Real Estate Construction industry,
the Smart Elevators market develops in line with broader industry shifts.
Over recent years, transitions such as Transition towards IoT-driven Infrastructure and Upgrading to Touchless Technology have redefined priorities
across the Buildings & Real Estate Construction sector,
influencing how the Smart Elevators market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Transition towards IoT-driven Infrastructure
The smart elevator industry is clearly moving towards incorporating Internet of Things (IoT) capabilities to improve real time monitoring and predictive maintenance while also focusing on energy efficiency to enhance user experience and minimize downtime. Generation smart elevators prioritize not just transportation efficiency but also emphasize predictive maintenance, to prolong lifespan and lower operational expenses.
02
Upgrading to Touchless Technology
Due to the pandemic outbreak raising health and safety worries has caused a notable change in the smart elevator industry towards touchless technology adoption such, as gesture control, voice commands or mobile operated functions to reduce physical contact while ensuring ease of use and providing a safer user experience.