The global push towards smarter infrastructure and connected buildings is driving remarkable growth in the smart elevator industry. As urban populations rise and demand for efficient, safe, and energy-saving transportation solutions within buildings increases, smart elevators are emerging as a key component of next-generation construction. These advanced systems offer features such as destination control, biometric access, predictive maintenance, and real-time performance tracking, making them increasingly vital in residential, commercial, and industrial settings.
The Smart Elevator Market size was estimated at USD 14.75 billion in 2023 and is expected to reach USD 32.58 billion by 2032, growing at a CAGR of 9.21% during the forecast period of 2024–2032. The sharp rise in demand can be attributed to rapid urbanization, increased adoption of automation technologies, and growing investments in smart building projects across both developed and emerging economies. The need for enhanced user experience, improved security, and efficient energy use is further propelling the adoption of smart elevator systems worldwide.
Key Growth Drivers:
Rising Urbanization and Smart Building Initiatives
As cities grow vertically and high-rise buildings become more common, the demand for intelligent vertical transportation solutions is increasing. Smart elevators help reduce wait times, improve energy consumption, and optimize traffic flow, aligning with the global movement toward smart city development.Technological Advancements and Integration of IoT
The integration of IoT, AI, and cloud-based technologies in elevators is revolutionizing the way vertical mobility systems operate. Predictive maintenance, remote monitoring, and user-customized services are making elevators more efficient and cost-effective.Growing Emphasis on Safety and Accessibility
Smart elevators provide enhanced safety features such as emergency response systems, touchless control panels, and real-time surveillance. These improvements support both user comfort and regulatory compliance, especially in high-traffic buildings like hospitals, offices, and residential complexes.Sustainability and Energy Efficiency
With sustainability at the core of modern infrastructure design, smart elevators contribute by using regenerative drives, energy-efficient motors, and smart standby modes. These features significantly reduce a building’s carbon footprint.
Key Players
KONE Corporation
Otis Elevator Company
Schindler Group
Thyssenkrupp Elevator Technology
Hitachi Ltd.
Mitsubishi Electric Corporation
Bosch Security Systems
Fujitec Co. Ltd.
Toshiba Elevator and Building Systems Corporation
HYUNDAI ELEVATOR CO., LTD.
Johnson Controls
Sigma Elevator Company
Orona Group
Savaria Corporation
Express Lifts Ltd.
Kleemann Group
Motion Control Engineering
Shanghai Mechanical & Electrical Industry Co., Ltd.
Thames Valley Controls
ZIEHL-ABEGG
Conclusion:
As the global construction sector embraces digital transformation, the smart elevator market is poised for exponential growth. With advanced technologies, increased safety, and better user convenience, smart elevators are becoming an essential component of future-ready buildings. Companies that focus on innovation, sustainability, and user-centric solutions are expected to lead the way in this dynamic and rapidly expanding market.
Contact Us:
Jagney Dave - Vice President of Client Engagement
Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Related Reports
Write a comment ...