Id: CBI_2805 | Pages: 312 | Format : PDF | Published : | Author : Consegic Business Intelligence | Category : IT And Telecommunications
Smart Elevator Market Size is estimated to reach over USD 36.81 Billion by 2032 from a value of USD 17.83 Billion in 2024 and is projected to grow by USD 19.21 Billion in 2025, growing at a CAGR of 10.5% from 2025 to 2032.
Smart elevators are advanced vertical transportation systems that utilize technology to optimize efficiency, safety, and user experience. They employ sensors, algorithms, and connectivity to analyze traffic patterns, predict passenger needs, and streamline elevator movement. This includes features like destination dispatch, predictive maintenance, enhanced security through access control, and energy-saving functionalities, all contributing to a more intelligent and responsive elevator service.
IoT connectivity enables real-time monitoring of elevator systems, which allows for predictive maintenance, minimizing downtime and reducing repair costs. Also, the data collected through IoT sensors provides valuable insights into elevator usage patterns, enabling optimization of traffic flow and energy consumption. Further, ML capabilities allow elevators to learn from usage patterns and adapt their performance accordingly. Additionally, AI algorithms analyze data to optimize elevator dispatch, reducing waiting times and improving passenger flow. AI also greatly enhances security through things like facial recognition, and other biometric security measures, hence boosting the smart elevator market trend.
Consequently, the aforementioned technological advancements are driving the smart elevator market expansion.
Smart elevators incorporate advanced technologies including IoT sensors, AI algorithms, and advanced control systems. These components increase the initial investment, and the integration of these technologies requires complex installation procedures, further hindering smart elevator market size. Additionally, implementing smart elevator systems necessitates upgrades to existing building infrastructure, including wiring, network connectivity, and communication systems. These infrastructure modifications contribute to the installation expenses, further restraining the global smart elevator market.
Therefore, as per the analysis, these combined factors are significantly hindering smart elevator market expansion.
The widespread aging of elevator systems demands urgent modernization to comply with contemporary safety and efficiency benchmarks. Additionally, the rapid evolution of IoT, AI, and other smart technologies provides opportunities to enhance the performance and functionality of existing elevators. Modernization allows for the integration of these technologies, improving energy efficiency, safety, and user experience. Moreover, stricter safety regulations and increasing awareness of safety concerns are driving the demand for elevator upgrades. Modernization enables building owners to ensure compliance with current safety standards, thus boosting the smart elevator market demand.
Hence, based on the analysis, modernization of existing elevators is expected to create smart elevator market opportunities.
Based on the component, the market is classified into control system, maintenance system, and communication system.
Trends in the Component:
Control System accounted for the largest revenue share of 50.73% in 2024.
Communication Systems is predicted to register the fastest CAGR during the forecast period.
Based on the application, the market is categorized into residential, commercial, institutional, and industrial.
Trends in Application:
Commercial accounted for the largest revenue share in 2024.
Industrial is predicted to register the fastest growth during the forecast period.
The global smart elevator market has been classified by region into North America, Europe, Asia-Pacific, MEA, and Latin America.
Asia Pacific region was valued at USD 6.87 Billion in 2024. Moreover, it is projected to grow by USD 7.42 Billion in 2025 and reach over USD 14.44 Billion by 2032. Out of these, China accounted for the largest revenue share of 32.55% in 2024. Governments across the region are investing heavily in infrastructure development, including the construction of modern transportation hubs, shopping malls, and office complexes. These projects require efficient and reliable vertical transportation solutions, creating a significant market for smart elevators. Additionally, the development of smart cities is also contributing notably in spurring the smart elevator market.
North America was valued at USD 4.53 Billion in 2024. Moreover, it is projected to grow by USD 4.88 Billion in 2025 and reach over USD 9.34 Billion by 2032. The integration of IoT, AI, and cloud-based technologies is transforming the elevator industry in North America. Smart elevators are increasingly equipped with features like predictive maintenance, destination dispatch systems, and touchless controls, enhancing efficiency and user experience. Additionally, the focus on digital connectivity and real-time monitoring is driving the adoption of advanced elevator systems. Furthermore, the presence of key players in the region undergoing mergers and acquisitions is also bolstering market.
As per the smart elevator market analysis, Europe's smart elevator market is driven by a strong focus on sustainability and advanced technology. Stringent regulations and renovation projects fuel the adoption of energy-efficient and IoT-integrated elevators, enhancing safety and building management. While adoption is slower in Latin America compared to other regions, there's a growing need for cost-effective modernization and safety improvements in existing elevator systems. Moreover, MEA region is experiencing rapid increase, particularly in the Gulf, due to large-scale construction and smart city initiatives. High-end, technologically advanced elevators are in demand, along with increasing adoption of IoT and AI, as well as a growing focus on energy efficiency across diverse regions.
The market is highly competitive with major players providing smart elevator to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the market. Key players in the smart elevator industry include-
Report Attributes | Report Details |
Study Timeline | 2019-2032 |
Market Size in 2032 | USD 36.81 Billion |
CAGR (2025-2032) | 10.5% |
By Component |
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By Application |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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The smart elevator market size is estimated to reach over USD 36.81 Billion by 2032 from a value of USD 17.83 Billion in 2024 and is projected to grow by USD 19.21 Billion in 2025, growing at a CAGR of 10.5% from 2025 to 2032.
The smart elevator report includes specific segmentation details for component, application, and regions.
In the smart elevator market, industrial is the fastest-growing segment during the forecast period.
The key participants in the Smart Elevator market are Apple (USA), Google (Fitbit) (USA), Samsung (South Korea), Xiaomi (China), Huawei (China), Garmin (USA), Imagine Marketing (boAt) (India), Whoop (USA), Oura (Finland), Amazfit (Zepp Health) (China), Polar (Finland), Fossil (USA), Withings (France), Dexcom (USA), COROS (USA), and Others.