Smart Elevator Market to Exhibit a Remarkable CAGR of 13.8% by 2032 Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

The global smart elevator market size was valued at USD 12.29 billion in 2024 and is projected to reach USD 34.57 billion by 2032, with a CAGR of 13.8% during the forecast period of 2025 to 2032.

A smart elevator is an advanced, technology-driven elevator system designed to improve efficiency, user experience, and energy consumption. These elevators are equipped with sensors, touchless interfaces, and artificial intelligence to adapt to passenger needs in real-time. They can optimize travel routes, detect maintenance issues, and enhance security by offering features such as facial recognition or mobile app control. Smart elevators also integrate with building management systems for better monitoring and energy efficiency, reducing wait times and improving building accessibility. This innovation is particularly beneficial in high-rise buildings, offering a smoother and more personalized transportation experience.

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Some of the major players operating in the Smart Elevator market are Thyssenkrupp AG (Germany), Otis (U.S.), KONE Elevator India Private Limited (India), Schindler (Switzerland), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba India Pvt. Ltd. (India), Mitsubishi Electric Corporation (Japan), Fujitec Co., Ltd. (Japan), Motion Control Engineering Inc. (U.S.), Thames Valley Controls (U.K.), EITO & GLOBAL INC. (Japan), EITA Elevator (M) Sdn. Bhd. (Malaysia), Express Lifts Ltd. (U.K.), and Electra Elevators (Israel)

Smart Elevator Market Regional Analysis

The market is analyzed and market size insights and trends are provided by component, installation, application, carrier and service as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

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