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Impact of Increased Construction of High-Rise Buildings on Smart Elevators Market Growth: A Key Factor Shaping the Future of the Smart Elevators Market in 2025
Smart Elevators Market Size
The smart elevators market has experienced solid growth in recent years. It will rise from $26.82 billion in 2024 to $29.34 billion in 2025, at a CAGR of 9.4%. This growth is driven by urbanization, high-rise construction, energy efficiency concerns, safety and security requirements, IoT integration, and elevator traffic management needs.
The smart elevators market is projected to experience strong growth, reaching $42.85 billion by 2029 with a CAGR of 9.9%. The growth is attributed to smart building integrations, sustainable building practices, AI and machine learning applications, and smart city initiatives. Trends include remote monitoring and maintenance, biometric and touchless solutions, and enhanced user experiences.
What Are the Main Catalysts for Growth in the Smart Elevators Market?
The growing construction of high-rise buildings is expected to drive the smart elevator market. High-rise buildings, characterized by their reliance on vertical transportation systems, require advanced elevator technologies for efficient movement. Smart elevators enhance vertical transportation by incorporating automation, safety features, and improved user experience. For example, in 2021, the Council on Tall Buildings and Urban Habitat, a U.S.-based international body specializing in skyscrapers, reported that the total number of buildings exceeding 200 meters in height increased from 1,922 in 2021 to 2,000 in 2022. Therefore, the growing construction of high-rise buildings is propelling the smart elevator market.
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Which Businesses Are at the Forefront of Smart Elevators Market Development?
Major companies operating in the smart elevators market report are Hitachi Ltd., International Business Machines Corporation, Thyssenkrupp AG, Mitsubishi Electric, Honeywell International Inc., Johnson Controls Inc., KT Corporation, Otis Elevator Company, Schindler Group, Kone Corporation, Bosch Security and Safety Systems, SICK AG, Hyundai Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba Elevator and Building Systems Corporation, Nidec Elevator Group, Guangzhou Robustel Ltd., Brivo Inc., Kisi Inc., Openpath Security, Thames Valley Controls Ltd., Rimrock Corporation, Kintronic Laboratories Inc., Emerald Elevators
What Are the Latest Innovations in the Smart Elevators Market?
In the smart elevator market, companies are focusing on innovative technologies such as in-car multimedia displays to enhance passenger experiences. These displays provide real-time information and entertainment during elevator rides. For instance, in May 2023, TK Elevator, a Germany-based urban mobility solutions provider, launched EOX, a digitally enhanced and eco-efficient elevator platform designed for low- to mid-rise buildings in North America. EOX reduces energy consumption by up to 45% and minimizes embodied carbon by 50%, thanks to its regenerative drive that recycles energy and an eco-mode that adjusts speed based on traffic levels. The platform also integrates advanced digital features, including multimedia displays for passenger interaction, predictive maintenance via the MAX platform, and enhanced safety systems such as in-car sensors and two-way communication technology.
How Is the Smart Elevators Market Segmented?
The smart elevators market covered in this report is segmented -
1) By Setup: Modernization, Maintenance, New Deployments
2) By Carriage: Passenger, Freight
3) By Installation: Low And Mid Rise, High-Rise
4) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Modernization: Retrofit of Existing Elevators, Upgrading Control Systems
2) By Maintenance: Preventive Maintenance, Predictive Maintenance
3) By New Deployments: Residential Smart Elevators, Commercial Smart Elevators, Industrial Smart Elevators
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Where Is the Smart Elevators Market Growth Most Prominent?
North America was the largest region in the smart elevators market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elevators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Smart Elevators Global Market Report?
- Market Size Analysis: Analyze the Smart Elevators Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Elevators Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Elevators Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Elevators Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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