Impact of Increased Construction of High-Rise Buildings on Smart Elevators Market Growth: Key Factor Driving The Growth In The Smart Elevators Market

The Smart Elevators Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Smart Elevators Market Size During the Forecast Period?
The market for smart elevators has seen robust expansion in the past few years. Its size is projected to increase from $26.82 billion in 2024 to $29.34 billion in 2025, demonstrating a compound annual growth rate (CAGR) of about 9.4%. The historical growth of this market can be credited to factors such as urbanization, the increase in high-rise construction, concerns about energy efficiency, safety and security needs, the integration of the internet of things, and management of elevator traffic.

The market size for smart elevators is anticipated to witness robust expansion in the forthcoming years. Forecasted to achieve a value of $42.85 billion by 2029, it is expected to grow at a compound annual growth rate (CAGR) of 9.9%. This projected growth during the specified period can be accounted for by factors such as integration with the smart building ecosystem, adoption of sustainable building practices, application of artificial intelligence and machine learning, touchless and biometric solutions, and smart city initiatives. Some of the significant trends projected for this period encompass remote monitoring and maintenance, technology advancements, biometric and touchless technologies, improved user interaction and customization, and integration with smart building ecosystems.

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What Are the High-Growth Segments in the Smart Elevators Market?
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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What Key Drivers Are Expected to Influence Future Smart Elevators Market Growth?
The boom in the construction of high-rise buildings is projected to stimulate the expansion of the smart elevator market. High-rise structures are buildings of such height that necessitates the use of a mechanical vertical movement system like elevators. They significantly benefit from smart elevators as these devices offer vertical mobility, and the advanced technology in smart elevator systems supports the improvement of efficiency, safety, and the occupant's experience. For example, data from the US-based international body, the Council on Tall Buildings and Urban Habitat, indicated that in 2021, buildings measuring 200 meters or taller increased from 1,922 to 2,000 in 2022. The growth in the construction of tall structures, therefore, is fueling the surge in the smart elevator market. The market for smart elevators also stands to gain from the increased investments into infrastructure development. The term infrastructure development refers to the stages of planning, designing, financing, building, and maintaining vital physical and organizational facilities and structures necessary for societal or economic operation. Higher infrastructure investments, often connected with urbanization endeavors and the upgrade of existing facilities, underscore the crucial role smart elevators play in catering to the vertical transportation needs of modern urban locales and revamped buildings. According to the World Bank in April 2023, a US-based global financial institution, private sector exposures in infrastructure investments climbed to $91.7 billion spanning 263 projects, signaling a significant 23% rise relative to 2021. Therefore, the increasing contributions to infrastructure improvement activities will steer the advancement of the smart elevator market.

Which Companies Hold the Largest Share Across Different Smart Elevators Market Segments?
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 Developing Trends in the Smart Elevators Market?
Key players in the smart elevator industry are focusing on developing cutting-edge technologies like in-car multimedia displays to maintain a competitive edge. These displays provide passengers with real-time information and entertainment while on their elevator journeys. Take for example, TK Elevator, a German company known for its urban mobility solutions, unveiled a novel eco-efficient, digitally enhanced elevator platform called EOX in May 2023. This platform, designed with an eye on modern standards, is customized to suit low to mid-rise structures in North America. It marries sustainability with cutting edge technology by trimming energy use by as much as 45% and lowering embodied carbon by 50%. This is achieved by incorporating features such as an energy reclamation drive and an eco-mode to regulate velocity during less busy periods. The EOX platform also offers high tech digital capabilities, including passenger-interactive in-car multimedia displays, predictive maintenance via the MAX platform, and upgraded safety features like in-car sensors and bi-directional communication systems.

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What Are the Emerging Geographies for The Smart Elevators Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Elevators Market?
2. What is the CAGR expected in the Smart Elevators Market?
3. What Are the Key Innovations Transforming the Smart Elevators Industry?
4. Which Region Is Leading the Smart Elevators Market?

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