Smart Elevators Market Insights 2025-2034: Growth Forecast and Strategic Priorities

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Smart Elevators Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, there has been significant growth in the smart elevators market size. It is projected to increase from $26.82 billion in 2024 to $29.34 billion in 2025, showing a compound annual growth rate (CAGR) of 9.4%. This growth throughout the historic period can be associated with factors like urbanization and the construction of high-rise buildings, concerns about energy efficiency, the need for safety and security, the integration of IoT, and elevator traffic management.

Smart Elevators Market Size Forecast: What's the Projected Valuation by 2029?
The market size for smart elevators is predicted to experience a significant surge in the upcoming years, expanding to $42.85 billion in 2029 with a compound annual growth rate (CAGR) of 9.9%. Factors contributing to this growth during the forecast period include the integration of the smart building ecosystem, an increase in sustainable building practices, and the implementation of artificial intelligence and machine learning. Other contributing factors include touchless and biometric solutions, as well as smart city initiatives. Key trends to note during the forecast period are remote monitoring and maintenance, advancements in technology, technologies involving biometric and touchless features, the improvement of user experience and personalization, and the integration with smart building ecosystems.

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What Are the Drivers Transforming the Smart Elevators Market?
The smart elevator market is anticipated to grow due to the rising construction of high-rise buildings. High-rise buildings, defined as multistorey structures that necessitate mechanical vertical transportation systems such as elevators, benefit greatly from smart elevators. These intelligent systems, equipped with advanced technologies, increase efficiency, safety, and enhance user experience in these buildings. As per the 2021 data from the Council on Tall Buildings and Urban Habitat, a US-based international entity focusing on tall structures, there has been an increase in the total number of buildings with a height of 200 meters or more, rising from 1,922 in 2021 to 2,000 in 2022. As such, the surge in high-rise building construction propels the expansion of the smart elevator market. Smart Elevators Market Driver: Rising Infrastructure Investments Anticipated To Fuel Smart Elevators Market Growth

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What Long-Term Trends Will Define the Future of the Smart Elevators Market?
Leading businesses in the smart elevator industry are focusing on the creation of groundbreaking technologies like in-car multimedia displays to maintain a competitive edge. These multimedia displays provide real-time information and entertainment to elevator occupants during their journey. In an illustration from May 2023, TK Elevator, a German urban mobility solutions firm, rolled out EOX, an environmentally friendly, digitally superior elevator system designed specifically for low-rise and mid-rise buildings in North America. This platform, created to meet contemporary standards, beautifully marries sustainability with cutting-edge technology. It reduces energy consumption by as much as 45% and decreases embodied carbon by 50% by utilizing features such as an energy-recycling regenerative drive and an eco-mode that adjusts speed during periods of low traffic. Additionally, this platform includes state-of-the-art digital features, including in-car multimedia displays for passenger engagement, MAX platform predictive maintenance, and enhanced safety measures such as in-car sensors and two-way communication systems.

Which Segments in the Smart Elevators Market Offer the Most Profit Potential?
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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Which Firms Dominate the Smart Elevators Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in the Smart Elevators Market?
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.

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