Global Smart Elevators Market Worth $26.56 Billion by 2029, Growing at 10.2% CAGR

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Smart Elevators Market Outlook: What Size And CAGR Are Anticipated By 2025?
The intelligent elevator market has experienced substantial growth in the past years, expanding from $16.51 billion in 2024 to $18.02 billion in 2025, with a compound annual growth rate (CAGR) of 9.2%. This rapid increase during the historical period can be linked to several factors such as urbanization and construction of tall buildings, a focus on energy efficiency, need for safety and security, integration of the Internet of Things, and management of elevator traffic.

What Is the Expected CAGR for the Smart Elevators Market Growth Through 2029?
Expectations are high for the smart elevators market, with projected exponential growth in the coming years. It is anticipated that the market value will reach $26.56 billion by 2029, with a compound annual growth rate (CAGR) of 10.2%. Factors contributing to this anticipated growth during the forecast period include integration of the smart building ecosystem, increased use of sustainable building methods, the implementation of artificial intelligence and machine learning, touchless and biometric features, and smart city initiatives. Key trends predicted for the forecast period encompass remote monitoring and maintenance, advancements in technology, the use of biometric and touchless technologies, improved user experiences and personalization, and integration with the smart building ecosystem.

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What Are the Primary Drivers Behind Smart Elevators Market Growth?
The surge in high-rise building construction is anticipated to fuel the smart elevator market's expansion. High-rise buildings are tall structures with multiple floors that necessitate the use of mechanical vertical transport systems like elevators. These buildings greatly benefit from smart elevators, which offer vertical transportation and are equipped with advanced technology that improves efficiency, safety, and user experience. For example, the Council on Tall Buildings and Urban Habitat, a US-based international organization specializing in tall buildings, reported in 2021 that the total count of buildings with a height of 200 meters or more had risen from 1,922 in 2021 to 2,000 in 2022. Thus, the rise in high-rise building construction is promoting the expansion of the smart elevator market.

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What Are the Key Segments Driving Smart Elevators Market Growth?
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

What Are the Technological Trends Impacting the Smart Elevators Market?
Leading firms within the smart elevator market are pushing the boundaries of innovation by integrating technologies such as in-car multimedia displays, to secure a competitive edge. These in-car multimedia displays provide occupants with entertaining and informative content during their journeys. For instance, the urban mobility solutions company based in Germany, TK Elevator, introduced EOX in May 2023. This eco-efficient, digitally advanced elevator platform is specifically designed for low- to mid-rise buildings across North America. Complying with contemporary standards, it marries sustainability with advanced tech. EOX not only slashes energy consumption by 45% but also curtails embodied carbon by 50%, thanks to features like its energy-recycling regenerative drive and an eco-mode which adjusts speed during less busy periods. Besides, it comes packed with state-of-the-art digital services, such as passenger-engaging in-car multimedia displays, proactive maintenance through the MAX platform, and superior safety provisions like in-car sensors and two-way communications systems.

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Who Are the Major Competitors in the Global Smart Elevators Market?
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 Region Dominates the Smart Elevators Market Share in 2025?
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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