Smart Elevator Market Size, Share & Trends Analysis Report By Component (Control System, Maintenance System, Communication System), By Application (Residential, Commercial, Institutional, Industrial), By Region, And Segment Forecasts, 2024 - 2030

Smart Elevator Market Size, Share & Trends Analysis Report By Component (Control System, Maintenance System, Communication System), By Application (Residential, Commercial, Institutional, Industrial), By Region, And Segment Forecasts, 2024 - 2030

Smart Elevator Market Growth & Trends

The global smart elevator market size is expected to reach USD 17.34 billion by 2030 and is projected to grow at a CAGR of 7.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. It is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth.

Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 17.34 billion by 2030

Smart Elevator Market Report Highlights

• Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate.
• Maintenance systems are expected to register the fastest CAGR of 7.7% over the forecast period. However, it is anticipated to witness significant growth in coming years, particularly in North America and Europe owing to the existence of installed systems and high prevalence of MRO activities in the region. Stagnant economic growth of these regions is anticipated to fuel maintenance activities of smart elevators.
• Smart elevators industry for residential applications was valued at USD 573.70 million in 2023 and is estimated to increase in the near future on account of rising disposable income and increasing demand for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial applications is expected to propel growth in the near future at a CAGR of 9.1% over the forecast period. Rapid industrialization, particularly in Asia Pacific and Latin America, coupled with growing inclination of manufacturers towards automation is expected to result in high demand for the technology.
• In 2023, Asia Pacific smart elevator market dominated the global smart elevator market with a revenue share of 43.3% in 2023. Asia Pacific is expected to witness substantial growth at a CAGR of 8.1% over the projected period on account of rising urbanization, technological advancement, high purchasing power, and infrastructure development in the region. Supportive government initiatives to upgrade existing systems are anticipated to fuel the growth of the Europe industry in the near future.

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