Contactless Elevator Market Assessment, By Type [Hydraulic Elevators, Traction Elevators, Machine-Room-Less Elevators], By Technology Type [Touchless Button, Voice Assistance, Mobile Control, Hybrid], By Application [Residential, Commercial, Industrial],

Contactless Elevator Market Assessment, By Type [Hydraulic Elevators, Traction Elevators, Machine-Room-Less Elevators], By Technology Type [Touchless Button, Voice Assistance, Mobile Control, Hybrid], By Application [Residential, Commercial, Industrial], By Region, Opportunities and Forecast, 2017-2031F

The global contactless elevator market is projected to witness a CAGR of 8.5% during the forecast period 2024-2031, growing from USD 2.12 billion in 2023 to USD 4.07 billion in 2031. The market is anticipated to hold a decent growth rate during the forecast period due to the higher economic growth of developing nations.

Higher economic growth has enabled cities to adopt the latest urban equipment for easy transport inside the complexes and residential buildings. The introduction of new commercial spaces, airports, and the renovation of railway stations have garnered market growth. Furthermore, contactless elevators provide a much safer and much cleaner method of going up and down by reducing the need to touch anything but the elevator button which has been seen as a possible mode of germ transmission. Because there's no need to touch anything other than the elevator button—which has been linked to the spread of germs while touchless elevators offer a safer and more hygienic way to go up and down.

Prominent producers of contactless elevators constantly concentrate on incorporating cutting-edge technologies like the Internet of Things into their goods. They are providing end customers with personalized contactless elevators. This will cause the contactless elevator business to grow even more in the upcoming years. The rising acceptance of smart buildings is another element driving up sales of contactless elevators. In the Middle East, there was a growing trend towards using smart contactless machinery and equipment due to COVID-19. This has led to a strong demand for contactless elevators in these areas.

For instance, in June 2020, elevators at Abu Dhabi airports were equipped with modern contactless technology to stop the coronavirus from spreading. To provide a contamination-free airport environment and prevent cross-infection from interacting with elevator buttons. Abu Dhabi International Airport (AUH) teamed with Meta Touch, a ground-breaking UAE business, to install revolutionary touchless technology throughout 53 elevators.

Rapid Urbanization and Industrial Automation to Fuel Market Expansion

The growing population and increasing middle class due to rapid urbanization are leading to more construction of high-rise buildings and commercial spaces that need useful vertical transportation solutions like elevators. In areas with dense populations, urbanization has created a greater demand for contactless elevators that reduce physical contact and improve hygiene. The necessity for innovative technologies such as contactless elevators is driven by major urbanization and sustainable efforts in the construction equipment industry.

The new localities, societies, and smart technologies are pushing spaces to adopt contactless elevators. The industrial spaces have automated tools along with conveyor belts and connected elevators that can be controlled through smartphone connectivity. The connectivity features include apps, higher accessibility, and location-based branding. Furthermore, constant urbanization has expanded the number of commercial spaces and is likely to fuel market growth. Companies also launch supporting equipment.

For instance, in April 2021, Jardine Schindler and the Hong Kong Productivity Council (HKPC) signed a license to launch the KNOw Touch – a contactless elevator control panel. According to the company, the KNOw Touch control panel can be installed in various elevators without requiring a new button system or extensive mechanical changes, thus allowing for rapid retrofitting.

Technological Advancements and Government Investments to Thrive Market Growth

Technological innovations like cloud computing, IoT, AI, and sophisticated hardware and software have revolutionized the elevator industry and led to the development of intelligent elevators. For instance, in March 2024, CHONGQING 99 NEW ENERGY CO.LTD. launched an AI voice-controlled elevator with full-touchless operation. Elevator’s intelligent elevator uses the most cutting-edge artificial intelligence technology, giving passengers a whole new way to travel. Building constructors and clients find them enticing due to their features such as proactive maintenance, instantaneous information sharing, enhanced safety measures, and power effectiveness. Intelligent elevators use sensors and monitoring techniques to identify anomalous activity, schedule preventive maintenance, and ensure smooth operation. Elevator systems are more trustworthy, have shorter stop times, and are generally more effective when they are monitored in real-time.

Investments made by governments into infrastructure projects contribute to an increase in the market for elevators thanks to smart city initiatives, causing the location of demand on commercial buildings, large-scale infrastructure projects, condos, office centers, private homes, etc. A consequence of these investments is increased construction activity that relies heavily on using these machines themselves or buildings that require them specifically because they improve human mobility both inward and outward.

Higher Energy Efficient Elevators to Fuel Traction Elevator Segmental Growth

Based on technology type, the traction elevator segment holds a decent market share. Traction elevators are more efficient in terms of energy than hydraulic elevators because their cabs are moved using a counterweight that minimizes the amount of work done by an electric motor. In comparison to hydraulic ones, traction elevators provide better ride quality which in turn enhances comfort for passengers. Traction elevators come with safety measures intended to avoid incidents such as falling abruptly to guarantee travelers' well-being. The end users, commercial and residential, adopt traction contactless elevators over other due to its adjustable speed and higher efficient than hydraulic elevators. The higher efficiency is an outcome of the utilization of counterweight technique along with the motor-driven pulley system. As traction elevators are majorly adopted by the mid to high-rise buildings, advantaging with quick mobilization.

European Region Leads in the Global Contactless Elevator Market

The major market trends involve higher adoption in European nations. The main reasons for their leadership position are; high adoption rates for state-of-the-art technologies within the region, as well as substantial government backing; also there are large investors in contactless lift companies here. Furthermore, the increased demand for contactless elevators in Europe is due to the already-existing advanced infrastructure and presence of major commercial hubs. Higher tourist footfall enabled the government to build hopping complexes, commercial spaces, and airports.

Hotel renovations, through higher investment and amalgamation of traditional and modern facilities, further facilitate market growth. For instance, in April 2023, Claridge's hotel recently upgraded its 18th-century elevator with Contactless Touch, giving guests the ultimate ultra-modern function while embracing a heritage that holds many stories of history.

Future Market Scenario (2024 – 2031F)

Smart buildings, commercial spaces, and other buildings like stations and airports are anticipated to fuel the global contactless elevator market.

Upcoming smartphone technology, higher connectivity, and touchless buttons are projected to expand the market size.

Emerging economies like India and China are building their airports, malls, and stations while renovating some of them, which is expected to fuel market growth.

Key Players Landscape and Outlook

The contactless elevator market comprises major electric appliance brands like Mitsubishi and Hitachi. Companies work on constant research and development for better delivery with wi-fi and Bluetooth connectivity. The companies work on building machine-room-less elevators that deliver bigger space and time-saving. Furthermore, the companies also collaborate, acquire, and partner to expand their supply chain, distribution channel, and overall market hold.

For instance, in February 2021, Hitachi Ltd. offered a touchless service to call an elevator via LINE

Using just a smartphone to get to your floor. Having a QR to scan on the lift, the solution helped end users from limiting the contamination.

In November 2021, Mitsubishi Electric Corporation announced the Diamond-Trac® 2, a new Diamond-Trac Series machine room-less elevator featuring a space-saving design, enhanced operational efficiency, and a touchless hall operating panel for residences, offices, and hotels in the United States market.