In 2023, the market size of smart elevators was estimated to be USD 16,453.7 million. In the forecast period (2024-2032), the Smart Elevator industry is expected to experience a compound annual growth rate (CAGR) of 12.87%, increasing from USD 18,535.1 Million in 2024 to USD 48,839.9 Million. The rapid acceleration of urbanization has a substantial impact on the progress of various innovative initiatives, such as smart urban communities, in several emerging economies. The Residential Elevator Market has experienced an increase in interest because of the increased number of individuals residing in various urban areas, which has incited project workers and manufacturers to construct taller structures in metropolitan regions.
The populated cities are characterized by the presence of extremely lofty buildings that are typically employed for both residential and commercial purposes, as indicated by the Smart Elevator Market report. Consequently, the commoners are subjected to significant inconvenience because of the lengthy wait times in the elevators associated with these tall structures. Additionally, these antiquated elevators necessitate elevated operational expenses. Consequently, the Residential Elevator Market is experiencing a significant increase in demand due to the growing need for energy-efficient solutions.
Market Segmentation
The Smart Elevator System Market can be segmented by component, speed, application, end-user, and region, as per the Smart Elevator Market Expert.
The Smart Elevator System market is divided into the following component categories: Control system, Elevator, Security, Access, Sensors, Maintenance, and Communication system.
The Smart Elevator Industry is divided into four speed categories: Fast-speed, Super-speed, Low-speed, and High-speed.
The application category of the Smart Elevator Industry is divided into the following categories: Commercial, Infrastructure, Industrial, Residential, Institutional, and Others.
The end-user category of the Smart Elevator Industry is divided into the following categories: Government agencies, Organizations associated with smart elevators, regulating authorities, Private construction, Software vendors, Forums associated with smart elevators, Research firms, Smart Elevator Service Providers, Associations associated with smart elevators, Policymakers, Alliances associated with the smart elevators, Building owners, The modernization of infrastructure by various governmental bodies, and Elevator associations.
Regional Analysis
The Global Smart Elevator Market is divided into four primary regions: Asia Pacific, North America, Europe, and the Rest of the World, as per the Smart Elevator Market Analysis. Europe and North America are anticipated to experience consistent development in the Global Smart Elevator Market, as indicated by the Smart Elevator Market Analysis.
Additionally, the Asia Pacific region is anticipated to experience the fastest growth in the Smart Elevator Market during the forecast period, as per the Smart Elevator Market Analysis. This is because a variety of emerging nations, such as Vietnam, Bangladesh, and Indonesia, are consistently enhancing their living standards, which would result in an increase in the demand for construction and urbanization of buildings that incorporate these intelligent technologies.
Additionally, the Asia Pacific region is anticipated to experience the fastest growth in the Smart Elevator Market during the forecast period, as per the Smart Elevator Market Analysis. This is since a variety of emerging nations, such as Vietnam, Bangladesh, and Indonesia, are consistently enhancing their living standards, which would result in an increase in the demand for construction and urbanization of buildings that incorporate these intelligent technologies.
Primary Players
ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan), and Hyundai Elevator Co. Ltd (Iran) comprise the list of the key major companies in the smart elevator market.
- 1 Executive Summary
- 2 Market Introduction
- 2.1 Definition
- 2.2 Scope Of The Study
- 2.3 Research Objective
- 2.4 Market Structure
- 3 Research Methodology
- 3.1 Overview
- 3.2 Data Flow
- 3.2.1 Data Mining Process
- 3.3 Purchased Database:
- 3.4 Secondary Sources:
- 3.4.1 Secondary Research Data Flow:
- 3.5 Primary Research:
- 3.5.1 Primary Research Data Flow:
- 3.5.2 Primary Research: Number Of Interviews Conducted
- 3.5.3 Primary Research: Regional Coverage
- 3.6 Approaches For Market Size Estimation:
- 3.6.1 Consumption & Net Trade Approach
- 3.6.2 Revenue Analysis Approach
- 3.7 Data Forecasting
- 3.7.1 Data Forecasting Technique
- 3.8 Data Modeling
- 3.8.1 Microeconomic Factor Analysis:
- 3.8.2 Data Modeling:
- 3.9 Teams And Analyst Contribution
- 4 Market Dynamics
- 4.1 Introduction
- 4.2 Drivers
- 4.2.1 Growing Demand For Energy-efficient And Sustainable Solutions Triggers The Market
- 4.2.2 Increasing Urbanization And Smart Cities Promoting Smart Elevator Adoption 38
- 4.2.3 Impact Of Aging Population And Growing Accessibility Demands
- 4.3 Restraints
- 4.3.1 High Cost Of Smart Elevators Limits Adoption
- 4.3.2 Fluctuations In Raw Material Costs
- 4.4 Opportunity
- 4.4.1 Integration With Smart Building Systems Creates Opportunity
- 4.4.2 Demand For Energy-efficient And Sustainable Solutions Shows Promising Future
- 4.5 Impact Of Covid-19 Analysis
- 4.5.1 Impact On Elevator Industry
- 4.5.1.1 Global Economic Uncertainty
- 4.5.1.2 Potential Long-term Impact On Elevator Companies
- 4.5.1.3 Risk For Debt Sustainability In Developing Countries
- 4.5.2 Impact On Smart Elevator Industry
- 4.5.2.1 Delays In Raw Material Supplies
- 4.5.2.2 Contractor And Labor Impacts
- 4.5.2.3 Production Shutdown
- 4.5.2.4 Cash Flow Constraints
- 4.5.2.5 Impact On World Trade
- 4.5.3 Impact On Market Demand Of Smart Elevator Industry
- 4.5.3.1 Impact Due To Restriction/Lockdown
- 4.5.3.2 Impact On New Residential And Commercial Projects
- 4.5.4 Post Covid-19 Smart Elevator Market
- 4.5.4.1 Funding Schemes For Small Businesses
- 4.5.4.2 Cash Flow Forecasting
- 4.6 Impact Analysis Of Covid-19
- 4.6.1 Impact 0n Construction And Infrastructure Industry
- 4.6.1.1 Economic Impact
- 4.6.2 Impact On Supply Chain Of Smart Elevator
- 4.6.3 Impact On Market Demand Of Smart Elevator
- 4.6.3.1 Impact Due To Restrictions/Lockdown
- 4.6.3.2 Consumer Sentiments
- 4.6.4 Impact On Pricing Of Smart Elevator
- 5 Market Factor Analysis
- 5.1 Value Chain Analysis
- 5.1.1 Raw Materials
- 5.1.2 Manufacturing / Production/ Processing
- 5.1.3 Packing
- 5.1.4 Distribution
- 5.1.5 End-user
- 5.2 Supply Chain Analysis
- 5.2.1 Participants (At Different Nodes)
- 5.2.1.1 Raw Material Suppliers
- 5.2.1.2 Manufacturers
- 5.2.1.3 Distribution Channel
- 5.2.1.4 End-user
- 5.2.2 Integration Levels
- 5.2.3 Key Issues Addressed (Key Success Factors).. 51
- 5.3 Porter’s Five Forces Model
- 5.3.1 Bargaining Power Of Suppliers
- 5.3.2 Bargaining Power Of Buyers
- 5.3.3 Threat Of New Entrants
- 5.3.4 Threat Of Substitutes
- 5.3.5 Intensity Of Rivalry
- 5.4 Regulatory Framework, By Region
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia-pacific
- 5.4.4 Rest Of The World
- 5.5 Technology Landscape
- 5.6 Production Cost Analysis
- 5.6.1 Cost Component Breakdow
- 5.6.1.1 Raw Materials And Electronics
- 5.6.1.2 Manufacturing And Assembly
- 5.6.1.3 Research & Development
- 5.6.1.4 Compliance And Quality Assurance
- 5.6.2 Cost Drivers
- 5.6.2.1 Supply Chain Dynamics
- 5.6.2.2 Technological Integration
- 5.6.2.3 Regulatory Compliance
- 6 Global Smart Elevator Market, By Component
- 6.1 Introduction
- 6.2 Control Systems
- 6.2.1 Elevator Control Systems
- 6.2.2 Security Control Systems
- 6.2.2.1 Surveillance Camera
- 6.2.2.2 Intruder Camera System
- 6.2.2.3 Fire Alarm System
- 6.2.2.4 Visitor Management System
- 6.2.3 Access Control Systems
- 6.2.3.1 Biometrics Access Control Systems
- 6.2.3.2 Card-based Access Control Systems
- 6.2.3.3 Touch-screen & Keypad Based Access Control Systems
- 6.2.4 Sensors
- 6.3 Maintenance Systems
- 6.4 Communication Systems
- 7 Global Smart Elevator Market, By Service
- 7.1 Introduction
- 7.2 New Installation
- 7.3 Maintenance
- 7.4 Renovation
- 8 Global Smart Elevator Market, By Application
- 8.1 Introduction
- 8.2 Residential
- 8.3 Commercial
- 8.4 Industrial
- 9 Global Smart Elevator Market, By Region
- 9.1 Overview
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 France
- 9.3.3 Uk
- 9.3.4 Italy
- 9.3.5 Rest Of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 Japan
- 9.4.3 India
- 9.4.4 Rest Of Asia Pacific
- 9.5 South America .. 113
- 9.5.1 Brazil
- 9.5.2 Argentina
- 9.5.3 Rest Of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 Uae
- 9.6.3 South Africa
- 9.6.4 Rest Of Middle East & Africa
- 10 Competitive Landscape
- 10.1 Introduction
- 10.2 Competition Dashboard
- 10.3 Company Market Share Analysis, 2023
- 10.4 Competitive Benchmarking
- 10.5 Leading Players In Terms Of The Number Of Developments In The Smart Elevators Market
- 10.6 Key Developments & Growth Strategies
- 10.6.1 Expansion
- 10.6.2 New Product Launch
- 10.6.3 Acquisition
- 10.6.4 Collaboration
- 10.6.5 Service Deployment
- 11 Competitive Landscape
- 11.1 Fujitec Co. Ltd.
- 11.1.1 Company Overview
- 11.1.2 Financial Overview Fujitec Co. Ltd.: Financial Overview Snapshot.
- 11.1.3 Products Offered
- 11.1.4 Key Developments
- 11.1.5 Swot Analysis
- 11.1.6 Key Strategy
- 11.2 Toshiba Corporation
- 11.2.1 Company Overview
- 11.2.2 Financial Overview Toshiba Corporation: Financial Overview Snapshot.
- 11.2.3 Products Offered
- 11.2.4 Key Developments
- 11.2.5 Swot Analysis
- 11.2.6 Key Strategy
- 11.3 Honeywell
- 11.3.1 Company Overview
- 11.3.2 Financial Overview Honeywell: Financial Overview Snapshot.
- 11.3.3 Products Offered
- 11.3.4 Key Developments
- 11.3.5 Swot Analysis
- 11.3.6 Key Strategy
- 11.4 Mitsubishi Electric Corporation
- 11.4.1 Company Overview
- 11.4.2 Financial Overview Mitsubishi Electric Corporation: Financial Overview Snapshot.
- 11.4.3 Products Offered
- 11.4.4 Key Developments
- 11.4.5 Swot Analysis
- 11.4.6 Key Strategy
- 11.5 Hyundai Elevators
- 11.5.1 Company Overview
- 11.5.2 Products Offered
- 11.5.3 Swot Analysis
- 11.5.4 Key Strategy
- 11.6 Hitachi Ltd.
- 11.6.1 Company Overview
- 11.6.2 Financial Overview Hitachi Ltd.: Financial Overview Snapshot.
- 11.6.3 Products Offered
- 11.6.4 Key Developments
- 11.6.5 Swot Analysis
- 11.6.6 Key Strategy
- 11.7 Schneider Group
- 11.7.1 Company Overview
- 11.7.2 Financial Overview Schneider Group: Financial Overview Snapshot.
- 11.7.3 Products Offered
- 11.7.4 Swot Analysis
- 11.7.5 Key Strategy
- 11.8 Otis Worldwide 165
- 11.8.1 Company Overview
- 11.8.2 Financial Overviewabb: Financial Overview Snapshot.
- 11.8.3 Products Offered
- 11.8.4 Key Developments
- 11.8.5 Swot Analysis
- 11.8.6 Key Strategy
- 11.9 Kone Corporation
- 11.9.1 Company Overview
- 11.9.2 Financial Overview Kone Corporation: Financial Overview Snapshot.
- 11.9.3 Products Offered
- 11.9.4 Key Developments
- 11.9.5 Swot Analysis
- 11.9.6 Key Strategy
- 11.10 Robert Bosch Gmbh
- 11.10.1 Company Overview
- 11.10.2 Financial Overview Robert Bosch Gmbh: Financial Overview Snapshot. 173
- 11.10.3 Products Offered
- 11.10.4 Swot Analysis
- 11.10.5 Key Strategy
- 11.11 Data Citations
- List Of Tables
- Table 1 Qfd Modeling For Market Share Assessment
- Table 2 Global Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 3 Global Smart Elevator Market, By Service, 2018-2032 (Usd Million)
- Table 4 Global Smart Elevator Market, By Application, 2018-2032 (Usd Million)
- Table 5 North America Smart Elevator Market, By Country, 2018-2032 (Usd Million)
- Table 6 North America Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 7 North America Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 8 North America Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 9 U.S. Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 10 U.S. Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 11 U.S. Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 12 Canada Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 13 Canada Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 14 Canada Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 15 Mexico Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 16 Mexico Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 17 Mexico Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 18 Europe Smart Elevator Market, By Country, 2018-2032 (Usd Million)
- Table 19 Europe Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 20 Europe Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 21 Europe Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 22 Germany Smart Elevator Market, By Component, 2018-2032 (Usd Million)
- Table 23 Germany Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million)
- Table 24 Germany Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million)
- Table 25 France Smart Elevator Market, By Component, 2018-2032 (Usd Million) 94
- Table 26 France Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million) 94
- Table 27 France Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million) 95
- Table 28 Uk Smart Elevator Market, By Component, 2018-2032 (Usd Million) 96
- Table 29 Uk Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million) 96
- Table 30 Uk Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million) 97
- Table 31 Italy Smart Elevator Market, By Component, 2018-2032 (Usd Million) 98
- Table 32 Italy Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million) 98
- Table 33 Italy Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million) 99
- Table 34 Rest Of Europe Smart Elevator Market, By Component, 2018-2032 (Usd Million) 100
- Table 35 Rest Of Europe Industrial Air Filtration Market, By Service, 2018-2032 (Usd Million) 100
- Table 36 Rest Of Europe Industrial Air Filtration Market, By Application, 2018-2032 (Usd Million) 101
- Table 37 Asia Pacific Smart Elevator Market, By Country, 2018-2032 (Usd Million) 103
- Table 38 Asia Pacific Smart Elevator Market, By Component, 2018-2032 (Usd Million) 103
- Table 39 Asia Pacific Smart Elevator Market, By Service, 2018-2032 (Usd Million) 104
- Table 40 Asia Pacific Smart Elevator Market, By Application, 2018-2032 (Usd Million) 104
- Table 41 China Smart Elevator Market, By Component, 2018-2032 (Usd Million) 105
- Table 42 China Smart Elevator Market, By Service, 2018-2032 (Usd Million) 105
- Table 43 China Smart Elevator Market, By Application, 2018-2032 (Usd Million) 106
- Table 44 Japan Smart Elevator Market, By Component, 2018-2032 (Usd Million) 107
- Table 45 Japan Smart Elevator Market, By Service, 2018-2032 (Usd Million) 107
- Table 46 Japan Smart Elevator Market, By Application, 2018-2032 (Usd Million) 108
- Table 47 India Smart Elevator Market, By Component, 2018-2032 (Usd Million) 109
- Table 48 India Smart Elevator Market, By Service, 2018-2032 (Usd Million) 109
- Table 49 India Smart Elevator Market, By Application, 2018-2032 (Usd Million) 110
- Table 50 Rest Of Asia Pacific Smart Elevator Market, By Component, 2018-2032 (Usd Million) 111
- Table 51 Rest Of Asia Pacific Smart Elevator Market, By Service, 2018-2032 (Usd Million)
- Table 52 Rest Of Asia Pacific Smart Elevator Market, By Application, 2018-2032 (Usd Million) 112
- Table 53 South America Smart Elevator Market, By Country, 2018-2032 (Usd Million) 113
- Table 54 South America Smart Elevator Market, By Component, 2018-2032 (Usd Million) 114
- Table 55 South America Smart Elevator Market, By Service, 2018-2032 (Usd Million) 114
- Table 56 South America Smart Elevator Market, By Application, 2018-2032 (Usd Million) 115
- Table 57 Brazil Smart Elevator Market, By Component, 2018-2032 (Usd Million) 116
- Table 58 Brazil Smart Elevator Market, By Service, 2018-2032 (Usd Million) 116
- Table 59 Brazil Smart Elevator Market, By Application, 2018-2032 (Usd Million) 117
- Table 60 Argentina Smart Elevator Market, By Component, 2018-2032 (Usd Million) 118
- Table 61 Argentina Smart Elevator Market, By Service, 2018-2032 (Usd Million) 118
- Table 62 Argentina Smart Elevator Market, By Application, 2018-2032 (Usd Million) 119
- Table 63 Rest Of South America Smart Elevator Market, By Component, 2018-2032 (Usd Million) 120
- Table 64 Rest Of South America Smart Elevator Market, By Service, 2018-2032 (Usd Million) 120
- Table 65 Rest Of South America Smart Elevator Market, By Application, 2018-2032 (Usd Million) 121
- Table 66 Middle East & Africa Smart Elevator Market, By Country, 2018-2032 (Usd Million) 122
- Table 67 Middle East & Africa Smart Elevator Market, By Component, 2018-2032 (Usd Million) 123
- Table 68 Middle East & Africa Smart Elevator Market, By Service, 2018-2032 (Usd Million) 123
- Table 69 Middle East & Africa Smart Elevator Market, By Application, 2018-2032 (Usd Million)
- Table 70 Saudi Arabia Smart Elevator Market, By Component, 2018-2032 (Usd Million) 125
- Table 71 Saudi Arabia Smart Elevator Market, By Service, 2018-2032 (Usd Million) 125
- Table 72 Saudi Arabia Smart Elevator Market, By Application, 2018-2032 (Usd Million) 126
- Table 73 Uae Smart Elevator Market, By Component, 2018-2032 (Usd Million) 127
- Table 74 Uae Smart Elevator Market, By Service, 2018-2032 (Usd Million) 127
- Table 75 Uae Smart Elevator Market, By Application, 2018-2032 (Usd Million) 128
- Table 76 South Africa Smart Elevator Market, By Component, 2018-2032 (Usd Million) 129
- Table 77 South Africa Smart Elevator Market, By Service, 2018-2032 (Usd Million) 129
- Table 78 South Africa Smart Elevator Market, By Application, 2018-2032 (Usd Million) 130
- Table 79 Rest Of Middle East & Africa Smart Elevator Market, By Component, 2018-2032 (Usd Million) 131
- Table 80 Rest Of Middle East & Africa Smart Elevator Market, By Service, 2018-2032 (Usd Million) 131
- Table 81 Rest Of Middle East & Africa Smart Elevator Market, By Application, 2018-2032 (Usd Million) 132
- Table 82 Competition Dashboard: Smart Elevators Market 133
- Table 83 Leading Players In Terms Of The Number Of Developments In The Smart Elevators Market 136
- Table 84 Capacity Expansion 137
- Table 85 New Product Launch 137
- Table 86 Acquisition 138
- Table 87 Collaboration 138
- Table 88 Service Deployment 139
- Table 89 Fujitec Co. Ltd.: Products Offered 142
- Table 90 Toshiba Corporation: Products Offered 145
- Table 91 Honeywell: Products Offered 149
- Table 92 Mitsubishi Electric Corporation: Products Offered 152
- Table 93 Hyundai Elevators: Products Offered 157
- Table 94 Hitachi Ltd.: Products Offered
- Table 95 Schneider Group: Products Offered 163
- Table 96 Otis Worldwide Corporation: Products Offered 166
- Table 97 Kone Corporation: Products Offered 170
- Table 98 Robert Bosch Gmbh: Products Offered
- List Of Figures
- Figure 1 Global Smart Elevator Market: Structure
- Figure 2 Global Smart Elevator Market: Market Growth Factor Analysis (2023-2032)
- Figure 3 Driver Impact Analysis (2023-2032)
- Figure 4 Value Chain Analysis: Global Smart Elevator Market
- Figure 5 Supply Chain Analysis: Global Smart Elevator Market
- Figure 6 Porter’s Five Forces Model: Global Smart Elevator Market
- Figure 7 Global Smart Elevator Market, By Component, Segment Attractiveness Analysis
- Figure 8 Global Smart Elevator Market, By Component, 2023 (% Share)
- Figure 9 Global Smart Elevator Market, By Service, Segment Attractiveness Analysis
- Figure 10 Global Smart Elevator Market, By Service, 2023 (% Share)
- Figure 11 Global Smart Elevator Market, By Application, Segment Attractiveness Analysis
- Figure 12 Global Smart Elevator Market, By Application, 2023 (% Share)
- Figure 13 Benchmarking Of Major Competitors
- Figure 14 Fujitec Co. Ltd.: Swot Analysis
- Figure 15 Toshiba Corporation: Swot Analysis
- Figure 16 Honeywell: Swot Analysis
- Figure 17 Mitsubishi Electric Corporation: Swot Analysis
- Figure 18 Hyundai Elevators: Swot Analysis
- Figure 19 Hitachi Ltd.: Swot Analysis
- Figure 20 Schneider Group: Swot Analysis
- Figure 21 Otis Worldwide Corporation: Swot Analysis
- Figure 22 Kone Corporation: Swot Analysis
- Figure 23 Robert Bosch Gmbh: Swot Analysis
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