Smart Elevator Market Growth, Demand and Challenges of the Key Industry Players 2024-2032
                     Global Smart Elevator 
Market Research and 
Forecast Report 2024-
2032
Format: PDF+EXCEL
© 2023 IMARC All Rights Reserved 
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las t ing resul ts .
Accord ing  t o  t he  la tes t  r epor t  by  I MARC Group ,  t i t l ed  "Smart  E levato r  Market :  
G loba l  I ndust ry  T rends ,  Share ,  S ize ,  Grow th ,  Opportun i ty  and  Forecast  2024-
2032, "  t he  g loba l  sm ar t  e leva t or  marke t  s i ze  reached  US$  28 . 2  B i l l i on  in  2023 .
Factors Af fect ing  the  Growth  of  the Smart  Elevator  Industry:
Report Susta inabi l i ty  and Energy Ef f ic iency Demands:
The  i nc reas ing  emphas is  on  sus t a inab i l i t y  and  energy  e f f i c i ency  in  bu i ld ing  
Highlight and des igns  i s  a  s i gn i f i can t  f ac t o r  d r i v ing  t he  adopt ion  o f  smar t  e l eva to rs .  These sys tems are  des igned to  m in im ize  energy  consumpt i on  and op t im ize  opera t iona l  
e f f i c iency ,  a l ign ing  w i th  the  g loba l  commi t men t  t o  r educe  ca rbon foo t p r in t s  and  
Description enhance  bu i ld ing  sus t a inab i l i t y .  
Smar t  e l eva t o rs  con t r ibu te  t o  g reen bu i l d i ng  ce r t i f i ca t ions  and  meet  t he  s t r ingen t  
ene rgy  s tandards  requ i red  in  modern  cons t ruc t ions .  By  us ing  advanced con t ro l  
sys tems and  energy -e f f i c ien t  t echno log ies ,  t hey  ensure  reduced energy  use  and 
opera t iona l  cos t s ,  mak ing  t hem a  p re fe r red  cho i ce  f o r  eco-consc ious  deve lopers  
and  p roper t y  owners  a im ing  fo r  sus ta inab le  bu i l d i ng  so lu t ions .
Urbanizat ion and Smart City Ini t iat ives:
The acce lera t ing  pace o f  g loba l  u rban izat ion  and  the  r ise  o f  smar t  c i t y  
pro jec ts  are  c ruc ia l  d r i ve rs  for  the  smar t  e leva to r  indus t r y .  As  c i t ies  g row 
denser  and bu i ld ings ta l le r ,  e f f i c ient  ve r t i ca l  t ranspor ta t ion  becomes 
essent ia l .  Smar t  e leva tors  a re  in tegra l  to  the  smar t  in f ras t ruc ture  o f  c i t ies ,  
Report cont r ibu t ing  to  the overa l l  e f f ic iency ,  susta inab i l i t y ,  and  sa fe ty  o f  u rban 
env i ronments .  
Highlight and They are  inc reas ing ly  adopted  in  commerc ia l ,  res iden t ia l ,  and mixed-use 
bu i ld ings,  a l ign ing  w i th  the  push  for  smar ter ,  more  connec ted ,  and 
susta inab le  urban  deve lopments .  The  in tegra t ion  o f  smar t  e leva to rs  in  these 
Description pro jec ts  re f lec ts  the  broader  t rend toward  innova t ive  urban p lann ing  and 
smar t  bu i ld ing  so lu t ions.
Technological  Advancements:
The growth  o f  the smar t  e leva to r  indust ry  i s  s ign i f i can t ly  p rope l led  by  rap id  
technolog ica l  advancements .  Innova t ions in  IoT,  A I ,  and  mach ine  learn ing  
have  revo lu t ion ized  e levato r  serv ices ,  enab l ing fea tures  l ike  pred ic t ive  
ma in tenance,  energy  e f f i c iency ,  and persona l i zed  user  exper iences .
These  techno log ies  a l l ow e leva to rs  to  an t ic ipa te  ma in tenance  needs ,  adap t  t o  
t ra f f i c  pa t te rns ,  and  o f fe r  enhanced  sa fe ty  and  conven ience ,  mak ing  them 
inc reas ing ly  a t t rac t ive  fo r  modern  bu i ld ings .  As  techno logy  evo lves ,  so  does  
the  func t iona l i t y  and  appea l  o f  smar t  e leva to rs ,  d r iv ing  the i r  adop t ion  in  new 
cons t ruc t ions  and  re t ro f i t t i ng  p ro jec ts  to  mee t  con tempora ry  s tandards  o f  
Report e f f i c iency  and  in te rac t iv i t y .
Highlight and Request  for  a  PDF sample  o f  th is  repor t :  
h t tps : / /www. imarcgroup .com/smar t -e leva to r -marke t / reques tsamp le
Description
Report Description
Global  Smart Elevator  Market Trends:
The g loba l  smar t  e levato r  market  i s  wi tness ing  s ign i f i cant  t rends,  d r i ven by  the  inc reas ing  in tegra t ion o f  
advanced technolog ies  in  the  ver t ica l  t ranspor ta t ion  secto r .  These  e leva to rs  are  becoming more  p reva len t  due  
to  the i r  energy  e f f i c iency,  speed,  and  enhanced secur i t y  featu res .  There  i s  a  g rowing  adopt ion  o f  IoT-enab led  
connec t iv i t y ,  a l lowing  fo r  rea l - t ime mon i to r ing ,  p red ic t i ve  ma in tenance,  and  persona l i zed  user  exper iences.  
Add i t iona l l y ,  the  incorpora t ion o f  A I  and mach ine  learn ing technolog ies  i s  improv ing operat iona l  e f f ic iency  and  
passenger  management .  The sh i f t  toward g reen  bu i ld ings and  susta inab le  prac t i ces  i s  a lso  in f luenc ing  the  
marke t ,  w i th  smar t  e leva to rs  be ing  key  components  in  energy-e f f i c ien t  bu i ld ing  des igns,  a l ign ing w i th  the  
g loba l  emphas is  on  env i ronmenta l  susta inab i l i t y .
Looking forward ,  the  market  to  reach US$ 57 .2  Bi l l ion  by  2032,  exhibi t ing  a  growth  ra te  (CAGR)  of  7 .9% 
dur ing  2024-2032.
View Report  TOC,  F igures and Tables :  h t tps: / /www. imarcgroup.com/smart -e levator-market
Breakup by Solution:
• Control Systems
o Security Control System
o Elevator Control System
• Access Control System
o Maintenance Systems
Report o Communication Systems
Segmentation • Services
o Support and Maintenance
o New Deployments
o Modernization
Breakup by Application:
• Residential
• Commercial
• Industria l
• Insti tut ional
• Others
Breakup by Region:
Report • North America
• Asia-Pacifi c
Segmentation
• Europe
• Latin America
• Middle East and Afr ica
• Bosch Service Solutions GmbH
• Hyundai Elevator Co. Ltd.
• KONE Elevator India Private Limited (Kone 
Oyj)
Competitive 
• Mitsubishi  Electr ic Corporation
Landscape • Otis Worldwide Corporation
with Key • Schindler Holding Ltd.
• Thames Val ley Controls Ltd
Players
• TK Elevator
• Toshiba Elevators and Bui lding Systems 
Corporation (Toshiba Corporation)
What was the size of the global smart elevator 
market in 2023?
What is the expected growth rate of the global 
smart elevator market during 2024-2032?
What has been the impact of COVID-19 on the 
Key global smart elevator market?
Questions What are the key factors driving the global smart elevator market?
Answered in 
What is the breakup of the global smart elevator 
market based on the solution?
the Report
What is the breakup of the global smart elevator 
market based on the application?
What are the key regions in the global smart 
elevator market?
Who are the key players/companies in the global 
smart elevator market?
1     P r e f a c e
2     S c o p e  a n d  M e t h o d o l o g y
    2 . 1     O b j e c t i v e s  o f  t h e  S t u d y
    2 . 2     S t a k e h o l d e r s
    2 . 3     D a t a  S o u r c e s
        2 . 3 . 1     P r i m a r y  S o u r c e s
        2 . 3 . 2     S e c o n d a r y  S o u r c e s
    2 . 4     M a r k e t  E s t i m a t i o n
Table of         2 . 4 . 1     B o t t o m - U p  A p p r o a c h        2 . 4 . 2     T o p - D o w n  A p p r o a c h
    2 . 5     F o r e c a s t i n g  M e t h o d o l o g y
3     E x e c u t i v e  S u m m a r y
4     I n t r o d u c t i o n
Contents     4 . 1     O v e r v i e w    4 . 2     K e y  I n d u s t r y  T r e n d s
5     G l o b a l  S m a r t  E l e v a t o r  M a r k e t
    5 . 1     M a r k e t  O v e r v i e w
    5 . 2     M a r k e t  P e r f o r m a n c e
    5 . 3     I m p a c t  o f  C O V I D - 1 9
    5 . 4     M a r k e t  F o r e c a s t
6      M a r k e t  B r e a k u p  b y  S o l u t i o n
    6 . 1     C o n t r o l  S y s t e m s
        6 . 1 . 1  M a r k e t  T r e n d s
        6 . 1 . 2  K e y  S e g m e n t s
           6 . 1 . 2 . 1  S e c u r i t y  C o n t r o l  S y s t e m
           6 . 1 . 2 . 2  E l e v a t o r  C o n t r o l  S y s t e m
        6 . 1 . 3  M a r k e t  F o r e c a s t
    6 . 2     A c c e s s  C o n t r o l  S y s t e m
        6 . 2 . 1  M a r k e t  T r e n d s
        6 . 2 . 2  K e y  S e g m e n t s
       
           6 . 2 . 2 . 1  M a i n t e n a n c e  S y s t e m s
           6 . 2 . 2 . 2  C o m m u n i c a t i o n  S y s t e m s
        6 . 2 . 3  M a r k e t  F o r e c a s t
    6 . 3     S e r v i c e s
        6 . 3 . 1  M a r k e t  T r e n d s
        6 . 3 . 2  K e y  S e g m e n t s
           6 . 3 . 2 . 1  S u p p o r t  a n d  M a i n t e n a n c e
           6 . 3 . 2 . 2  N e w  D e p l o y m e n t s
           6 . 3 . 2 . 3  M o d e r n i z a t i o n
        6 . 3 . 3  M a r k e t  F o r e c a s t
Table of 7    M a r k e t  B r e a k u p  b y  A p p l i c a t i o n    7 . 1     R e s i d e n t i a l
        7 . 1 . 1  M a r k e t  T r e n d s
        7 . 1 . 2  M a r k e t  F o r e c a s t
Contents     7 . 2     C o m m e r c i a l        7 . 2 . 1  M a r k e t  T r e n d s
        7 . 2 . 2  M a r k e t  F o r e c a s t
    7 . 3     I n d u s t r i a l
        7 . 3 . 1  M a r k e t  T r e n d s
        7 . 3 . 2  M a r k e t  F o r e c a s t
    7 . 4     I n s t i t u t i o n a l
        7 . 4 . 1  M a r k e t  T r e n d s
        7 . 4 . 2  M a r k e t  F o r e c a s t
    7 . 5     O t h e r s
        7 . 5 . 1  M a r k e t  T r e n d s
        7 . 5 . 2  M a r k e t  F o r e c a s t
8    M a r k e t  B r e a k u p  b y  R e g i o n
    8 . 1     N o r t h  A m e r i c a
        8 . 1 . 1  U n i t e d  S t a t e s
           8 . 1 . 1 . 1  M a r k e t  T r e n d s
F o r  m o r e  i n f o r m a t i o n ,  v i s i t :  
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