Smart Elevator Market Growth Trends, Size, and Demand by 2024

The global smart elevator market size was valued at USD 18.75 billion in 2019 and is projected to reach USD 65.95 billion by 2032, exhibiting a CAGR of 9.5% during the forecast period.

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Recent Industry developments of smart elevator market:

• Otis launched its newly developed Smart Gen3™ elevator which enriched smart elevator product portfolio of the company. Otis will target prominent vendor operating in construction sector of China which are looking for procurement of elevators for their new infrastructure projects. The company has strategically focused this particular market due to the increased proclivity of construction sector in China towards green development. The product will operate using cloud based IoT technology and will operational ease to elevator occupants.
• Hyundai Elevators and KT finalized and signed a memorandum of understanding (MoU) to expedite their collective efforts for Elevator Digital Transformation(DX) Expansion business. The memorandum of understanding was duly signed to bolster their development of elevator portfolio by integration of AI technology, automatic driving robots and voice recognition in its elevators. The development of these elevators will dictate growth of Hyundai Elevators in smart elevator market.
• Hyundai Elevators has ventured into an collaboration with Woowa Brothers for design and development of elevators and delivery robot synchronization. These elevators and delivery robots will find its applications in wide range of industries such as commercial facilities, hotels, and residential apartments.
• Kone Elevator India which is a fully owned subsidiary organization of KONE corporation based in Finland has unveiled digitally connected elevators to provide a novel product as a smart elevator. The product can attract numerous customers in a lucrative and second biggest elevator market in the globe. The product provides enhanced built in connectivity and provides better management of person flow through elevators.

Top Keyplayers of smart elevator market:

• KONE CORPORATION (Espoo, Finland)
• Otis Elevator Company (Connecticut, USA)
• Schindler (Ebikon, Switzerland)
• ThyssenKrupp Elevator Technology (Essen, Germany)
• Hitachi Ltd. (Ibaraki, Japan)
• Mitsubishi Electric Corporation (Tokyo, Japan)
• Bosch Security Systems (Grasbrunn, Germany)
• Fujitec Co. Ltd. (Hikone, Japan)
• Toshiba Elevator and Building Systems Corporation (Tokyo, Japan)
• HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)
• Johnson Controls Inc. (Cork, Ireland)
• Motion Control Engineering (Alaska, United States)

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Smart Elevator Market Segmentation

Smart Elevator Market Share, Size & Industry Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast Between, 2032

Reasons to buy this report:

This report thoroughly examines the competitive dynamics, growth areas, market conditions, and trends in the smart elevator market. It assists businesses in identifying opportunities for growth and development while highlighting potential challenges and risks. Stakeholders are assisted in developing more informed investment and market strategies by the report’s assessment of product portfolios and business segments.

A thorough grasp of the industry dynamics outlined in the report can help develop successful success strategies in the smart elevator market and greatly improve decision-making. All things considered, this report is an excellent source of information for anyone wishing to learn more about this rapidly changing sector.

Key Report Highlights on the Smart Elevator Market:

• Market CAGR for the Forecast Period: Provides insights into the Compound Annual Growth Rate (CAGR) of the Smart Elevator Market from 2024 to 2032.
• Comprehensive Analysis of Growth Drivers: Offers a detailed evaluation of the key factors driving the growth of the Smart Elevator Market during the forecast period.
• Accurate Market Size and Share Estimates: Precise projections on the size and share of the Smart Elevator Market, underscoring its position within the larger market landscape.
• Forecasts on Emerging Trends and Consumer Behavior: Predicts future trends and shifts in consumer behavior relevant to the Smart Elevator Market.
• Regional Growth Analysis: Examines the growth of the Smart Elevator Market across key regions, including North America, Asia-Pacific (APAC), Europe, South America, the Middle East, and Africa.
• Competitive Landscape Overview: Detailed assessment of the competitive environment, offering insights into the key players within the Smart Elevator Market.
• Evaluation of Growth Barriers: Analyzes the challenges that may hinder the expansion of suppliers in the Smart Elevator Market.

Regional Atributes:

• North America (the U.S. and Canada)
• Europe (U.K., Germany, France, and the Rest of Europe)
• Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
• Latin America (Brazil, Mexico, and the Rest of Latin America)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Smart Elevator Market Drivers and restrains:

• Drivers:
  • Technological Advancements: Innovations in IoT, AI, and machine learning enhance the functionality of smart elevators, including predictive maintenance, energy efficiency, and user convenience.
  • Urbanization and Infrastructure Development: Rapid urbanization and the development of high-rise buildings and smart cities drive the demand for advanced elevator systems that integrate with modern building management technologies.
  • Focus on Energy Efficiency: Growing emphasis on reducing energy consumption and operational costs encourages the adoption of energy-efficient smart elevators with features like regenerative drives and intelligent control systems.
  • Enhanced Safety and Security: Increased demand for advanced safety features, such as remote monitoring, emergency communication systems, and access control, drives the market for smart elevators that offer improved security and reliability.
  • Improved User Experience: The desire for enhanced user experience, including features like touchless controls, personalized settings, and seamless integration with mobile apps, boosts the adoption of smart elevators.
• Restraints:
  • High Initial Costs: The significant investment required for purchasing and installing smart elevator systems can be a barrier for some developers and building owners, particularly in budget-constrained projects.
  • Complex Integration: Integrating smart elevators with existing building management systems and infrastructure can be complex and require specialized technical expertise and adjustments.
  • Maintenance and Support Costs: Ongoing maintenance and support for advanced smart elevator systems may involve higher costs compared to traditional elevators, impacting overall cost-efficiency.
  • Technological Obsolescence: Rapid advancements in technology can lead to the obsolescence of existing smart elevator systems, necessitating frequent upgrades or replacements to stay competitive.
  • Regulatory and Compliance Challenges: Navigating and complying with evolving building codes and regulations related to smart elevators can be challenging and may involve additional costs and administrative efforts.

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