In the revised edition, trends indicate a worth of US$ 13,395.64 million for the smart elevator automation system market in 2024. As these trends gain significance, the sales of smart elevator automation systems garner the potential to target a valuation of US$ 30,009.33 million by 2034. This infers a healthy CAGR of 8.40% from 2024 to 2034.
As per the Smart Elevator Market report, the populated cities consist of tall buildings for offices and residential purposes. These tall buildings cause severe inconvenience due to the long wait time for the lifts. Along with this, the old versions of elevators require high operational costs. The amplifying demand for energy-efficient solutions catalyzes the heightening demand for residential elevators.
| Attributes | Details |
|---|---|
| Market Value for 2024 | US$ 13,395.64 million |
| Market Value for 2034 | US$ 30,009.33 million |
| Market CAGR from 2024 to 2034 | 8.40% |
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As populations move towards urban areas, high-rise buildings have an amplified requirement to accommodate housing and commercial places. With constrained horizontal areas, buildings expand vertically, compelling the need for smart elevators. The snowballing urban populations led to a surged demand for elevators to manage large volumes of people while minimizing energy usage and cutting down wait times.
Governments and city planners globally are venturing money into smart infrastructure to augment mobility and overall lifestyle. Smart elevators are essential in such schemes by aiding sustainability, eliminating carbon emissions, and reinforcing building connectivity.
| Attributes | Details |
|---|---|
| Market Value for 2019 | US$ 9,680.84 million |
| Market Value for 2023 | US$ 12,357.60 million |
| Market CAGR from 2019 to 2023 | 6.30% |
The segmented smart elevator automation system market analysis is included in the following subsection. Based on comprehensive studies, the building management system sector is prevailing in the component category. Likewise, the industrial segment governs the end-user category.
| Segment | Building Management System |
|---|---|
| Share (2024) | 20.50% |
Building management systems enable data-driven governing, that aids in predictive maintenance and is economical. The scalability and versatility of the building management system segment warrant agility to changing business requirements and technical advances, which amplify the demand.
The amalgamation of the ability to build management systems simplifies maintenance supervisors’ monitoring and management tasks surging the adoption. The integrated control presented by building management systems diminishes downtime and promotes resourcefulness.
| Segment | Industrial |
|---|---|
| Share (2024) | 24.30% |
Cost-effectiveness is crucial for industrial operations, as smart elevators present long-term savings through enhanced energy use and repair planning. The productivity growth in industrial sectors is boosted by curbing downtime by predictive maintenance proffered by smart elevator technology, intensifying the demand.
The intensified logistics in industrial installation aid smart elevator incorporation, promoting the swift transfer of goods and people, and escalating the adoption. The safety benchmarks in the industrial sector warrant advanced elevator systems with automated monitoring and govern the potentiality.
Principal Consultant
The smart elevator automation system market can be observed in the subsequent tables, which focus on the leading economies in Germany, Japan, China, the United States, Australia, and New Zealand. A comprehensive evaluation demonstrates that China has enormous opportunities.
| Nation | China |
|---|---|
| CAGR (2024 to 2034) | 10.50% |
The rapid urbanization and construction boom presented significant opportunities for smart elevator automation systems, particularly in China metropolises like Shanghai and Shenzhen. Emphasizing smart city projects, municipalities in China prioritize the installation of IoT-equipped elevators to augment vertical mobility and building management.
The government is integral in encouraging green building standards, which surges the adoption of renewable smart elevators in China's sustainable urban development projects. The support and stability in the market is an optimistic sign for investors and vendors. The developing middle class of China demands elite facilities in residential and commercial buildings, leading to the adoption of luxurious smart elevator solutions providing intensified comfort and security characteristics.
| Nation | United States |
|---|---|
| CAGR (2024 to 2034) | 8.40% |
The influence of Silicon Valley nurtures innovation in smart elevator technology, concentrating on amalgamating AI and IoT proficiency to upgrade vertical transportation in urban areas like New York. The focus on user experience and convenience augments the demand for smart elevator systems integrated with smartphones and custom-built service choices in luxury residential and commercial properties.
Green building certifications like LEED induce the positioning of fuel-efficient smart elevators in ecologically aware cities like Seattle. Issues regarding building security usher the adoption of smart elevator solutions with automated monitoring and emergency response ability in major metropolitan cities in the United States.
| Country | Australia and New Zealand |
|---|---|
| CAGR (2024 to 2034) | 7.90% |
Emphasis on smart infrastructure evolution in Sydney and Melbourne thrust the adoption of IoT-enabled elevator systems in Australia to amplify efficiency and user experience. The demand for smart elevators integrated with remote monitoring aligns with the vast geography of Australia and the demand for operational efficiency and elevator management in remote locations.
New Zealand's dedication to environmentally friendly construction activities stimulates the integration of clean, smart elevators in earth-conscious building projects.
| Nation | Japan |
|---|---|
| CAGR (2024 to 2034) | 3.90% |
The aging population of Japan prompts the smart elevator system demand to fulfill the requirements of elderly and mobility-impaired people. The seismic activity issues strengthen the adoption of smart elevator systems with earthquake detection and evacuation functions in Japanese cities exposed to risks of earthquakes.
Japan has a culture of innovation that sustains the advancement of innovative elevator solutions for upscale user experience and safety, amplifying the smart elevator automation system market growth. The skyscraper-dominated skyline of Tokyo needs advanced elevator technologies to warrant efficacious vertical transportation in densely populated areas.
| Nation | Germany |
|---|---|
| CAGR (2024 to 2034) | 2.70% |
Germany's focus on precision engineering and authenticity accords with the demand for smart elevator automation systems for residential and commercial buildings. With a sturdy production sector, Germany seeks smart elevator technology as intrinsic to augment industrial profitability and safety benchmarks. Industrialization trends in Berlin and Munich persuade inventive elevator solutions to fit rising populations and high-rise buildings.
The market is very competitive, with key smart elevator automation system vendors accelerating innovation and shaping the industry. The established smart elevator automation system producers set standards for excellence and accuracy in elevator automation solutions. Honeywell International Inc., Robert Bosch GmbH, and Huawei Technologies Co., Ltd. bring their technological expertise, conducing to the progression of smart elevator systems.
Complementing these groundbreaking smart elevator automation system manufacturers are emerging players like Hyundai Elevator, Sigma Elevator Company, Toshiba Elevator, and Building Systems Corporation, each presenting their diverse market contributions. The competitive outlook contains notable smart elevator automation system vendors like TK Elevators and other smaller firms, which contribute to the market dynamics. As smart elevator automation system manufacturers innovate and broaden their product portfolios, the market is slated for growth and advancements.
Noteworthy Observations
| Company | Otis |
|---|---|
| Headquarter | United States |
| Recent Advancement |
|
| Company | 3 Phase Elevator |
|---|---|
| Headquarter | United States |
| Recent Advancement |
|
| Company | Schindler Group |
|---|---|
| Headquarter | Switzerland |
| Recent Advancement |
|
| Company | Hitachi Elevator Co., Ltd. |
|---|---|
| Headquarter | China |
| Recent Advancement |
|
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The smart and connected elevator automation system market to acquire a valuation US$ 13,395.64 million in 2024.
The smart and connected elevator automation system market has the potential to garner a worth of US$ 30,009.33 million by 2034.
The smart and connected elevator automation system market infers a robust CAGR of 8.40% through 2034.
From 2019 to 2023, the smart and connected elevator automation system market accelerated a 6.30% HCAGR.
The industrial sector is scheduled to clutch a share of 24.30% in 2024.
The building management system segment is to seize a share of 20.50% in 2024.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2024 to 2034
5.3.1. Card Reader
5.3.2. Biometric
5.3.3. Touchscreen and Keypad
5.3.4. Security and Control System
5.3.5. Sensors, Motors, and Automation System
5.3.6. Building Management System
5.4. Y-o-Y Growth Trend Analysis By Component, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Component, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Service
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Service, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service, 2024 to 2034
6.3.1. Installation Service
6.3.2. Maintenance and Repair
6.3.3. Modernization Service
6.4. Y-o-Y Growth Trend Analysis By Service, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Service, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By End Use, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End Use, 2024 to 2034
7.3.1. Residential Sector
7.3.2. Commercial Sector
7.3.3. Industrial Sector
7.3.4. Others
7.4. Y-o-Y Growth Trend Analysis By End Use, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By End Use, 2024 to 2034
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Service
9.2.4. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Service
9.3.4. By End Use
9.4. Key Takeaways
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Service
10.2.4. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Service
10.3.4. By End Use
10.4. Key Takeaways
11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Component
11.2.3. By Service
11.2.4. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Service
11.3.4. By End Use
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Component
12.2.3. By Service
12.2.4. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Service
12.3.4. By End Use
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Component
13.2.3. By Service
13.2.4. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Service
13.3.4. By End Use
13.4. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Component
14.2.3. By Service
14.2.4. By End Use
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Service
14.3.4. By End Use
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Component
15.2.3. By Service
15.2.4. By End Use
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Service
15.3.4. By End Use
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2023
16.1.2.1. By Component
16.1.2.2. By Service
16.1.2.3. By End Use
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2023
16.2.2.1. By Component
16.2.2.2. By Service
16.2.2.3. By End Use
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2023
16.3.2.1. By Component
16.3.2.2. By Service
16.3.2.3. By End Use
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2023
16.4.2.1. By Component
16.4.2.2. By Service
16.4.2.3. By End Use
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2023
16.5.2.1. By Component
16.5.2.2. By Service
16.5.2.3. By End Use
16.6. UK
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2023
16.6.2.1. By Component
16.6.2.2. By Service
16.6.2.3. By End Use
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2023
16.7.2.1. By Component
16.7.2.2. By Service
16.7.2.3. By End Use
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2023
16.8.2.1. By Component
16.8.2.2. By Service
16.8.2.3. By End Use
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2023
16.9.2.1. By Component
16.9.2.2. By Service
16.9.2.3. By End Use
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2023
16.10.2.1. By Component
16.10.2.2. By Service
16.10.2.3. By End Use
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2023
16.11.2.1. By Component
16.11.2.2. By Service
16.11.2.3. By End Use
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2023
16.12.2.1. By Component
16.12.2.2. By Service
16.12.2.3. By End Use
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2023
16.13.2.1. By Component
16.13.2.2. By Service
16.13.2.3. By End Use
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2023
16.14.2.1. By Component
16.14.2.2. By Service
16.14.2.3. By End Use
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2023
16.15.2.1. By Component
16.15.2.2. By Service
16.15.2.3. By End Use
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2023
16.16.2.1. By Component
16.16.2.2. By Service
16.16.2.3. By End Use
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2023
16.17.2.1. By Component
16.17.2.2. By Service
16.17.2.3. By End Use
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2023
16.18.2.1. By Component
16.18.2.2. By Service
16.18.2.3. By End Use
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2023
16.19.2.1. By Component
16.19.2.2. By Service
16.19.2.3. By End Use
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2023
16.20.2.1. By Component
16.20.2.2. By Service
16.20.2.3. By End Use
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2023
16.21.2.1. By Component
16.21.2.2. By Service
16.21.2.3. By End Use
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2023
16.22.2.1. By Component
16.22.2.2. By Service
16.22.2.3. By End Use
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2023
16.23.2.1. By Component
16.23.2.2. By Service
16.23.2.3. By End Use
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Service
17.3.4. By End Use
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Fujitec Co., Ltd.
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Mitsubishi Electric Corporation
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Hitachi Ltd
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Kone Corporation
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Otis Elevator Company Ltd.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. ThyssenKrupp AG
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Schindler Group
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Honeywell International Inc.
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. Robert Bosch GmbH
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Hyundai Elevator
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. Sigma Elevator Company
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Smart Elevator Automation System Market
