The Smart Elevators Market is estimated to expand at a higher CAGR over the forecast period (2021-2028).

The factors driving growth of the market includes rise in the construction of smart cities around the world, increasing installation of smart elevators at residential buildings, IT parks and hotels, growing focus of manufacturers on developing energy efficient buildings and improvements in the living standards. Moreover, integration of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML), increasing popularity of customized elevators, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and partnerships between enterprises, rise in the launch of innovative solutions and growing population growth rates, are contributing towards the market growth.

However, growth of the Smart Elevators Market is hindered attributed to its high installation costs.

The major players operating in the Smart Elevators Market includes Mitsubishi Electric Corporation, FUJITEC, Toshiba Elevator and Building Systems Corporation, Otis World, KONE Corporation, Schindler, thyssenkrupp AG, Hitachi, Ltd., HYUNDAIELEVATOR CO., LTD., and Honeywell International, Inc., among others.

Based on Solution, the Elevator Automation is expected to grow at a significant CAGR during the forecast period

Automated elevators conserves energy, reduces travelling time and provides efficient transportation to passengers, are some of the factors pushing growth of the segment. 

Based on Application, the Residential segment is projected to hold the highest market share over the forecast period

Rise in Government’s expenditure for constructing smart cities and green buildings, and increasing industrialization, are propelling segment’s growth.

Based on Region, the North American region is projected to expand at a remarkable CAGR during the forecast period

Rise in the construction of high-rise buildings, growing adoption of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI), presence of the leading players such as Honeywell International, Inc., and Otis World and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Developments

• In 2020, Hitachi Ltd., decided to acquire a share in Yungtay Engineering to improve its elevator and escalator market.


• In 2020, Otis World completed the acquisition of Bay State Elevator to expand its presence in the northeast US.

Market Segmentation

Segmentation by Solution

• Elevator Access control & security


• Elevator Automation


• Modernization


• Maintenance

Segmentation by Application

• Residential


• Commercial


• Industrial


• Institutional


• Others

Segmentation by Region

• Asia Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Rest of APAC
  
  
  
  


• North America
  
  
  
  • United States of America
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • United Kingdom
  
  
  • Germany
  
  
  • France
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• RoW
  
  
  
  • Brazil
  
  
  • South Africa
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  
  

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