Smart Elevator Market (By Setup, By Installation, By Carriage Type: Passenger, Freight; By Application: Residential, Commercial, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2030

The global smart elevator market size is expected to hit around USD 39.5 billion by 2030 from USD 19 billion in 2020, growing at a CAGR of 9.5% from 2021 to 2030.

Smart Elevators are advanced systems that allow automated vertical transportation of goods or passengers. As this system utilizes automation, it reduces the waiting time and increases traffic management efficiency in residential, commercial and other buildings.

The growth of the smart elevator market is majorly driven growing need for reducing energy consumption in buildings, increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization, smart cities development among others.

The generation of technically advanced and intelligent buildings is transforming the elevators market and introducing a new wave of advancement in this industry. The dizzying heights, rising security concerns, adaptability of modern digital security system controls, smart grouping, and adoption of cable-free lifts is creating a potential room for Smart Elevators across high-rise and low & mid-rise buildings.

The advent of smart technology in elevators such as virtual reality diagnostics, cloud predictive maintenance, and artificial intelligence allows us to measure or identify future problems accurately and would be able to service some aspects of elevators remotely. In addition to that, advanced routing technology allows passengers to move in an efficient way, especially during high-traffic hours. For instance, in August 2020, KONE company introduced a new KONE DX Class elevator series with built-in digital connectivity and anti-bacterial surfaces ideally for smart buildings.

Growing Automation in Elevating Systems is Contributing to the Growth of the Market

The growing trend of integrating the digital world and the internet of things (IoT) has escalated the market across the globe. The installation of various sensors in elevators have improved inter connectivity as it enables us to measure or identify factors such as door functioning, shaft alignment, motor temperature, and cab speed. This further allows the technician to diagnose the problem earlier and repair the device more quickly. Moreover, in-cab sensors are capable of advanced technologies such as go to sleep mode that automatically turns off lights, ventilation, music and video, and others when enabled.

Reducing the consumption of energy improves travel time and efficiency, along with cutting operating costs and overall waiting time. For instance, the emergence of elevator control technology such as destination selection control (DSC) allows the users to reach their destination floor in really quick time with minimal number of intermediate stops. Owing to this technology, there is a reduction in crowding across lift lobbies and further increases passenger handling capacity by up to 30%.

COVID-19 Impact

The sudden spread of the COVID-19 pandemic has increased the market ambiguity leading to the shutdown of material production and ongoing construction projects across the world. According to The European Investment Bank, approximately USD 13,300 million was invested in Europe for infrastructure development, environmental projects, SMEs, and midcaps financing, and others. Similarly, according to The Association General Contractors of America (AGC), the U.S. construction projects of nearly USD 160 billion are affected by the pandemic.

Disruption or delay in the commencement of several infrastructure projects has created an adverse impact on the global market. Apart from that, the pandemic outbreak has compelled elevator manufacturers to rethink a holistic approach to health, well-being, and safety. In such a scenario, in July 2020, KONE Elevator India unveiled a range of health and well-being solutions that emphasizes to recreate safer user journeys and healthy spaces in buildings. These elevators are equipped with remote call features using WhatsApp that helps to reduce common touching surfaces like buttons or handrails. Also, these elevators are configured with floor stickers & full load adjustments to maintain physical distancing and ensure less crowding.

Handrail sanitizer, air purifiers, and 24*7 connected services are installed to make buildings and cities imperative and healthier places to live, work, and commute. These strategic moves by key vendors are creating a potential impact to regain its business activities and recover the economic loss incurred during the virus outbreak.

By Setup Analysis

On the basis of setup, the market is segmented into new deployment, modernization, and maintenance.

The new deployment segment holds the highest smart elevator market share owing to the growing concerns regarding energy consumption, and the growing smart city sustainability, along with improving green infrastructure standards. According to the Multidisciplinary Digital Publishing Institute, buildings consume around 40% of the energy across the globe, wherein, 10% of electricity consumption in buildings is consumed by elevators. In such a scenario, technologically advanced elevators will help to cut down the energy consumption.

Modernization and maintenance segment is expected to grow at a considerable rate owing to the increasing replacement of conventional elevators with the Smart Elevator, and the rising high-rise buildings, among others.

By Installation Analysis

Based on the installation, the market is classified into low & mid-rise and high-rise buildings.

The high-rise segment is expected to grow significantly owing to the development of innovative technologies offering energy efficiency, cost-effectiveness, and smart capabilities such as destination selection control and regenerative drive. Additionally, the integration of eco-efficient solutions and customer demand for faster vertical movement at safe speeds are expected to drive the market in the forthcoming years.

Low and mid-rise segments are expected to grow at a considerable rate owing to the optimal utilization of space, and being energy efficient, among others. Moreover, Smart Elevator aids in reducing construction costs and enables flexibility to architects for designing building space usage.

By Carriage Type Analysis

The carriage type segment is categorized into passenger and freight.

The passenger segment is expected to experience a significant growth in the forthcoming years. According to a data by the United Nations (UN), around 6.7 billion people will be living in cities by 2050. This will aid in the growth of the smart elevator industry with the rising commercial and residential projects. Also, government initiatives to construct smart buildings and low-carbon cities is expected to drive the elevators market in the future.

Freight segment is expected to grow at a considerable rate owing to the rising industrialization and the growing demand for bulk material handling, and others.

By Application Analysis

Based on application, the market is further categorized into residential, commercial and industrial.

The commercial segment is expected to showcase a steady growth owing to the rising urban infrastructure and the increasing trend towards personalized elevators integrated with control system technologies such as IoT, artificial intelligence, motion sensor, and voice controller.

Residential and industrial segments are expected to grow considerably in the forthcoming years. This is owing to the rising government initiatives to construct sustainable green buildings and cities, rapidly growing industrialization, rising disposable income, and others.


North America is experiencing a dominant position in the market owing to the modernization of traditional building structures and the expansion of intelligent building concepts. Further, the increasing development of domestic high-rise buildings, office buildings, and residential areas are creating a potential impact on the market. For instance, Fujitec America Inc. worked on the elevator modernization project on Smith Street, Houston, and integrated a double-deck elevator in the Bank of America Plaza in Dallas. Similarly, in May 2018, Otis finalized to modernize Willis Tower located in Chicago. Besides, the presence of major manufacturers in North America is contributing to the Smart Elevator market growth.

Europe is expected to showcase considerable growth in the coming years. This is mainly due to the growing concerns of governmental bodies for reducing power consumption and massive investments in developing green buildings and smart cities. Also, key vendors are focusing on expanding their businesses by merging with European manufacturers, further creating growth opportunities for the market in this region.

Customized elevators are gaining popularity majorly in Asia Pacific region. This is owing to the rising complexity in architectural designing, lift core layouts, and others. In addition, stringent government norms and standards to save operational costs, restructuring older elevators in building with modern machines, and advanced access control systems are some of the other factors responsible for Smart Elevator penetration in the region. Besides, major manufacturers are catering to the Indian aviation industry to gain momentum in the elevators market. For instance, in July 2020, ThyssenKrupp Elevator announced its plan to empower 20 airports across India. The company recently won two major airport projects that include Pune International Airport Expansion Project and LGBI - Guwahati Airport Project.

The Middle East and Africa and Latin America are expected to grow at a steady rate owing to the rising government initiatives for investing in infrastructure projects for the development of countries such as Dubai, Oman, and other countries.


  • Increased Construction of High-Rise Buildings Equipped with Smart Vertical Transportation Systems due to Rapid Urbanization
  • Growing Need for Reducing Energy Consumption in Buildings
  • Growing Aging Population Will Facilitate Development of Better Infrastructure Within Buildings
  • Smart Cities to Boost Installation of Smart Elevators
  • Modernization of Old Buildings


  • High Cost to Install Smart Elevators


  • Inclination Toward Green Technologies in Construction Industry
  • Data Analytics for Predictive Maintenance of Elevators


  • Economic Slowdown
  • Integration of Smart Elevator Components in Existing Elevators

Value Chain Analysis

  • Research and Development
  • Component Manufacturer
  • Manufacturer
  • Software & Service
  • Integrator
  • End-use Application

Technology Trends

  • Adoption of Eco-Friendly Products
  • Artificial Intelligence
  • Intuitive Elevator Technology
  • Internet of Things
  • Connectivity 5G Technology

Market Segmentation

By Setup

- New Deployment

- Modernization

- Maintenance

By Installation

- Low and Mid Rise

- High-Rise

By Carriage Type

- Passenger

- Freight

By Application

- Residential

- Commercial

- Industrial

Geographic Analysis

- North America (US, Canada, and Mexico)

- Europe (UK, Germany, Italy, France, and Rest of Europe)

- Asia Pacific (China, Japan, India, South Korea, and Rest of APAC)

- Rest of the World (Middle East & Africa and South America)

Companies Mentioned

  • Brivo
  • Emerald Elevators
  • Fujitec Co. Ltd.
  • Hitachi Ltd.
  • Honeywell
  • Hyundai Elevators Co. Ltd.
  • IBM
  • Kintronics, Inc.
  • Kisi
  • KONE Corporation
  • Liftinsight
  • Mitsubishi Electric Corporation
  • Motion Control Engineering
  • Openpath Security Inc.
  • Otis Elevator
  • Pepperl+Fuchs
  • Rimrock Corporation
  • Robert Bosch GmbH
  • Robustel
  • Schindler Group
  • Sick AG
  • Sigma Elevator Company
  • Thames Valley Controls
  • Thyssenkrupp AG
  • Toshiba Elevators & Building Systems Corporation

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