Global Smart Elevators And Escalators Market
Global Smart Elevators And Escalators Market Size Type (Elevator, Escalator, Moving Walkways), By Service (New Installation, Maintenance, Repair And Modernization), By End User (Commercial Office, Hotels, Residential), By Geographic Scope And Forecast
Published Date: May - 2025 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Free Sample Ask for Discount Request CustomizationSmart Elevators And Escalators Market Size And Forecast
Smart Elevators And Escalators Market size was valued at USD 117.98 Billion in 2024 and is projected to reach USD 175.65 Billion by 2031, growing at a CAGR of 5.10% during the forecast period 2024-2031.
Hey, a lot of indicators point to a soon larger market for smart elevators and escalators! More people flocking to cities all throughout the world, populations getting older, and changing demographics all point to likely boosts for everything. Furthermore, there is a significant demand for new installations since developing nations are swiftly urbanizing and people are moving from the countryside to cities. Not to mention all those mid-rise and high-rise structures that are sprouting up; they also require intelligent escalators and elevators. Though stringent rules in the elevator and escalator game could somewhat slow things down, it is not all perfect sailing. Are you looking for the whole scoop? View the Global Smart Elevators & Escalators Market research! It provides the full picture, dissecting important areas, trends, what is causing expansion or contraction, who the competition is, and everything else significantly influencing the market.
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Global Smart Elevators And Escalators Market Definition
Between every level or floor of any building infrastructure or any business space, an elevator is a type of straight-forward transportation mechanism that efficiently and effectively moves goods or people. There are three generally used types of elevatorspneumatic, hydraulic, and counterweight ones. In this sophisticated and intelligent environment, smart elevators are definitely catching the market. One definition of smart elevators is advanced systems allowing controlled vertical transportation of passengers or commodities.
Between the levels of any building, smart elevators are meant to work effortlessly in transportation. An escalator is a moving flight of steps—that is, a stairway designed to move people between floor levels of a building. The process consists of a series of separately connected processes, essentially driven by the motor that runs up and down the rails so preserving efficient transit. Smart elevators are created and intended to convert some journey among the levels into some activity.
An escalator also called an intermittent escalator is designed to perform various tasks such as having to control including automatic stopping of the system when the escalator is not being used. And it also automatically slows down the system. In a smart elevator, passengers select the floor instead of pushing a button to go down or up. Smart elevators and escalators are easier, faster, and more energy-efficient compared to old ones. Smart elevators and escalators are installed in mixed-used buildings, hotels, commercial buildings, IT parks, residential buildings, restaurants, and retail outlets among others.
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Global Smart Elevators And Escalators Market Overview
In both developed and emerging nations, escalators and elevators are seeing the fastest increase in the transportation of people and other products. Underdeveloped nations like China and India are experiencing rapid industrialization and urbanization, which is stimulating market growth and development. The demand for smart cities, together with intelligent infrastructure, will help stimulate the market. Furthermore, as technology develops manufacturers are heavily funding R&D to provide consumers with smart elevators with improved looks and appealing functions.
Large corporations and significant players globally are extensively funding smart elevators and escalators, thereby enabling the expansion of the entire business! Think elevators with fascinating technologies such touch displays, energy-saving features, and biometrics; they will be showing up in all kinds of smart buildings. And another factor driving the industry ahead is everyone's need to go around faster—people as well as packages. Furthermore, especially in nations that are developing more wealth, we will see more elevators and escalators in flats and residences as more seniors surround them. Together, these factors are driving the smart elevators and Escalators Market to explode throughout the next few years. Visit this page to learn more.
One main reason for the change from traditional to modern elevators is the growing awareness of energy consumption. Geared devices included into elevators require more energy, which drives expensive running expenses. The large initial stage expenditure needed for Smart Elevator is a difficult aspect. Comparatively to conventional elevators, the charges include installation, integration of automation and security solutions, after-sales services, and timely maintenance raise the total costing of the elevators. Furthermore, because of restricted project budget, construction contractors find it challenging to install such elevators in mid-rise buildings or apartments.
Insights on Components
With a 36.7% income share in 2023, communication systems controlled the market. Connecting communication systems, allowing real-time monitoring, data collecting, and analysis, has been made possible in great part by IoT technology integration into the sector. This connectivity maximizes operations, helps to diagnose problems, and improves predictability. Furthermore, sophisticated communication systems in smart elevators ensure better security and safety by means of increased threat detection and emergency reaction capacity.
Over the forecast period, maintenance systems are supposed to register the fastest CAGR of 7.7%. On the market, maintenance services are proactive and continuous procedures meant to guarantee flawless operations and best performance. Regular inspections, monitoring, and maintenance are particularly important for passenger safety as they assure the dependability and safety of these advanced technologies. Early problem identification made possible by advanced diagnostic tools and sensors helps prevent equipment breakdowns and reduce downtime.
Regional Viewpoints
Supported by the region's strong economy, urbanization, and infrastructure development, North America smart elevator industry is predicted to show notable rise in the worldwide smart elevator market between 2024 and 2030. While required building rules emphasizing energy efficiency and accessibility are pushing the use of smart elevators in commercial and residential buildings all throughout the region, the demand for effective vertical transportation solutions is growing.
Trends in American Smart Elevators
With a revenue share of 79.1% in 2023 the smart elevator market in the United States dominated the North America smart elevator market. Particularly in smart technology, the United States has been among the most technologically evolved countries. Its infrastructure supports methods of developing new technologies, research, and ideas in the field of smart elevators.
Smart Elevator Market Trends in Asia Pacific
With a revenue share of 43.3% in 2023 Asia Pacific smart elevator market dominated the worldwide smart elevator market. Projects in nations like China, India, Japan, and others including infrastructure development, population, and urbanization rate can help to explain the dominance. General population in the area rises the demand for high-rise buildings, consequently smart technology in elevators becomes more necessary.
Global Smart Elevators And Escalators MarketSegmentation Analysis
The Global Smart Elevators And Escalators Market is segmented on the basis of Type, Service, End User, And Geography.
Smart Elevators And Escalators Market, By Type
- Elevator
- Escalator
- Moving Walkways
Based on Type, The market is bifurcated into Elevator, Escalator, and Moving Walkways. Elevators are projected to form the fastest-growing type in the elevators & escalators market as it is more widely used across industries.
Smart Elevators And Escalators Market, By Service
- New Installation
- Maintenance
- Repair and Modernization
Based on Service, The market is segmented into New Installation, Maintenance, and Repair and Modernization. The new installation 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. The Repair and Modernization 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.
Smart Elevators And Escalators Market, By End User
- Commercial Office
- Hotels
- Residential
- Others
Based on End User, The market is bifurcated into Commercial Office, Hotels, Residential, and Others. Elevators & escalators are demanded by various industries as they offer comfort and easy movement of people and goods between various floors of a building. These are some of the main reasons which have led to the growth of the industry. The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators. But in recent times, it has been closely competing with the commercial industry.
Smart Elevators And Escalators Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on Regional Analysis, The Global Smart Elevators And Escalators Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific is projected to have the largest market share and dominate the elevators And escalators market during the forecast period. Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for elevators & escalators.
Key Players
The “Global Smart Elevators And Escalators Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Schindler Group, Hyundai Elevator Co., Ltd, Otis Elevator Company, Kone Corporation, Fujitec, Hitachi, Ltd., SJEC Corporation, Mitsubishi Electric Corporation, ThyssenKrupp AG, and Toshiba Elevators and Building Systems Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
Partnerships, Collaborations, and Agreements
- In March 2020, ThyssenKrupp AG entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to support its cash flow and lower its operational costs.
- In May 2019, Prescient and KONE entered into a strategic collaboration to develop a fully integrated smart building solution for North America.
Mergers and Acquisitions
- In October 2020, Hitachi acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. Till date, Hitachi has acquired more than 50% share in Yungtgay.
- In August 2020, Otis acquired Bay State Elevator to expand in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
Product Launches and Product Expansions
- In September 2019, KONE India introduced its new elevator and escalator product named KONE CareTM equipped with IoT technology to strengthen its position across the globe.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD |
2021-2031 |
| BASE YEAR |
2024 |
| FORECAST PERIOD |
2024-2031 |
| HISTORICAL PERIOD |
2021-2023 |
| UNIT |
Value (USD Billion) |
| KEY COMPANIES PROFILED |
Schindler Group, Hyundai Elevator Co., Ltd, Otis Elevator Company, Kone Corporation, Fujitec, Hitachi, Ltd., SJEC Corporation. |
| SEGMENTS COVERED |
By Type, By Service, By End User, And By Geography. |
| CUSTOMIZATION SCOPE |
Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Market Research
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .
Motives for Buying this Report
We will segment the market depending on everything from economics to, well, everything else by means of both qualitative and quantitative approaches.
Every every section and sub-segment will have market value (in USD Billion!).
We will identify the area and segment expected to be the largest and fastest grower. We will also dissect every area, demonstrating local market impact and how the good or service is used there.
Curious about the main players? From the past five years, we will highlight their most recent moves—new services or products, alliances, expansions, and acquisitions—while covering a competitive landscape that ranks them. Additionally available are comprehensive company profiles with SWOT assessments, overviews, insights, and product benchmarking. Prepare for a look at the present and future market picture covering recent developments, growth prospects, drivers, and difficulties in both developed and emerging areas.
We will also provide you a thorough look at the Value Chain and examine the market applying Porter's five forces. After your purchase, you will receive six months of analyst assistance and we will lastly discuss the market dynamics and future growth opportunities.
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Table of Content
Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
1.3.1. Information Procurement
1.3.2. Information or Data Analysis
1.3.3. Market Formulation & Data Visualization
1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Smart Elevator Market Variables, Trends, & Scope
3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Million)
3.3. Market Dynamics
3.3.1. Market Drivers Analysis
3.3.2. Market Restraints Analysis
3.4. Smart Elevator Market Analysis Tools
3.4.1. Porter’s Analysis
3.4.1.1. Bargaining power of the suppliers
3.4.1.2. Bargaining power of the buyers
3.4.1.3. Threats of substitution
3.4.1.4. Threats from new entrants
3.4.1.5. Competitive rivalry
3.4.2. PESTEL Analysis
3.4.2.1. Political landscape
3.4.2.2. Economic and Social landscape
3.4.2.3. Technological landscape
3.4.2.4. Environmental landscape
3.4.2.5. Legal landscape
Chapter 4. Smart Elevator Market: Component Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Smart Elevator Market: Component Movement Analysis, 2023 & 2030 (USD Million)
4.3. Control System
4.3.1. Control System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.4. Maintenance System
4.4.1. Maintenance System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.5. Communication System
4.5.1. Communication System Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
4.6. Others
4.6.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Smart Elevator Market: Application Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Smart Elevator Market: Application Movement Analysis, 2023 & 2030 (USD Million)
5.3. Residential
5.3.1. Residential Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.4. Commercial
5.4.1. Commercial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.5. Institutional
5.5.1. Institutional Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
5.6. Industrial
5.6.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Smart Elevator Market: Regional Estimates & Trend Analysis
6.1. Smart Elevator Market Share, By Region, 2023 & 2030 (USD Million)
6.2. North America
6.2.1. North America Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.2.2. U.S.
6.2.2.1. U.S. Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.2.3. Canada
6.2.3.1. Canada Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.2.4. Mexico
6.2.4.1. Mexico Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3. Europe
6.3.1. Europe Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.2. UK
6.3.2.1. UK Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.3. Germany
6.3.3.1. Germany Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.3.4. France
6.3.4.1. France Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. Asia Pacific
6.4.1. Asia Pacific Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4.2. China
6.4.2.1. China Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4.3. Japan
6.4.3.1. Japan Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4.4. India
6.4.4.1. India Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4.5. Australia
6.4.5.1. Australia Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4.6. South Korea
6.4.6.1. South Korea Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. Latin America
6.5.1. Latin America Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5.2. Brazil
6.5.2.1. Brazil Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6. Middle East and Africa
6.6.1. Middle East and Africa Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6.2. South Africa
6.6.2.1. South Africa Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6.3. Saudi Arabia
6.6.3.1. Saudi Arabia Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
6.6.4. UAE
6.6.4.1. UAE Smart Elevator Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis by Key Market Participants
7.2. Company Categorization
7.3. Company Heat Map Analysis
7.4. Company Profiles
7.4.1. Bosch Security Systems, LLC.
7.4.1.1. Participant’s Overview
7.4.1.2. Financial Performance
7.4.1.3. Product Benchmarking
7.4.1.4. Recent Developments/Strategic Initiatives
7.4.2. FUJITEC CO., LTD.
7.4.2.1. Participant’s Overview
7.4.2.2. Financial Performance
7.4.2.3. Product Benchmarking
7.4.2.4. Recent Developments/Strategic Initiatives
7.4.3. Hitachi, Ltd.
7.4.3.1. Participant’s Overview
7.4.3.2. Financial Performance
7.4.3.3. Product Benchmarking
7.4.3.4. Recent Developments/Strategic Initiatives
7.4.4. HYUNDAIELEVATOR CO.,LTD.
7.4.4.1. Participant’s Overview
7.4.4.2. Financial Performance
7.4.4.3. Product Benchmarking
7.4.4.4. Recent Developments/Strategic Initiatives
7.4.5. KONE Corporation Finland
7.4.5.1. Participant’s Overview
7.4.5.2. Financial Performance
7.4.5.3. Product Benchmarking
7.4.5.4. Recent Developments/Strategic Initiatives
7.4.6. Mitsubishi Electric Corporation
7.4.6.1. Participant’s Overview
7.4.6.2. Financial Performance
7.4.6.3. Product Benchmarking
7.4.6.4. Recent Developments/Strategic Initiatives
7.4.7. Otis Worldwide Corporation
7.4.7.1. Participant’s Overview
7.4.7.2. Financial Performance
7.4.7.3. Product Benchmarking
7.4.7.4. Recent Developments/Strategic Initiatives
7.4.8. Schneider Electric
7.4.8.1. Participant’s Overview
7.4.8.2. Financial Performance
7.4.8.3. Product Benchmarking
7.4.8.4. Recent Developments/Strategic Initiatives
7.4.9. TK Elevator
7.4.9.1. Participant’s Overview
7.4.9.2. Financial Performance
7.4.9.3. Product Benchmarking
7.4.9.4. Recent Developments/Strategic Initiatives
7.4.10. Schindler
7.4.10.1. Participant’s Overview
7.4.10.2. Financial Performance
7.4.10.3. Product Benchmarking
7.4.10.4. Recent Developments/Strategic Initiatives
7.4.11. Toshiba Elevator and Building Systems Corporation
7.4.11.1. Participant’s Overview
7.4.11.2. Financial Performance
7.4.11.3. Product Benchmarking
7.4.11.4. Recent Developments/Strategic Initiatives
7.4.12. Honeywell International Inc.
7.4.12.1. Participant’s Overview
7.4.12.2. Financial Performance
7.4.12.3. Product Benchmarking
7.4.12.4. Recent Developments/Strategic Initiatives
7.4.13. Siemens
7.4.13.1. Participant’s Overview
7.4.13.2. Financial Performance
7.4.13.3. Product Benchmarking
7.4.13.4. Recent Developments/Strategic Initiatives
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