The smart elevator market is estimated to grow from USD 18 billion in 2019 to USD 33 billion by 2025, at a CAGR of approximately 11%. The future of the smart elevator market creates new opportunities for smart elevator manufacturers and players presence across the value chain. The smart elevator market is expected to decline in 2020 due to COVID-19 and is expected to recover in 2021. The major growth drivers for this market are growth of building & construction industry and rising adoption of IoT technology.

North America is the largest region in the global smart elevator market due to increasing adoption of IoT based technology. Commercial building is the largest application for smart elevator market due to growth of increasing demand in commercial buildings.

Smart elevator market is consolidated and some of the major players in this market include ThyssenKrupp, Hyundai, Toshiba, OTIS, KONE, Schindler Group, Hitachi, Mitsubishi Electric and others

The sample figures with some insights are shown below

Report Scope:

The scope of the global Smart Elevator market report is as follows:

  • Key Features Description
  • Base Year 2019
  • Trend Period 2014-2019
  • Forecast Period 2020-2025
  • Units Considered Value ($ Million)

Market Segments By End Use Industry ( Commercial Building, Residential Building, Institution, Automated Vehicle Storage and Retrieval System), By Component (Control System, Maintenance System, Communications System), By Service (New Installation, Modernization, and Maintenance)
Regional / Country North America ( US, Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia Pacific (Japan, China, India, and Rest of APAC), and RoW

Research Methodology

The report performed both primary as well as exhaustive secondary research for this study. Initially, the report analyzed all the leading smart elevator manufacturers across the globe. Subsequently, conducted primary research surveys with the identified companies. While interviewing, the company personnel were enquired about their key products, revenues, manufacturing plant location, and competitors. For this study, the report conducted more than 20 interviews, the same are mentioned below:

  • By company type: Manufacturers (50%), Consumers (25%), Researchers (15%), Independent industry consultant (10%)
  • By geography: North America (25%), Asia (40%), Europe (25%), Rest of the World (15%)
  • By designation: Top level (40%), Operation level (20%), Mid-level (40%)

The report analyzed by components, service, end use industry, and regional presence of all major smart elevator manufacturers across the globe. Market size for global smart elevator was calculated by using bottom-up approach as well as top –down approach. Various secondary sources such as secondary sources directories, database, company annual reports, white papers, investor presentations and financial reports were also studied to estimate the market size and growth rate.