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Smart Elevators Market Forecast: What Market Value Is Expected By 2030?
The smart elevators market has experienced robust expansion in recent times. Its value is projected to rise from $18.02 billion in 2025 to $19.82 billion by 2026, exhibiting a compound annual growth rate (CAGR) of 9.9%. Historically, this expansion has been driven by factors such as the rise in urbanization And high-rise construction, the growing modernization of existing elevator systems, the need for energy-efficient building solutions, the widespread adoption of digital control systems, And the development of commercial real estate.
The smart elevators market is projected for swift expansion in the coming years, anticipated to reach $29.44 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.4%. This projected growth stems from several factors, including escalating investments in smart building infrastructure, a surging need for touchless And connected elevator systems, the broadening of predictive maintenance services, an intensifying emphasis on carbon-neutral buildings, And greater integration with building management systems. Key trends expected during this period encompass the increased uptake of AI-based elevator dispatch systems, the growing implementation of predictive maintenance technologies, a rise in the integration of energy-efficient elevator solutions, the wider deployment of smart elevators in high-rise structures, And an intensified focus on optimizing the passenger experience.
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Smart Elevators Market Growth Factors Supporting Long-Term Expansion
The expAnding construction of high-rise buildings is projected to drive the expansion of the smart elevator market in the future. A high-rise building is defined as a multi-story structure sufficiently tall to necessitate mechanical vertical transport systems, such as elevators. Smart elevator systems are beneficial for these buildings, offering a method of vertical movement And incorporating advanced technologies that improve their efficiency, safety, And the overall experience for users. For example, in January 2024, the Council on Tall Buildings And Urban Habitat, an international body based in the US specializing in tall buildings, reported that 2023 saw a record 185 buildings of 200 meters or more in height completed globally, bringing the total number of such high-rise structures worldwide to 2,532. Consequently, the rising number of high-rise building constructions is fueling the growth of the smart elevator market.
Smart Elevators Market Segment Performance And Strategic Opportunities
The smart elevators market covered in this report is segmented –
1) By Setup: Modernization, Maintenance, New Deployments
2) By Carriage: Passenger, Freight
3) By Installation: Low And Mid Rise, High-Rise
4) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Modernization: Retrofit of Existing Elevators, Upgrading Control Systems
2) By Maintenance: Preventive Maintenance, Predictive Maintenance
3) By New Deployments: Residential Smart Elevators, Commercial Smart Elevators, Industrial Smart Elevators
Smart Elevators Market Industry Trends Shaping Future Revenue Growth
Leading companies in the smart elevator market are developing innovative technologies, such as in-car multimedia displays, to gain a competitive edge. These displays in elevators offer real-time information And entertainment to passengers during their rides. For example, in May 2023, TK Elevator, a Germany-based urban mobility solutions company, introduced EOX. This eco-efficient And digitally enhanced elevator platform is specifically designed for low- to mid-rise buildings in North America. Built to meet modern stAndards, it merges sustainability with advanced technology. EOX achieves up to a 45% reduction in energy usage And a 50% decrease in embodied carbon, thanks to features like a regenerative drive that recycles energy And an eco-mode that adjusts speed during low-traffic times. It also provides state-of-the-art digital functionalities, including in-car multimedia displays for passenger interaction, predictive maintenance through the MAX platform, And improved safety features such as in-car sensors And two-way communication systems.
Smart Elevators Market Key Players: Which Companies Shape Industry Competition?
Major companies operating in the smart elevators market report include Hitachi Ltd., Thyssenkrupp AG, Mitsubishi Electric, Otis Elevator Company, Schindler Group, Kone Corporation, Hyundai Elevators Co. Ltd., Fujitec Co. Ltd., Sigma Elevator Company, Toshiba Elevator And Building Systems Corporation, Nidec Elevator Group, Emerald Elevators, TK Elevator, Canny Elevator Co., Ltd., Zhejiang Meilun Elevator Co., Ltd., SJEC Corporation, Kleemann Hellas SA, Orona Group, Doppler S.A., IFE Elevators Co., Ltd., Express Lift Company, Stannah Group, Wittur Group, AVT Beckett,
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Smart Elevators Market Largest Region By Revenue And Market Share
North America was the largest region in the smart elevators market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elevators market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
