Smart Elevator Market Size, Development Strategy, Sales Revenue, Emerging Trends, Competitive Landscape, Opportunities and Industry Growth with 15% of CAGR by Forecast 2023

“Market Research Future”
Market Research Future published a research report on “Smart Elevator Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Scenario

Rapid increase in urbanization has created a positive impact on the development of smart projects such as smart cities in the emerging economies. As more number of people living in the cities has encouraged the builders and contractors to build taller buildings in the urban areas which eventually increases the demand for the elevators.

Populated cities have tall buildings, generally used for offices as well as residential purposes, which can cause inconvenience for the general public to wait for a longer time in lifts which increases the waiting time and operating costs of elevators. Rising need for energy efficient solutions such as smart elevators is required to allow better convenience for the people.

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However, with advent of technology, the elevators installed in commercial and residential buildings are equipped with smart solutions such as destination dispatch, facilitated at multi-elevator buildings, the number of people or passengers being informed and offers to select and travel-specific floor  to halt to turn up for their vehicles which comparatively reduces the waiting time. Destination dispatch technology being used in multi-storey buildings such as 20-25 floor buildings where the panel buttons are at present at the lobby, rather than in elevator. The advanced system identifies the traffic arrangement and adjust the number of elevators at the lobby, and engage the certain elevators at higher floors, which reduces the traveling and waiting times during the peak period of business hours.

On the flip side, implementing these smart solutions on a large scale require huge investments which eventually, regarded as a challenging factor for the smart elevators market.

The global Smart Elevator is expected to reach approximately USD 30 billion by 2023 growing at a 15% CAGR over the forecast period 2017-2023.

Key Players:

Some of the key players of Smart Elevator Market include ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan) and Hyundai Elevator Co. Ltd (Iran).


The smart elevator market is differentiated by type, component, services, speed and application.

By type, the smart elevator market is sub-segmented into passenger elevator, freight elevator and fireproof elevators. The component segment consists of maintenance, control system and communication system. The control sub-segment is further divided into access, elevator, sensors and security. Depending on the speed, smart elevator market is categorized as low-speed, fast-speed, high-speed and super-speed.

The application based smart elevator is segmented as industrial, commercial, institutional and infrastructure, residential, and others.

Regional Analysis

Geographically, the smart elevator market is categorized into four different regions such as North America, Asia Pacific, Europe and the Rest of the World.

Asia Pacific region is expected to be the fastest growing region in smart elevator market which is attributed to increased investment by their economies to modernize their infrastructure and develop as smart cities are expected to gain the popularity over the forecast period. India, particularly, is anticipated to be a fastest growing economy, regarding GDP, which is presumed to be the brightest spot for investment associated with regulation policies such as FDI in commercial sectors.

North America and Europe expected to have a gradual growth the smart elevator market over forecast period owing to highly advanced commercial infrastructure which requires made them early adopters of technology.

Target Audience

  • Research Firms.
  • Government Agencies
  • Smart Elevator Service Providers
  • Associations, organizations, forums and alliances related to Smart Elevator
  • Government bodies such as regulating authorities and policy makers
  • Building owners
  • Private construction/elevator consultants
  • Government bodies involved in infrastructure modernization
  • Software vendors
  • Elevator associations

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Table1 World Population By Major Regions (2017 To 2023)

Table2 Global Smart Elevator Market: By Region, 2017-2023

Table3 North America Smart Elevator Market: By Country, 2017-2023

Table4 Europe Smart Elevator Market: By Country, 2017-2023



FIGURE 1 Global Smart Elevator Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Porter’s Five Forces Analysis Of Global Smart Elevator Market

FIGURE 4 Value Chain Of Global Smart Elevator Market


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