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Pulished Date August, 2021
ID: 9956
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Smart Elevator Market Segmentation By Component (Control Systems, Maintenance Systems, And Communication Systems), By Application (Residential, Commercial, Industrial, Institutional, and Automated Vehicle Storage And Retrieval System/AVSRS), By Service (New Deployment; Elevator Access Control & Security And Elevator Automation; Modernization, and Maintenance), By Installation type (Low & Mid Rise and High-Rise), and By Carriage type (Passenger and Freight) Industry Forecast | 2021 to 2026

Pulished: August, 2021
ID: 9956
Pages: 175

Market Overview

The Global Smart Elevator Market is envisioned to grow in a significant manner over the outlook period. It is estimated that the target market is growing to get valued around USD 39.78 Billion by 2026 from USD 18.36 Billion, rising at a CAGR of 12% over the prediction period from 2021-2026.

A Smart Elevators is a device that is designed to transform a simple act of travel between floors. This technology is intended to implement an efficient way to travel between floor by directing an elevator to the floor that passenger wanted with a fewer number of stops, instead of pushing a button to travel up or down.

The major factors that are driving the growth of the Global Smart Elevator Market are the rise in disposable consumer income, especially in countries like China, India, and Brazil, along with the increasing need for vertical transportation, which was faster. Also, the growth for the demand for this technology is attributed to the benefit when used as better control of elevator traffic and the growing need for improved efficiency of energy. The development of products that use renewable energy sources is expected to offer new growth avenues over the coming years. And the wide usage of these smart elevators in industrial, residential, and commercial sectors is further driving the market all these years.

Recent Developments

  • Hitachi Ltd., MNC conglomerate company, and a solar energy and battery storage company, Gridserve Sustainable Energy came into a partnership agreement for developing the solar farms and solar-powered electric vehicle (EV) charging stations.
  • Identive Group, Inc., a company that provides security solutions for identification that enables people to gain access to the buildings, systems, networks, information, and services they need, has announced that it has acquired the idOnDemand, Inc., which is a provider of service-based identity credential management and provisioning.

Drivers and Restraints of Smart Elevators Market

Rising activities of buildings and constructions along with the deployment of IT integrated infrastructure in urban areas of emerging economies and the growing demand for energy-efficient systems & solutions are the major drivers for the growth of the Global Smart Elevator Market. Moreover, the increasing adoption of wireless technologies and the rising investments from government and private organizations are increasing the traction in the Smart Elevations Market, all around the world.

However, high initial investments for the setup of these systems, lack of interoperability, and the consolidation of entry are the barriers in this market.

Nonetheless, the inclination of industries toward greener technologies is creating growth opportunities for the expansion of the global market players. Further, rapid urbanization and advanced technologies are likely to create some lucrative opportunities for the growth of the smart elevators market in the coming years.

Market Segmentation of Smart Elevators Market

Based on the component, the global Smart Elevators market is segmented into Control systems, Maintenance systems, and Communication systems.

Based on the application outlook, the global Smart Elevators market is segmented into Residential, Commercial, Industrial, Institutional, Automated vehicle storage, and retrieval system (AVSRS).

On the service outlook, the global Smart Elevators market is segmented into New Deployment, Modernization, and Maintenance. Of these, the New Deployment segment is sub-segmented into Elevator access control & security and Elevator automation.

In the outlook of installation type, the global Smart Elevators market is segmented as Low & Mid Rise, and High-Rise.

And on the Carriage outlook, the global Smart Elevators market is segmented into Passenger and Freight.

Smart Elevators Market Region wise analysis

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

In the regional analysis of the Global Smart Elevator Market, North America's market held the largest share, accounting for more than 40% of overall sales. The growth of the smart elevators in North America is credited to the sophisticated infrastructure and the rapid adoption of the latest innovations in this region.

And the Asia-Pacific's regional smart elevator market is anticipated to witness substantial growth over the forecast period owing to rapid infrastructure development and increasing urbanization in the region. Rising consumer disposable income is supporting the growth at the highest CAGR when compared to all other regional markets. The major factor that was fuelling the growth of the APAC smart elevator market is the rising technological advancements in countries like Japan, China, India, and among others.

And the market in Europe is also estimated to grow in a considerable way during the outlook period owing to the growing mandates of governments in the European Union, which are pertaining to the up-gradation of the existing elevator.

Key Players of Smart Elevators Market

The key players of the Global Smart Elevator Market include Bosch Security Systems, Bio-Key International Inc, Cisco Systems Inc., Hitachi Ltd., Digital persona Inc., Honeywell International Inc., Identive Group Inc., Hyundai Elevator Co. Ltd., Ingersoll-Rand Plc, Keyscan Inc., Johnson Controls Inc., Kone Corporation, Mitsubishi Electric Corporation, Linear Llc., Otis Elevator Company, Schneider Electric SA, Progress Security and Safety Systems, Siemens Building Technologies AG and ThyssenKrupp Elevator.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Smart Elevator Market, By Component                  

                    6.1.1 Control Systems       

                    6.1.2 Maintenance Systems         

                    6.1.3 Communication Systems    

                    6.1.4 Market Size Estimations & Forecasts (2019-2024)        

                    6.1.5 Y-o-Y Growth Rate Analysis         

                    6.1.6 Market Attractiveness Index         

          6.2 Smart Elevator Market, By Application                  

                    6.2.1 Residential     

                    6.2.2 Commercial   

                    6.2.3 Industrial       

                    6.2.4 Institutional   

                    6.2.5 Automated Vehicle Storage And Retrieval System/AVSRS         

                    6.2.6 Market Size Estimations & Forecasts (2019-2024)        

                    6.2.7 Y-o-Y Growth Rate Analysis         

                    6.2.8 Market Attractiveness Index         

          6.3 Smart Elevator Market, By Service              

                    6.3.1 New Deployment      

                     Elevator Access Control & Security

                     Elevator Automation

                    6.3.2 Modernization          

                    6.3.3 Maintenance  

                    6.3.4 Market Size Estimations & Forecasts (2019-2024)        

                    6.3.5 Y-o-Y Growth Rate Analysis         

                    6.3.6 Market Attractiveness Index         

          6.4 Smart Elevator Market, By Installation Type          

                    6.4.1 Low & Mid Rise        

                    6.4.2 High-Rise      

                    6.4.3 Market Size Estimations & Forecasts (2019-2024)        

                    6.4.4 Y-o-Y Growth Rate Analysis         

                    6.4.5 Market Attractiveness Index         

          6.5 Smart Elevator Market, By Carrriage Type             

                    6.5.1 Passenger      

                    6.5.2 Freight

                    6.5.3 Market Size Estimations & Forecasts (2019-2024)        

                    6.5.4 Y-o-Y Growth Rate Analysis         

                    6.5.5 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     



                    7.2.2 By Component         

                    7.2.3 By Application

                    7.2.4 By Service      

                    7.2.5 By Installation Type  

                    7.2.6 By Carrriage Type    

          7.3 Europe             

                    7.3.1 By Country     






                     Rest of Europe

                    7.3.2 By Component         

                    7.3.3 By Application

                    7.3.4 By Service      

                    7.3.5 By Installation Type  

                    7.3.6 By Carrriage Type    

          7.4 Asia Pacific                 

                    7.4.1 By Country     




                     South Korea

                     South East Asia

                     Australia & NZ

                     Rest of Asia-Pacific

                    7.4.2 By Component         

                    7.4.3 By Application

                    7.4.4 By Service      

                    7.4.5 By Installation Type  

                    7.4.6 By Carrriage Type    

          7.5 Latin America             

                    7.5.1 By Country     




                     Rest of Latin America

                    7.5.2 By Component         

                    7.5.3 By Application

                    7.5.4 By Service      

                    7.5.5 By Installation Type  

                    7.5.6 By Carrriage Type    

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                     Middle East


                    7.6.2 By Component         

                    7.6.3 By Application

                    7.6.4 By Service      

                    7.6.5 By Installation Type  

                    7.6.6 By Carrriage Type    

8. Key Player Analysis                           

          8.1 Bosch Security Systems                   

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Bio-Key International Inc                 

          8.3 Cisco Systems Inc                 

          8.4 Hitachi Ltd                 

          8.5 Digital Persona Inc                

          8.6 Honeywell International Inc             

          8.7 Identive Group Inc                

          8.8 Hyundai Elevator Co. Ltd                 

          8.9 Ingersoll-Rand Plc                

          8.10 Johnson Controls Inc           

9. Market Outlook & Investment Opportunities                     


          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Smart Elevator Market By Region, From 2021-2026 ( USD Billion )
  2. Global Smart Elevator Market By Component, From 2021-2026 ( USD Billion )
  3. Global Control Systems Market By Region, From 2021-2026 ( USD Billion )
  4. Global Maintenance Systems Market By Region, From 2021-2026 ( USD Billion )
  5. Global Communication Systems Market By Region, From 2021-2026 ( USD Billion )
  6. Global Smart Elevator Market By Application, From 2021-2026 ( USD Billion )
  7. Global Residential Market By Region, From 2021-2026 ( USD Billion )
  8. Global Commercial Market By Region, From 2021-2026 ( USD Billion )
  9. Global Industrial Market By Region, From 2021-2026 ( USD Billion )
  10. Global Institutional Market By Region, From 2021-2026 ( USD Billion )
  11. Global Automated Vehicle Storage And Retrieval System/AVSRS Market By Region, From 2021-2026 ( USD Billion )
  12. Global Smart Elevator Market By Service, From 2021-2026 ( USD Billion )
  13. Global New Deployment Market By Region, From 2021-2026 ( USD Billion )
  14. Global Elevator Access Control & Security Market By Region, From 2021-2026 ( USD Billion )
  15. Global Elevator Automation Market By Region, From 2021-2026 ( USD Billion )
  16. Global Modernization Market By Region, From 2021-2026 ( USD Billion )
  17. Global Maintenance Market By Region, From 2021-2026 ( USD Billion )
  18. Global Smart Elevator Market By Installation Type, From 2021-2026 ( USD Billion )
  19. Global Low & Mid Rise Market By Region, From 2021-2026 ( USD Billion )
  20. Global High-Rise Market By Region, From 2021-2026 ( USD Billion )
  21. Global Smart Elevator Market By Carriage Type, From 2021-2026 ( USD Billion )
  22. Global Passenger Market By Region, From 2021-2026 ( USD Billion )
  23. Global Freight Market By Region, From 2021-2026 ( USD Billion )

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