Connected Elevator
Connected Elevator Market by Component (Hardware, Services, Software), Application (Commercial, Industrial, Residential), Technology, End User, Functionality - Global Forecast 2025-2030
SKU
MRR-43676CF4236F
Region
Global
Publication Date
February 2025
Delivery
Immediate
2024
USD 12.60 billion
2025
USD 13.93 billion
2030
USD 22.93 billion
CAGR
10.49%

The Connected Elevator Market size was estimated at USD 12.60 billion in 2024 and expected to reach USD 13.93 billion in 2025, at a CAGR 10.49% to reach USD 22.93 billion by 2030.

Connected Elevator Market
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The connected elevator market encompasses elevators integrated with advanced IoT technology, allowing for real-time monitoring, remote diagnostics, and predictive maintenance, significantly improving efficiency and user experience. The necessity of connected elevators stems from increased urbanization, demand for smart building solutions, and the need for enhanced safety and efficiency in transport systems. They are widely applied in residential buildings, commercial complexes, and industrial facilities, offering improved performance, reduced downtime, and lower maintenance costs. In terms of end-use scope, key sectors include the construction industry, smart cities, and the modernization of existing building infrastructures. Market growth is fueled by technological advancements, increasing automation, and a growing focus on energy-efficient systems. Recent advancements in artificial intelligence and machine learning provide opportunities for predictive analytics, further optimizing operations and enhancing user satisfaction. Companies are recommended to invest in AI-driven technologies and collaborate with smart building manufacturers to capitalize on these trends. However, market growth faces limitations such as high initial costs and stringent regulations concerning safety and data privacy. Companies must navigate these challenges by ensuring compliance with regional standards and developing cost-effective solutions. Innovation opportunities lie in developing eco-friendly and energy-efficient elevators, integrating more advanced AI tools for predictive maintenance, and enhancing cybersecurity to protect user data. Research in these areas could lead to significant advancements in connected elevator technology. The market remains dynamic, with a growing inclination towards smart infrastructure, creating a fertile environment for innovation and collaboration. Companies poised to leverage these advancements, while effectively addressing regulatory and cost barriers, will thrive in this ever-evolving landscape, thus ensuring sustainable growth and competitive advantage.

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Market Dynamics

The market dynamics represent an ever-changing landscape of the Connected Elevator Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Primary drivers influencing connected elevator innovations and consumer demand
    • Market drivers influencing the burgeoning growth of the connected elevator industry
    • Factors contributing to the escalating adoption of smart connectivity in elevator systems
  • Market Restraints
    • Analyzing high operational and maintenance costs holding back connected elevator adoption
    • Identifying key market restraints impacting the growth of the connected elevator industry
    • Understanding data security concerns as a constraint in the connected elevator sector
  • Market Opportunities
    • Rising interest in automated elevators fostering accessibility for differently-abled individuals
    • Next-generation design aesthetics providing a unique market for differentiated connected elevator experiences
    • Opportunities in retrofitting older elevator systems with connected technologies for cost-efficient upgrades
  • Market Challenges
    • Addressing legacy system compatibility in the integration of connected elevator solutions
    • Ensuring actionable insights from the vast data collected by smart elevator technologies
    • Managing customer expectations amidst rapidly evolving connected elevator innovations

Market Segmentation Analysis

  • Component: Expanding usage of communication systems for the relay of information and the responsiveness of the system

    Communication systems in connected elevators are integral to the functionality of smart elevators. These systems enable real-time data transfer between the elevator and the control center, providing critical information about elevator operations, diagnostics, and maintenance. As such, high-rise buildings with multiple elevators might prefer more robust and faster communication systems to efficiently manage elevator traffic. Need-based preferences for communication systems may depend on factors such as building height, number of elevators, and traffic patterns. Control systems form the brain of connected elevators, handling operations such as speed control, floor selection, and door operation. Modern control systems improve efficiency by optimizing elevator routing based on real-time traffic and user demand. Buildings with higher complexity and tenant volumes may favor more intelligent and adaptive control systems. The maintenance systems of a connected elevator ensure the reliability, safety, and longevity of the elevator system. These systems often use predictive analytics to foresee and prevent potential issues before they arise. For buildings where elevator downtime can significantly disrupt operations, such as in hospitals or large office buildings, the need for advanced maintenance systems is high.

  • Speed Range: Growing significance of connected elevators with a speed range above 3.0 m/s for high-rise and skyscraper applications

    A speed range of 1.6 - 3.0 m/s caters to buildings with moderate height, typically mid-rise residential and commercial structures that require a balance between cost-efficiency and speed. Elevators within this range provide a quick and comfortable ride suitable for occupants and visitors who may have to traverse several floors multiple times a day. The need-based preference here revolves around providing reliable and efficient vertical transportation without incurring the high costs associated with faster, more advanced elevators. The speed range above 3.0 m/s category is tailored for high-rise and skyscraper applications where speed is crucial for minimizing travel time over numerous floors. These elevators are typically installed in premium commercial buildings, luxury residences, and hotels. The need-based preference is towards minimizing wait and travel time while maximizing passenger throughput and comfort. Speed range below 1.5 m/s primarily serves low-rise residential buildings, small office buildings, and boutique hotels. Here, the focus is on basic functionality and cost-effectiveness over speed. These types of elevators meet the requirements for accessibility and basic comfort without the additional features of their faster counterparts.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Connected Elevator Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

PESTLE Analysis

The PESTLE analysis offers a comprehensive tool for understanding and analyzing the external macro-environmental factors that impact businesses within the Connected Elevator Market. This framework examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing companies with insights into how these elements influence their operations and strategic decisions. By using PESTLE analysis, businesses can identify potential opportunities and threats in the market, adapt to changes in the external environment, and make informed decisions that align with current and future conditions. This analysis helps companies anticipate shifts in regulation, consumer behavior, technology, and economic conditions, allowing them to better navigate risks and capitalize on emerging trends.

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Connected Elevator Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Connected Elevator Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Recent Developments

  • Otis Unveils Connected Gen3 Core Elevator for North America

    Otis Worldwide Corp. launched its cutting-edge Gen3 Core elevator, specifically engineered for North America's rapidly expanding two-to-six-story building sector. The Gen3 Core capitalizes on the established, flat-belt technology inherent in Otis' Gen2 elevators, renowned for their seamless, tranquil journeys, as well as their longevity and eco-friendliness. [Published On: June 08, 2023]

  • TK Elevator Launches New-Generation AGILE Destination Control Kiosks

    TK Elevator enhanced its AGILE line by introducing advanced Destination Control kiosks in Asia Pacific, poised to leave a lasting impression on users. These modern kiosks complement TK Elevator's leading Destination Selection Control (DSC) system, ideal for both new and existing structures, efficiently streamlining passenger movement with up to a 25% improvement in travel time and a 30% increase in handling capacity. [Published On: May 18, 2023]

  • Sharry and Otis Announce Global Partnership to Bring Elevator Access Integration to SmichOFF Building in Prague

    Sharry partnered with Otis Worldwide Corp., debuting an elevator access integration in Prague's AAA-class SmichOFF building. The Sharry-powered mobile application enables users to summon elevators and select floors directly from their personal devices, enhancing the user experience with effortless, touch-free elevator control. [Published On: August 22, 2022]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Connected Elevator Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Connected Elevator Market, highlighting leading vendors and their innovative profiles. These include Canny Elevator Co., Ltd., Delta Elevator Co., Ltd., Dewhurst Ltd, Eito & Global Inc., Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Kone Corporation, L&T Technology Services Limited, Lui Elevators Pvt Ltd., Mitsubishi Electric Corporation, Orona Group, Otis Worldwide Corporation, Robert Bosch GmbH, Robustel, Savaria Corporation, Schindler Group, Siemens AG, Subaru Corporation, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and Vantage Elevation, LLC.

Market Segmentation & Coverage

This research report categorizes the Connected Elevator Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Hardware
      • Brake Systems
      • Control Panels
      • Microcontrollers
      • Motors
      • Sensors
    • Services
      • Consulting Services
      • Installation Services
      • Maintenance Services
    • Software
      • Analytics Platforms
      • Connectivity Software
      • Control Software
      • Predictive Maintenance Software
  • Application
    • Commercial
      • Office Buildings
      • Public Infrastructure
      • Shopping Malls
    • Industrial
      • Manufacturing Facilities
      • Warehouses
    • Residential
      • Apartment Buildings
      • Individual Residences
  • Technology
    • Artificial Intelligence
      • Computer Vision
      • Machine Learning Algorithms
    • Automation
      • Automated Control Systems
      • Smart Sensors
    • Internet of Things
      • Connected Devices
      • IoT Ecosystems
  • End User
    • Building Owners
      • Facilities Managers
      • Real Estate Developers
    • Contractors
      • Construction Firms
      • Electrical Contractors
    • Elevator Manufacturers
      • Component Suppliers
      • Elevator System Integrators
  • Functionality
    • Energy Efficiency
      • Efficient Motors
      • Regenerative Drives
    • Safety Features
      • Braking Systems
      • Emergency Stops
    • User Experience
      • Touchscreen Panels
      • Voice Activation Systems
  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Connected Elevator Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Connected Elevator Market, by Component
  7. Connected Elevator Market, by Application
  8. Connected Elevator Market, by Technology
  9. Connected Elevator Market, by End User
  10. Connected Elevator Market, by Functionality
  11. Americas Connected Elevator Market
  12. Asia-Pacific Connected Elevator Market
  13. Europe, Middle East & Africa Connected Elevator Market
  14. Competitive Landscape
  15. List of Figures [Total: 27]
  16. List of Tables [Total: 904 ]
  17. List of Companies Mentioned [Total: 24]
360iResearch Analyst Ketan Rohom
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Frequently Asked Questions
  1. How big is the Connected Elevator Market?
    Ans. The Global Connected Elevator Market size was estimated at USD 12.60 billion in 2024 and expected to reach USD 13.93 billion in 2025.
  2. What is the Connected Elevator Market growth?
    Ans. The Global Connected Elevator Market to grow USD 22.93 billion by 2030, at a CAGR of 10.49%
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