Connected Elevator Market - Cumulative Impact of United States Tariffs 2025 - Global Forecast to 2030

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.

The elevator industry is undergoing a profound transformation as connectivity becomes the cornerstone of modern vertical transportation. Elevators equipped with smart sensors, real-time analytics, and remote monitoring capabilities are no longer a futuristic concept-they represent today’s competitive advantage. As buildings demand higher efficiency, superior safety, and seamless user experiences, stakeholders throughout the value chain-from component suppliers to end users-are realigning strategies to harness data and artificial intelligence.

This executive summary delivers an incisive overview of how connected elevator solutions are reshaping the market. It highlights the critical shifts in technology adoption, assesses policy influences such as the latest tariff measures, and uncovers the segmentation dynamics driving growth opportunities. By synthesizing regional performance and profiling leading providers, this analysis equips decision-makers with the clarity needed to prioritize investments and partnerships.

The landscape of vertical mobility is shifting on multiple fronts. Digitalization and the Internet of Things are enabling predictive maintenance that minimizes downtime and extends equipment lifespans. Simultaneously, artificial intelligence is enhancing safety protocols through real-time anomaly detection, ensuring rapid response to emerging risks. Sustainability mandates and energy codes are catalyzing the adoption of efficient motors and regenerative drives that reduce carbon footprints while lowering operational expenses.

Beyond technology, customer expectations are evolving: occupants now demand intuitive interfaces, personalized experiences, and seamless connectivity throughout their building journey. This has driven innovation in control software and user-friendly touchscreens that integrate with broader smart-building systems. Meanwhile, service providers are expanding consulting and remote monitoring offerings to unlock new recurring-revenue streams.

Regulatory bodies are also influencing adoption curves by updating codes to reflect digital safety requirements and interoperability standards. As these transformative shifts converge, market participants must adapt end-to-end strategies-from component R&D to aftermarket services-to seize the strategic advantages unlocked by connected elevator ecosystems.

Anticipated tariff adjustments in 2025 are set to compound existing trade tensions, particularly for firms reliant on cross-border supply chains. Elevated duties on imported brake systems, microcontrollers, and specialized sensors could pressure hardware costs, incentivizing some manufacturers to diversify sourcing or nearshore key production activities to maintain price competitiveness.

Service and software providers may experience less direct impact, yet their cost structures can be affected by increased hardware prices embedded within solution bundles. In response, many are forming strategic alliances with local component suppliers to mitigate cost escalation and ensure continuity of critical spare-parts availability.

These tariff dynamics also underscore the importance of modular, software-centric architectures that decouple performance upgrades from hardware replacements. By prioritizing advanced analytics platforms and connectivity software, organizations can sustain feature enhancements without triggering significant hardware cost increases. This cumulative effect of policy shifts in 2025 is prompting a broader reassessment of product roadmaps, vertical integration strategies, and cross-border partnerships across the industry.

When dissecting the ecosystem by component, hardware segments-ranging from brake systems and control panels to microcontrollers, motors, and sensors-remain foundational, with microcontrollers and smart sensors playing a pivotal role in real-time diagnostics. Services such as consulting, installation, and proactive maintenance ensure operational resilience, while software domains spanning analytics platforms, connectivity layers, control systems, and predictive-maintenance applications are rapidly emerging as differentiators in value propositions.

Evaluating application scenarios reveals that commercial installations like office buildings, public infrastructure, and shopping malls often lead in integrating connected solutions, driven by high traffic volumes and stringent uptime requirements. In industrial environments, manufacturing plants and warehouses benefit from enhanced throughput controls and automated fault detection. Residential segments-from large apartment complexes to individual homes-are increasingly adopting connected elevators for improved safety and personalized access experiences.

On the technology front, artificial intelligence-through computer vision and machine learning algorithms-unlocks advanced anomaly detection and adaptive scheduling, while automation innovations in control systems and smart sensors streamline elevator operations. The Internet of Things, with its expanding networks of connected devices and integrated ecosystems, underpins seamless data exchange across the building management stack.

End users such as facilities managers and real estate developers within building ownership, construction firms and electrical contractors among contractors, and component suppliers alongside system integrators in the manufacturing realm each exert unique requirements on solution design and service delivery. Functionality preferences further differentiate offerings: energy-efficient motors and regenerative drives address sustainability mandates, braking systems and emergency stops satisfy safety criteria, and intuitive touchscreen panels with voice activation elevate user engagement.

In the Americas, rapid urbanization and renovation of aging infrastructure have accelerated demand for connectivity solutions that enhance safety and regulatory compliance. Providers in North and South America are focusing on localized service offerings and data-center investments to ensure low-latency monitoring and predictive maintenance capabilities.

Across Europe, the Middle East & Africa, stringent energy regulations and a heightened emphasis on green building certifications are driving adoption of regenerative drives and energy-management software. Partnerships with local system integrators are crucial for navigating diverse regulatory landscapes and delivering region-specific compliance reporting.

In Asia-Pacific, booming construction activities, coupled with smart-city initiatives, have made this region a hotbed for pilot deployments of AI-powered elevator systems. High-density urban centers in countries throughout the Asia-Pacific are testing cutting-edge connectivity features-ranging from touchless controls to integrated occupant-flow analytics-positioning local manufacturers as innovation leaders on the global stage.

Leading global players are advancing through a combination of organic innovation and strategic collaborations. Otis Worldwide Corporation continues to refine its connected platform via partnerships with software specialists, while Schindler Group invests heavily in analytics to optimize fleet performance. Thyssenkrupp AG and TK Elevator GmbH are leveraging automation startups to enhance predictive-maintenance modules.

Fujitec Co., Ltd. and Kone Corporation focus on modular hardware architectures that facilitate rapid upgrades, whereas Mitsubishi Electric Corporation and Hyundai Elevator Co., Ltd. emphasize energy efficiency through next-generation motor and drive technologies. Hitachi Ltd. and Siemens AG are integrating machine learning algorithms into control software to deliver adaptive scheduling and passenger-flow optimizations.

On the service spectrum, Honeywell International Inc. and Robert Bosch GmbH extend their building-automation expertise to deliver unified monitoring solutions, and Delta Elevator Co., Ltd. teams up with regional integrators to bolster installation and maintenance networks. Meanwhile, mid-sized innovators like Canny Elevator Co., Ltd., Dewhurst Ltd., Eito & Global Inc., Lui Elevators Pvt Ltd., Orona Group, Robustel, Savaria Corporation, Subaru Corporation, Toshiba Corporation, and Vantage Elevation, LLC are carving out niches by offering specialized components, bespoke software modules, and localized support models.

To navigate evolving market pressures and capitalize on emerging opportunities, industry leaders should:

• Prioritize integration of modular software architectures that decouple feature enhancements from hardware dependencies, minimizing exposure to tariff-driven cost increases.

• Expand strategic partnerships with regional component suppliers and system integrators to bolster supply-chain resilience and ensure rapid deployment of critical spare parts.

• Invest in advanced analytics and AI capabilities focused on predictive maintenance, anomaly detection, and operational optimization to differentiate service offerings and build recurring-revenue streams.

• Align product development with sustainability mandates by accelerating deployment of energy-efficient motors, regenerative drives, and green-certification-compliant solutions.

• Enhance customer experiences through intuitive, touchless interfaces, voice-activation features, and seamless integration with broader smart-building ecosystems.

• Cultivate cross-industry collaborations-particularly with IT and telecom providers-to support scalable IoT networks and secure data-sharing frameworks.

The transition to fully connected elevator systems represents both a challenge and an opportunity for all stakeholders. By embracing digitalization, forming agile partnerships, and leveraging advanced analytics, organizations can enhance safety, operational efficiency, and passenger satisfaction. As trade policies reshape cost structures, companies that adopt modular, software-centric designs will maintain agility. Concurrently, sustainability requirements and user expectations will continue to elevate the bar for performance and experience. Those who align development roadmaps with these converging forces will emerge as market leaders in the next era of vertical transportation.

To explore the full depth of this analysis and uncover tailored strategies for your organization, reach out to Ketan Rohom (Associate Director, Sales & Marketing) and secure your copy of the comprehensive market research report today.