Connected Elevator Market by Component (Communication Systems, Control Systems, Maintenence Systems), Speed Range (1.6 - 3.0 m/s, Above 3.0 m/s, Below 1.5 m/s), Elevator Type, Load Capacity, Price Range, Installation Type, Deployment Type, End-User - Global Forecast 2024-2030

[189 Pages Report] The Connected Elevator Market size was estimated at USD 11.49 billion in 2023 and expected to reach USD 12.60 billion in 2024, at a CAGR 10.35% to reach USD 22.91 billion by 2030.

Connected elevators are a pivotal advancement in vertical transportation, equipped with Internet of Things technology, enabling real-time data exchange between the elevator system and operators and service teams. They form part of smart building ecosystems by integrating advanced sensors, microprocessors, and communication interfaces. Connected elevators find applications across various segments, including residential complexes, commercial buildings, hotels, and healthcare facilities. Increasing urbanization and the resultant rise in high-rise buildings drive the demand for advanced elevator solutions. In addition, the need for reduced downtime and cost-effective maintenance supports the adoption of connected technologies. However, the high cost of integrating IoT technologies limits the deployment of connected elevators. Increased connectivity raises concerns about data privacy and cybersecurity risks. The complexity of installing and maintaining connected systems can deter potential adopters. Furthermore, connected elevators can be integrated with smart building management systems to further enhance building efficiency and occupant experience. Additionally, progress in IoT and related technologies underpin the market expansion.

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.

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.

New installations refer to the incorporation of connected elevator systems during the construction phase of buildings. This deployment type is usually preferred in new, modern structures that aim to integrate smart building solutions from the onset. Greenfield projects, smart cities, and contemporary real estate developments often prioritize new installations to ensure a seamless blend of the elevators with the building's architecture and digital infrastructure. The retrofit involves upgrading existing elevator systems with modern, connected functionalities. This option is often chosen for older buildings where the existing elevators require modernization to improve their efficiency, safety, and compliance or to bridge the gap between the building’s capabilities and occupants' expectations. New Installations, while costlier upfront, offer greater energy optimization and holistic integration within smart building ecosystems. Retrofits, on the other hand, are less disruptive and require significantly lower initial investment, presenting a viable option for building owners who seek to prolong the lifespan of their existing elevator systems and introduce elements of connectivity for enhanced performance.

Commercial buildings, such as offices, shopping malls, and hotels, have a high footfall and, consequently, a significant demand for efficient vertical transportation. Connected elevators in these establishments prioritize features such as energy efficiency, speed, and customization capabilities for branding purposes. Real-time monitoring and predictive maintenance capabilities are essential to minimize downtime and enhance user experience. Infrastructural buildings such as airports, subway stations, and train stations place a premium on the reliability and durability of connected elevators due to the critical nature of transportation infrastructure. Key considerations include robustness, high capacity, and resilience to heavy usage. Accessibility and safety features are also crucial, given the wider range of users and potential emergency situations. For institutional buildings, including hospitals, universities, and government facilities, connected elevators must cater to a diverse set of needs. In healthcare facilities, elevators need to accommodate stretchers and provide smooth and accurate stops. For educational institutions, high throughput during class changes is necessary. Security and access control are vital features across all institutional buildings. Residential connected elevators are aimed at providing convenience, comfort, and safety to residents. Features such as noise reduction, smooth operation, and integration with smart home systems are often sought after. Aesthetics also play a significant role, as elevators contribute to the overall appeal and value of residential properties.

In the Americas, the United States leads the demand for connected elevator solutions, particularly in urban areas with high-rise buildings. Consumer needs in this region are driven by integrating advanced technologies to enhance the user experience and increase operational efficiency. Customer purchasing behavior is anchored on reliability, safety, energy efficiency, and IoT implementations for predictive maintenance. Canada shows significant potential, focusing on sustainable living and green building initiatives promoting the adoption of smart elevators. The European Union, the Middle East, and Africa encompass diverse markets with varying degrees of technological adoption. The EU is at the forefront, with stringent energy efficiency and safety regulations driving the demand for connected elevator systems. European countries are increasing their investments, focusing on innovation and smart city projects. In the Middle East, the rich infusion of capital in infrastructure development, primarily within the framework of smart cities, is laying the groundwork for expansion. Africa is emerging as a potential growth area, with urbanization and smart city initiatives sprouting in major urban centers. The Asia Pacific region is burgeoning with opportunities due to rapid urbanization and extensive construction sector growth, which has resulted in an elevated demand for connected elevators. APAC countries' sophisticated approach to technology integration plays a key role in refining the usability and functions of connected elevators.

The FPNV Positioning Matrix is pivotal in evaluating the Connected Elevator Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Connected Elevator Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

• 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: 2023-06-08]

• 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: 2023-05-18]

• 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: 2022-08-22]

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.

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

• Component
  • Communication Systems
  • Control Systems
    • Access Control Systems
      • Biometric Access Control Solutions
      • Card-Based Access Control Systems
      • Touch Screen & Keypad-Based Access Control Systems
    • Security Control System
      • Fire Alarm Systems
      • Intruder Alarm Systems
      • Surveillance Cameras
      • Visitor Management Systems
  • Maintenence Systems
• Speed Range
  • 1.6 - 3.0 m/s
  • Above 3.0 m/s
  • Below 1.5 m/s
• Elevator Type
  • Freight Elevator
  • Passenger Elevator
  • Service Elevator
• Load Capacity
  • 1001-2000 Kgs
  • Below 1000 Kgs
  • Over 2000 Kgs
• Price Range
  • Entry-Level
  • High-End
  • Mid-Range
• Installation Type
  • Machine Room Elevator
  • Machine Roomless Elevator
• Deployment Type
  • New Installation
  • Retrofit
• End-User
  • Commercial Buildings
  • Infrastructural Buildings
  • Institutional Buildings
  • Residential Buildings

• 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

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

1. What is the market size and forecast of the Connected Elevator Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Connected Elevator Market?
3. What are the technology trends and regulatory frameworks in the Connected Elevator Market?
4. What is the market share of the leading vendors in the Connected Elevator Market?
5. Which modes and strategic moves are suitable for entering the Connected Elevator Market?