[191 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.
Regional Insights
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 the integration of advanced technologies to enhance the user experience and increase operational efficiency. Customer purchasing behavior is anchored on reliability, safety, and energy efficiency, along with IoT implementations for predictive maintenance. Canada shows significant potential, with a focus on sustainable living and green building initiatives promoting the adoption of smart elevators. The European Union, the Middle East, and Africa (EMEA) encompass diverse markets with varying degrees of technological adoption. The EU is at the forefront, with stringent regulations on energy efficiency and safety driving the demand for connected elevator systems. European countries are increasing their investments, focusing on innovation and smart city projects. In the Middle East, especially in the Gulf Cooperation Council (GCC) countries, 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 growth of the construction sector, particularly in China and India, which has resulted in an increased demand for connected elevators. APAC countries’ sophisticated approach to technology integration, including advancements in Artificial Intelligence, plays a key role in refining the usability and functions of connected elevators.
FPNV Positioning Matrix
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).
Market Share Analysis
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.
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., Eito & Global Inc., Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, Orona Group, Otis Worldwide Corporation, Savaria Corporation, Schindler Group, Siemens AG, 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
- 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
- Access Control 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
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- 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.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Connected Elevator Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Connected Elevator Market?
- What are the technology trends and regulatory frameworks in the Connected Elevator Market?
- What is the market share of the leading vendors in the Connected Elevator Market?
- Which modes and strategic moves are suitable for entering the Connected Elevator Market?
US $
Euro €
GBP £