Smart Elevators: Market Share, and Growth Analysis by Setup (Modernization, Maintenance, New Deployments), Carriage, Installation, Application

The Smart Elevators Market size is valued at USD 26.7 billion in 2025 and is projected to reach USD 62.1 billion by 2033, registering a compound annual growth rate (CAGR) of 11.1% over the forecast period.

The smart elevators market is undergoing significant transformation as urbanization accelerates and the demand for intelligent infrastructure grows. These elevators incorporate advanced technologies such as IoT, AI, cloud connectivity, and predictive maintenance systems to optimize performance, reduce wait times, and enhance user safety and convenience. Smart elevators are designed to respond dynamically to real-time passenger traffic, energy consumption, and building usage patterns, offering a more responsive and efficient vertical transportation experience. Increasing adoption in commercial buildings, residential high-rises, airports, and hospitals is driving market growth globally. With a heightened focus on sustainability, smart elevators are becoming integral to green building initiatives by reducing power consumption and minimizing downtime. Additionally, integration with access control systems, touchless interfaces, and mobile app connectivity is reshaping how people interact with elevator systems. As cities embrace smart building solutions, smart elevators are positioned not only as a transportation upgrade but as a crucial element of broader intelligent infrastructure strategies.

In 2024, the smart elevators market experienced a noticeable uptick in adoption, fueled by a wave of retrofitting initiatives and new construction projects focused on smart city development. Building developers prioritized elevators that could adapt to fluctuating foot traffic and support advanced access control features such as facial recognition, RFID, and mobile credentialing. Energy-efficient motors and regenerative drives became standard, helping buildings align with environmental certification standards like LEED and BREEAM. Major elevator manufacturers launched cloud-based platforms that offered real-time monitoring, predictive maintenance alerts, and remote diagnostics, which significantly reduced operational disruptions. Touchless technology, driven by lingering health concerns post-pandemic, remained a top feature request in new elevator installations. Additionally, partnerships between elevator companies and IoT providers increased, resulting in more seamless integration with building management systems. Across major urban centers, smart elevators became a symbol of modernity and safety, enhancing tenant experiences and property values.

Looking ahead to 2025 and beyond, the smart elevators market is expected to advance further with deeper integration of artificial intelligence and real-time data analytics. Elevators will increasingly function as part of building-wide digital ecosystems, sharing data with HVAC, lighting, and security systems to create energy-optimized and context-aware environments. Predictive maintenance algorithms will evolve to not only detect issues in advance but also recommend efficiency improvements or upgrade paths. Smart elevators will play a vital role in vertical mobility planning, especially in mega cities where multi-level transportation systems are emerging. Emerging technologies like LiDAR, haptics, and voice recognition will be incorporated into control systems to improve accessibility and user interaction. With 5G and edge computing, elevators will offer instant connectivity for critical functions and remote servicing. Governments are also expected to enforce smart infrastructure policies, making digital elevator systems mandatory in certain building categories. While innovation will drive growth, challenges related to cybersecurity, high upfront costs, and compatibility with legacy systems will remain important considerations for stakeholders navigating the smart mobility landscape.

Key Insights: Smart Elevators Market

• Touchless and Voice-Controlled Interfaces: Smart elevators are increasingly featuring touchless buttons, gesture recognition, and voice-command capabilities, providing a hygienic, accessible, and intuitive user experience - particularly important in health-conscious public and private spaces.
• Cloud-Based Predictive Maintenance Systems: Elevator systems now leverage cloud analytics and machine learning to predict mechanical issues before they occur, reducing downtime, improving safety, and lowering long-term maintenance costs for building operators.
• Integration with Building Automation Systems (BAS): Elevators are being integrated with smart building systems to adjust lighting, temperature, and access control based on elevator usage, contributing to efficient building-wide energy management.
• Adoption of Energy-Regenerative Technologies: Regenerative drives and efficient motors are being incorporated into smart elevators, allowing excess energy to be fed back into the building’s power system, supporting energy savings and sustainability goals.
• Use of AI for Traffic Management and Optimization: Artificial intelligence is being deployed to analyze passenger flow in real time and dynamically adjust elevator dispatching to minimize wait times and improve vertical mobility efficiency in high-rise buildings.
• Urbanization and High-Rise Construction Growth: Rapid urban development and population density in major cities are driving the need for efficient and scalable elevator systems that reduce congestion and improve building traffic flow.
• Demand for Enhanced Passenger Experience: Tenants and occupants now expect smart, responsive, and secure mobility systems in modern buildings, pushing developers to integrate intelligent elevator technologies to improve user satisfaction.
• Government Initiatives for Smart Infrastructure: Public policies and smart city frameworks are encouraging adoption of connected elevator systems that meet digital infrastructure standards and sustainability criteria in urban environments.
• Focus on Operational Efficiency and Cost Reduction: Building managers and facility operators are turning to smart elevators to reduce energy use, minimize unplanned service interruptions, and lower the total cost of elevator ownership.
• Integration with Legacy Infrastructure: Many older buildings face technical and financial barriers in upgrading to smart elevators, with challenges stemming from outdated systems, structural constraints, and high retrofit costs limiting widespread adoption.

Smart Elevators Market Segmentation

By Setup:

• Modernization
• Maintenance
• New Deployments

By Carriage:

• Passenger
• Freight

By Installation:

• Low And Mid Rise
• High-Rise

By Application:

• Residential
• Commercial
• Industrial

By Geography:

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, Vietnam, Rest of APAC)
• The Middle East and Africa (Middle East, Africa)
• South and Central America (Brazil, Argentina, Rest of SCA)

Smart Elevators Market Size Data, Trends, Growth Opportunities, and Restraining Factors:

• This comprehensive Smart Elevators market report delivers updated market size estimates from 2024 to 2034, offering in-depth analysis of the latest Smart Elevators market trends, short-term and long-term growth drivers, competitive landscape, and new business opportunities. The report presents growth forecasts across key Smart Elevators types, applications, and major segments, alongside detailed insights into the current Smart Elevators market scenario to support companies in formulating effective market strategies.
• The Smart Elevators market outlook thoroughly examines the impact of ongoing supply chain disruptions and geopolitical issues worldwide. Factors such as trade tariffs, regulatory restrictions, production losses, and the emergence of alternatives or substitutes are carefully considered in the Smart Elevators market size projections. Additionally, the analysis highlights the effects of inflation and correlates past economic downturns with current Smart Elevators market trends, providing actionable intelligence for stakeholders to navigate the evolving Smart Elevators business environment with precision.

Smart Elevators Market Competition, Intelligence, Key Players, and Winning Strategies to 2034:

• The 2025 Smart Elevators Market Research Report identifies winning strategies for companies to register increased sales and improve market share.
• Opinions from senior executives from leading companies in the Smart Elevators market are imbibed thoroughly and the Smart Elevators industry expert predictions on the economic downturn, technological advancements in the Smart Elevators market, and customized strategies specific to a product and geography are mentioned.
• The Smart Elevators market report is a source of comprehensive data and analysis of the industry, helping businesses to make informed decisions and stay ahead of the competition. The Smart Elevators market study assists investors in analyzing On Smart Elevators business prospects by region, key countries, and top companies' information to channel their investments.
• The report provides insights into consumer behavior and preferences, including their buying patterns, brand loyalty, and factors influencing their purchasing decisions. It also includes an analysis of the regulatory environment and its impact on the Smart Elevators industry. Shifting consumer demand despite declining GDP and burgeoning interest rates to control surging inflation is well detailed.

What's Included in the Report?

• Global Smart Elevators market size and growth projections, 2024-2034
• North America Smart Elevators market size and growth forecasts, 2024-2034 (United States, Canada, Mexico)
• Europe market size and growth forecasts, 2024-2034 (Germany, France, United Kingdom, Italy, Spain)
• Asia-Pacific Smart Elevators market size and growth forecasts, 2024-2034 (China, India, Japan, South Korea, Australia)
• Middle East Africa Smart Elevators market size and growth estimate, 2024-2034 (Middle East, Africa)
• South and Central America Smart Elevators market size and growth outlook, 2024-2034 (Brazil, Argentina, Chile)
• Smart Elevators market size, share and CAGR of key products, applications, and other verticals, 2024-2034
• Short- and long-term Smart Elevators market trends, drivers, challenges, and opportunities
• Smart Elevators market insights, Porter’s Five Forces analysis
• Profiles of 5 leading companies in the industry - overview, key strategies, financials, product portfolio and SWOT analysis
• Latest market news and developments

Key Questions Answered in This Report:

• What is the current Smart Elevators market size at global, regional, and country levels?
• What is the market penetration of different types, Applications, processes/technologies, and distribution/sales channels of the Smart Elevators market?
• What will be the impact of economic slowdown/recission on Smart Elevators demand/sales?
• How has the global Smart Elevators market evolved in past years and what will be the future trajectory?
• What is the impact of growing inflation, Russia-Ukraine war on the Smart Elevators market forecast?
• What are the Supply chain challenges for Smart Elevators?
• What are the potential regional Smart Elevators markets to invest in?
• What is the product evolution and high-performing products to focus in the Smart Elevators market?
• What are the key driving factors and opportunities in the industry?
• Who are the key players in Smart Elevators market and what is the degree of competition/Smart Elevators market share?
• What is the market structure /Smart Elevators Market competitive Intelligence?

Available Customizations:

The standard syndicate report is designed to serve the common interests of Smart Elevators Market players across the value chain, and include selective data and analysis from entire research findings as per the scope and price of the publication.

However, to precisely match the specific research requirements of individual clients, several customization options are offered to include the data and analysis of interest in the final deliverable.

Some of the customization requests are as mentioned below:

• Segmentation of choice - Clients can seek customization to modify/add a market division for types/applications/end-uses/processes of their choice.
• Smart Elevators Pricing and Margins Across the Supply Chain, Smart Elevators Price Analysis / International Trade Data / Import-Export Analysis.
• Supply Chain Analysis, Supply-Demand Gap Analysis, PESTLE Analysis, Macro-Economic Analysis, and other Smart Elevators market analytics.
• Processing and manufacturing requirements, Patent Analysis, Technology Trends, and Product Innovations.
• Further, the client can seek customization to break down geographies as per their requirements for specific countries/country groups such as South East Asia, Central Asia, Emerging and Developing Asia, Western Europe, Eastern Europe, Benelux, Emerging and Developing Europe, Nordic countries, North Africa, Sub-Saharan Africa, Caribbean, The Middle East and North Africa (MENA), Gulf Cooperation Council (GCC) or any other.
• Capital Requirements, Income Projections, Profit Forecasts, and other parameters to prepare a detailed project report to present to Banks/Investment Agencies.

Additional support:

• All the data presented in tables and charts of the report is provided in a separate Excel document
• Print authentication allowed on purchase of online versions
• 10% free customization to include any specific data/analysis to match the requirement
• 7 days of analyst support

This product will be delivered within 1-3 business days.