Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Smart Elevators Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Forecasted Market Size and CAGR for the Smart Elevators Market?
The Smart Elevators Global Market has experienced substantial growth recently. The market size increased from $16.51 billion in 2024 to $18.02 billion in 2025, with a compound annual growth rate (CAGR) of 9.2%.
What Is the Forecasted CAGR for the Smart Elevators Market by 2029?
The Smart Elevators Global Market is projected to reach a size of $26.56 billion in 2029, with a compound annual growth rate of 10.2%.
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What Are the Market Drivers in the Smart Elevators Industry?
The key drivers in the smart elevators market are:
• Smart building ecosystem integration
• Rising popularity of sustainable building practices
• Implementation of AI and machine learning
• Adoption of touchless and biometric solutions
• Initiatives and developments in smart cities
What Is the Segment-Wise Breakdown of the Smart Elevators Market?
The smart elevators market covered in this report is segmented –
1) By Setup: Modernization, Maintenance, New Deployments
2) By Carriage: Passenger, Freight
3) By Installation: Low And Mid Rise, High-Rise
4) By Application: Residential, Commercial, Industrial
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Which Emerging Trends Are Driving Growth in the Smart Elevators Sector?
The key trends in the smart elevators market are:
• The future of the smart elevators market is being shaped by remote monitoring and maintenance.
• Technological advancements are also influencing the market significantly.
• The implementation of biometric and touchless technologies is emerging as a trend.
• An enhanced user experience and personalization, integrated with smart building ecosystems, is a growing trend.
Which Companies Are Dominating the Smart Elevators Market in Terms of Revenue?
Major players in the smart elevators market are:
• Hitachi Ltd.
• International Business Machines Corporation
• Thyssenkrupp AG
• Mitsubishi Electric
• Honeywell International Inc.
• Johnson Controls Inc.
• KT Corporation
• Otis Elevator Company
• Schindler Group
• Kone Corporation
• Bosch Security and Safety Systems
• SICK AG
• Hyundai Elevators Co. Ltd.
• Fujitec Co. Ltd.
• Sigma Elevator Company
• Toshiba Elevator and Building Systems Corporation
• Nidec Elevator Group
• Guangzhou Robustel Ltd.
• Brivo Inc.
• Kisi Inc.
• Openpath Security
• Thames Valley Controls Ltd.
• Rimrock Corporation
• Kintronic Laboratories Inc.
• Emerald Elevators
What Are the Regions Driving Demand in the Smart Elevators Market?
North America was the largest region in the smart elevators market in 2024
