Smart Elevator Automation System Market Size, Share, Trends, Growth and Forecast 2032

Smart Elevator Automation System Market Insights

According to the report published by Zion Market Research, the global Smart Elevator Automation System Market size was valued at USD 20.86 Billion in 2023 and is predicted to reach USD 60.69 Billion by the end of 2032. The market is expected to grow with a CAGR of 12.6% during the forecast period. The report analyzes the global Smart Elevator Automation System Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Smart Elevator Automation System industry.

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Global Smart Elevator Automation System Market: Overview

Currently, millions of elevators are operating across the world and move billions of people every day. In a connected smart building, the elevators are nowadays equipped with smart elevators. The smart elevator automation system adds advanced technologies that facilitate improved energy efficiency, enhanced security as well as crowd management in an effective manner in residential, commercial, and several other buildings. The smart elevator automation system is usually designed to reduce the overall consumption of energy. A digital security control system, biometrics, touch screen control, and destination access are some of the technologies integrated into these units.

Global Smart Elevator Automation System Market: Growth factor

The global smart elevator automation system market is growing at a healthy rate. The primary factors contributing to the growth of the market include increasing concerns for safety and security of the passenger as well as building and rising need for energy-efficient elevators. Many commercial buildings and residential complexes prefer to install smart elevators to improve the safety of passengers and premises. Furthermore, in business complexes or residential places, elevators are continuously getting used and consume large amounts of electricity.

Hence, many complex owners and customers are augmenting the demand for smart elevators to reduce the electricity and additional maintenance cost. Additionally, the rising demand for digital displays, smart fire alert systems, and automation are some factors contributing to the growth of the global smart elevator automation system market. Furthermore, rising growth in the commercial building sector is expected to provide ample opportunities for the growth of the smart elevator automation system market over the forecast period. On the other hand, the high initial cost associated with the installation and maintenance may hinder the growth of the global smart elevator automation systems market.

COVID-19 pandemic situations have adversely affected the growth of the global smart elevator automation system market. Factors such as a slowdown in the commercial as well as residential sector due to the impact on several economies in this pandemic, the situation has lowered the demand for smart elevator automation system. Additionally, cost-cutting in the infrastructure sector due to financial burdens is restricting builders to invest in smart elevator automation systems. Moreover, strict lockdowns and restrictions on transportation to control the spread of infection have disrupted the supply chain all over the world that resulted in a shortage of raw materials which have also affected the overall sale of the smart elevator automation system.

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Global Smart Elevator Automation System Market: Segmentation

The global smart elevator automation system market is bifurcated based on service, components, end-user, and region.

Based on service, the global smart elevator automation system market is bifurcated into installation service, modernization service, and repair & maintenance service.

The component segment is classified into the card reader, touch screen & keypad, building management system, biometric, security, & control system, and sensors, motors, & automation system.

The end-user segment is divided into commercial sector, residential sector, hotel, and others.

Smart Elevator Automation System Market: Report Scope

Global Smart Elevator Automation System Market: Regional Analysis

North American region is expected to lead the global smart elevator automation system market in terms of market share. Factors attributing to the growth of the market in this region include well-developed infrastructure industries, continuous demand for high-tech technologies, and the presence of key market players. Along with this, rising trend of luxury lifestyle and the growing demand for smart homes is augmenting the demand for smart elevator automation systems in this region.

The United States is expected to remain a high revenue contributor in the North America region over the forecast period. Furthermore, the demand for smart elevator automation systems in Europe is growing at a healthy rate and expected to contribute a significant share in the market over the forecast period. Whereas, the smart elevator automation system market in the Asia Pacific region is expected to set a high CAGR over the forecast period. Factors such as growing disposable income, rising demand of modern residential societies, and rapidly growing infrastructure sector are attracting many market players into this region.

Global Smart Elevator Automation System Market: Competitive Players

Key players operating in the global smart elevator automation system include:

• Honeywell
• Fujitec
• Hitachi
• Mitsubishi
• Otis Elevator
• Kone Corporation, Schindler
• ThyssenKrupp Elevator
• Tyco International, among others.

The Global Smart Elevator Automation System Market is segmented as follows:

By service 

• installation service
• modernization service
• repair & maintenance service 

By components 

• card reader
• touch screen & keypad
• building management system
• biometric
• security
• control system
• sensors
• motors
• automation system 

By end-user  

• commercial sector
• residential sector 
• hotel, and others

Global Smart Elevator Automation System Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.