Contactless Elevator Market

Contactless Elevator Market Outlook (2024 to 2034)

The global contactless elevator market was valued at US$ 2,026.3 Million in 2023 and has been forecasted to expand at a noteworthy CAGR of 8.7% to end up at US$ 5,072.6 Million by 2034.

The adoption of smart electronic gadgets has enriched the consumer lifestyle and also increased convenience, thereby resulting in the concept of smart environments. Since smart cities are expanding, the reach of smart environments is also expanding at a great pace.

Increased use of AI with necessary building systems or equipment within a building has facilitated the growing demand for smart buildings in developed and developing nations across the globe. This has increased contactless elevator installations in various sectors, including commercial and residential areas. The global contactless elevator market, which presently is 4.5% of the overall elevator market, is expected to see remarkable growth as the need for smart and touchless machinery continues to increase.

While the developing regions, like the BRIC nations, are investing hugely in the development of smart infrastructure, the developed ones, such as the U.S. and the U.K., are renovating and modernizing the traditional ones. Large public infrastructural projects for commercial areas, rapid transits, airports, and railway stations are coming up to cater to the growing population; this, in return, will drive the touchless equipment demand in the forthcoming years, including contactless elevators.

Report Attributes	Details
Contactless Elevator Market Size (2023A)	US$ 2,026.3 Million
Estimated Market Value (2024E)	US$ 2,202.6 Million
Forecasted Market Value (2034F)	US$ 5,072.6 Million
Global Market Growth Rate (2024-2034)	8.7% CAGR
East Asia Market Share (2024)	22.4%
Japan Market Growth Rate (2024-2034)	9.2% CAGR
Key Companies Profiled	Bosch; FUJITEC CO., LTD; Hitachi; Honeywell International, Inc.; Hyundai Elevator; Johnson Controls; Kleemann; Kone; Mitsubishi Electric; Otis; Schindler; TK Elevator Corporation; Toshiba; Other Prominent Players.

Sales Analysis of Contactless elevator (2019 to 2023) vs. Market Forecasts (2024 to 2034)

• Short Term (2024 to 2027): In the short term, the growing increase in demand for hygiene and convenience will drive the adoption of contactless elevators in commercial spaces. Companies rush to touchless solutions in a bid to improve customer experience and safety for users in commercial offices, malls, and public infrastructures that have become part of post-pandemic adaptation. This shift is expected to positively impact the contactless elevator market’s expansion.
• Medium Term (2027 to 2030): The Asia Pacific regions are anticipated to witness strong growth in contactless elevator demand, driven by rising urban populations and supportive government policies focused on smart infrastructure. Governments in these regions are actively investing in smart cities and modernized buildings, creating opportunities for increased installations of contactless elevators, particularly in residential and public spaces.
• Long Term (2030 to 2034): Long-term, with the demand for contactless elevators extending their application to residential and industrial infrastructure, it is bound to see an upward trend. With rapid urbanization and a rapid need for continuous, automated systems in smart buildings due to fast urbanization, contactless elevators are bound to emerge as an indispensable part of future infrastructure. This will be continually supported by advances in technology and increased attention to sustainability and efficiency.

On the back of the aforementioned facts, the Contactless elevator market is anticipated to grow at a CAGR of 8.7% during the forecast period from 2024-2034, According to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics

What are the Factors Propelling Global Sales of Contactless elevator?

“Contactless Elevators Gain Momentum with Smart Technology Integration”

To enhance customer experience through transformative digitalization, technology providers in the elevator and escalator industry are focusing on understanding the market’s complexity. They are integrating essential technologies, such as sensors, data analytics, and data storage, into their offerings, aligned with customer insights. The first phase of this digital transformation involves making elevators more accessible and intelligent by incorporating sensors and analytics that enable real-time performance monitoring.

The second phase is connectivity, where advancements in mobile technology and analytics facilitate efficient remote diagnostics. Given the frequent physical interactions with elevator control panels, the ability to monitor and access them remotely is crucial for assessing their functionality. These innovations are driving increased demand for contactless elevators, ensuring smoother operations and extending the lifespan of the equipment.

Ultimately, these advancements are expected to contribute significantly to the growth of the global contactless elevator market, aligning with the rising focus on smart, touchless solutions for enhanced convenience and efficiency.

“High-Rise Buildings Gain Popularity in Developed Economies”

Due to higher rates of urbanization, construction companies and administrations focus on the optimal use of space in metropolitan cities. Vertical expansion with low-, mid-, and high-rise buildings has been increasingly adopted by construction companies as populations grow in cities. In developed economies like the U.S., U.K., and UAE, more high-rise structures are observed, tending to exploit scarce land efficiently and accommodate large numbers in vertical layers.

It is perhaps seen that the modernization of elevators in most buildings, especially in those whose elevator systems have seen operation for more than a decade. The need to substitute old elevator systems with modern, efficient, and cost-effective ones is felt day in and day out. New contactless elevators are tipped to perform well in high-rise buildings with modern technologies.

Country-wise Insights

Which Country Accounts High Demand for Contactless Elevator Across the Globe?

“Advancements in Lifting Equipment Drive U.S. Market Potential”

The U.S. touchless elevator market, valued at approximately US$ 234.3 million in 2024, is projected to grow to US$ 562.1 million by 2034.

The advancement of the U.S. lifting equipment and contactless elevator industries presents considerable growth opportunities, particularly in the non-residential and commercial sectors, which outpace the residential market due to ongoing developments in manufacturing and industrialization technologies. Over the assessment period, the U.S. contactless elevator market is anticipated to expand by 2.4X.

What is the Market Scenario of Contactless Elevator Demand in China?

“China Dominates East Asia’s Contactless Elevator Market”

The Asia Pacific (APAC) contactless elevator market is a blend of both developing and mature markets, offering vast opportunities for growth. Technological disruption and evolving customer demands, driven by urbanization and demographic changes, are paving the way for new services and innovations in contactless elevators. A key growth driver is the expanding maintenance and modernization base in China, which remains a dominant force in the region.

In 2024, China accounted for approximately 48.9% of the East Asia contactless elevator market. On the application front, the commercial sector leads, representing around 27.2% of contactless elevator production. This demand is fueled by the country’s established conventional industries, its large population, and robust GDP growth. With China’s contactless elevator market expected to reach a valuation of US$ 241.3 million in 2024, it presents a significant opportunity for manufacturers to introduce advanced elevator solutions and further penetrate the regional market.

This ongoing expansion in the APAC region underscores the promising potential for growth in the contactless elevator industry.

Category-wise Insights

Which Type of Contactless Elevator Holds the Largest Market Share?

“Traction-Type Contactless Elevators See Significant Growth”

The contactless elevator, traction-type has seen a significant rise in installation in the past few years and crossed a market value of US$ 665.2 million in 2024. Traction-type elevators are known to have low maintenance with greater lifting capacity, and many manufacturers supply these elevators across the globe. These elevators tend to be very efficient as counterweights offset the weight of the elevator car, which enables the elevator to perform better and utilize lesser energy in comparison to hydraulic systems.

The COVID-19 pandemic accelerated the growth of the contactless elevator market in order to ensure a CAGR of more than 7.6% from 2019 to 2023. Based on the growing inclination of most economies toward traction-type elevators, this sub-segment is poised for growth of around 2.4 times by 2034. This is partly because the efficiency and adaptability of the traction elevator assure its leading position in the market.

Competitive Landscape

Key players in the contactless elevator market are Bosch, FUJITEC CO., LTD, Hitachi, Honeywell International, Inc., Hyundai Elevator, Johnson Controls, Kleemann, Kone, Mitsubishi Electric, Otis, Schindler, TK Elevator Corporation, Toshiba & Others.

Companies devote a significant portion of their revenue to R&D to resolve problems and offer creative solutions to draw in new customers and stay competitive. Companies are developing customized offerings for issues that meet industry-specific needs to compete with other players.

• In May 2024, TK Elevator presented its new eco-efficient and digitally native elevator platform, EOX, to shape the future of urban mobility-to meet challenges in terms of sustainability and further improve accessibility, particularly in existing buildings. Accordingly, the EOX system will be able to integrate easily into already-existing structures, incorporating the principle of making use of embodied carbon in the modernization projects. In fact, this initiative supported the commitment of TK Elevator to sustainability, referring to its third sustainability report focused on reducing greenhouse gas emissions and increasing renewable energy usage in operations.
• Schindler introduced a new standardized modular elevator platform in the first half of 2024 and immediately received very good market acceptance in the selected European markets where it was launched. More than 70% of new elevator units ordered in those regions are presently using this platform. This modular design allows for more flexibility and efficiency in installation and maintenance, meeting increasing demand across commercial and residential applications that have custom requirements.

Fact.MR has provided detailed information about the price points of key manufacturers of contactless elevators positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Contactless elevator Industry Research

• By Elevator Type :

  • Hydraulic Elevators
  • Traction Elevators
  • Machine-Room-Less (MRL) Elevators
  • Pneumatic Elevators

• By Capacity :

  • Up to 1500 Lbs
  • 1500-3000 Lbs
  • 3000-4500 Lbs
  • 4500-6000 Lbs
  • Above 6000 Lbs

• By Technology Type :

  • Buttons
    • Hand Buttons (Air Push, Motion Call)
    • Foot Buttons
  • Voice Assistance
  • Mobile Control

• By Application :

  • Residential
  • Commercial
  • Industrial
  • Mix Block

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa