IoT in Elevator Market

IoT in Elevator Market Outlook (2024 to 2034)

The global IoT in elevator market is estimated to reach a value of US$ 33.13 billion in 2024, as revealed in an updated research report by Fact.MR. Revenue from the market is projected to increase at a remarkable CAGR of 11.4% and climb to US$ 97.53 billion by the end of 2034.

Increase in innovative construction and smart city projects is attributed to the growing attention on developing and modernizing infrastructure, which is resulting in the mounting requirements for IoT in elevators. Constant advancements taking place in the IoT market are due to the rising need for energy-efficient and secure systems. Devices powered by IoT technology are capable of managing big data streams and performing predictive maintenance in elevators.

Elevator reservation systems operate on the IoT (Internet of Things) platform of the company, which enables centralized control of cameras, elevators, Bluetooth, and several other subsystem linkages. These systems are accessed by smartphones with Bluetooth functionality, WeChat Mini Programs, and mobile applications. Issues, such as unauthorized functionality and long waiting times are solved with the use of these smart elevators. In addition, they also minimize the chances of physical contact with elevators.

Growing spending by more consumers on smart living and advanced home facilities is stimulating more builders to adopt smart vertical transportation facilities for residents in buildings.

• Demand for IoT in elevators in Japan is forecasted to increase at 12.7% CAGR from 2024 to 2034.
• The residential segment is evaluated to expand at a CAGR of 11.6% and reach a market value of US$ 45.84 billion by the end of 2034.
• East Asia is analyzed to capture 26% share of the market by 2034.
• The market in Canada is projected to expand at a CAGR of 11.2% from 2024 to 2034.

Report Attribute	Detail
IoT in Elevator Market Size (2024E)	US$ 33.13 Billion
Forecasted Market Value (2034F)	US$ 97.53 Billion
Global Market Growth Rate (2024 to 2034)	11.4% CAGR
Market Share of Hardware Segment (2034F)	69%
North America Market Share (2034F)	31.5%
South Korea Market Growth Rate (2024 to 2034)	13% CAGR
Key Companies Profiled	Mitsubishi Electric Corporation; Company Profiles; Toshiba Elevators; Electra Ltd.; ThyssenKrupp AG.; Fujitec Co., Ltd.; Telefonica S.A.; Hitachi, Ltd.; Schindler Group; Hyundai Elevator Co. Ltd.; Otis Elevator Company; KONE Corporation.

What is Paving the Way for Providers of IoT in Elevators to Maximize Their Profits?

“Surging Demand for Elevator Systems Equipped with Smart Technology Features”

Cities are undergoing noteworthy transformation owing to the expansion of infrastructure and economic development. Further, growing initiatives undertaken for developing smart cities, enhanced safety features, real-time monitoring of any sort of unusual activities, and improving IoT capabilities are contributing to the expansion of the IoT in Elevator market size. Moreover, IoT is one such solution more firms are heavily becoming reliant on for smart facilities for safeguarding and protecting property against any internal or external threat.

Growing expenditure on urban development projects, particularly in developing countries such as India, is widening the application scope of IoT in elevators. A rising preference for predictive monitoring of elevators is also positively impacting market dynamics.

Why are Small Builders Showing Less Interest in Adopting IoT Solutions for Elevators?

“Substantial Initial and Ongoing Costs Detering Adoption of IoT-enabled Elevators”

Significant investment is required at the initial level for installing IoT in elevators. Moreover, the higher cost of maintaining these solutions is limiting their installation in some areas, particularly residential. A large capital investment is required for the installation of IoT-enabled and connected elevators, which includes service fees, equipment costs, and maintenance.

The prices associated with electricity and internet connectivity are also adding to the overall system costs. Thereby, several small builders are taking less interest in the adoption of IoT solutions in elevators.

How are Start-ups to Changing the Face of the Global Market?

“Focus on Integrating Machine Learning and Artificial Intelligence in Elevator Technologies”

New market players are actively investing in technological advancements and are using machine learning and artificial intelligence in elevator technologies, which is subsequently resulting in the development of more smart solutions for maintaining and managing elevators virtually. The growing need for smart elevators is leading to the development of innovative IoT solutions.

Country-wise Insights

North America is analyzed to account for 31.5% of the global market share by 2034-end, as reported in a study published by Fact.MR, a market research and competitive intelligence provider. Rising focus on energy conservation and security is contributing to IoT in elevator market growth in the region. Dependency on elevators for vertical transportation systems is widening the application scope of application of IoT in elevators.

Why Should IoT-Enabled Elevator Manufacturers Invest in the United States?

“Increasing Construction Activities and Use of Smart Equipment in High-Rise Buildings”

Attribute	United States
Market Value (2024E)	US$ 4.86 Billion
Growth Rate (2024 to 2034)	11.2% CAGR
Projected Value (2034F)	US$ 14 Billion

The United States is evaluated to capture a share of 45.6% of the North American market by 2034. Growing construction activities and technological advancements are boosting demand for IoT solutions in elevators. Furthermore, the increasing prominence of smart equipment in high-rise buildings is contributing to the popularity of IoT solutions in elevators. The rapid rate of digitization and technological progress is also having a positive influence on IoT in elevator market trends in the United States.

What Makes China an Attractive Market in This Business?

“High Investment in Development of Smart Cities and Metropolises”

Attribute	China
Market Value (2024E)	US$ 3.81 Billion
Growth Rate (2024 to 2034)	12.2% CAGR
Projected Value (2034F)	US$ 12.04 Billion

China is analyzed to contribute 47.5% share of the East Asian market by the end of 2034. The government in the country is spending significantly on the development of smart cities and metropolises. The increasing urban population is generating requirements for additional infrastructure, which is resulting in the rising demand for smart elevators.

Why Should Market Players Target Japan to Increase Their Profits?

“Stringent Government Regulations Promoting Green Infrastructure”

Attribute	Japan
Market Value (2024E)	US$ 2.25 Billion
Growth Rate (2024 to 2034)	12.7% CAGR
Projected Value (2034F)	US$ 7.45 Billion

Japan is approximated to occupy 29.4% share of the East Asian market by 2034. Certain stringent government regulations are resulting in growing initiatives taken to promote green infrastructure. Increasing consumer demand for safe, smart, and energy-efficient elevators is creating remunerative opportunities for market players in Japan. Elevators with connected and intelligent features are becoming more popular with the increasing need for energy conservation, subsequently contributing to the rising popularity of IoT solutions in elevators.

Category-wise Insights

There is an increased demand for IoT solutions for use in elevators for their predictive maintenance application. A constant data feed helps professionals get information about the tools they require for the diagnosis and mitigation of problems before they reach on-site, thereby helping save money and time. Installing predictive maintenance facilities in elevators helps in monitoring noise fluctuations, heat changes, and friction. IoT technology assists in reducing elevator downtime and offers secure and power-efficient systems.

Which Component of IoT Infrastructure Occupies a Significant Market Share?

“Need for Constant Repair and Maintenance Driving Demand for Advanced Hardware”

Attribute	Hardware
Segment Value (2024E)	US$ 23.52 Billion
Growth Rate (2024 to 2034)	11.1% CAGR
Projected Value (2034F)	US$ 67.29 Billion

The hardware segment is projected to capture 69% share of the global market by 2034. Increased investments by conventional construction businesses for procuring hardware components of superior quality ensure secure and safe transportation facilities. Remote surveillance facilities are accepted on a larger scale for smart elevators.

More engineers and designers are accepting remote surveillance for IoT-enabled elevators, which is further resulting in the noteworthy demand for hardware devices. These professionals are considering several factors, such as refurbishment, installation, repair, and maintenance. Increasing demand for aesthetic appearance for several hospitality businesses is positively impacting the demand for more advanced hardware components for use in the elevator industry.

Which Application of IoT in Elevators is Generating Substantial Revenue Streams?

“Surging Need for Modern and Advanced Elevators in Residential Sector”

Attribute	Residential
Segment Value (2024E)	US$ 15.24 Billion
Growth Rate (2024 to 2034)	11.6% CAGR
Projected Value (2034F)	US$ 45.84 Billion

The residential sector is forecasted to account for 47% of the IoT in elevator market share by the end of 2034. Increasing demand for more effective amenities in the residential sector across developing and developed countries is leading to the installation of predictive maintenance facilities in smart elevators. These advanced elevators help in monitoring heat exchange and friction for a secure operation of the transportation facilities.

Competitive Landscape

Key players in the IoT in elevator market are making efforts, such as collaborations, partnerships, acquisitions, new product launches, and others to get a competitive edge.

For instance :

• ThyssenKrupp AG, in September 2023, announced the launch of MAX predictive maintenance systems. It uses machine learning and AI for data analysis from elevator sensors to identify potential problems before they lead to any breakdown.

Fact.MR provides detailed information about the price points of key providers of IoT in elevator solutions positioned across the world, sales growth, production capacity, and speculative technological expansion, in this recently updated market report.

Segmentation of IoT in Elevator Market Research

• By Component :

  • Hardware
  • Software
    • On-premise
    • Cloud
  • Services
    • Designing & Engineering
    • Installation
    • Refurbishing
    • Maintenance & Repair
    • Managed Services

• By Application :

  • Preventive Maintenance
  • Remote Monitoring
  • Advanced Reporting
  • Connectivity Management
  • Others

• By End User :

  • Residential
  • Commercial
  • Industrial

• By Region :

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