Connected Elevator Market worth $22.91 billion by 2030, growing at a CAGR of 10.35% - Exclusive Report by 360iResearch

The "Connected Elevator Market by Component (Communication Systems, Control Systems, Maintenence Systems), Speed Range (1.6 - 3.0 m/s, Above 3.0 m/s, Below 1.5 m/s), Elevator Type, Load Capacity, Price Range, Installation Type, Deployment Type, End-User - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Connected Elevator Market to grow from USD 11.49 billion in 2023 to USD 22.91 billion by 2030, at a CAGR of 10.35%.

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Connected elevators are a pivotal advancement in vertical transportation, equipped with Internet of Things technology, enabling real-time data exchange between the elevator system and operators and service teams. They form part of smart building ecosystems by integrating advanced sensors, microprocessors, and communication interfaces. Connected elevators find applications across various segments, including residential complexes, commercial buildings, hotels, and healthcare facilities. Increasing urbanization and the resultant rise in high-rise buildings drive the demand for advanced elevator solutions. In addition, the need for reduced downtime and cost-effective maintenance supports the adoption of connected technologies. However, the high cost of integrating IoT technologies limits the deployment of connected elevators. Increased connectivity raises concerns about data privacy and cybersecurity risks. The complexity of installing and maintaining connected systems can deter potential adopters. Furthermore, connected elevators can be integrated with smart building management systems to further enhance building efficiency and occupant experience. Additionally, progress in IoT and related technologies underpin the market expansion.

In the Americas, the United States leads the demand for connected elevator solutions, particularly in urban areas with high-rise buildings. Consumer needs in this region are driven by integrating advanced technologies to enhance the user experience and increase operational efficiency. Customer purchasing behavior is anchored on reliability, safety, energy efficiency, and IoT implementations for predictive maintenance. Canada shows significant potential, focusing on sustainable living and green building initiatives promoting the adoption of smart elevators. The European Union, the Middle East, and Africa encompass diverse markets with varying degrees of technological adoption. The EU is at the forefront, with stringent energy efficiency and safety regulations driving the demand for connected elevator systems. European countries are increasing their investments, focusing on innovation and smart city projects. In the Middle East, the rich infusion of capital in infrastructure development, primarily within the framework of smart cities, is laying the groundwork for expansion. Africa is emerging as a potential growth area, with urbanization and smart city initiatives sprouting in major urban centers. The Asia Pacific region is burgeoning with opportunities due to rapid urbanization and extensive construction sector growth, which has resulted in an elevated demand for connected elevators. APAC countries' sophisticated approach to technology integration plays a key role in refining the usability and functions of connected elevators.

Market Segmentation & Coverage:

This research report categorizes the Connected Elevator Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Component, market is studied across Communication Systems, Control Systems, and Maintenence Systems. The Control Systems is further studied across Access Control Systems and Security Control System. The Access Control Systems is further studied across Biometric Access Control Solutions, Card-Based Access Control Systems, and Touch Screen & Keypad-Based Access Control Systems. The Security Control System is further studied across Fire Alarm Systems, Intruder Alarm Systems, Surveillance Cameras, and Visitor Management Systems. The Control Systems is projected to witness significant market share during forecast period.

Based on Speed Range, market is studied across 1.6 - 3.0 m/s, Above 3.0 m/s, and Below 1.5 m/s. The 1.6 - 3.0 m/s is projected to witness significant market share during forecast period.

Based on Elevator Type, market is studied across Freight Elevator, Passenger Elevator, and Service Elevator. The Passenger Elevator is projected to witness significant market share during forecast period.

Based on Load Capacity, market is studied across 1001-2000 Kgs, Below 1000 Kgs, and Over 2000 Kgs. The Over 2000 Kgs is projected to witness significant market share during forecast period.

Based on Price Range, market is studied across Entry-Level, High-End, and Mid-Range. The High-End is projected to witness significant market share during forecast period.

Based on Installation Type, market is studied across Machine Room Elevator and Machine Roomless Elevator. The Machine Room Elevator is projected to witness significant market share during forecast period.

Based on Deployment Type, market is studied across New Installation and Retrofit. The New Installation is projected to witness significant market share during forecast period.

Based on End-User, market is studied across Commercial Buildings, Infrastructural Buildings, Institutional Buildings, and Residential Buildings. The Infrastructural Buildings is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 38.29% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Connected Elevator Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Connected Elevator Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Connected Elevator Market, highlighting leading vendors and their innovative profiles. These include Canny Elevator Co., Ltd., Delta Elevator Co., Ltd., Dewhurst Ltd, Eito & Global Inc., Fujitec Co., Ltd., Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co., Ltd., Kone Corporation, L&T Technology Services Limited, Lui Elevators Pvt Ltd., Mitsubishi Electric Corporation, Orona Group, Otis Worldwide Corporation, Robert Bosch GmbH, Robustel, Savaria Corporation, Schindler Group, Siemens AG, Subaru Corporation, Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and Vantage Elevation, LLC.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Connected Elevator Market, by Component
7. Connected Elevator Market, by Speed Range
8. Connected Elevator Market, by Elevator Type
9. Connected Elevator Market, by Load Capacity
10. Connected Elevator Market, by Price Range
11. Connected Elevator Market, by Installation Type
12. Connected Elevator Market, by Deployment Type
13. Connected Elevator Market, by End-User
14. Americas Connected Elevator Market
15. Asia-Pacific Connected Elevator Market
16. Europe, Middle East & Africa Connected Elevator Market
17. Competitive Landscape
18. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Connected Elevator Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Connected Elevator Market?
3. What is the competitive strategic window for opportunities in the Connected Elevator Market?
4. What are the technology trends and regulatory frameworks in the Connected Elevator Market?
5. What is the market share of the leading vendors in the Connected Elevator Market?
6. What modes and strategic moves are considered suitable for entering the Connected Elevator Market?

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