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 - Glob

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 - Glob

The Connected Elevator Market size was estimated at USD 11.49 billion in 2023 and expected to reach USD 12.60 billion in 2024, at a CAGR 10.35% to reach USD 22.91 billion by 2030.

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.

Regional Insights

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 Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Connected Elevator Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rapid urbanization and the rising number of high rise buildings
Increasing adoption of wireless technology and communication channels

Market Restraints

Limited deployment due to the substantially high initial investment

Market Opportunities

Evolving smart cities and i​​ntegrated smart building management systems
Rising inclination more towards green technologies

Market Challenges

Lack of interoperability of connected elevators

Market Segmentation Analysis

Component: Expanding usage of communication systems for the relay of information and the responsiveness of the system
Speed Range: Growing significance of connected elevators with a speed range above 3.0 m/s for high-rise and skyscraper applications
Deployment Type: Increasing preference for new installations with the emerging trend of smart building solutions
End-User: Rising potential of connected elevators efficient across commercial buildings for vertical transportation

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Connected Elevator Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Connected Elevator Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Otis Unveils Connected Gen3 Core Elevator for North America

Otis Worldwide Corp. launched its cutting-edge Gen3 Core elevator, specifically engineered for North America's rapidly expanding two-to-six-story building sector. The Gen3 Core capitalizes on the established, flat-belt technology inherent in Otis' Gen2 elevators, renowned for their seamless, tranquil journeys, as well as their longevity and eco-friendliness.

TK Elevator Launches New-Generation AGILE Destination Control Kiosks

TK Elevator enhanced its AGILE line by introducing advanced Destination Control kiosks in Asia Pacific, poised to leave a lasting impression on users. These modern kiosks complement TK Elevator's leading Destination Selection Control (DSC) system, ideal for both new and existing structures, efficiently streamlining passenger movement with up to a 25% improvement in travel time and a 30% increase in handling capacity.

Sharry and Otis Announce Global Partnership to Bring Elevator Access Integration to SmichOFF Building in Prague

Sharry partnered with Otis Worldwide Corp., debuting an elevator access integration in Prague's AAA-class SmichOFF building. The Sharry-powered mobile application enables users to summon elevators and select floors directly from their personal devices, enhancing the user experience with effortless, touch-free elevator control.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Connected Elevator Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

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.

Market Segmentation & Coverage

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

Component
Communication Systems
Control Systems
Access Control Systems
Biometric Access Control Solutions
Card-Based Access Control Systems
Touch Screen & Keypad-Based Access Control Systems
Security Control System
Fire Alarm Systems
Intruder Alarm Systems
Surveillance Cameras
Visitor Management Systems
Maintenence Systems
Speed Range
1.6 - 3.0 m/s
Above 3.0 m/s
Below 1.5 m/s
Elevator Type
Freight Elevator
Passenger Elevator
Service Elevator
Load Capacity
1001-2000 Kgs
Below 1000 Kgs
Over 2000 Kgs
Price Range
Entry-Level
High-End
Mid-Range
Installation Type
Machine Room Elevator
Machine Roomless Elevator
Deployment Type
New Installation
Retrofit
End-User
Commercial Buildings
Infrastructural Buildings
Institutional Buildings
Residential Buildings
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

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