Connected Elevator Market - Global Forecast 2025-2030

The Connected Elevator Market size was estimated at USD 12.60 billion in 2024 and expected to reach USD 13.93 billion in 2025, at a CAGR 10.49% to reach USD 22.93 billion by 2030.

The connected elevator landscape is at a transformative juncture, marrying advanced technology with robust performance to redefine urban mobility and building infrastructure. In today’s fast-evolving market, traditional elevator systems are being replaced by integrated solutions that harness the power of digital connectivity, predictive analytics, and smart automation. This introduction sets the stage by exploring how the fusion of cutting-edge hardware, innovative software solutions, and reliable services is revolutionizing the vertical transportation industry. With faster decision-making processes, heightened energy efficiency, and improved safety protocols, these connected systems not only offer a new level of convenience and reliability but also underscore a commitment to sustainability and future-readiness. Throughout this discussion, we outline key market drivers and trends, delve into the segmentation that forms the backbone of industry analysis, and provide a roadmap that reflects regional and competitive dynamics. As technological advancements continue to accelerate, stakeholders from manufacturers to end-users are empowered to make better-informed decisions that influence upward growth. This report aims to equip decision-makers with a comprehensive understanding of the market’s evolution, ensuring they remain ahead of the curve in an increasingly competitive landscape.

The elevator industry is experiencing a paradigm shift driven by technological innovation and regulatory evolution. Modern connected elevator systems are pushing the envelope of efficiency by integrating automation, artificial intelligence, and IoT capabilities in ways that were unimaginable a few years ago. Technological advancements have laid the groundwork for real-time monitoring, remote diagnostics, and predictive maintenance, leading to a significant reduction in downtime and maintenance costs. In parallel, there is a move towards sustainable solutions aimed at reducing energy consumption and carbon footprints, a trend that has been rapidly adopted in both public and private infrastructure projects. This transformation is underpinned by increased consumer demand for convenience, safety, and efficiency, which has forced manufacturers and service providers to invest heavily in research and development. Moreover, regulatory bodies across regions are updating safety standards and performance metrics, necessitating that industry stakeholders continuously upgrade their systems to comply with the modern regulatory framework. These strategic shifts have paved the way for a more resilient market, one that not only anticipates future mobility demands but also fosters collaboration among technology innovators, traditional manufacturers, and service experts. Overall, the disruptive forces reshaping the elevator market are promising enhanced operational capabilities and improved user experiences, ensuring that vertical transportation remains both efficient and secure.

A nuanced understanding of the connected elevator market is achieved through its multi-dimensional segmentation, which provides granular insights into several critical aspects. The market is evaluated based on components, where the analysis spans hardware, services, and software. Hardware investigations delve into elements such as brake systems, control panels, microcontrollers, motors, and sensors, each playing an instrumental role in system reliability and performance. On the service front, the landscape is segmented into consulting services, installation services, and maintenance services—each a vital cog in ensuring seamless deployment and operational continuity. In parallel, the software segment is differentiated by specialized solutions including analytics platforms, connectivity software, control software, and predictive maintenance software; these are pivotal in transforming raw operational data into actionable intelligence.

Further segmentation based on application brings to light distinct market focuses: the commercial sector is scrutinized across office buildings, public infrastructure, and shopping malls, while the industrial segment zeroes in on manufacturing facilities and warehouses. The residential category is assessed through the lens of both apartment buildings and individual residences, underscoring how technology is reshaping vertical mobility across living spaces. An additional layer of segmentation emerges when considering technology, where adoption rates and impact are studied through the prism of artificial intelligence, automation, and the internet of things. Delving deeper, artificial intelligence is analyzed in terms of computer vision and machine learning algorithms, while automation focuses on automated control systems and smart sensors. The Internet of Things is further segmented into connected devices and the broader IoT ecosystems that enable ubiquitous connectivity.

The segmentation does not end there; insights are also drawn by examining the market based on the end users. Key players in this dimension include building owners—further subdivided into facilities managers and real estate developers—contractors, with an emphasis on construction firms and electrical contractors, and elevator manufacturers, detailed through their roles as component suppliers and system integrators. Finally, the functionality-based segmentation dissects market offerings into energy efficiency, safety features, and user experience, with energy efficiency studied through efficient motors and regenerative drives, safety features through braking systems and emergency stops, and user experience via advancements like touchscreen panels and voice activation systems. This comprehensive segmentation framework is instrumental in charting a holistic view of the connected elevator market, offering nuanced insights that inform strategic decisions.

Regional analysis of the connected elevator market reveals a myriad of unique dynamics that vary significantly across different parts of the globe. In the Americas, there is a marked acceleration in technology adoption, buoyed by robust urbanization trends combined with governmental initiatives that support infrastructure modernization and sustainable development. European, Middle Eastern, and African markets present a blend of mature industrialization alongside rising urbanization demands. Here, regulatory frameworks and environmental sustainability goals are actively driving the integration of connected solutions into existing infrastructures. Meanwhile, the Asia-Pacific region stands out due to rapid economic growth, relentless urban expansion, and a corresponding surge in infrastructure projects, making it a vital hub for ongoing market expansion. Understanding these regional nuances and adapting strategies accordingly is critical for stakeholders looking to optimize market penetration and capitalize on emerging opportunities. These geographically distinct trends further underscore the importance of tailoring technology deployments, service models, and investment strategies to fit regional needs while harnessing a globally informed perspective.

The competitive landscape within the connected elevator market features a diverse array of companies that are pioneering innovation and setting service benchmarks across the globe. Industry giants like Canny Elevator Co., Ltd. and Delta Elevator Co., Ltd. lead the market in technological expertise, while companies such as Dewhurst Ltd and Eito & Global Inc. continue to strengthen their market positions through strategic collaborations and innovative product launches. Esteemed players including Fujitec Co., Ltd., Hitachi Ltd., and Honeywell International Inc. contribute significantly through their comprehensive solutions that blend technology with efficient service delivery. Alongside these, Hyundai Elevator Co., Ltd. and Kone Corporation provide cutting-edge manufacturing and maintenance expertise, while L&T Technology Services Limited and Lui Elevators Pvt Ltd. focus on developing software-integrated solutions that drive operational excellence. Global leaders like Mitsubishi Electric Corporation, Orona Group, and Otis Worldwide Corporation have continually raised the bar by integrating advanced connectivity and predictive analytics into their systems. Complementing these stalwarts, Robert Bosch GmbH and Robustel leverage their technological prowess to refine connected solutions, whereas Savaria Corporation, Schindler Group, Siemens AG, and Subaru Corporation play critical roles in ensuring system reliability and efficiency. Thyssenkrupp AG, TK Elevator GmbH, Toshiba Corporation, and Vantage Elevation, LLC round out this competitive landscape, each contributing their unique strengths to an interconnected ecosystem. This diverse set of market players not only defines the competitive dynamism but also catalyzes innovation and pushes the boundaries of what is achievable in connected elevator technology.

Industry stakeholders are encouraged to actively adapt to technological disruptions by embracing a forward-thinking approach that integrates innovation, sustainability, and user-centric design. Market trends suggest that companies should invest in digital transformation initiatives that incorporate artificial intelligence, automation, and IoT frameworks to streamline operations and enhance service quality. It is advisable for leaders to focus on bolstering their research and development capabilities to remain competitive, particularly in areas such as predictive maintenance software and connected device ecosystems. Collaborations with technology innovators, research institutions, and supply chain partners can lead to breakthroughs that ensure long-term growth and scalability.

Regularly updating compliance frameworks and aligning with evolving regulatory standards is crucial for mitigating risks and ensuring operational consistency across multiple geographies. Additionally, fostering a culture of innovation that prioritizes both safety features and user experience can result in more resilient and adaptable product portfolios. Emphasis should also be placed on integrating energy-efficient solutions that not only meet environmental responsibilities but also offer a clear cost advantage over time. By strategically investing in robust digital infrastructure and cultivating expert partnerships, industry leaders can create a competitive edge that is reinforced by sustainability and superior performance. Ultimately, aligning long-term strategic planning with immediate operational improvements will ensure that companies can navigate the complexities of the modern connected elevator market while seizing emerging opportunities.

In summation, the connected elevator market is experiencing a significant evolution that is reshaping the foundations of urban infrastructure and vertical mobility. The synthesis of advanced hardware, cutting-edge software, and high-quality service offerings is catalyzing a transformation that not only enhances operational efficiency and safety but also addresses broader environmental and economic imperatives. The in-depth segmentation analysis—ranging from component functionalities and application scenarios to technology implementations and user-specific needs—underscores the comprehensiveness of market trends and offers a blueprint for strategic planning.

Moreover, regional insights illustrate the varied dynamics at play across the Americas, Europe, Middle East & Africa, and Asia-Pacific, highlighting the need for localized approaches that address unique market demands. The competitive landscape is characterized by well-established multinational companies alongside innovative newcomers, all contributing to a rich tapestry of technological expertise and customer service excellence. This comprehensive analysis enables decision-makers to understand not only where the market stands today but also where it is headed in the coming years. As the industry embraces rapid change, it stands as a testament to the power of integrated technology to drive efficiency, reliability, and enhanced user experiences in vertical transportation.

Elevate your strategic planning and competitive edge by engaging directly with Ketan Rohom, Associate Director, Sales & Marketing. His expert guidance can provide you with a detailed, data-driven understanding of the connected elevator domain. Seize the opportunity to acquire a comprehensive market research report that offers actionable insights, innovative segmentation analysis, and region-specific strategies that cater to your business needs. With clearly defined trends, a robust analysis of competitive dynamics, and detailed actionable recommendations, your organization can navigate the evolving landscape with confidence and precision. Connect with Ketan today to unlock the full potential of the market and drive your company’s success into the future.