North America Smart Elevator Market Forecast to 2031

North America Smart Elevator Market Forecast to 2031

North America Smart Elevator Market Forecast to 2031 – Regional Analysis – by Setup (Modernization, Maintenance, and New Deployments), Carriage (Passenger and Freight), and Application (Residential, Commercial, and Industrial)

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Description

The North America smart elevator market was valued at US$ 7,131.21 million in 2023 and is expected to reach US$ 16,338.15 million by 2031; it is estimated to register at a CAGR of 10.9% from 2023 to 2031.

Technological Advancements in Elevator Industry Fuel North America Smart Elevator Market

Elevator technologies have been gradually developing over the past few years with the integration of leading-edge Artificial Intelligence (AI) technology and cloud services. Furthermore, the advent of digitization force elevator manufacturers to reevaluate their product lines and roll out next-generation elevator technology that is safe and quick.

With the integration of innovative technologies and intelligent systems, smart elevators are revolutionizing business operations. Elevators utilize cutting-edge features such as sensors, artificial intelligence, and connectivity to optimize traffic flow and reduce wait times. This is particularly useful in office buildings, where efficient movement of employees is crucial. Smart elevators minimize congestion and increase efficiency by assigning passengers to specific elevators based on their destination floor. In addition to improving traffic flow, these elevators offer personalized experiences for users. By recognizing employees through keycards, facial recognition, or biometric authentication, these elevators can direct them to their respective floors, eliminating the need for manual selection. With their advanced features and applications in various business sectors, they are poised to become an integral part of daily life.

In 2023, TK Elevator introduced EOX in North America. The company is one of the industry leaders in innovation and global market share. With its innovative technologies, innovative design, and shortened lead times, the eco-efficient elevator platform is built to satisfy the needs of two to ten-story structures. In September 2022, Hitachi unveiled an innovative touchless operating panel that revolutionized elevator technology by eliminating the need for physical floor buttons. This development offers users a unique and immersive experience, introducing a new level of convenience and ease of use. In March 2021, Otis Elevator announced the launch of the new digitally connected elevator, Gen3TM. The novel offering includes Otis’s exclusive technology, “Otis ONE technology,” which allows 24/7 real-time equipment performance monitoring. In addition, it comprises an Otis review in-car infotainment display, which can connect to the 24/7 OTISLINE customer support center through video chat in emergency cases. Thus, increasing focus on technological advancements is expected to create new trends in the North America smart elevator market during the forecast period.

North America Smart Elevator Market Overview

The US dominated the market in 2022 and is expected to grow at a substantial CAGR during the forecast period. The market for smart elevators in the US is growing due to the strong focus of the country on the development of advanced infrastructure, demand for energy-efficient solutions & intelligent buildings, and the presence of key market players such as Otis Elevator Co. and Johnson Controls Inc. Further, the growing construction sector is also expected to boost the demand for smart elevators during the forecast period. For instance, according to an article published by the Economic Times in June 2023, new home construction in the US increased significantly in the last three decades.

The construction sector of Canada is expanding with commercial, residential, and infrastructure development. For instance, according to an article published by BuildForce Canada in March 2021, construction requirements across Canada increased after the COVID-19 pandemic. BuildForce Canada projects that the nonresidential sector will dominate industry growth between 2021 and 2023, driven by a large list of public transit, education, healthcare, roadwork, and other civil infrastructure projects. Thus, the growing construction in North America is projected to boost the demand for smart elevators.

North America Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)

North America Smart Elevator Market Segmentation

The North America smart elevator market is segmented based on carriage, setup, application, and country.

In terms of carriage, the North America smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.

Based on setup, the North America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.

By application, the North America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.

Based on country, the North America smart elevator market is categorized into the US, Canada, and Mexico. The US dominated the North America smart elevator market in 2023.

Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, Hyundai Elevator Co Ltd, and Hitachi Ltd are some of the leading companies operating in the North America smart elevator market.

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At 10.9% CAGR, North America Smart Elevator Market is Projected to be Worth US$ 16,338.15 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America smart elevator market was valued at US$ 7,131.21 million in 2023 and is expected to reach US$ 16,338.15 million by 2031, registering a CAGR of 10.9% from 2023 to 2031. Rise in building construction activities and technological advantages of smart elevators over conventional elevators are among the critical factors attributed to the North America smart elevator market expansion.

Basic computing power of conventional elevators cannot reduce users’ waiting time. Furthermore, they are not energy efficient compared to modern elevators and do not include real-time monitoring of the elevator system. However, smart elevators are technically advanced and have various functions that contribute to their rising preference by building contractors. The usage of autonomous systems in these elevators aids in optimizing elevator actions, which, in turn, helps lessen wait time, eventually leading to more effective passenger transportation during busy hours.

Features of smart elevators such as touch screen interface, voice commands, gesture control, and mobile app controllability make them more user-friendly and enhance the comfort of passengers. Smart elevators send operational data to the cloud in real time, where certified employees can access it anytime and facilitate the timely resolution of any problem. In contrast to traditional elevators, smart elevators use progressive security measures such as facial recognition, biometrics, and other technologies to avoid unauthorized access. Furthermore, these elevators integrate sensors and other systems that continually monitor the irregular behavior of elevators, which includes excessive vibration, electrical faults, and others.

Further, customers demand innovative and more cutting-edge features from elevator systems as a result of the continuously changing technological landscape. Energy efficiency, space saving, time efficiency, long lasting, affordability, low maintenance, and safety are all benefits for modern elevators. Owing to all the benefits mentioned above, the demand for smart elevators over conventional elevators is increasing.

On the contrary, Intense competition among market players hampers the growth of North America smart elevator market.

In terms of carriage, the North America smart elevator market is bifurcated into passenger and freight. The passenger segment held 72.5% share of the North America smart elevator market in 2023, amassing US$ 5,173.33 million. It is estimated to garner US$ 11,520.72 million by 2031 to expand at 10.5% CAGR during 2023-2031.

Based on setup, the North America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 42.6% share of North America smart elevator market in 2023, amassing US$ 3,038.76 million. It is predicted to garner US$ 6,617.98 million by 2031 to expand at 10.2% CAGR during 2023-2031.

By application, the North America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 46.7% share of the North America smart elevator market in 2023, amassing US$ 3,332.71 million. It is projected to garner US$ 7,877.41 million by 2031 to expand at 11.4% CAGR during 2023-2031.

Based on country, the North America smart elevator market is categorized into US, Canada, and Mexico. The US held 76.9% share of North America smart elevator market in 2023, amassing US$ 5,485.13 million. It is projected to garner US$ 12,890.80 million by 2031 to expand at 11.3% CAGR during 2023-2031.

Key players operating in the North America smart elevator market are Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Thyssen Krupp AG, Hyundai Elevator Co Ltd, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America smart elevator market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America smart elevator market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Smart Elevator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. North America Smart Elevator Market – Key Market Dynamics
5.1 North America Smart Elevator Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rise in Building Construction Activities
5.2.2 Technological Advantages of Smart Elevators over Conventional Elevators
5.3 Market Restraints
5.3.1 Intense Competition Among Market Players
5.4 Market Opportunities
5.4.1 Growing Vertical Transportation Industry
5.4.2 Increasing Demand for Energy-Efficient Elevators
5.5 Future Trends
5.5.1 Technological Advancements in Elevator Industry
5.6 Impact of Drivers and Restraints:
6. Smart Elevator Market – North America Analysis
6.1 North America Smart Elevator Market Revenue (US$ Million), 2021-2031
6.2 North America Smart Elevator Market Forecast Analysis
7. North America Smart Elevator Market Analysis – by Carriage
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8. North America Smart Elevator Market Analysis – by Setup
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Smart Elevator Market Analysis – by Application
9.1 Residential
9.1.1 Overview
9.1.2 Residential: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10. North America Smart Elevator Market – Country Analysis
10.1 North America
10.1.1 North America: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.1 North America: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.2 United States: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 United States: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 United States: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 United States: Smart Elevator Market Breakdown, by Application
10.1.1.3 Canada: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Canada: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 Canada: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 Canada: Smart Elevator Market Breakdown, by Application
10.1.1.4 Mexico: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Mexico: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 Mexico: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 Mexico: Smart Elevator Market Breakdown, by Application
11. Competitive Landscape
11.1 Heat May Analysis
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Fujitec Co Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Otis Worldwide Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Kone Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Hyundai Elevator Co Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 ThyssenKrupp AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Schindler Holding AG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Mitsubishi Electric Corp
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Hitachi Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
14. Appendix
14.1 About The Research Team

LIST OF TABLES

Table 1. North America Smart Elevator Market Segmentation
Table 2. List of Vendors
Table 3. North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 5. North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 6. North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. North America: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. United States: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 9. United States: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 10. United States: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. Canada: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 12. Canada: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 13. Canada: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 14. Mexico: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 15. Mexico: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 16. Mexico: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 17. Heat Map Analysis by Key Players
Table 18. Company Positioning & Concentration

LIST OF FIGURES

Figure 1. North America Smart Elevator Market Segmentation, by Country
Figure 2. Ecosystem Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Smart Elevator Market Revenue (US$ Million), 2021-2031
Figure 5. North America Smart Elevator Market Share (%) – by Carriage (2023 and 2031)
Figure 6. Passenger: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Freight: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. North America Smart Elevator Market Share (%) – by Setup (2023 and 2031)
Figure 9. New Deployments: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Modernization: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Maintenance: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. North America Smart Elevator Market Share (%) – by Application (2023 and 2031)
Figure 13. Residential: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Commercial: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Industrial: North America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. North America Smart Elevator Market- Revenue by Key Countries 2023 (US$ Million)
Figure 17. North America: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 18. United States: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Canada: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Mexico: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)

The List of Companies – North America Smart Elevator Market

o Fujitec Co Ltd
o Otis Worldwide Corp
o Kone Corp
o Hyundai Elevator Co Ltd
o Thyssen Krupp AG
o Schindler Holding AG
o Mitsubishi Electric Corp
o Hitachi Ltd

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