Smart Elevators Industry Report 2026-2035: A $29.44 Billion Market by 2030 with Hitachi, Thyssenkrupp, Mitsubishi Electric, and Kone Leading
Dublin, Feb. 27, 2026 (GLOBE NEWSWIRE) -- The "Smart Elevators Market Report 2026" has been added to ResearchAndMarkets.com's offering.
The smart elevators market has witnessed significant growth in recent years, with its size projected to expand from $18.02 billion in 2025 to $19.82 billion by 2026, at a robust CAGR of 9.9%. This growth is driven by urbanization, increased high-rise construction, modernization of existing systems, demand for energy efficiency, adoption of digital controls, and growth in commercial real estate development.
The market is expected to continue its rapid ascent, reaching $29.44 billion by 2030, achieving a CAGR of 10.4%. This growth is underpinned by investments in smart building infrastructure, rising demand for touchless systems, expansion of predictive maintenance services, focus on carbon-neutral buildings, and integration with building management systems. Key trends include AI-based dispatch systems, predictive maintenance technologies, and energy-efficient solutions enhancing high-rise building operations.
The advancement of high-rise building construction significantly drives the smart elevator market. These structures necessitate advanced mechanical vertical transportation systems that leverage smart technology for enhanced safety, efficiency, and user experience. As of 2023, a record 185 buildings of 200 meters or taller were completed globally, underscoring this trend and its positive impact on the market.
Leading market players are innovating with technologies like in-car multimedia displays. For instance, TK Elevator launched EOX, an eco-efficient platform for low- to mid-rise buildings, offering energy savings of up to 45% and reducing embodied carbon by 50%. It features multimedia displays, predictive maintenance via the MAX platform, and enhanced safety through sensors and communication systems.
Strategic acquisitions are shaping the market landscape. In May 2024, KONE Corporation acquired Orbitz Elevators Pty Ltd. to expand service offerings in Australia and New Zealand, focusing on People Flow solutions.
Major companies in this sector include Hitachi Ltd., Thyssenkrupp AG, Mitsubishi Electric, Otis Elevator Company, Schindler Group, Kone Corporation, and more. North America led the market in 2025, while Asia-Pacific is poised to be the fastest-growing region through 2030.
The smart elevator market encapsulates revenues from services including maintenance, modernization, repair, and testing, alongside technological advancements like touchless interfaces. Market value reflects goods and related service sales by entities, including automated and energy-efficient systems. Values are calculated as 'factory gate' prices, considering only direct transactions with end consumers or between entities. Revenues pertain to consumption values within a specified geography, independent of production location, excluding supply chain resale incomes.
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