Asia Pacific 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)
The Asia Pacific smart elevator market was valued at US$ 4,080.95 million in 2023 and is expected to reach US$ 10,496.83 million by 2031; it is estimated to register at a CAGR of 12.5% from 2023 to 2031.
Technological Advantages of Smart Elevators over Conventional Elevators Boost Asia Pacific Smart Elevator Market
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.
Asia Pacific Smart Elevator Market Overview
The market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This growth may be attributed to the growing urbanization, supportive government initiatives, and increasing investment in infrastructural projects. For instance, in March 2021, the government of China approved China's 14th Five-Year Plan (FYP) (2021-2025), the grand strategic blueprint for the next half-decade, and longer-term goals for 2035. The government anticipated to achieve China's urbanization rate round 65% of the population by 2025 and 75% that of an advanced economy by 2035. As more individuals move from rural to urban areas, the focus is more on investment in building infrastructure.
According to The Insight Partner analysis, ~60% of the world's population lives in Asia Pacific, with China and India being the most highly populated countries. More than 2 billion people live in urban areas. This surges the demand for new buildings as well as renovations of older buildings to high-rise residential towers. Also, several cities across the region are tech hubs, which increases the number of companies expanding to the region, leading to new commercial buildings and the reconstruction of older buildings into larger space areas. Owing to these reasons, the number of people and employees using the elevators in residential and commercial buildings is highly increasing, leading to the modernization of the existing elevators into technologically better, safer, larger, and speedier ones. Therefore, the demand for smart elevators is expected to increase in Asia Pacific during the forecast period.
Asia Pacific Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)![]()
Asia Pacific Smart Elevator Market Segmentation
The Asia Pacific smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Asia Pacific smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Asia Pacific smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Asia Pacific smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Asia Pacific smart elevator market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific smart elevator market in 2023.
Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, Hitachi Ltd, Toshiba Elevator and Building Systems Corporation, and Smart Plus Elevator Pvt. Ltd. are some of the leading companies operating in the Asia Pacific smart elevator market.
Asia Pacific Smart Elevator Market Segmentation
The Asia Pacific smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Asia Pacific smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Asia Pacific smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Asia Pacific smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Asia Pacific smart elevator market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific smart elevator market in 2023.
Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, Hitachi Ltd, Toshiba Elevator and Building Systems Corporation, and Smart Plus Elevator Pvt. Ltd. are some of the leading companies operating in the Asia Pacific smart elevator market.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners 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. Asia Pacific Smart Elevator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. Asia Pacific Smart Elevator Market - Key Market Dynamics
5.1 Asia Pacific 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 - Asia Pacific Market Analysis
6.1 Asia Pacific Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 Asia Pacific Smart Elevator Market Forecast Analysis
7. Asia Pacific Smart Elevator Market Analysis - by Carriage
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Smart Elevator Market Analysis - by Setup
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9. Asia Pacific Smart Elevator Market Analysis - by Application
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10. Asia Pacific Smart Elevator Market - Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Asia Pacific: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.2 China: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 China: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 China: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 China: Smart Elevator Market Breakdown, by Application
10.1.1.3 India: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 India: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 India: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 India: Smart Elevator Market Breakdown, by Application
10.1.1.4 Japan: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Japan: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 Japan: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 Japan: Smart Elevator Market Breakdown, by Application
10.1.1.5 Australia: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Australia: Smart Elevator Market Breakdown, by Carriage
10.1.1.5.2 Australia: Smart Elevator Market Breakdown, by Setup
10.1.1.5.3 Australia: Smart Elevator Market Breakdown, by Application
10.1.1.6 South Korea: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 South Korea: Smart Elevator Market Breakdown, by Carriage
10.1.1.6.2 South Korea: Smart Elevator Market Breakdown, by Setup
10.1.1.6.3 South Korea: Smart Elevator Market Breakdown, by Application
10.1.1.7 Rest of Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of Asia Pacific: Smart Elevator Market Breakdown, by Carriage
10.1.1.7.2 Rest of Asia Pacific: Smart Elevator Market Breakdown, by Setup
10.1.1.7.3 Rest of Asia Pacific: Smart Elevator Market Breakdown, by Application
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis By Key Players
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
13.9 Toshiba Elevator and Building Systems Corporation
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Smart Plus Elevator Pvt. Ltd.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Asia Pacific Smart Elevator Market segmentation
Table 2. List of Vendors
Table 3. Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Table 4. Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million) - by Carriage
Table 5. Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million) - by Setup
Table 6. Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million) - by Application
Table 7. Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Country
Table 8. China: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 9. China: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 10. China: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 11. India: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 12. India: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 13. India: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 14. Japan: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 15. Japan: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 16. Japan: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 17. Australia: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 18. Australia: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 19. Australia: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 20. South Korea: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 21. South Korea: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 22. South Korea: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 23. Rest of Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Carriage
Table 24. Rest of Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Setup
Table 25. Rest of Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million) - by Application
Table 26. Heat Map Analysis By Key Players
List of Figures
Figure 1. Asia Pacific Smart Elevator Market segmentation, by Country
Figure 2. Ecosystem Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Asia Pacific Smart Elevator Market Revenue (US$ Million), 2023-2031
Figure 5. Asia Pacific Smart Elevator Market Share (%) - by Carriage (2023 and 2031)
Figure 6. Passenger: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 7. Freight: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 8. Asia Pacific Smart Elevator Market Share (%) - by Setup (2023 and 2031)
Figure 9. New Deployments: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 10. Modernization: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 11. Maintenance: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 12. Asia Pacific Smart Elevator Market Share (%) - by Application (2023 and 2031)
Figure 13. Residential: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 14. Commercial: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 15. Industrial: Asia Pacific Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
Figure 16. Asia Pacific Smart Elevator Market- Revenue by Key Countries 2023 (US$ Million)
Figure 17. Asia Pacific: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 18. China: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
Figure 19. India: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
Figure 20. Japan: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
Figure 21. Australia: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
Figure 22. South Korea: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
Figure 23. Rest of Asia Pacific: Smart Elevator Market - Revenue and Forecast to 2031(US$ Million)
- Fujitec Co Ltd
- Otis Worldwide Corp
- Kone Corp
- Hyundai Elevator Co Ltd
- Thyssen Krupp AG
- Schindler Holding AG
- Mitsubishi Electric Corp
- Hitachi Ltd
- Toshiba Elevator and Building Systems Corporation
- Smart Plus Elevator Pvt. Ltd.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific smart elevator market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific smart elevator market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.