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Smart Elevator Market expected to reach USD 26.69 Billion by 2023, at a CAGR of 19.8% over 2023

by Jackwallner2 · January 18, 2019


Trend toward adopting energy-efficient systems is the key driver for smart elevators. The population growth created a high demand for energy. Over the last three decades, the energy consumption rate has gradually gone up and created opportunity for the companies to invest in this sector. Therefore, the shift from traditional hydraulic to smart elevators that save time and consume less energy is the key driver for the market.

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Browse 67 market data Tables and 58 Figures spread through 146 Pages and in-depth TOC on聽“Smart Elevator Market – Global Forecast to 2022”

AVSRS would play a key role in developing the smart elevator market


The automated vehicle storage and retrieval is a robotic technology which uses elevators and other related systems. This technology allows vehicles to be transported by the robotic lifting system. The system offers maximized parking capacity by using minimal space, provides convenience to customers, and ensures vehicle safety. These parking systems can be used in any new construction or renovation projects. This automated parking technology is suitable for densely populated areas including metropolitan areas, business parks, office buildings, trains and subway stations, trade centres, hotels, and others. These automated parking technologies are environmentally friendly because car engines are shut off when cars are stored or retrieved in this parking system; also, the search time for a parking space is eliminated because this a robotic system which works without human intervention.




New installation services are expected to lead the market by 2022


The new installation services are likely to dominate the market by 2022. In emerging economies such as APAC, the Middle East, Africa, and Latin America, the market for new installations is expected to grow significantly at a high rate. The growing high-rise buildings and economy modernization initiatives of government, and favourable business environment are the key factors supporting the growth of new installations.


North America dominated the smart elevator market; APAC is expected to grow at the highest rate during the forecast period


The growth of this market in North America can largely be attributed to the increasing demand for energy-efficient systems. The stringent mandates of governing bodies propelled adoption of smart elevators. The North American region is the major market for smart elevators as this region has very high penetration of ICT technologies compared to other regions. The economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth in APAC. The presence of most populous countries such as India and China make APAC a lucrative market as rapid urbanization and infrastructure in this region is likely to pave new growth avenues for companies.

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