Europe 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 Europe smart elevator market was valued at US$ 5,311.59 million in 2023 and is expected to reach US$ 13,000.25 million by 2031; it is estimated to register at a CAGR of 11.8% from 2023 to 2031.
Increasing Demand for Energy-Efficient Elevators Drive Europe Smart Elevator Market
There are increasing concerns about energy consumption across the world. Smart elevators are made using improved hardware; controls; software; and other components such as low-heat light-emitting diode (LED) lighting solutions, alternating current (AC) motors, and touch screens, which reduce energy consumption and are efficient. In line with this, there is an extensive adoption of novel permanent magnet synchronous (PMS) gearless traction machines that use less energy than traditional geared machines and are compact and lighter. Furthermore, the demand for energy efficient mobility systems owing to the increasing construction of high-rise buildings, supported by the rising working population, is growing. Apart from this, the integration of artificial intelligence (AI) and the Internet of Things (IoT) in smart elevators to identify problems from a remote location, offer emergency responses, and improve safety is expected to rise. Therefore, the rising demand for energy-efficient elevators is expected to offer lucrative opportunities for the Europe smart elevator market during the forecast period.
Europe Smart Elevator Market Overview
Europe held the second-largest market share in 2022 and is expected to grow at a substantial CAGR during the forecast period. This growth may be attributed to the supportive government initiatives for green construction projects. For instance, according to the World Green Building Council, in May 2022, construction leaders from across Europe unveiled the European Union (EU) Policy Roadmap toward climate-neutral buildings and construction by 2050. The roadmap describes a timeline of suggested actions for EU legislators to hasten the decarbonization of buildings by 2050, tackling both CO2 emissions from their operation and the long-overlooked impact of emissions from construction and materials. For instance, in December 2022, Germany-based Thyssenkrupp AG announced the launch of a novel elevator called EOX, a lift with a digital soul offering improved energy efficiency and user experience. EOX is manufactured in Thyssenkrupp AG Elevator's factories based in Europe, which uses 100% electricity from renewable sources. Further, the operation of EOX requires up to 28% less energy.
Increasing construction activities are further expected to boost the growth of the smart elevator market in Europe. For instance, according to the Construction Leadership Council, in January 2022, monthly construction output increased by 1.1% in volume terms in the UK. Further, in May 2023, the Government of the UK announced the rebuilding of five major hospitals in several regions by 2030 as part of the New Hospital Program. Therefore, supportive government initiatives and increasing focus of manufacturers on the development of sustainable and technological advance products are expected to drive the growth of the smart elevator market in Europe.
Europe Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)
Europe Smart Elevator Market Segmentation
The Europe smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Europe smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Europe smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Europe smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Europe smart elevator market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany dominated the Europe 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, and Hitachi Ltd are some of the leading companies operating in the Europe smart elevator market.
Increasing Demand for Energy-Efficient Elevators Drive Europe Smart Elevator Market
There are increasing concerns about energy consumption across the world. Smart elevators are made using improved hardware; controls; software; and other components such as low-heat light-emitting diode (LED) lighting solutions, alternating current (AC) motors, and touch screens, which reduce energy consumption and are efficient. In line with this, there is an extensive adoption of novel permanent magnet synchronous (PMS) gearless traction machines that use less energy than traditional geared machines and are compact and lighter. Furthermore, the demand for energy efficient mobility systems owing to the increasing construction of high-rise buildings, supported by the rising working population, is growing. Apart from this, the integration of artificial intelligence (AI) and the Internet of Things (IoT) in smart elevators to identify problems from a remote location, offer emergency responses, and improve safety is expected to rise. Therefore, the rising demand for energy-efficient elevators is expected to offer lucrative opportunities for the Europe smart elevator market during the forecast period.
Europe Smart Elevator Market Overview
Europe held the second-largest market share in 2022 and is expected to grow at a substantial CAGR during the forecast period. This growth may be attributed to the supportive government initiatives for green construction projects. For instance, according to the World Green Building Council, in May 2022, construction leaders from across Europe unveiled the European Union (EU) Policy Roadmap toward climate-neutral buildings and construction by 2050. The roadmap describes a timeline of suggested actions for EU legislators to hasten the decarbonization of buildings by 2050, tackling both CO2 emissions from their operation and the long-overlooked impact of emissions from construction and materials. For instance, in December 2022, Germany-based Thyssenkrupp AG announced the launch of a novel elevator called EOX, a lift with a digital soul offering improved energy efficiency and user experience. EOX is manufactured in Thyssenkrupp AG Elevator's factories based in Europe, which uses 100% electricity from renewable sources. Further, the operation of EOX requires up to 28% less energy.
Increasing construction activities are further expected to boost the growth of the smart elevator market in Europe. For instance, according to the Construction Leadership Council, in January 2022, monthly construction output increased by 1.1% in volume terms in the UK. Further, in May 2023, the Government of the UK announced the rebuilding of five major hospitals in several regions by 2030 as part of the New Hospital Program. Therefore, supportive government initiatives and increasing focus of manufacturers on the development of sustainable and technological advance products are expected to drive the growth of the smart elevator market in Europe.
Europe Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)
Europe Smart Elevator Market Segmentation
The Europe smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the Europe smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the Europe smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the Europe smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the Europe smart elevator market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany dominated the Europe 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, and Hitachi Ltd are some of the leading companies operating in the Europe smart elevator market.
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. EUROPE SMART ELEVATOR MARKET LANDSCAPE
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. EUROPE SMART ELEVATOR MARKET - KEY MARKET DYNAMICS
5.1 Europe 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 - EUROPE MARKET ANALYSIS
6.1 Europe Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 Europe Smart Elevator Market Forecast Analysis
7. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY CARRIAGE
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY SETUP
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY APPLICATION
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10. EUROPE SMART ELEVATOR MARKET - COUNTRY ANALYSIS
10.1 Europe
10.1.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.2 Germany: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Germany: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 Germany: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 Germany: Smart Elevator Market Breakdown, by Application
10.1.1.3 United Kingdom: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 United Kingdom: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 United Kingdom: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 United Kingdom: Smart Elevator Market Breakdown, by Application
10.1.1.4 France: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 France: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 France: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 France: Smart Elevator Market Breakdown, by Application
10.1.1.5 Italy: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Italy: Smart Elevator Market Breakdown, by Carriage
10.1.1.5.2 Italy: Smart Elevator Market Breakdown, by Setup
10.1.1.5.3 Italy: Smart Elevator Market Breakdown, by Application
10.1.1.6 Russia: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Russia: Smart Elevator Market Breakdown, by Carriage
10.1.1.6.2 Russia: Smart Elevator Market Breakdown, by Setup
10.1.1.6.3 Russia: Smart Elevator Market Breakdown, by Application
10.1.1.7 Rest of Europe: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of Europe: Smart Elevator Market Breakdown, by Carriage
10.1.1.7.2 Rest of Europe: Smart Elevator Market Breakdown, by Setup
10.1.1.7.3 Rest of Europe: 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
14. APPENDIX
14.1 About The Insight Partners
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. EUROPE SMART ELEVATOR MARKET LANDSCAPE
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. EUROPE SMART ELEVATOR MARKET - KEY MARKET DYNAMICS
5.1 Europe 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 - EUROPE MARKET ANALYSIS
6.1 Europe Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 Europe Smart Elevator Market Forecast Analysis
7. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY CARRIAGE
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY SETUP
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9. EUROPE SMART ELEVATOR MARKET ANALYSIS - BY APPLICATION
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: Europe Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10. EUROPE SMART ELEVATOR MARKET - COUNTRY ANALYSIS
10.1 Europe
10.1.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Europe: Smart Elevator Market - Revenue and Forecast Analysis - by Country
10.1.1.2 Germany: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Germany: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 Germany: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 Germany: Smart Elevator Market Breakdown, by Application
10.1.1.3 United Kingdom: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 United Kingdom: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 United Kingdom: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 United Kingdom: Smart Elevator Market Breakdown, by Application
10.1.1.4 France: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 France: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 France: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 France: Smart Elevator Market Breakdown, by Application
10.1.1.5 Italy: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Italy: Smart Elevator Market Breakdown, by Carriage
10.1.1.5.2 Italy: Smart Elevator Market Breakdown, by Setup
10.1.1.5.3 Italy: Smart Elevator Market Breakdown, by Application
10.1.1.6 Russia: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Russia: Smart Elevator Market Breakdown, by Carriage
10.1.1.6.2 Russia: Smart Elevator Market Breakdown, by Setup
10.1.1.6.3 Russia: Smart Elevator Market Breakdown, by Application
10.1.1.7 Rest of Europe: Smart Elevator Market - Revenue and Forecast to 2031 (US$ Million)
10.1.1.7.1 Rest of Europe: Smart Elevator Market Breakdown, by Carriage
10.1.1.7.2 Rest of Europe: Smart Elevator Market Breakdown, by Setup
10.1.1.7.3 Rest of Europe: 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
14. APPENDIX
14.1 About The Insight Partners
