The global contactless elevator market is projected to witness a CAGR of 8.5% during the forecast period 2024-2031, growing from USD 2.12 billion in 2023 to USD 4.07 billion in 2031. The market is anticipated to hold a decent growth rate during the forecast period due to higher economic growth of developing nations. Higher economic growth has enabled cities to adopt latest urban equipment for easy transport inside the complexes and residential buildings.
The introduction of new commercial spaces, airports, and the renovation of railway stations have garnered the market growth. Furthermore, contactless elevators provide a much safer and cleaner approach of going up and down by reducing the need to touch anything, including the elevator button, which has been a possible mode of germ transmission. As there's no need to touch anything other than the elevator button; touchless elevators offer a safer and more hygienic way to go up and down.
Prominent producers of contactless elevators are constantly concentrating on incorporating cutting-edge technologies such as the Internet of Things into their goods. They are providing end customers with personalized contactless elevators. In the upcoming years, it will cause the contactless elevator business to grow more. The rising acceptance of smart buildings is another element driving the sales of contactless elevators. In the Middle East, there was a growing trend towards the use of smart contactless machinery and equipment due to COVID-19. It has led to a strong demand for contactless elevators in these areas.
For instance, in June 2020, to stop the coronavirus from spreading, elevators at Abu Dhabi airports were equipped with modern contactless technology. To provide a contamination-free airport environment and prevent cross-infection from interacting with elevator buttons. Abu Dhabi International Airport (AUH) teamed with Meta Touch to install revolutionary touchless technology throughout 53 elevators.
Rapid Urbanization and Industrial Automation to Fuel Market Expansion
The growing population and increasing middle-class because of rapid urbanization are leading to more construction of high-rise buildings and commercial spaces that need useful vertical transportation solutions such as elevators. In such areas with dense populations, urbanization has created a greater demand for contactless elevators that reduce physical contact and improve hygiene. The necessity for innovative technologies such as contactless elevators is driven by major urbanization and sustainable efforts in the construction equipment industry.
The new localities, societies, and smart technologies are pushing spaces to adopt contactless elevators. The industrial spaces with automated tools along with conveyor belts and connected elevators can be controlled through smartphone connectivity. The connectivity features include apps, higher accessibility, and location-based branding. Furthermore, constant urbanization has expanded the number of commercial spaces and is likely to fuel market growth.
For instance, in April 2021, Jardine Schindler and the Hong Kong Productivity Council (HKPC) signed a license to launch the KNOw Touch, a contactless elevator control panel. According to the company, the KNOw Touch control panel can be installed in various elevators without the need for a new button system or extensive mechanical changes, thus allowing for rapid retrofitting.
Technological Advancements and Government Investments to Thrive Market Growth
Technological innovations such as cloud computing, IoT, AI, and sophisticated hardware and software have revolutionized the elevator industry and led to the development of intelligent elevators. For instance, in March 2024, Chongqing 99 New Energy Co. Ltd. launched an AI voice-controlled elevator with full-touchless operation. These intelligent elevators use artificial intelligence, giving passengers a whole new way to travel. Building constructors and clients find them enticing due to their features such as proactive maintenance, instantaneous information sharing, enhanced safety measures, and power effectiveness. Intelligent elevators use sensors and monitoring techniques to identify anomalous activity, schedule preventive maintenance, and ensure smooth operation. Elevator systems are more trustworthy, with shorter stop times, and are generally more effective when they are monitored in real-time.
Investments made by governments into infrastructure projects contribute to an increase in the market for elevators due to smart city initiatives, causing the location of demand on commercial buildings, large-scale infrastructure projects, condos, office centers, private homes, etc. A consequence of these investments is increased construction activity that relies heavily on the use of these machines themselves or buildings that require them specifically because they improve human mobility both inward and outward.
Higher Energy Efficient Elevators to Fuel Traction Elevator Segmental Growth
Based on technology type, the traction elevator segment holds a decent share of the market. Traction elevators are more efficient in terms of energy than hydraulic elevators as their cabs are moved using a counterweight that minimizes the amount of work done by an electric motor. In comparison to hydraulic ones, traction elevators provide better ride quality which in turn enhances comfort for passengers. Traction elevators come with safety measures intended to avoid incidents such as falling abruptly to guarantee travelers' well-being. The end-users, commercial and residential, adopt traction contactless elevators over others due to its adjustable speed and higher efficiency than hydraulic elevators. The higher efficiency is an outcome of the utilization of counterweight technique along with the motor-driven pulley system. As traction elevators are majorly adopted by the mid to high-rise buildings, advantaging with quick mobilization.
Europe to Leads in Global Contactless Elevator Market Share
The major market trends involve higher adoption in European nations. The main reasons for their leadership position are high adoption rates for state-of-the-art technologies in the region, as well as substantial government backing. Also, there are large investors for contactless lift companies. Furthermore, the increased demand for contactless elevators in Europe is due to the already-existing advanced infrastructure and presence of major commercial hubs. Higher tourist footfall has enabled the government to build hopping complexes, commercial spaces, and airports.
The hotel renovations through higher investment and amalgamation of traditional and modern facilities further facilitate the market growth. For instance, in April 2023, Claridge's hotel recently upgraded its 18th-century elevator with Contactless Touch, giving guests the ultimate ultra-modern function while embracing a heritage that holds many stories of history.
Future Market Scenario (2024 – 2031F)
- 1. Smart buildings, commercial spaces, and other buildings, such as stations and airports, are anticipated to fuel the global contactless elevator market.
- Upcoming smartphone technology, higher connectivity, and touchless buttons are projected to expand the market size.
- Emerging economies, such as India and China, are building airports, malls, and stations, along with renovating the old ones, which in turn, is expected to fuel the market growth.
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Report Scope
“Contactless Elevator Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of global contactless elevator market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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