North America IoT in Elevators Market Forecast to 2028 - COVID-19 Impact and Regional Analysis

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The North America IoT in elevators market is expected to grow from US$ 10,578.47 million in 2022 to US$ 18,272.55 million by 2028; it is estimated to grow at a CAGR of 9.5% from 2022 to 2028.

The migration of people from rural to urban areas is increasing annually across the region. As per the United Nations report published in April 2018 on Sustainable Cities, Human Mobility, and International Migration, the proportion of the world's population living in cities is expected to rise from 55% in 2018 to 60% by 2030. According to the United Nations, 55% of the world's population lives in urban areas, and the percentage is expected to increase to 68% by 2050. The migration of people from rural to urban has made governments of many North American economies invest in new infrastructure projects. Therefore, rising urbanization will increase the demand for IoT in elevators over the coming years. Governments of North American countries are devoting significant resources to the construction of energy-efficient infrastructure. On December 8, 2022, the US government signed an executive order catalyzing North America's clean energy economy through federal sustainability. The executive order to invest in American clean energy industries and manufacturing will reduce emissions across national operations and help communities become hygienic and healthy. There are five ambitious goals that procurement power to achieve. The goals are 100% carbon-free electricity (CFE) by 2030, at least half of which will be locally supplied with clean energy to meet the demand for electricity 24/7; acquisitions of 100% zero-emission vehicles (ZEVs) by 2035, including 100% zero-emission light-duty vehicles by 2027; net-zero emissions from federal procurement by 2050, including a Buy Clean policy to promote the use of construction materials with lower embodied emissions; a net-zero-emissions building portfolio by 2045, which also includes a 50% reduction in emissions by 2032; and net-zero emissions from overall federal operations by 2050, including a 65% emissions reduction by 2030. These initiatives and low carbon emission targets by developing and developed economies raise consumers' awareness of clean and green energy products and services. Therefore, owing to rising consumer demand for safe and energy-efficient solutions, smart and connected elevators have gained traction, contributing to the growth of the IoT in elevators market. The demand for IoT in elevators has grown in response to the changing demographics and increasing emphasis on energy conservation, which is propelling the market expansion. Various initiatives by the IoT lift manufacturing companies are increasing their production capacities, which is supporting the growth of the IoT in elevators market. KLEEMANN, one of the pioneers in advanced lift manufacturing, announced its entry into the US market in April 2022 through an alliance with Day Elevator & Lift, serving New York and New Jersey. Through this alliance, KLEEMANN intends to establish a well-defined local presence and achieve sustainable growth by investing in innovation, digital technology, and sustainability. Day Elevator & Lift, a New York-based company, provides residential and commercial clients with technology-driven accessibility products and solutions. The sales business operations office of the company is in Manhattan, New York, and the corporate headquarters is in West Hempstead, New York.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America IoT in elevators market growth at a notable CAGR during the forecast period.

North America IoT in Elevators Market Revenue and Forecast to 2028 (US$ Million)

North America IoT in Elevators Market Segmentation

The North America IoT in elevators market is segmented into component, application, end user, and country. Based on component, the market is segmented into hardware, software, and services. Based on application, the North America IoT in elevators market is segmented into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, and connectivity management. Based on end user, the North America IoT in elevators market is categorized into residential, commercial, and industrial. Based on country, the North America IoT in elevators market is segmented into the US, Mexico, and Canada.North America IoT in Elevators Market Companies Mentioned

FUJITEC CO., LTD; Hitachi, Ltd.; KONE Corporation; Mitsubishi Electric Corporation; Otis Worldwide Corporation; HYUNDAIELEVATOR CO., LTD.; Robert Bosch GmbH; and Schneider Electric SE are a few major companies operating in the North America IoT in elevators market.

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Product Code: BMIRE00025811

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. North America IoT in Elevators Market Landscape

4.1 Market Overview
4.2 PEST Analysis
- 4.2.1 North America
- 4.2.2 Ecosystem Analysis
4.3 Expert Opinions

5. North America IoT in Elevators Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Rise In Urbanization and Governments Initiatives Towards Green Sustainability
- 5.1.2 Rise in Technological Developments in Construction Industry
5.2 Market Restraints
- 5.2.1 High Initial Investments Needed in Elevator Modernization and IoT Integrations
5.3 Market Opportunities
- 5.3.1 Companies Initiatives in developing IoT in Elevators and Government Support for Smart City Development
5.4 Future Trends
- 5.4.1 Rising Trend Towards Energy Efficient Products & Services in Intelligent Buildings
5.5 Impact Analysis of Drivers and Restraints

6. North America IoT in Elevators Market -Market Analysis

6.1 North America IoT in Elevators Market Revenue Forecast and Analysis

7. North America IoT in Elevators Market - By Component

7.1 Overview
- 7.1.1 North America IoT in Elevators Market Breakdown, By Component
  - 7.1.1.1 North America IoT in Elevators Market Breakdown, By Hardware
  - 7.1.1.2 North America IoT in Elevators Market Breakdown, By Software
  - 7.1.1.3 North America IoT in Elevators Market Breakdown, By Services
7.2 Hardware
- 7.2.1 Overview
- 7.2.2 Hardware: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
  - 7.2.2.1 Processor Overview
    - 7.2.2.1.1 Processor: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
  - 7.2.2.2 Connectivity IC Overview
    - 7.2.2.2.1 Connectivity IC: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
  - 7.2.2.3 Sensor Overview
    - 7.2.2.3.1 Sensor: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
  - 7.2.2.4 Memory Device
    - 7.2.2.4.1 Memory Device: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
  - 7.2.2.5 Others Overview
    - 7.2.2.5.1 Others: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.3 Software
- 7.3.1 Overview
- 7.3.2 Software: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.3.3 On-Premise
  - 7.3.3.1 On-Premise: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.3.4 Cloud
  - 7.3.4.1 Cloud: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Services
- 7.4.1 Overview
- 7.4.2 Services: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4.3 Designing and Engineering
  - 7.4.3.1 Designing and Engineering: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4.4 Installation
  - 7.4.4.1 Installation: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4.5 Maintenance and Repair
  - 7.4.5.1 Maintenance and Repair: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 7.4.6 Others
  - 7.4.6.1 Others: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

8. North America IoT in Elevators Market Analysis - by Application

8.1 Overview
- 8.1.1 North America IoT in Elevators Market Breakdown, By Application
8.2 Preventive Maintenance
- 8.2.1 Overview
- 8.2.2 Preventive Maintenance: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.3 Remote Monitoring
- 8.3.1 Overview
- 8.3.2 Remote Monitoring: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Fault Diagnosis and Prediction
- 8.4.1 Overview
- 8.4.2 Fault Diagnosis and Prediction: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Advanced Reporting
- 8.5.1 Overview
- 8.5.2 Advanced Reporting: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
8.6 Connectivity Management
- 8.6.1 Overview
- 8.6.2 Connectivity Management: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

9. North America IoT in Elevators Market Analysis - by End User

9.1 Overview
9.2 Residential
- 9.2.1 Overview
- 9.2.2 Residential: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
9.3 Commercial
- 9.3.1 Overview
- 9.3.2 Commercial: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Industrial
- 9.4.1 Overview
- 9.4.2 Industrial: North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)

10. North America IoT in Elevators Market - Country Analysis

10.1 North America: North America IoT in Elevators Market
- 10.1.1 Overview
- 10.1.2 North America IoT in Elevators Market - Revenue and Forecast to 2028 (US$ Million)
- 10.1.3 North America IoT in Elevators Market Breakdown, by Country
  - 10.1.3.1 US North America IoT in Elevators Market - Revenue and Forecast to 2028
    - 10.1.3.1.1 US North America IoT in Elevators Market Breakdown, By Component
    - 10.1.3.1.2 US North America IoT in Elevators Market Breakdown, By Application
    - 10.1.3.1.3 US North America IoT in Elevators Market Breakdown, By End-User
  - 10.1.3.2 Canada North America IoT in Elevators Market - Revenue and Forecast to 2028
    - 10.1.3.2.1 Canada North America IoT in Elevators Market Breakdown, By Component
    - 10.1.3.2.2 Canada North America IoT in Elevators Market Breakdown, By Application
    - 10.1.3.2.3 Canada North America IoT in Elevators Market Breakdown, By End-User
  - 10.1.3.3 Mexico North America IoT in Elevators Market - Revenue and Forecast to 2028
    - 10.1.3.3.1 Mexico North America IoT in Elevators Market Breakdown, By Component
    - 10.1.3.3.2 Mexico North America IoT in Elevators Market Breakdown, By Application
    - 10.1.3.3.3 Mexico North America IoT in Elevators Market Breakdown, By End-User

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition

12. Company Profiles

12.1 FUJITEC CO., LTD
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Hitachi, Ltd.
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 KONE Corporation
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Mitsubishi Electric Corporation
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Otis Worldwide Corporation
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 HYUNDAIELEVATOR CO., LTD.
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Robert Bosch GmbH
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Schneider Electric SE
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index