Heightened focus on energy efficiency and sustainability in the construction and building management sectors, is expected to drive market expansion in the near future at a CAGR of 12.20% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Automatic Elevator Inverter Market”.

The Automatic Elevator Invertor market is estimated to register a CAGR of 12.20% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Automatic Elevator Invertor market— Toshiba Corporation, Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Holding Ltd, Fujitec Co, Thyssenkrupp AG, Kone Corporation, Kleemann Hellas SA, Hyundai Elevator, Hitachi ABB Power Grids.

Automatic Elevator Inverter Market Highlights

The global Automatic Elevator Invertor market is accounted to register a CAGR of 12.20% during the forecast period and is estimated to reach USD 78.88 billion by 2032.

Automatic elevator inverters represent a dynamic segment within the elevator industry, witnessing notable market highlights. These inverters are crucial components that enhance the energy efficiency and performance of elevators. Key trends include the integration of advanced control algorithms for smoother and more precise elevator operation, the rise of regenerative drive systems that harness energy during descent, and the adoption of Internet of Things (IoT) connectivity for real-time monitoring and predictive maintenance. Market players are focusing on developing inverters with higher power density and improved reliability, catering to the growing demand for sustainable and technologically advanced elevator solutions.

Segment Analysis

The global Automatic Elevator Invertor market has been segmented based on type and application.

On the basis of type, the market is segmented into For Induction Motors and For Synchronous Motors. The ‘for synchronous motors’ segment was attributed to holding the largest market share in 2022, due to their inherent advantages in elevator applications.

Based on application, the global Automatic Elevator Invertor market has been segmented into Commercial Elevator, Residential Elevator and Industrial Elevator. The industrial elevator segment was expected to hold the largest market share in 2022, due to specific operational requirements and safety standards in industrial settings.

Regional Analysis

The global Automatic Elevator Invertor market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Automatic Elevator Invertor market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automatic Elevator Invertor market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automatic Elevator Invertor market comprises of Middle East, Africa, and Latin America.

The largest market share for Automatic Elevator Invertor was maintained by the North American regional sector. This increase is attributed to a strong focus on sustainability and energy efficiency in the construction and real estate sectors. The region's stringent energy standards and environmental regulations encourage the adoption of advanced elevator technologies that can optimize energy usage. Additionally, the growing trend toward smart buildings and the incorporation of green technologies in urban development further propel the demand for automatic elevator inverters in North America.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Automatic Elevator Invertor is driven by stringent energy efficiency regulations and sustainability initiatives in the region's construction sector. The emphasis on green building practices has fueled the demand for automatic elevator inverters, which play a pivotal role in optimizing energy consumption.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period due to the region's rapid urbanization and the surge in construction activities, particularly in densely populated urban centers. As cities across Asia Pacific continue to expand vertically, there is a heightened demand for energy-efficient and technologically advanced elevator solutions, with automatic elevator inverters playing a pivotal role in meeting these requirements.

Furthermore, the rest of the world's Automatic Elevator Invertor market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rapid urbanization and the construction of high-rise buildings, leading to an increased demand for advanced elevator technologies that offer energy efficiency and optimal performance.

Key Findings of the Study

• The global Automatic Elevator Invertor market is expected to reach USD 78.88 billion by 2032, at a CAGR of 12.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the region's rapid urbanization and the surge in construction activities, particularly in densely populated urban centers.


• Based on type, the industrial elevator segment was attributed to holding the largest market in 2022, with an approximate market share of 40–60%.


• Toshiba Corporation, Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Holding Ltd, Fujitec Co, Thyssenkrupp AG, Kone Corporation, Kleemann Hellas SA, Hyundai Elevator, Hitachi ABB Power Grids.