Automatic Elevator Inverter Market

Growing emphasis on the sustainability and environmental responsibility in manufacturing is driving the market growth

Market CAGR for automatic elevator inverters is being driven by the rising emphasis on sustainability and environmental responsibility in manufacturing. Automatic elevator inverters play a crucial role in optimizing the energy consumption of elevator systems. By efficiently managing the power supplied to the elevator motor, these inverters contribute to reduced energy consumption, aligning with sustainability goals and lowering operational costs. Further, the increasing emphasis on environmental regulations and energy efficiency standards in building operations drives the demand for elevator systems that comply with these requirements.

Automatic elevator inverters that meet or exceed these standards become essential components for environmentally responsible building designs.

Sustainable building practices, often recognized through certifications like Leadership in Energy and the Environmental Design (LEED), encourage the adoption of energy-efficient technologies. Automatic elevator inverters that contribute to energy savings can enhance a building's eligibility for green certifications, boosting the demand for such systems. Elevators are significant contributors to a building's energy consumption. Automatic elevator inverters, by optimizing the elevator's performance, help in minimizing  the carbon footprint associated with energy usage, making them attractive in environmentally conscious building projects.

Increasing the awareness of environmental effect of products throughout their lifecycle encourages manufacturers and buyers to consider the sustainability of building components, including elevator systems. Automatic elevator inverters that are designed for durability, reliability, and energy efficiency contribute positively to the overall sustainability of the building.

Companies are increasingly integrating environmental considerations into their CSR initiatives. Adopting energy-efficient technologies, such as automatic elevator inverters, aligns with corporate sustainability goals and demonstrates a commitment to responsible business practices. Further, it plays a pivotal role in modernizing elevator systems to meet the requirements of smart buildings and intelligent infrastructure. These inverters enable features such as smooth acceleration and deceleration, precise floor leveling, and advanced control algorithms, contributing to a more comfortable and efficient elevator experience.

As the construction industry adopts smart building technologies to enhance user experience, optimize energy consumption, and improve overall building management, the demand for automatic elevator inverters that support these smart functionalities is on the rise. Thus driving the Automatic Elevator Inverter market revenue.

The Global Automatic Elevator Inverter Market Industry is projected to experience substantial growth in the coming years. With an anticipated market value of 33.9 USD Billion in 2024, the industry is set to expand significantly, reaching an estimated 127.3 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 12.79% from 2025 to 2035, driven by factors such as technological advancements, urbanization, and increasing demand for energy-efficient solutions. The market's expansion reflects the evolving landscape of elevator technology and the growing emphasis on sustainability and safety.

Safety and reliability are paramount in the Global Automatic Elevator Inverter Market Industry. With increasing regulations and standards surrounding elevator operations, manufacturers are compelled to enhance the safety features of their products. Automatic elevator inverters contribute to this by providing precise control over elevator movements, reducing the risk of accidents. The emphasis on safety not only protects users but also enhances the reputation of building owners. As a result, the market is likely to expand as stakeholders prioritize safety in their elevator systems, ensuring compliance with stringent regulations.

The Global Automatic Elevator Inverter Market Industry is experiencing a surge in demand for energy-efficient solutions. As urbanization accelerates, the need for sustainable building practices becomes paramount. Automatic elevator inverters, which optimize energy consumption during elevator operations, play a crucial role in reducing overall energy usage. This trend is further supported by government regulations promoting energy efficiency in buildings. For instance, the market is projected to reach 33.9 USD Billion in 2024, driven by the increasing adoption of energy-efficient technologies in residential and commercial sectors.

Technological innovations are significantly shaping the Global Automatic Elevator Inverter Market Industry. The introduction of advanced inverter technologies, such as regenerative drives and smart controls, enhances the performance and reliability of elevator systems. These advancements not only improve energy efficiency but also reduce maintenance costs, appealing to building owners and operators. As a result, the market is poised for substantial growth, with projections indicating a rise to 127.3 USD Billion by 2035. This growth is indicative of the industry's shift towards integrating cutting-edge technology into elevator systems.

Urbanization is a key driver of the Global Automatic Elevator Inverter Market Industry. As cities expand and new infrastructure projects emerge, the demand for elevators in residential and commercial buildings rises. Automatic elevator inverters are essential for ensuring efficient elevator operations in high-rise buildings, which are becoming increasingly common in urban settings. The ongoing infrastructure development initiatives globally further bolster this demand. Consequently, the market is expected to witness a compound annual growth rate of 12.79% from 2025 to 2035, reflecting the growing need for modern elevator solutions.

The Global Automatic Elevator Inverter Market Industry is influenced by stringent environmental regulations and sustainability initiatives. Governments worldwide are implementing policies aimed at reducing carbon footprints and promoting sustainable practices in construction. Automatic elevator inverters align with these initiatives by minimizing energy consumption and lowering greenhouse gas emissions. This alignment with environmental goals is driving the adoption of inverter technology in new and existing buildings. As sustainability becomes a focal point in urban development, the market is expected to grow, reflecting the increasing importance of eco-friendly solutions in the elevator industry.

By region, the study offers market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Automatic Elevator Inverter market area dominates this market due to the region's significant investments in modernizing infrastructure, particularly in commercial and residential construction. The demand for energy-efficient and smart building solutions, coupled with stringent safety and regulatory standards, drives the adoption of advanced automatic elevator inverters.

Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.

Figure 2: AUTOMATIC ELEVATOR INVERTER MARKET SHARE BY REGION 2022 (USD Billion)

Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Automatic Elevator Inverter market accounts for the second-largest market share due to the stringent energy efficiency regulations, a focus on building sustainability, and the increasing adoption of smart building technologies. Further, the German Automatic Elevator Inverter market held the largest market revenue share, and the UK Automatic Elevator Inverter market was the fastest-growing market in the European region.

The Asia-Pacific Automatic Elevator Inverter Market is expected to grow at the fastest CAGR 12.20% from the year 2024 to 2032. This is due to rapid urbanization, increased construction activities, and a growing emphasis on energy-efficient and smart building solutions across the region. Moreover, China’s automatic electric generator market held the largest market share, and the Indian automatic electric generator market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Automatic Elevator Inverter market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Automatic Elevator Inverter industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Automatic Elevator Inverter industry to benefit the clients and increase the market sector. In recent years, the Automatic Elevator Inverter industry has offered some of the most significant advantages to several industries.

Major players in the Automatic Elevator Inverter market, including 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, and others, are trying to increase market demand by investing in the research and development operations.

Mitsubishi Electric Corporation is a prominent Japanese multinational electronics and electrical equipment manufacturing company. Established in 1921, Mitsubishi Electric has since become a global leader in the diverse range of products and services. The company operates in various sectors, including industrial automation, energy systems, information and communication systems, electronic devices, and home appliances. Mitsubishi Electric is renowned for its commitment to innovation and technological advancement, consistently delivering high-quality products that contribute to the development of smart cities, energy-efficient solutions, and cutting-edge electronic devices.

In October 2022, Mitsubishi Electric announced the acquisition of Schneider Electric's elevator inverter business for approximately $1.2 billion. Schneider Electric's elevator inverter business is one of the leading suppliers of automatic elevator inverters in the world. This acquisition expands Mitsubishi Electric's product portfolio into new markets and strengthens its position in the growing automatic elevator inverter market.

Fuji Electric Co., Ltd. is a Japanese multinational conglomerate with a broad range of businesses, including power electronics, industrial systems, electronic devices, and social infrastructure. Founded in 1923, the company has evolved into a global player in the electrical and electronics industry. Fuji Electric is recognized for its innovative technologies and solutions in areas such as energy management, power generation, industrial automation, and electronic components. The company's product portfolio includes power inverters, factory automation systems, energy management systems, and power generation equipment.

Fuji Electric is committed to sustainability and environmental responsibility, which is evident in its development of energy-efficient products and solutions. In September 2022, Fuji Electric announced the acquisition of Yaskawa Electric's elevator inverter business for approximately $1.4 billion. Yaskawa Electric's elevator inverter business is one of the leading suppliers of automatic elevator inverters in the world. This acquisition expands Fuji Electric's product portfolio into new markets and strengthens its position in the growing automatic elevator inverter market.