Overview:

The combination of rising population, improving standard of living, and rapid urbanization has collectively increased the number of tall building units and sky scrapers. This has consequently triggered demand for safe and convenient vertical mode of transportation. In view of government mandates, elevator manufacturers are continually focusing on building technologically advanced, energy efficient, and safe variants. Smart elevators are enabled with state-of-the-art digital security systems and automated traffic management units which reduce the waiting time of customers and allow faster way to travel between floors of a high-rise or multi-storey building. Thus, the benefits offered by smart elevators in terms of waiting time, elevator traffic control, and security owing to integrated access control features is driving their adoption across residential, commercial, industrial, and institutional end-use segments. On the contrary, high purchase cost and complexities involved in installation are few challenges deterring market growth.

Key Trends Shaping Market Demand:

• Revival of the construction industry and rapid growth in urbanization
• Improved features offered including reduced waiting time, security,
• Focus on Green infrastructure to offer immense growth opportunities
• Developments in sensor and security technologies bodes well for market growth

The research study titled “Global Smart Elevator Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” offers strategic insights into the global smart elevator industry along with the market size and estimates for the duration 2015 to 2025. The said research study covers in-depth analysis of market segments based on service type, end-use application, and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2016 & 2025. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities. In addition, the report includes a section providing insights on the key trends followed in the market.

In order to help strategic decision makers, the report also includes competitive profiling of the leading smart elevator vendors, their business strategy analysis, market positioning, and key developments. Some of the major players profiled in the report are Bosch Security Systems, Hitachi Ltd., Honeywell International Inc., Otis Elevator Company, Mitsubishi Electric Corporation, Kone Corporation, Hyundai Elevator Co. Ltd., Johnson Controls Inc., Schneider Electric SA, Schindler Group, Fujitec Co., Ltd., and ThyssenKrupp Elevator. Apart from the company profiles, the report includes a section covering the competitive landscape wherein the market positioning of the companies has been discussed. The section also provides a view of key business strategies adopted by the leading market players.

Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the global smart elevator industry
• Comparative analysis for different segments for the years 2016 & 2025
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis including the positioning of market players and their business strategy analysis
• Trailing 2-Year market size data (2015 – 2016)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global smart elevator market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above mentioned factors.

In the base year 2016, residential and commercial segments represented two prominent end-use segments in the global smart elevator market. The ever rising population, improving standard of living, rapid urbanization, and consequent increase in the number of tall buildings and sky scrapers, especially in the emerging economies like Asia Pacific, Latin America, and Middle-East is expected to drive new installations of smart elevators in the residential segment. The revenue in the residential segment of developed economies is expected to be driven by modernization and maintenance of existing elevators. On the other hand, commercial segment is expected to witness strong growth over the forecast period 2017 - 2025. The commercial segment covers smart elevators used in restaurants, hotels, commercial complex’s, business buildings, and schools among others. The economic development resulting in the growth of commercial real estate is expected to drive demand for smart elevators in the commercial segment. 

As of 2016, North America comprising the United States and Canada represents the largest smart elevator market followed by Europe and Asia Pacific respectively. The region accounted for over 37% of the global smart elevator market revenue in the same year. The combination of stringent energy efficiency mandates, growing security concerns, presence of well-established infrastructure, and relatively greater penetration and acceptance to technology bodes well for market growth in developed economies including North America and Europe. In addition, modernization of aging elevators and rising popularity of vertical transportation systems are further expected to support market demand in these regions. On the other hand Asia Pacific is presumed to register maximum growth during the forecast period 2017 – 2025. The anticipated growth in the region is expected to be driven by rapid urbanization and increasing government focus on building smart infrastructure.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Elevator market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Elevator market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Elevator market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Elevator market?
• Which is the largest regional market for Smart Elevator market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Elevator market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Elevator market worldwide?