Global Market for Smart Elevator is Anticipated to grow at a Significant Pace i.e., USD 13.1 Billion during the Forecast Period 2021-2027

Published Date: Jun, 2021

The global smart elevator market is growing owing to increasing concerns for development and security, rise in disposable income of consumers, convenience, the need for energy-efficient solutions, rapid urbanisation, minimum waiting time, and incorporation of automated solutions which will positively impact the growth of the global smart elevators market. Due to the above-mentioned factors, the industry is projected to grow at a CAGR of 5.5% during the forecast period 2021-2027, to reach $13.1 billion by 2027.

Due to the ongoing COVID-19 pandemic, the smart elevator market is negatively impacted due to the shutdown of material production and ongoing construction projects across the world. Moreover, delays in the commencement of various infrastructure projects will have an adverse impact on the global smart elevator market.

In August 2020, Otis acquired Bay State Elevator to expand its business in the northeast US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York

Browse 43 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " Smart Elevators Market by Solution (Control Systems, Maintenance Systems, Communication Systems, and Services), by Carriage Type (Passenger and Freight), by Application (Residential, Commercial, Industrial, Institutional, and Others),  and Region - Global Forecast to 2027"

Commercial Segment to lead the market owing to the need for urbanization

Based upon application, the smart elevator market is segmented into residential, commercial, industrial, institutional, and others. The commercial segment will dominate the smart elevator market globally. The advancement in elevator technology that has the advantage of digitalization and travel time will lead to the development of the next generation. Smart connected buildings, IoT capabilities, ad increasing standards of security are the elements evolving the elevator market globally.

Global Car Towing Service Market Segmentation Analysis

Segment

Categorization

Leading Category

Solution

Control Systems, Maintenance Systems, Communication Systems, and Services

Control Systems (Upward Trend)

New Installation (Largest Share)

Carriage Type

Passenger and Freight

Passenger (Fastest)

Application

Commercial, Residential, Industrial, Institutional, and Others

Commercial (Largest)

Residential (Largest)

Industrial (Fastest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Dominant)

Asia-Pacific (High CAGR)

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“APAC is anticipated to have a High CAGR during the forecast period 2021-2027”

Customized elevators are gaining importance in the Asia Pacific region. This is due to the increase in complexity in architectural designing, lift core layouts, stringent government regulations to save operational cost, restructuring old elevators with modern machines in buildings, and adoption of advanced access control systems are some of the major factors responsible for the growth of the smart elevator market in the region.

Some of the major players in the global smart elevator market include ThyssenKrupp AG, Otis Worldwide Corporation, KONE Oyj, FUJITEC CO., LTD., Mitsubishi Electric Corporation, Schindler, Hitachi, Ltd., Bosch Security Systems, LLC., HYUNDAIELEVATOR CO., LTD., and Honeywell International Inc.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2019–2027

Historical Period

2019–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Solution, Carriage type, and Application

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

ThyssenKrupp AG, Otis Worldwide Corporation, KONE Oyj, FUJITEC CO., LTD., Mitsubishi Electric Corporation, Schindler, Hitachi, Ltd., Bosch Security Systems, LLC., HYUNDAIELEVATOR CO., LTD., and Honeywell International Inc

Global Smart Elevator Market Coverage

Solution Insight and Forecast 2020-2027

  • Control Systems
  • Maintenance Systems
  • Communication Systems
  • Services

Carriage Type Insight and Forecast 2020-2027

  • Passenger
  • Freight

Application Insight and Forecast 2020-2027

  • Residential
  • Commercial
  • Industrial
  • Institutional
  • Others

Geographical Segmentation

Smart Elevator Market by Region

North America

  • By Solution
  • By Carriage Type
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Solution
  • By Carriage Type
  • By Application
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Solution
  • By Carriage Type
  • By Application
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Solution
  • By Carriage Type
  • By Application
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Smart Elevator is Anticipated to grow at a Significant Pace i.e., USD 13.1 Billion during the Forecast Period 2021-2027