The future of the global smart elevator market looks attractive with opportunities in the residential, commercial, institutional, and automated vehicle storage & retrieval system industries. The global smart elevator market is expected to decline in 2020 due to global economic recession led by COVID-19. However market will witness recovery in the year 2021 and it is expected to reach an estimated $31.6 billion by 2025 with a CAGR of 14%-16% from 2020 to 2025. The major drivers for this market are growth in high rise residential and commercial buildings, rapid urbanization, and rising adoption of IoT technology in smart elevator.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of highly energy efficient elevator systems and greater utilization of IoT to ensure better performance. ThyssenKrupp, OTIS Elevator, KONE, Schindler Group, Hitachi, Hyundai Elevator, Toshiba Elevators, Mitsubishi Electric, and Fujitec are among the major smart elevator manufacturers.
A total of 82 figures / charts and 66 tables are provided in this 200-page report to help in your business decisions. A sample figure with insights is shown below. To learn the scope of benefits, companies researched, and other details of the smart elevator market report, please download the report brochure.
The study includes trends and forecast for the global smart elevator market by component, service, by end use industry, and region as follows:
By Component [$M shipment analysis from 2014 to 2025]:
- Control System
- Maintenance System
- Communication System
By End Use Industry [$M shipment analysis from 2014 to 2025]:
- Automated Vehicle Storage and Retrieval System
By Service [$M shipment analysis from 2014 to 2025]:
- New Installation
By Region [$M shipment analysis for 2014 – 2025]:
- North America
- Asia Pacific
- The Rest of the World
Lucintel forecasts that control system will remain the largest component type and it is the expected to witness the highest growth over the forecast period due to the increasing demand in advanced security automation and access control systems.
Within smart elevator market, commercial will remain the largest end use industry and it is expected to witness the highest growth over the forecast period due to growth in commercial construction, such as retail shops, malls, warehouses, and hospitals and increasing demand for high rise commercial buildings.
North America will remain the largest region due to high adoption of advance and IoT based elevator systems. APAC is expected to witness the highest growth over the forecast period supported by increasing construction & infrastructure activities in emerging countries, such as China and India.
Features of the Global Smart Elevator Market
- Market Size Estimates: Smart elevator market size estimation in terms of value ($M) shipment.
- Trend and Forecast Analysis: Market trends (2014-2019) and forecast (2020-2025) by various segments and regions.
- Segmentation Analysis: Smart elevator market size by various segments, such as end use industry, component, service, and regions in terms of value.
- Regional Analysis: Smart elevator market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different end use industries, component, service, and regions for the smart elevator market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the smart elevator market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
This report answers following 11 key questions
Q.1 What are some of the most promising, high-growth opportunities for the global smart elevator by smart elevator by component (Control System, Maintenance System, and Communication System), by end use industry (Residential, Commercial, Institutional, and Automated Vehicle Storage & Retrieval System) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?