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Smart Elevator Market - Global Industry Analysis

Smart Elevator Market By Solution (New Deployment, Modernization And Maintenance) For Residential, Commercial, Industrial, Institutional And Others: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028

Published Date: 12-Aug-2021 Category: Technology & Media Report Format : PDF Pages: 180 Report Code: ZMR-866 Status : Published

The global Smart Elevator Market accounted for USD 20.75 Billion in 2020 and is expected to reach USD 38.55 Billion by 2028, growing at a CAGR of 7.7% from 2021 to 2028.

Description

Market Overview   

The global Smart Elevator Market accounted for USD 20.75 Billion in 2020 and is expected to reach USD 38.55 Billion by 2028, growing at a CAGR of 7.7% from 2021 to 2028.    

Economic advantages concerning cost savings via the supply of low power usage are about to suffice the demand of the smart elevator market. The elevated traffic management efficiency and reduced waiting time of passengers also are expected to power the event smart elevator market considerably. Elevators aren't only getting more advanced due to smart tech, but innovation is additionally happening on a variety of ends since engineers affect new safety codes and taller buildings.

Simultaneously, new technologies like AI (artificial intelligence) and wireless techs will provide greater and greater efficiencies ultimately. For instance, in February 2015, Otis declared smart elevators which will know where you would like to travel. the ever-present elevator will soon be sufficiently smart to acknowledge what floor you aim to travel and who you're to without the need for human intervention. Being the primary mean of vertical Commercials amongst people, security in such automated systems is the biggest worry. Hence, the needed security actions are taken by the makers of the residential and commercial complexes so as to defend their individuals, customers, employees, and residents, boosting the smart elevator market.

Global Smart Elevator Market Size

COVID-19 Impact Analysis:

COVID-19 has had a shocking impact on the residential, commercial and industrial sectors. On the development side, the construction of new buildings has been stopped since lockdowns were forced worldwide. Laborers have returned to their hometowns due to no work stability. Consumers are also unwilling to invest in infrastructure properties due to economic uncertainty and the rising financial crisis. This directly hit the growth of new installations in 2020 and will continue to do so till mid-2021 across several countries. However, the adoption of smart elevators for repair and maintenance is anticipated to remain strong.

Growth Factors

The increasing migration of a large population base from rural areas toward cities has consequently surged the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs. On the other hand, security has turned out to be an incorporated function of any building. An addict to this, biometrics and iris recognition are some of the enhanced functions that are employed to mitigate the security worries, towering the growth of the smart elevator market. Smart elevator employs these security systems and offers stringent safety to the buildings. In addition, these security actions in the present business scenario are positively impacting the smart elevators market and will expectedly have a huge effect in near future on the smart elevator market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Solution Segment Analysis Preview

By solution, the market is segmented into new deployment, modernization, maintenance. The maintenance segment is expected to exhibit substantial growth over the next few years which may be attributed to rising maintenance activities of already installed products in mature North America and Europe.

Application Segment Analysis Preview

By application, the smart elevator market is segmented into commercial, residential, institutional industrial, and others.  The residential segment accounted for over 23% of the general revenue share in 2018 which is predicted to extend over the forecast period. this might be attributed to rising consumer income including increasing migration of individuals from rural to urban areas. the economic segment is estimated to emerge because the fastest-growing application over the approaching years is due to a growing demand for energy-efficient solutions leading to increasing adoption. The commercial segment may witness considerable growth over the forecast period due to benefits like cost savings, low power consumption, and reduced operational cost.

Regional Analysis Preview

North America was the biggest area in 2018 for the smart elevator market, due to increasing investment in the development of infrastructure projects. Rapid industrialization and rising technological advancements, particularly in Latin America and the Asia Pacific, coupled with the increasing inclination of makers towards automation are likely to lead to high requirements for the smart elevator market. During the forecast period, Europe is meant to witness interesting growth.

Global Smart Elevator Market Share

Key Market Players & Competitive Landscape

Key participants operating in the global smart elevator market include Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others.

Global Smart Elevator Market Regional Analysis

The global Smart Elevator market is segmented as follows:  

By Solution

  • New Deployment
  • Modernization
  • Maintenance

By Application 

  • Commercial
  • Residential
  • Infrastructure
  • Institutional
  • Industrial

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Sulution
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Smart Elevator Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Smart Elevator Market – Sulution Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Sulution, 2020 & 2028
    • 4.2. New Deployment
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Modernization
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Maintenance
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Smart Elevator Market –Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Commercial
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Residential
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4 Infrastructure
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.5. Institutional
      • 5.5.1. Market Size and Forecast, By Region (USD Billion)
      • 5.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.5. Industrial
      • 5.5.1. Market Size and Forecast, By Region (USD Billion)
      • 5.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.5.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Smart Elevator Market – Region Segment Analysis
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.2.2. North America Market Revenue, By Sulution, 2016 – 2028
      • 6.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 6.2.5. U.S.
        • 6.2.5.1. U.S. Market Revenue, By Sulution, 2016 – 2028
        • 6.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
      • 6.2.6. Canada
        • 6.2.6.1. Canada Market Revenue, By Sulution, 2016 – 2028
        • 6.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
      • 6.2.7. Mexico
        • 6.2.7.1. Mexico Market Revenue, By Sulution, 2016 – 2028
        • 6.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.3.2. Europe Market Revenue, By Sulution, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 6.3.5. Germany
        • 6.3.5.1. Germany Market Revenue, By Sulution, 2016 – 2028
        • 6.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
      • 6.3.6. France
        • 6.3.6.1. France Market Revenue, By Sulution, 2016 – 2028
        • 6.3.6.2. France Market Revenue, By Application, 2016 – 2028
      • 6.3.7. U.K.
        • 6.3.7.1. U.K. Market Revenue, By Sulution, 2016 – 2028
        • 6.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
      • 6.3.8. Italy
        • 6.3.8.1. Italy Market Revenue, By Sulution, 2016 – 2028
        • 6.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
      • 6.3.9. Spain
        • 6.3.9.1. Spain Market Revenue, By Sulution, 2016 – 2028
        • 6.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
      • 6.3.10. Rest of Europe
        • 6.3.10.1. Rest of Europe Market Revenue, By Sulution, 2016 – 2028
        • 6.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.4.2. Asia Pacific Market Revenue, By Sulution, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 6.4.5. China
        • 6.4.5.1. China Market Revenue, By Sulution, 2016 – 2028
        • 6.4.5.2. China Market Revenue, By Application, 2016 – 2028
      • 6.4.6. Japan
        • 6.4.6.1. Japan Market Revenue, By Sulution, 2016 – 2028
        • 6.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
      • 6.4.7. India
        • 6.4.7.1. India Market Revenue, By Sulution, 2016 – 2028
        • 6.4.7.2. India Market Revenue, By Application, 2016 – 2028
      • 6.4.8. South Korea
        • 6.4.8.1. South Korea Market Revenue, By Sulution, 2016 – 2028
        • 6.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
      • 6.4.9. South-East Asia
        • 6.4.9.1. South-East Asia Market Revenue, By Sulution, 2016 – 2028
        • 6.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 6.4.10. Rest of Asia Pacific
        • 6.4.10.1. Rest of Asia Pacific Market Revenue, By Sulution, 2016 – 2028
        • 6.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.5.2. Latin America Market Revenue, By Sulution, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 6.5.5. Brazil
        • 6.5.5.1. Brazil Market Revenue, By Sulution, 2016 – 2028
        • 6.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
      • 6.5.6. Argentina
        • 6.5.6.1. Argentina Market Revenue, By Sulution, 2016 – 2028
        • 6.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
      • 6.5.7. Rest of Latin America
        • 6.5.7.1. Rest of Latin America Market Revenue, By Sulution, 2016 – 2028
        • 6.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.6.2. The Middle-East and Africa Market Revenue, By Sulution, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.5. GCC Countries
        • 6.6.5.1. GCC Countries Market Revenue, By Sulution, 2016 – 2028
        • 6.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 6.6.6. South Africa
        • 6.6.6.1. South Africa Market Revenue, By Sulution, 2016 – 2028
        • 6.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.7. Rest of Middle-East Africa
        • 6.6.7.1. Rest of Middle-East Africa Market Revenue, By Sulution, 2016 – 2028
        • 6.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 7: Smart Elevator Market – Industry Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. By Application Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8: Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Smart Elevator Market: Company Market Share, 2019
      • 8.1.2. Global Smart Elevator Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 8.1.3. Global Smart Elevator Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Smart Elevator Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9: Company Profile
    • 9.1. Hitaichi Ltd.
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfolio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Schindler Hulding AG
    • 9.3. Honeywell International Inc.
    • 9.4. Bosch Security Systems
    • 9.5. Otis Elevator Corporation
    • 9.6. Hyundai Elevator Co. Ltd.
    • 9.7. Mitsubishi Electric Corporation
    • 9.8. KONE Elevators Co. Ltd.
    • 9.9. ThyssenKrupp
    • 9.10. Fujitec
  • Chapter No. 10: Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11: Research Methodology
    • 11.1. Research Methodology
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Solution
FIG NO. 2. Market Attractiveness Analysis, By Application
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Smart Elevator Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Solution, 2020 & 2028 
FIG NO. 7. Global Smart Elevator Market for New Deployment, Revenue (USD Billion) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Smart Elevator Market for New Deployment, By Country, 2020 & 2028
FIG NO. 9. Global Smart Elevator Market for Modernization, Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Smart Elevator Market for Modernization, By Country, 2020 & 2028
FIG NO. 11. Global Smart Elevator Market for MAINTENANCE, Revenue (USD Billion) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Smart Elevator Market for MAINTENANCE, By Country, 2020 & 2028
FIG NO. 13. Market Revenue Share, By Application, 2020 & 2028
FIG NO. 14. Global Smart Elevator Market for Commercial, Revenue (USD Billion) 2016 – 2028
FIG NO. 15. Comparative Revenue Analysis of Smart Elevator Market for Commercial, By Country, 2020 & 2028 
FIG NO. 16. Global Smart Elevator Market for Residential, Revenue (USD Billion) 2016 – 2028
FIG NO. 17. Comparative Revenue Analysis of Smart Elevator Market for Residential, By Country, 2020 & 2028
FIG NO. 18. Global Smart Elevator Market for Infrastructure, Revenue (USD Billion) 2016 – 2028
FIG NO. 19. Comparative Revenue Analysis of Smart Elevator Market for Infrastructure, By Country, 2020 & 2028
FIG NO. 20. Global Smart Elevator Market for Institutional, Revenue (USD Billion) 2016 – 2028
FIG NO. 21. Comparative Revenue Analysis of Smart Elevator Market for Institutional, By Country, 2020 & 2028
FIG NO. 22. Global Smart Elevator Market for Industrial, Revenue (USD Billion) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Smart Elevator Market for Industrial, By Country, 2020 & 2028
FIG NO. 24. Global Smart Elevator Market Revenue Share, By Region, 2020 & 2028
FIG NO. 25. North America Smart Elevator Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 26. Porter’s Five Forces Analysis for Global Smart Elevator Market
FIG NO. 27. PEST Analysis for Global Smart Elevator Market
FIG NO. 28. Pricing Analysis for Global Smart Elevator Market
FIG NO. 29. Value Chain Analysis for Global Smart Elevator Market
FIG NO. 30. Company Share Analysis, 2019
FIG NO. 31. Radar Determinant Chart, 2019
FIG NO. 32. Company Strategic Developments – Heat Map Analysis
FIG NO. 33. Business Segment Revenue Share, 2020 (%)
FIG NO. 34. Geographical Segment Revenue Share, 2020 (%)
FIG NO. 35. Market Channels
FIG NO. 36. Marketing Channel Development Trend
FIG NO. 37. Growth in World Gross Product, 2008-2018
FIG NO. 38. Research Methodology – Detailed View
FIG NO. 39. Research Methodology


List of Tables 

TABLE NO. 1. Global Smart Elevator Market: Snapshot
TABLE NO. 2. Quarterly Smart Elevator Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Smart Elevator Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion) 
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion) 
TABLE NO. 6. Global Smart Elevator Market for New Deployment, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Smart Elevator Market for Modernization, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Smart Elevator Market for MAINTENANCE, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Smart Elevator Market for Infrastructure, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Smart Elevator Market for Commercial, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Smart Elevator Market for Residential, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Smart Elevator Market for Institutional, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12 Global Smart Elevator Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. North America Smart Elevator Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 14. North America Smart Elevator Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 15. North America Smart Elevator Market Revenue, By Solution, 2016 – 2028 (USD Billion)
TABLE NO. 16. U.S. Smart Elevator Market Revenue, By Solution, 2016 – 2028 (USD Billion)
TABLE NO. 17. U.S. Smart Elevator Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 18. Canada Smart Elevator Market Revenue, By Solution, 2016 – 2028 (USD Billion)
TABLE NO. 19. Canada Smart Elevator Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 20. Mexico Smart Elevator Market Revenue, By Solution, 2016 – 2028 (USD Billion)
TABLE NO. 21. Mexico Smart Elevator Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 22. Drivers for the Smart Elevator Market: Impact Analysis
TABLE NO. 23. Restraints for the Smart Elevator Market: Impact Analysis
TABLE NO. 24. Major Buyers 
TABLE NO. 25. Distributors/Traders List 
TABLE NO. 26. Global Smart Elevator Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 27: Global Smart Elevator Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)  


 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Smart Elevators market. Zion Research has collected and analyzed key data belong to the global Smart Elevators market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Smart Elevators across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Smart Elevators industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Smart Elevators market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

The smart elevator is the next phase of the vertical transport system that is controlled by advanced hardware and software systems. Elevators are responsible for 8 to 10 percent of the energy consumed in a building, as new, smarter, connected elevators not only reduce wasting time but also save a lot of money. Elevators are mainly used in residential buildings, hotels, hospitals, sports facilities, offices, and airports, so smart technology is likely to be in high demand as efficiency in these various avenues.

The smart elevator market is mainly driven by rising number of buildings for advanced security automation and access control systems, energy efficient solutions, rising spending capabilities for construction and global economic improvement. Increasing spending capabilities of the countries across the world, advantages of smart elevators and rising demand for green transportation solution amongst consumers have boosted the smart elevators market at global level. However, the high installation cost of the elevator is hindering the growth of smart elevator market.

Global-Smart-Elevator-Market

Smart elevator market is segmented by solution and applications. On the basis of the solution, the market is segmented into new deployment, modernization, and maintenance. The elevator modernization segment dominates the global smart elevator market and new deployment is expected to grow by the forecast period due to advanced security automation and access control systems. Applications of the smart elevator are residential, commercial, industrial, institutional and others. Among these applications, the residential segment is expected to hold the largest share of smart elevator market over the forecast period. Due to rising consumer disposable income coupled with increasing rate of migration of people from rural to urban areas. Industrial segment is estimated to emerge as the fastest growing application over the coming years due to increasing demand for energy efficient solutions.

North America has dominated the smart elevator market and well-established infrastructure and early technology adopters in the region. Rising government mandates regarding with the upgrade of existing elevator is anticipated to drive the Europe smart elevator market over the forecast period. Asia Pacific will be expected highest CAGR in coming years due to rise disposable income of consumer in economically emerging countries such as Japan, China, and India. Increasing government mandates pertaining to the upgrade of existing elevator is expected to drive the Europe smart elevator market over the forecast period. Rapid infrastructure development and increasing urbanization in this region are also giving traction to the smart elevator market.

Advance elevator control systems run autonomously in-house, some new systems have remote, cloud-based elevator monitoring solutions such as MAX from ThyssenKrupp. New elevators include voice-activated elevator control and new designs include retractable elevator pit ladders which replace stationary ladders, saving space and expenses during construction.

Key players operating in global smart elevator market are Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others

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FrequentlyAsked Questions

The global Smart Elevator Market was valued at USD 20.75 Billion in 2020.

The global Smart Elevator Market is expected to reach USD 28.55 Billion by 2028, growing at a CAGR of 7.7% between 2021 to 2028.

The increasing migration of a large population base from rural areas toward cities has consequently surged the need for infrastructure development, such as constructing high-rise buildings, to cater to the accommodation needs.

North America in 2020 ruled the Smart Elevator Market and was believed to be the highest income-generating area all over the globe.  

Key participants operating in the global smart elevator market include Hitachi Ltd, Schindler Holding AG, Honeywell International Inc., Bosch Security Systems, Otis Elevator Corporation, Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, KONE Elevators Co. Ltd., ThyssenKrupp, Fujitec and Others.

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