Smart Elevator Market by Applications (Commercial, Institutional, Residential, and Industrial), Solutions (Modernization, Maintenance, and New Deployment [Elevator Automation and Elevator Access Control & Security]), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global smart elevator market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising infrastructure transformations and constructions globally.
Elevators can be defined as a type of vertical transportation system that transfers goods or people between any levels or floors of a particular building infrastructure or commercial space in an effective and efficient manner. Generally, elevators are classified into 3 types; hydraulic elevators, counterweight elevators, and pneumatic elevators. Smart elevators have a stronghold of the market in this sophisticated and modern world. It is defined as an advanced system that enables the controlled vertical movement of products or passengers.
The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, the smart elevator market faced supply chain disruptions, which is likely to hinder the market expansion. The market is expected to recover soon as the emergency lockdown is gradually lifted and manufacturing plants are resuming their operations due to the sharp decline in the number of the COVID cases in many countries.
Market Trends, Drivers, Restraints, and Opportunities
- Growing urbanization in developing countries is one of the key factors driving the market growth.
- Technological advancement in the sector is expected to boost the market growth in the coming years.
- Increasing demand for energy efficient elevators is projected to fuel the smart elevator market expansion during the forecast period.
- High initial adoption cost associated with smart elevator presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Wide usage in industrial, residential, and commercial sectors is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global smart elevator market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Smart Elevator Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Applications (Commercial, Institutional, Residential, and Industrial) and Solutions (Modernization, Maintenance, and New Deployment [Elevator Automation and Elevator Access Control & Security]) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | Fujitec Co., Ltd.; Schindler Elevator Corp.; Kone Oyj; ThyssenKrupp AG; Otis Elevator Co.; Hyundai Elevator Co. Ltd.; Hitachi Ltd.; Bosch Security Systems; and Mitsubishi Electric Corp. |
Market Segment Insights
Residential segment to grow at a rapid pace
Based on applications, the global smart elevator market is segmented into commercial, institutional, residential, and industrial. The residential segment is expected to grow at a rapid pace during the forecast period owing to the rise in consumer disposable income. Moreover, increasing migration of people from rural to urban areas is further expected to drive the segment growth. However, the commercial segment is anticipated to hold a key share of the market in the coming years due to several benefits, such as power consumption, cost savings, low and reduced operational cost.
Energy saving to drive new development segment
On the basis of solutions, the market is segregated into modernization, maintenance, and new deployment. The new development segment is further bifurcated into elevator automation and elevator access control & security. The new development segment is projected to expand at a considerable CAGR during the forecast period attributed to numerous benefits offered, such as time-saving, energy saving, and efficient passenger transportation. On the other hand, the maintenance segment is anticipated to account for a major market share during the forecast period due to the rising maintenance activities of installed products in the region.
North America to constitute a key market share
In terms of regions, the global smart elevator market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to well-established infrastructure and early technology adopters across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to increasing urbanization and rapid infrastructure development in the region.
Segments
Segments Covered in the ReportThe global smart elevator market has been segmented on the basis of
Applications
- Commercial
- Institutional
- Residential
- Industrial
- Modernization
- Maintenance
- New Deployment
- Elevator Automation
- Elevator Access Control & Security
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Fujitec Co., Ltd.
- Schindler Elevator Corp.
- Kone Oyj
- ThyssenKrupp AG
- Otis Elevator Co.
- Hyundai Elevator Co. Ltd.
- Hitachi Ltd.
- Bosch Security Systems
- Mitsubishi Electric Corp.
Competitive Landscape
Key players competing in the global smart elevator market are Fujitec Co., Ltd.; Schindler Elevator Corp.; Kone Oyj; ThyssenKrupp AG; Otis Elevator Co.; Hyundai Elevator Co. Ltd.; Hitachi Ltd.; Bosch Security Systems; and Mitsubishi Electric Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Elevator Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Elevator Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Elevator Market - Supply Chain
4.5. Global Smart Elevator Market Forecast
4.5.1. Smart Elevator Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Elevator Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Smart Elevator Market Absolute $ Opportunity
5. Global Smart Elevator Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Smart Elevator Market Size and Volume Forecast by Applications
5.3.1. Commercial Institutional Residential Industrial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Smart Elevator Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Smart Elevator Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Smart Elevator Demand Share Forecast, 2019-2026
7. North America Smart Elevator Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Smart Elevator Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Smart Elevator Market Size and Volume Forecast by Applications
7.4.1. Commercial Institutional Residential Industrial
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Smart Elevator Demand Share Forecast, 2019-2026
8. Latin America Smart Elevator Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Smart Elevator Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Smart Elevator Market Size and Volume Forecast by Applications
8.4.1. Commercial Institutional Residential Industrial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Smart Elevator Demand Share Forecast, 2019-2026
9. Europe Smart Elevator Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Smart Elevator Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Smart Elevator Market Size and Volume Forecast by Applications
9.4.1. Commercial Institutional Residential Industrial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Smart Elevator Demand Share Forecast, 2019-2026
10. Asia Pacific Smart Elevator Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Smart Elevator Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Smart Elevator Market Size and Volume Forecast by Applications
10.4.1. Commercial Institutional Residential Industrial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Smart Elevator Demand Share Forecast, 2019-2026
11. Middle East & Africa Smart Elevator Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Smart Elevator Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Smart Elevator Market Size and Volume Forecast by Applications
11.4.1. Commercial Institutional Residential Industrial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Smart Elevator Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Smart Elevator Market: Market Share Analysis
12.2. Smart Elevator Distributors and Customers
12.3. Smart Elevator Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Fujitec Co., Ltd. Schindler Elevator Corp. Kone Oyj ThyssenKrupp AG Otis Elevator Co. Hyundai Elevator Co. Ltd.
The global smart elevator market has been segmented on the basis of
Applications
- Commercial
- Institutional
- Residential
- Industrial
- Modernization
- Maintenance
- New Deployment
- Elevator Automation
- Elevator Access Control & Security
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Fujitec Co., Ltd.
- Schindler Elevator Corp.
- Kone Oyj
- ThyssenKrupp AG
- Otis Elevator Co.
- Hyundai Elevator Co. Ltd.
- Hitachi Ltd.
- Bosch Security Systems
- Mitsubishi Electric Corp.
Key players competing in the global smart elevator market are Fujitec Co., Ltd.; Schindler Elevator Corp.; Kone Oyj; ThyssenKrupp AG; Otis Elevator Co.; Hyundai Elevator Co. Ltd.; Hitachi Ltd.; Bosch Security Systems; and Mitsubishi Electric Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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