Smart Elevator Market

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The key factors fueling the growth of this market consist of reducing energy consumption within the buildings, development of smart cities and growth in urbanization. Moreover, increased construction of high-rise buildings equipped with smart vertical transportation systems due to rapid urbanization; and modernization of old buildings plays a key role in driving the growth of smart elevator market.

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Industry Trends of the Global Smart Elevator Market:

1. Hitachi Ltd. (Japan) acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. Till date, Hitachi has acquired a ~51% share in Yungtgay.

2. OTIS Elevator (US) acquired Bay State Elevator (US) to expand in the northeast, US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.

3. Thyssenkrupp AG (Germany) entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to strengthen its cash flow and lower its structural costs.

What are the Driving Factors of Evolution of technologies and consolidation of Smart Elevator Market?

The Smart Elevator Market size is expected to grow from USD 9.7 billion in 2021 to USD 12.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.4% from 2021 to 2026.

Elevator control segment is expected to hold the largest share of the smart elevator control system market during the forecast period

The elevator control segment is expected to account for the largest segment of the overall revenue of the smart elevator control systems market throughout the forecast period.  It is further expected to grow at a significant rate during the forecast period. The growing demand for smarter buildings with seamless passenger flow and easy-to-use elevators is driving the demand for destination control technology.

Smart Elevator Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Smart elevator market for residential application is expected to grow at the fastest CAGR during the forecast period

The global residential market is being driven by the growing sophistication of living standards in emerging economies. Emerging economies, such as India, China, and South East Africa, are witnessing unprecedented growth in urbanization as the population in these countries is migrating towards cities for employments.

Major players in the smart elevator market include OTIS Elevator (US), Kone Corporation (Finland), Schindler Group (Switzerland), Thyssenkrupp AG (Germany), Hitachi Ltd. (Japan), Hyundai Elevators Co., Ltd. (South Korea), Mitsubishi Electric (Japan), Fujitec Co., Ltd. (Japan), Toshiba Elevators and Building Systems Corporation (Japan), and Honeywell (US) are some of the key players offering Smart Elevators. Few other players covered in the report includes Motion Control engineering (US), Thames Valley Control (UK), Rimrock Corporation (US), Robustel (China), IBM (US), Robert Bosch (Germany), Liftimsight (Netherlands), Kisi (US), Sick AG (Germany), Perrerl+Fuchs (Germany), Kintronics (US), Openpath Security (US), Brivo (US), Sigma Elevator Company (South Korea), and Emerald Elevators (UK).

Smart Elevator Market – Geographical Regional Vision by Marketsandmarkets^TM
APAC projected to grow at the highest CAGR of smart elevator market from 2021 to 2026.

APAC is a mix of developing and mature markets for smart elevators. The residential market is the fastest due to the high middle-class population base seeking better residential properties and consequently moving to cities. The region is predicted to witness an increase in new equipment sales in the coming years, where China is the largest new equipment market globally and India the second-largest market.

Regions & Countries Covered:

North America – (U.S., Canada, Mexico)

Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America – (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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