This market analysis segments the global smart elevators market by end user (commercial sector, residential sector, and construction sector) and by geography (APEJ, North America, Europe, and others including South America and Africa). Key vendors analyzed in this market study are Hitachi, Mitsubishi, Otis, Schindler, and ThyssenKrupp.
Technavio’s market research analysts estimate the global smart elevators market to grow at a CAGR of 10% between 2015 and 2019. The augmented demand for energy-efficient products coupled with the rapid increase in construction activity are boosting the demand for smart elevators across the globe. APEJ is the fastest growing market for smart elevators, accounting to around 22% of the overall market share. High market growth rate of the APEJ region can be attributed to the presence of rapidly growing markets such as China, India, Indonesia, Malaysia, and Vietnam, which show significant growth potential during the forecast period.
The new market research report from Technavio provides a breakdown and analysis of the smart elevators segments by technology.
The levators market is witnessing a considerable shift towards smart elevators owing to their energy efficient and high loading carriage capacity. Smart elevators help in organizing the crowd efficiently and transport them faster due to their high speed. Construction companies also focusing on installing elevators and escalators in their buildings to provide convenient movement for the elderly people,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research
The residential sector is expected to show the highest market growth rate during the forecast period, posting a CAGR of around 17%. Increasing urbanization and high demand for energy efficient and intelligent elevators are some of the significant factors that are expected to account for this segment’s high growth rate during the forecast period.
The leading vendors in the global smart elevators market include Hitachi, Mitsubishi, Otis, Schindler and ThyssenKrupp. This market is primarily dominated by leading vendors like Hitachi and Otis. These vendors compete with each other on the basis of providing smart elevator installation, maintenance, and modernization services. Additionally, the ability of these vendors to aid large-scale public infrastructure, residential, and commercial construction projects will help in increasing their market share during the forecast period.
A more detailed analysis is available in the Technavio report, Global Smart Elevators Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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