Summary
Smart Elevator Market Research Report, by Type (Passenger, Freight and Fire-proof), by Component (Maintenance, Control, and Communication), by Service (Installation, Modernization and Maintenance), by Speed and by Application (Commercial, Infrastructure, Industrial, Residential, Institutional, and Others) Forecast till 2032
Market Overview
In 2023, the smart elevator market was valued at USD 16,453.7 million. The Smart Elevator industry is expected to increase from USD 18,535.1 million in 2024 to USD 48,839.9 million by 2032, with a compound yearly growth rate (CAGR) of 12.87% over the forecast period (2024-2032). The rapid development in urbanization has a significant impact on the advancements of several creative initiatives, such as smart urban communities in a few emerging economies. As the number of people living in various urban areas grows, project workers and manufacturers are inspired to build larger structures in metropolitan areas, resulting in a surge in interest in the Residential Elevator Market.
According to the Smart Elevator Market study, crowded cities are made up of very tall buildings that are typically used for both office and residential functions. As a result, these large buildings cause significant difficulty for the general public because they must wait for long periods of time in the elevator. Furthermore, the existing old versions of elevators require higher operational costs. As a result, the increasing need for energy-efficient solutions is the primary driver of the Residential Elevator Market's growth.
Market Segmentation
According to the Smart Elevator Market Expert, the Smart Elevator System Market is divided into five segments: component, speed, application, end-user, and region.
The component category of the Smart Elevator System market is divided into the following categories: control system, elevator, security, access, sensors, maintenance, and communication system.
The Smart Elevator Industry's speed category is divided into four categories: fast, super-fast, low speed, and high speed.
The Smart Elevator Industry's application categories are divided into Commercial, Infrastructure, Industrial, Residential, Institutional, and Others.
The different divisions of the end-user category of the Smart Elevator Industry are government agencies, organizations associated with smart elevators, regulating authorities, private construction, software vendors, forums associated with smart elevators, research firms, Smart Elevator Service Providers, associations associated with smart elevators, policymakers, alliances associated with smart elevators, building owners, and various governmental bodies that undergo the
Regional Analysis
According to Smart Elevator Market Analysis, the global smart elevator market is divided into four primary regions: Asia Pacific, North America, Europe, and the Rest of the World. According to the Smart Elevator Market Analysis, Europe and North America are predicted to have consistent growth in the global Smart Elevator market.
Furthermore, according to Smart Elevator Market Analysis, the Asia Pacific region is predicted to have the fastest Smart Elevator Market Growth over the forecast period. This is because growing nations such as Vietnam, Bangladesh, and Indonesia are constantly improving their living conditions, which will lead to increased construction and urbanization of buildings using these smart technologies.
Furthermore, according to Smart Elevator Market Analysis, the Asia Pacific region is predicted to have the fastest Smart Elevator Market Growth over the forecast period. This is because growing nations such as Vietnam, Bangladesh, and Indonesia are constantly improving their living conditions, which will lead to increased construction and urbanization of buildings using these smart technologies.
Key Players
ThyssenKrupp AG (Germany), Otis Elevator Company (U.S.), Schindler Group (Switzerland), KONE Corporation (Finland), Johnson Controls Inc. (U.S.), Motion Control Engineering (U.S.), Mitsubishi Electric (Japan), Hyundai Elevator (South Korea), Hitachi (Japan), Fujitec (Japan), and Hyundai Elevator Co. Ltd (Iran) are among the key major companies in the smart elevator market.
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Table of Contents
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY ............................................................................................................... 17
2 MARKET INTRODUCTION ............................................................................................................ 20
2.1 DEFINITION................ 20
2.2 SCOPE OF THE STUDY .......................................................................................................................... 20
2.3 RESEARCH OBJECTIVE ......................................................................................................................... 20
2.4 MARKET STRUCTURE ............................................................................................................................ 21
3 RESEARCH METHODOLOGY ...................................................................................................... 22
3.1 OVERVIEW............................................................................................................................................... 22
3.2 DATA FLOW ............. 24
3.2.1 Data Mining Process ............................................................................................................................. 24
3.3 PURCHASED DATABASE: ...................................................................................................................... 25
3.4 SECONDARY SOURCES: ....................................................................................................................... 26
3.4.1 Secondary Research data flow: ............................................................................................................ 27
3.5 PRIMARY RESEARCH: ........................................................................................................................... 28
3.5.1 Primary Research DATA FLOW: ......................................................................................................... 29
3.5.2 Primary Research: Number of Interviews conducted .......................................................................... 30
3.5.3 Primary Research: Regional Coverage ............................................................................................... 30
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: ............................................................................... 31
3.6.1 Consumption & Net Trade Approach .................................................................................................... 31
3.6.2 Revenue Analysis Approach ................................................................................................................. 31
3.7 DATA FORECASTING ............................................................................................................................. 32
3.7.1 Data forecasting Technique .................................................................................................................. 32
3.8 DATA MODELING .................................................................................................................................... 33
3.8.1 microeconomic factor analysis: ............................................................................................................. 33
3.8.2 Data modeling: ........ 34
3.9 TEAMS AND ANALYST CONTRIBUTION ............................................................................................... 36
4 MARKET DYNAMICS .................................................................................................................... 37
4.1 INTRODUCTION ...................................................................................................................................... 37
4.2 DRIVERS ............... 38
4.2.1 GROWING DEMAND FOR ENERGY-EFFICIENT AND SUSTAINABLE SOLUTIONS TRIGGERS THE MARKET ............................. 38
4.2.2 INCREASING URBANIZATION AND SMART CITIES PROMOTING SMART ELEVATOR ADOPTION 38
4.2.3 IMPACT OF AGING POPULATION AND GROWING ACCESSIBILITY DEMANDS .......................... 39
4.3 RESTRAINTS ........................................................................................................................................... 40
4.3.1 High Cost of Smart Elevators Limits Adoption ...................................................................................... 40
4.3.2 Fluctuations in Raw Material Costs ...................................................................................................... 40
4.4 OPPORTUNITY ........ 40
4.4.1 INTEGRATION WITH SMART BUILDING SYSTEMS CREATES OPPORTUNITY ............................ 40
4.4.2 DEMAND FOR ENERGY-EFFICIENT AND SUSTAINABLE SOLUTIONS SHOWS PROMISING FUTURE ....................... 40
4.5 IMPACT OF COVID-19 ANALYSIS .......................................................................................................... 41
4.5.1 IMPACT ON ELEVATOR INDUSTRY .................................................................................................. 41
4.5.1.1 Global Economic Uncertainty .............................................................................................. 41
4.5.1.2 Potential Long-Term Impact on Elevator Companies .................................................. 42
4.5.1.3 Risk for debt Sustainability in developing countries ................................................... 42
4.5.2 IMPACT ON SMART ELEVATOR INDUSTRY .................................................................................... 43
4.5.2.1 Delays in Raw Material Supplies ....................................................................................... 43
4.5.2.2 Contractor and Labor Impacts ............................................................................................ 43
4.5.2.3 Production Shutdown ............................................................................................................. 43
4.5.2.4 Cash Flow Constraints .......................................................................................................... 43
4.5.2.5 Impact on World Trade .......................................................................................................... 43
4.5.3 IMPACT ON MARKET DEMAND OF SMART ELEVATOR INDUSTRY .............................................. 44
4.5.3.1 Impact due to restriction/lockdown ................................................................................... 44
4.5.3.2 Impact on New Residential and Commercial Projects ................................................ 44
4.5.4 POST COVID-19 SMART ELEVATOR MARKET ................................................................................ 44
4.5.4.1 Funding Schemes for small businesses .......................................................................... 44
4.5.4.2 Cash Flow Forecasting .......................................................................................................... 44
4.6 IMPACT ANALYSIS OF COVID-19 .......................................................................................................... 45
4.6.1 Impact 0n CONSTRUCTION AND INFRASTRUCTURE Industry ....................................................... 45
4.6.1.1 Economic Impact ..................................................................................................................... 45
4.6.2 Impact on Supply Chain of SMART ELEVATOR .................................................................................. 46
4.6.3 Impact on Market Demand of Smart Elevator ...................................................................................... 46
4.6.3.1 Impact Due to Restrictions/Lockdown .............................................................................. 46
4.6.3.2 Consumer Sentiments ............................................................................................................ 46
4.6.4 Impact on Pricing of Smart Elevator ..................................................................................................... 46
5 MARKET FACTOR ANALYSIS ...................................................................................................... 48
5.1 VALUE CHAIN ANALYSIS ....................................................................................................................... 48
5.1.1 Raw Materials ....... 48
5.1.2 Manufacturing / Production/ Processing ............................................................................................... 48
5.1.3 Packing .............. 49
5.1.4 distribution ............... 49
5.1.5 end-user ............. 49
5.2 SUPPLY CHAIN ANALYSIS ..................................................................................................................... 50
5.2.1 Participants (At different Nodes) ........................................................................................................... 50
5.2.1.1 Raw Material suppliers .................................................................................................................. 50
5.2.1.2 Manufacturers ............................................................................................................................... 50
5.2.1.3 Distribution Channel ...................................................................................................................... 50
5.2.1.4 End-user ........................................................................................................................................ 50
5.2.2 integration levels ................................................................................................................................... 51
5.2.3 Key Issues Addressed (Key Success Factors).. 51
5.3 PORTER’S FIVE FORCES MODEL............................. 52
5.3.1 Bargaining Power of Suppliers...................................... 52
5.3.2 Bargaining Power of Buyers............................................. 53
5.3.3 Threat of New Entrants............................... 53
5.3.4 Threat of Substitutes................................................. 53
5.3.5 Intensity of Rivalry.............. 53
5.4 REGULATORY FRAMEWORK, BY REGION............... 54
5.4.1 North America ........ 54
5.4.2 Europe .............. 54
5.4.3 Asia-Pacific.......................... 54
5.4.4 Rest of The World................................................... 54
5.5 TECHNOLOGY LANDSCAPE................................... 54
5.6 PRODUCTION COST ANALYSIS......................................... 55
5.6.1 COST COMPONENT BREAKDOW............................. 55
5.6.1.1 Raw Materials and Electronics.............................. 55
5.6.1.2 Manufacturing and Assembly................................ 55
5.6.1.3 Research & Development.................................. 55
5.6.1.4 Compliance and Quality Assurance................ 55
5.6.2 Cost Drivers................................................. 55
5.6.2.1 Supply Chain Dynamics............................... 55
5.6.2.2 Technological Integration........................................... 56
5.6.2.3 Regulatory Compliance............................................ 56
6 GLOBAL SMART ELEVATOR MARKET, BY COMPONENT ......................................................... 57
6.1 INTRODUCTION........................................................................................... 57
6.2 CONTROL SYSTEMS.................................................. 59
6.2.1 Elevator control systems.......................................................... 60
6.2.2 Security control systems................................ 60
6.2.2.1 Surveillance camera....................................................... 61
6.2.2.2 Intruder camera system......................................... 62
6.2.2.3 Fire alarm system................................. 63
6.2.2.4 Visitor management system........................................... 64
6.2.3 Access control systemS................................................................ 65
6.2.3.1 Biometrics access control systems...................... 65
6.2.3.2 Card-based access control systems...................... 66
6.2.3.3 Touch-screen & keypad based access control systems .............................. 67
6.2.4 Sensors ............. 67
6.3 MAINTENANCE SYSTEMS..................................... 69
6.4 COMMUNICATION SYSTEMS............................... 70
7 GLOBAL SMART ELEVATOR MARKET, BY SERVICE ................................................................ 71
7.1 INTRODUCTION............................... 71
7.2 NEW INSTALLATION.................................................................. 72
7.3 MAINTENANCE ................... 73
7.4 RENOVATION ................ 73
8 GLOBAL SMART ELEVATOR MARKET, BY APPLICATION......................................................... 75
8.1 INTRODUCTION ................. 75
8.2 RESIDENTIAL .................. 76
8.3 COMMERCIAL ........................... 77
8.4 INDUSTRIAL............ 77
9 GLOBAL SMART ELEVATOR MARKET, BY REGION .................................................................. 79
9.1 OVERVIEW................. 79
9.2 NORTH AMERICA ............. 79
9.2.1 U.S. ........................ 83
9.2.2 CANADA ............. 85
9.2.3 MEXICO ............... 87
9.3 EUROPE ..................... 89
9.3.1 GERMANY ........ 92
9.3.2 FRANCE .............. 94
9.3.3 UK ......................... 96
9.3.4 ITALY .................... 98
9.3.5 REST OF EUROPE .............................................................................................................................. 100
9.4 ASIA PACIFIC ...... 102
9.4.1 China ...................... 105
9.4.2 Japan .................................... 107
9.4.3 India ..................... 109
9.4.4 Rest of Asia pacific.............................................................................. 111
9.5 SOUTH AMERICA .. 113
9.5.1 Brazil........... 116
9.5.2 Argentina............................. 118
9.5.3 Rest of South America................................................................... 120
9.6 MIDDLE EAST & AFRICA........................................................................ 122
9.6.1 Saudi Arabia ......... 125
9.6.2 UAE ....... 127
9.6.3 South Africa........................................................................................... 129
9.6.4 Rest of Middle East & Africa......................................................... 131
10 COMPETITIVE LANDSCAPE............................................... 133
10.1 INTRODUCTION ............................... 133
10.2 COMPETITION DASHBOARD..................................................... 133
10.3 COMPANY MARKET SHARE ANALYSIS, 2023 ..................................................................................... 134
10.4 COMPETITIVE BENCHMARKING............................................ 135
10.5 LEADING PLAYERS IN TERMS OF THE NUMBER OF DEVELOPMENTS IN THE SMART ELEVATORS MARKET .......................... 136
10.6 KEY DEVELOPMENTS & GROWTH STRATEGIES ....................... 137
10.6.1 Expansion .................................. 137
10.6.2 New Product Launch................................................................ 137
10.6.3 Acquisition ............... 138
10.6.4 Collaboration ......................... 138
10.6.5 Service Deployment.......................................................................... 139
11 COMPETITIVE LANDSCAPE............................................ 140
11.1 FUJITEC CO. LTD. ........................ 140
11.1.1 COMPANY OVERVIEW ....................................................................................................................... 140
11.1.2 FINANCIAL OVERVIEW FUJITEC CO. LTD.: FINANCIAL OVERVIEW SNAPSHOT. ....................... 141
11.1.3 PRODUCTS OFFERed ........................................................................................................................ 142
11.1.4 KEY DEVELOPMENTS ........................................................................................................................ 142
11.1.5 SWOT ANALYSIS.................. 143
11.1.6 Key Strategy ................... 143
11.2 TOSHIBA CORPORATION ...................................................................................................................... 144
11.2.1 COMPANY OVERVIEW ....................................................................................................................... 144
11.2.2 FINANCIAL OVERVIEW TOSHIBA CORPORATION: FINANCIAL OVERVIEW SNAPSHOT. .......... 145
11.2.3 PRODUCTS OFFERed ........................................................................................................................ 145
11.2.4 KEY DEVELOPMENTS ........................................................................................................................ 145
11.2.5 SWOT ANALYSIS......... 146
11.2.6 Key Strategy .................. 146
11.3 HONEYWELL ............. 148
11.3.1 COMPANY OVERVIEW ....................................................................................................................... 148
11.3.2 FINANCIAL OVERVIEW HONEYWELL: FINANCIAL OVERVIEW SNAPSHOT. ............................... 149
11.3.3 PRODUCTS OFFERed ................................ 149
11.3.4 KEY DEVELOPMENTS ........................ 149
11.3.5 SWOT ANALYSIS.............. 150
11.3.6 Key Strategy ........ 150
11.4 MITSUBISHI ELECTRIC CORPORATION ........................ 151
11.4.1 COMPANY OVERVIEW ....................... 151
11.4.2 FINANCIAL OVERVIEW MITSUBISHI ELECTRIC CORPORATION: FINANCIAL OVERVIEW SNAPSHOT. ....................... 152
11.4.3 PRODUCTS OFFERed .............................. 152
11.4.4 KEY DEVELOPMENTS .......................................... 153
11.4.5 SWOT ANALYSIS................ 154
11.4.6 Key Strategy ......... 154
11.5 HYUNDAI ELEVATORS ........................... 156
11.5.1 COMPANY OVERVIEW ............................................. 156
11.5.2 PRODUCTS OFFERed .............................................. 157
11.5.3 SWOT ANALYSIS....... 157
11.5.4 Key Strategy ............. 158
11.6 HITACHI LTD. ......... 159
11.6.1 COMPANY OVERVIEW ....................................................................................................................... 159
11.6.2 FINANCIAL OVERVIEW HITACHI LTD.: FINANCIAL OVERVIEW SNAPSHOT. ............................... 160
11.6.3 PRODUCTS OFFERed ................................ 160
11.6.4 KEY DEVELOPMENTS ........................... 160
11.6.5 SWOT ANALYSIS...... 161
11.6.6 Key Strategy ........ 161
11.7 SCHNEIDER GROUP .................................................... 162
11.7.1 COMPANY OVERVIEW.......................................................................... 162
11.7.2 FINANCIAL OVERVIEW SCHNEIDER GROUP: FINANCIAL OVERVIEW SNAPSHOT. ................... 163
11.7.3 PRODUCTS OFFERed ................................. 163
11.7.4 SWOT ANALYSIS............................. 164
11.7.5 Key Strategy ....... 164
11.8 OTIS WORLDWIDE 165
11.8.1 COMPANY OVERVIEW ............................... 165
11.8.2 FINANCIAL OVERVIEWABB: FINANCIAL OVERVIEW SNAPSHOT. ................................................ 166
11.8.3 PRODUCTS OFFERed ........................................................................................................................ 166
11.8.4 KEY DEVELOPMENTS ........................................................................................................................ 167
11.8.5 SWOT ANALYSIS................................................................................................................................. 167
11.8.6 Key Strategy ......................................................................................................................................... 168
11.9 KONE CORPORATION ............................................................................................................................ 169
11.9.1 COMPANY OVERVIEW ....................................................................................................................... 169
11.9.2 FINANCIAL OVERVIEW KONE CORPORATION: FINANCIAL OVERVIEW SNAPSHOT. ................ 170
11.9.3 PRODUCTS OFFERed ........................................................................................................................ 170
11.9.4 KEY DEVELOPMENTS ........................................................................................................................ 170
11.9.5 SWOT ANALYSIS................................................................................................................................. 171
11.9.6 Key Strategy ......................................................................................................................................... 171
11.10 ROBERT BOSCH GMBH ......................................................................................................................... 172
11.10.1 COMPANY OVERVIEW .......................................................................................................... 172
11.10.2 FINANCIAL OVERVIEW ROBERT BOSCH GMBH: FINANCIAL OVERVIEW SNAPSHOT. 173
11.10.3 PRODUCTS OFFERed ........................................................................................................... 173
11.10.4 SWOT ANALYSIS ................................................................................................................... 174
11.10.5 Key Strategy ............................................................................................................................ 174
11.11 DATA CITATIONS .................................................................................................................................... 175