According to a new market report published by Lucintel, the future of the global smart elevator market looks attractive with opportunities in the residential, commercial, and institutional construction industries. The global smart elevator market is expected to decline in 2020 due to global economic recession led by COVID-19. However the market will witness recovery in the year 2021 and it is expected to reach an estimated $31.6 billion by 2025 with a CAGR of 14%-16% from 2020 to 2025. The major drivers for this market are growth in high rise residential and commercial buildings, rapid urbanization, increasing demand for energy efficient elevator system, and rising adoption of IoT technology in smart elevators.
In this market, control system, maintenance system, and communication system are the major components of a smart elevator system. On the basis of comprehensive research, Lucintel forecasts that control system will remain the largest component type and it is also expected to witness the highest growth over the forecast period due to the increasing demand in advanced security automation and access control systems.
Within the smart elevator market, commercial building will remain the largest end use industry and it is also expected to witness the highest growth over the forecast period due to growth in commercial construction, such as retail shops, malls, warehouses, and hospitals and increasing demand for high rise commercial buildings.
North America will remain the largest region due to high adoption of advanced and IoT based elevator systems. APAC is expected to witness the highest growth over the forecast period supported by increasing construction and infrastructure activities in emerging countries, such as China and India.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of highly energy efficient elevator systems and greater utilization of IoT to ensure better performance. ThyssenKrupp, OTIS Elevator, KONE, Schindler Group, Hitachi, Hyundai Elevator, Toshiba Elevators, Mitsubishi Electric, and Fujitec are among the major smart elevator manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global smart elevator market by component, end use industry, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Smart Elevator Market 2020-2025: Trends, Forecast, and Opportunity Analysis”. The Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trend and forecast for the global smart elevator market by component, end use industry, service, and region as follows:
By Component [$M shipment analysis from 2014 to 2025]:
• Control system
• Maintenance system
• Communication system
By End Use Industry [$M shipment analysis from 2014 to 2025]:
• Residential
• Commercial
• Institutional
• Automated Vehicle Storage & Retrieval System
By Service [$M shipment analysis from 2014 to 2025]:
• New Installation
• Modernization
• Maintenance
By Region [$M shipment analysis for 2014 – 2025]:
• North America
– United States
– Canada
– Mexico
• Europe
– United Kingdom
– Germany
• Asia Pacific
– Japan
– China
• The Rest of the World
This 200-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or [email protected]. Lucintel offerings include Construction Market Report, Construction Reports, Market Research Report, Capital Investment Feasibility and SWOT Analysis.

About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers the following 11 key questions:


Q.1 What are some of the most promising, high-growth opportunities for the global smart elevator by end use industry (residential, commercial, institutional, and automated vehicle storage & retrieval system), service (new installation, modernization, and maintenance), component (control system, maintenance system, and communication system), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?