According to a market report by Lucintel, the future of the smart elevator market looks promising with opportunities in the residential, commercial, institutional, and automated vehicle storage and retrieval system markets. The smart elevator market is expected to grow with a CAGR of 15% from 2019 to 2024. The major drivers for this market are increasing demand for energy-efficient systems, growing construction and real estate industry, increasing demand for security system, and rising adoption of wireless technology.
In this market, residential, commercial, institutional, and automated vehicle storage and retrival system are the major end use industries. Within the smart elevator market, new installation, modernization, and maintenance are the major service type. Control system, maintenance system, and communication system are the component types of the smart elevator market. North America will remain the largest region over the forecast period due to increasing demand for energy-efficient systems and the stringent mandates of governing bodies propelled adoption of smart elevators.

ThyssenKrupp, OTIS Elevator, KONE, Schindler Group, Hitachi, Hyundai Elevator, Toshiba Elevators and Building Systems, Mitsubishi Electric, Fujitec, and Motion Control Engineering are among the major manufacturers of smart elevator

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart elevator market on the basis of component, end use industry, service, and region. Lucintel has prepared a comprehensive research report entitled "Smart Elevator Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This 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 a forecast for the smart elevator market on the basis of component, end use industry, service, and region as follows:

By Component [$M shipment analysis for 2013 – 2024]:
• Control System
• Maintenance System
• Communication System

By Service [$M shipment analysis for 2013 – 2024]:
• New Installation
• Modernization
• Maintenance

By End Use Industry [$M shipment analysis for 2013 – 2024]:
• Residential
• Commercial
• Institutional
• Automated Vehicle Storage and Retrieval System

By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– UK
– Germany
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

A more than 150 pages 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 visit us at [email protected].
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 following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the smart elevator market by component (control system, maintenance system, communication system), service (new installation, modernization, and maintenance), end use industry (residential commercial, institutional, and automated vehicle storage and retrieval system), and region (North America, Europe, APAC, and ROW)?
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 smart elevator market?
Q.5 What are the business risks and threats to the smart elevator market?
Q.6 What are emerging trends in this smart elevator market and the reasons behind them?
Q.7 What are of the changing demands of customers in the smart elevator market?
Q.8 What are the new developments in the smart elevator market? Which companies are leading these developments?
Q.9 Who are the major players in this smart elevator 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 smart elevator area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M&A activities have taken place in the last 5 years in this smart elevator market?