Smart elevators are very different than ordinary elevators. It contains various technologies for security and system controls such as biometrics and access control systems. These features help in reducing waiting time for customers and enhance traffic management efficiencies. The global smart elevators market is expected to grow at a very fast rate during the forecast period. The major drivers contributing to the growth of the market include increasing demand for the energy-efficient solutions along with advanced security automation and access control systems. In addition, increasing construction & infrastructure transformation activities across the globe and global economic improvement are also augmenting the smart elevators market growth. However, factors such as high initial investment in the installation of smart elevators and increasing operational costs may hamper the growth of the smart elevators market. Further, law awareness emerging economies such as India and Brazil are predicted to limit the growth of the market.

The global smart elevators market is segmented on the basis of type and application. On the basis of the type, the market is further classified into passenger and freight. Among these, the passenger elevator segment is expected to have a significant market share during the forecast period owing to its increasing application in residential and commercial buildings. The freight elevator segment is expected to grow at the fastest rate during the forecast period attributed to increasing application in the industrial sector. On the basis of the application, it can be further classified into residential, commercial, industrial and others. The residential segment is expected to capture the significant market share in 2019. Major market players operating in the global smart elevators market are ThyssenKrupp Elevator AG, Schindler Holding AG, Otis Elevator Co. (A United Technologies Co.), Mitsubishi Electric Corp. and Hyundai Elevator Co. Ltd.

North America and Europe are expected to have a considerable share in the market. This is mainly due to the presence of advanced infrastructure, demand for energy-efficient solutions and intelligent buildings and the presence of major market players such as Otis Elevator Co., Johnson Controls Inc., and Motion Control Engineering, Inc. in the US. Further, energy efficiency initiatives in the European Union is also contributing to the market growth. Asia-Pacific is considered to witness significant market growth in the global smart elevators market during the forecast period. High growth opportunity due to the entry of multinational companies and rapid urbanization in countries such as China, India, and Thailand are driving the market in this region. Factors such as the growth of smart cities and evolving commercial sectors in areas such as MEA and Mexico and Brazil respectively are expected to boost the market growth in these regions.

Research Methodology:

The market study of the global smart elevators market is incorporated by extensive primary and secondary research conducted by a research team. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Authentic public databases
• Whitepapers, research-papers and news blogs
• Company websites and their product catalog.

The report is intended for elevator manufacturers, technology investors, solution providers, and government organizations for overall market analysis and competitive analysis. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation:

1. Global Smart Elevators Market Research and Analysis by Type
2. Global Smart Elevators Market Research and Analysis by Application

The Report Covers:

• Comprehensive research methodology of the global smart elevators market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global smart elevators market.
• Insights about market determinants which are stimulating the global smart elevators market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of market players.