UK smart elevators market is estimated to grow considerably at a CAGR of 15.0% during the forecast period. UK contributes a major share in the smart elevators market due to the rising urbanization in the country. As per the World Bank, urbanization has been increased to around 83.4% in 2018 as compared to 78.6% in 2000, with a subsequent increase in population in the same period. In addition, among all major economies in Europe, UK has the largest number of skyscrapers under construction. It is creating a significant opportunity for the market in the country.

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As per European Commission, real estate projects, construction, and architectural & engineering activities contributed around 11.5%, 5.5%, and 1.3% respectively as a share of GDP in the construction sector of the nation. With the 24.3% surge in the house price index in the country, UK housing market experienced a boom and bust cycle over 2010 – 2016. Consequently, the UK is facing a housing shortage and affordability issues with the need for additional housing has been estimated at 232,000 to 300,000 new units per year. To tackle these challenges, the government plans to deliver 400,000 affordable housing units by 2020 - 2021, out of which 100,000 to be financed through a new $3.0 billion Housing Infrastructure Fund. These facts and figures reflect the growth opportunities of the construction industry.

The companies which are contributing to the growth of the UK smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. 

Research Methodology

The market study of the UK smart elevators market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown 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 macro-economic 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 authenticity to our reports.

Secondary Sources Include

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

The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.

Market Segmentation

1. UK Smart Elevators Market Research and Analysis by Type

2. UK Smart Elevators Market Research and Analysis by Application

The Report Covers

• Comprehensive research methodology of the UK 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 UK smart elevators market.
• Insights about market determinants which are stimulating the UK smart elevators market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.