Demand For Connected And Smart Elevators Is On A Significant Rise During The Forecast Period 2022-2032

Adoption of electronic devices not only enhances convenience but also improves lifestyle of consumers, which has further resulted into the concept of smart homes. In addition, smart buildings are witnessing a tremendous surge in prevalence, with the rise in development of smart cities. Rising integration of essential building equipment and systems with artificial intelligence (AI) has further proliferated demand for smart buildings in developed and developing countries. Various governments across the globe are focusing on funding smart cities projects, which in turn is expected to influence demand for equipment such as elevators. Elevator manufacturers across the globe are increasingly being encouraged to incorporate internet of things (IoT) in elevator systems, which will improve the service by lowering downtimes and enhancing the efficiency. It will further enable real-time remote monitoring and actionable analytics. Integration of IoT into elevators is considered to be one of the latest trends in the elevators industry, and such elevator systems are likely to gain immense traction globally in the near future.

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 Elevators Market Insights Segmentation

 By Region

• North America
• Europe
• East Asia
• South Asia
• Latin America
• Oceani
• Middle East & Africa

By Speed

• Less than 1 m/s
• Between 1 to 3 m/s
• Between 4 to 6 m/s
• Between 7 to 10 m/s
• Above 10 m/s

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Key Projections on Future of Elevators Market for Forecast Period 2017-2026

• According to the report, 59,721 units were sold in 2017, and by the end of forecast period, this number is scheduled to reach 138,326 units.
• North America will continue to be the largest market for elevators globally during the assessment period. The U.S. will remain at the forefront of demand, while Canada will account for a miniscule revenue share of the market. The report projects 56,087 units of elevators to be sold in North America by 2026.
• Among all the service type segments – maintenance & repair, refurbishing, and new equipment – demand for new equipment is the highest. The report projects new equipment to be the leading service type segment during the assessment period.
• By application type, the key segments include residential, commercial, and industrial. Demand for elevators from all these three segments is likely to remain steady during the assessment period, however, residential segment is projected to maintain a slight edge over the other two segments.
• According to the report, some of the key companies operating in the global elevators market include Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Generac Holdings Inc., Champion Power Equipment, Inc., Hyundai Motor Company, Toshiba Corporation, Wuxi Kipor Power Co. Ltd., Briggs & Stratton Corporation, Lifan Industry (Group) Co. Ltd, Ryobi Limited, and Subaru Corporation.

 Essential Takeaways from the Elevators Market Insights Report

• Comparison of prominent players operating in the Elevators Market Insights.
• Recent developments and key strategies adopted by market players.
• Study of the micro and macro-economic growth indicators.
• Impact of the various factors on the value chain of the Elevators Market Insights.
• Growth opportunities for emerging market players in various regional markets.
• Current trends influencing the scenario of the Elevators Market Insights.

Important queries related to the Elevators Market Insights addressed in the report:

1. Who are the most prominent players in the Elevators Market Insights?
2. What are the factors that are likely to hinder the growth of the Elevators Market Insights during the forecast period (2021-2031)?
3. Why is the concentration of tier-1 companies high in specific region?
4. How are the soaring prices of raw materials impacting the demand for keyword?
5. Why are market players eyeing opportunities in particular region?

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