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Smart Elevator Market Share

Report ID: GMI1593
Published Date: Apr 2021
Report Format: PDF

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Smart Elevator Market Share

Players in the smart elevator market are focused majorly on mergers and acquisitions to enhance their service offerings and expand their geographic presence. For instance, in October 2020, Hitachi Ltd. announced the acquisition of 9.99% share in Yungtay Engineering (Taiwan). The acquisition aided Hitachi to strengthen its escalator and elevator market. Similarly, in August 2020, Bay State Elevator was acquired by Otis Elevator Company to expand its business in the northeast U.S. The acquisition consists of the company operations and service portfolio in upstate New York Massachusetts, Vermont, and Connecticut.

The leading industry players in this market include

Thyssenkrupp AG
Otis Elevator Company
Kone Oyj
Fujitec
Mitsubishi Elevator
Schindler Group
Hitachi Ltd.
Bosch Security Systems

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for smart elevators had reached USD 13.5 billion in 2020 and will expand at nearly 9% CAGR for the forecast timeframe 2021-2027.

The control systems solution segment held more than 40% of global smart elevator market share during 2020 and will see higher demand due to improved security and management provided.

The industry share from commercial applications segment is anticipated to register around 10% CAGR up to 2027 owing to fast integration of energy-efficient systems in commercial buildings.

The APAC smart elevator industry share had surpassed USD 4 billion during 2020 and will grow further with rapid urbanization trend in countries like India, China as well as Japan.