Smart Elevators Market Global Top Players are Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, Thyssenkrupp, Hyundai Elevator Company Ltd

Increasing government investment for development of smart city is one of the major driving factors leading to demand for smart elevators. For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1 billion for the development of these cities.

Increasing urbanization is a major factor driving growth of the smart elevators market. Smart elevator is suitable for applications in infrastructure in the urban areas (such as New York City, Chicago, and San Francisco) where high multi-storey buildings and mall construction is gaining significant traction. Therefore, development in infrastructure is expected to propel demand for smart elevators.

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Increasing urbanization activities worldwide is further fuelling market growth. For instance, according to the World’s Cities by the United Nations report, in 2016, an estimated 54.5% of the world’s population lives in urban areas and is expected to grow to a 60% by 2030. Increasing sift of population towards urban regions is compelling engineers to develop better infrastructures (e.g. tall buildings) with a perspective to accommodate the growing urban population. Moreover, increasing investment in infrastructure sector worldwide is driving the market growth.

For instance, according to Coherent Market Insights, worldwide infrastructure spending is expected to be over US$ 9 Trillion per year by 2025, up from US$ 4 Trillion per year in 2012. Overall, close to US$ 78 trillion is expected to be spent worldwide between 2014 and 2025. Therefore, increasing urbanization is propelling demand for construction of urban infrastructure, which in turn is driving growth of the smart elevators market.

North America held the dominant position in smart elevators market in 2017, owing to increasing expenditure on infrastructure. The region of North America comprises some prominent and developed economies such as the U.S. and Canada. The rate of urbanization in these economies is considerably high.

For instance, according to the United Nations report, in 2016, over half of the North American population resided in the urban regions and one in every five people lived in a city of 5 Million habitants or more. Increasing urbanisation in these regions is propelling demand for construction of tall buildings for residential and commercial purposes, which in turn is fuelling growth of the smart elevators market.

Key players operating in the smart elevators market include Hitachi, KONE CORPORATION, Mitsubishi Electric, Otis Elevator Company (UNITED TECHNOLOGIES), Schindler, Thyssenkrupp, Hyundai Elevator Company Ltd., Toshiba Elevators and Building Systems Corporation, Fujitec Co. Ltd., and Motion Control Engineering, Inc.

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