Germany Smart Elevators Market Share, Size, Industry Analysis, Future Plans and Forecast 2025

Germany smart elevators market is estimated to grow considerably, at a CAGR of 14.2% during the forecast period. Germany is estimated to contribute significantly in the European market over the forecast period owing to significant growth in the building & construction industry across the country. The urbanization rate in the country is showing a flat growth in some years. In Germany, the housing market is facing strong demand fueled by rising incomes, low-interest rates as well as high levels of net migration. It is estimated that 3.6 million migrants will have arrived in Germany by 2020. There is housing demand for at least 350,000 new dwellings per year. Low-interest rates coupled with rising disposable incomes have contributed to increased property prices, in particular in big cities, making it more difficult for middle-class households to afford to house. To overcome some of the pressure in the housing market, the Government of Germany had introduced the Housing Construction Campaign, namely a comprehensive package of measures aimed at tackling housing shortages and rising house prices.

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The companies which are contributing to the growth of the Germany smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

ThyssenKrupp Elevator is one of the major German companies operating globally in the smart elevator market. In May 2019, the company acquired the Elevator division of Nashville Machine Co. to expand its product portfolio in North America. Earlier to this, Nashville Machine Co. was the distributor of the company in the Middle Tennessee area and was working with a strength of 130 employees. In July 2017 the company also introduced a ropeless lift and sideways-moving elevator system as 'MULTI'. In Rottweil, the company has a test tower for elevators, where 'MULTI' was first operated.

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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. For instance, in January 2020, ThyssenKrupp AG announced to provide over 200 elevators and escalators to the new central China metro line, which will be put into operation in 2021. This will substantially enhance the company's reach across the globe.

Market Segmentation

Smart Elevators Market by Type

o Passenger
o Freight

Smart Elevators Market by Application

o Residential
o Commercial
o Industrial
o Others

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