UK Smart Elevators Market Industry Analysis, Future Plans, Industry Updates and Forecast 2025

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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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.

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.

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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 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.

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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