Market Research Report
Asia-Pacific Smart Elevators Market 2019-2025
|Asia-Pacific Smart Elevators Market 2019-2025|
Published: March 29, 2020
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Asia-Pacific Smart Elevators Market Size, Share & Trends Analysis Report by Type (Passenger and Freight) and by Application (Residential, Commercial, Industrial, and Others) and Forecast, 2019-2025
Asia-Pacific smart elevators market is estimated to grow significantly, at a CAGR of 14.7% during the forecast period. Asia-Pacific smart elevators market occupied a major share in the global smart elevators market, owing to the rising installations of smart elevators across commercial and residential buildings coupled with the skyscraper projects in the region. Some of the major skyscraper buildings undergoing in China include Goldin Finance 117, Greenland Centre (Xi'an), and Wuhan Greenland Center (Wuhan). This is primarily driving the demand for smart elevators in skyscrapers in the country.
Smart elevators are operated by the user that pushes a button and set their destination. Afterwards, an indicator directs the user to the elevator that will take them to the floor in the shortest amount of time. Therefore, smart elevators have a crucial role in skyscrapers. Rising smart city projects are further strengthening the growth of the market in the region. As per the German Asia-Pacific Business Association, the Chinese government is pushing the development of smart cities counting nearly 500 pilot projects. Smart cities have buildings with many floors, which contributes to the demand for smart elevators to offer convenience to the users, primarily the elderly population.
The companies which are contributing to the growth of the Asia-Pacific smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp. 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 June 2019, Toshiba Corp., a Japan-based elevator manufacturer, and supplier, has received a contract for the installation of 128 elevators in Surat Diamond Bourse (SDB), India. These elevators will ensure the proper people traffic management in the building. This, in turn, will drive the company's reach in the global market.
The market study of the Asia-Pacific smart elevators market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.
The Report Covers: