Market Research Report
China Smart Elevators Market 2019-2025
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|China Smart Elevators Market 2019-2025|
|Published: March 29, 2020||Content info:||
China 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
China smart elevators market is estimated to grow modestly at a CAGR of 14.8% during the forecast period. China smart elevators market has reported potential growth in Asia-Pacific smart elevators market. The major factors contributing to the growth of the market in the country include significant skyscraper building projects and rapid urbanization in the country. As per the World Bank, there were 59.2% of the total population in China lives in urban areas. By 2050, it is projected that the country will have added 255 million urban dwellers (as per the United Nations). The increasing urbanization leads to the demand for high-rise apartments and luxury apartments in China. Smart elevators are now being significantly used in these buildings to provide convenience to the lift users. There is an increased focus on efficient crowd management and robust commuting in residential establishments. Smart elevators offer convenience to the users to arrive at their destination more quickly with fewer stops. This, in turn, urbanization is one of the major factors offering an opportunity for market growth in the country.
Owing to this considerable opportunity for smart elevators in China, the major players are focusing on launching new smart elevators in the market. For instance, in July 2019, Hitachi Elevator (China) recently introduced its next-generation smart elevator MCA-ES in Kunming. It uses advanced intelligent control technology for monitoring the riding experience of the users. This new model is designed for 5G and is running on an open platform. As per the company, the MCA-ES model can achieve a higher level of speed and position control as it has a tolerance in the elevator's vertical position when stationary of +/-0.1 mm. As a result, it ensures the high accuracy landing of elevators on every floor in spite of building shrinkage, settlement, climate change, and several other factors. This reduces the possibilities of a passenger falling and tripping.
The companies which are contributing to the growth of China 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 September 2019, Otis Elevator Corp. launched an IoT solution in China, with an aim to boost elevator performance and reduce downtime. Otis will now offer a complete end-to-end, proactive digital service that connects the elevator system. This new solution is available in China under the brand name Otis ONE and from Otis Electric as Otis CONNECT. By realizing the growth potential of IoT, the company is swiftly moving to the deployment of advanced technologies in its products.
The market study of the China 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: