Report : North America Smart Elevator Market Forecast to 2031 - Regional Analysis - by Setup (Modernization, Maintenance, and New Deployments), Carriage (Passenger and Freight), and Application (Residential, Commercial, and Industrial)
At 10.9% CAGR, North America Smart Elevator Market is Projected to be Worth US$ 16,338.15 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America smart elevator market was valued at US$ 7,131.21 million in 2023 and is expected to reach US$ 16,338.15 million by 2031, registering a CAGR of 10.9% from 2023 to 2031. Rise in building construction activities and technological advantages of smart elevators over conventional elevators are among the critical factors attributed to the North America smart elevator market expansion.
Basic computing power of conventional elevators cannot reduce users' waiting time. Furthermore, they are not energy efficient compared to modern elevators and do not include real-time monitoring of the elevator system. However, smart elevators are technically advanced and have various functions that contribute to their rising preference by building contractors. The usage of autonomous systems in these elevators aids in optimizing elevator actions, which, in turn, helps lessen wait time, eventually leading to more effective passenger transportation during busy hours.
Features of smart elevators such as touch screen interface, voice commands, gesture control, and mobile app controllability make them more user-friendly and enhance the comfort of passengers. Smart elevators send operational data to the cloud in real time, where certified employees can access it anytime and facilitate the timely resolution of any problem. In contrast to traditional elevators, smart elevators use progressive security measures such as facial recognition, biometrics, and other technologies to avoid unauthorized access. Furthermore, these elevators integrate sensors and other systems that continually monitor the irregular behavior of elevators, which includes excessive vibration, electrical faults, and others.
Further, customers demand innovative and more cutting-edge features from elevator systems as a result of the continuously changing technological landscape. Energy efficiency, space saving, time efficiency, long lasting, affordability, low maintenance, and safety are all benefits for modern elevators. Owing to all the benefits mentioned above, the demand for smart elevators over conventional elevators is increasing.
On the contrary, Intense competition among market players hampers the growth of North America smart elevator market.
In terms of carriage, the North America smart elevator market is bifurcated into passenger and freight. The passenger segment held 72.5% share of the North America smart elevator market in 2023, amassing US$ 5,173.33 million. It is estimated to garner US$ 11,520.72 million by 2031 to expand at 10.5% CAGR during 2023-2031.
Based on setup, the North America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 42.6% share of North America smart elevator market in 2023, amassing US$ 3,038.76 million. It is predicted to garner US$ 6,617.98 million by 2031 to expand at 10.2% CAGR during 2023-2031.
By application, the North America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 46.7% share of the North America smart elevator market in 2023, amassing US$ 3,332.71 million. It is projected to garner US$ 7,877.41 million by 2031 to expand at 11.4% CAGR during 2023-2031.
Based on country, the North America smart elevator market is categorized into US, Canada, and Mexico. The US held 76.9% share of North America smart elevator market in 2023, amassing US$ 5,485.13 million. It is projected to garner US$ 12,890.80 million by 2031 to expand at 11.3% CAGR during 2023-2031.
Key players operating in the North America smart elevator market are Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Thyssen Krupp AG, Hyundai Elevator Co Ltd, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd, among others.
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