Global Connected Elevator Market (2021-2026) by Components, Services, End Users, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis

The Global Connected Elevator Market is estimated to be USD 28.65 Bn in 2021 and is expected to reach USD 55.9 Bn by 2026, growing at a CAGR of 14.3%.

Market Dynamics

The major factors contributing to the rise in the market growth are the increasing urbanization and the rising number of tall buildings that require fast, safe, and energy-efficient elevators. The growing trend of elevators integrated with wireless technology and communication channels, safety solutions, and power-efficient technology has escalated to market growth. However, some factors such as limited implementation due to the substantially high initial investment may affect the market growth. The connected elevator market is expected to showcase the opportunities such as industrial preference towards green technologies, growing smart cities, and smart buildings.
Innovation in technology being bought up by the key players is expected to generate untapped opportunities for the market participants.

Market Segmentation

The Global Connected Elevator Market is segmented further based on Components, Services, End Users, and Geography.

By Components, the market is classified into the Control System, Communication System, And Maintenance System. Amongst all, the Control System segment is estimated to hold the highest market share during the forecast period.

By Services, the market is classified as Maintenance And Repair, Modernization, And New Installation. Amongst the two, the New Installation segment is estimated to hold the highest market share during the forecast period.

By End Users, the market is classified as Commercial Sector, Infrastructure Sector, Institutions Sector, and Residential Sector. Amongst all, the Infrastructure Sector segment is estimated to hold the highest market share during the forecast period.

By Geography, North America is projected to lead the market.

Recent Developments

1. International private equity firms Advent International and Cinven have completed the acquisition of ThyssenKrupp's Elevator Technology business from ThyssenKrupp AG. - 31st July 2020
2. KONE acquired the service and repair business of Detroit Elevator Company. The acquisition expanded KONE’s operations in both Detroit and Grand Rapids, Michigan- 1st June 2021
3. TK Elevator acquires Accurate Elevator, its fifth acquisition in North America in 2021. The company acquired elevator companies in Nashville, Tenn.; Omaha, Neb; Madison, Wisc.; and Winnipeg, Manitoba. - 18th June 2021

Company Profiles

Some of the companies covered in this report are Bosch Security Systems, Canny Elevator Co., Ltd., Delta Elevator, Eito Global Inc, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Connected Elevator Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the analyst’s Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market