Asia Pacific IoT in Elevators Market is expected to reach US$ 14,732.93 million by 2028

At 10.5% CAGR, the Asia Pacific IoT in Elevators Market is speculated to be worth US$ 14,732.93 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the Asia Pacific IoT in elevators market was valued at US$ 8,106.23 million in 2022 and is expected to reach US$ 14,732.93 million by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. Rising in urbanization and governments initiatives towards green sustainability and rise in technological developments in construction industry for IoT in elevators are the critical factors attributed to the market expansion.                  

With the rapid urbanization, automation, and improving economic conditions worldwide, the global construction industry is experiencing significant growth. Real estate developers and construction companies or project builders are providing automated advanced technology features and functions in their projects due to increased competition. The projects also include elevator automation in smart connected buildings. Modern elevators with IoT capabilities are designed to intelligently respond in real-time, communicate with service teams to resolve technical issues, improve maintenance operations, reduce costs, and allow passengers to summon the elevator via mobile app. The increasing adoption of automation in the construction industry propels the demand for smart and connected elevators. As a result, the IoT in elevators market is witnessing growth. On June 08, 2022, Otis unveiled the Gen3 elevator and Gen360 elevator, the new generation of digitally native elevator platforms. The Otis eViewTM in-car display, which streams information to passengers and connects them with the OTISLINE customer support center via video chat in an emergency, is provided on the Gen3 elevator. Passengers can use their smartphones to call the elevator and log a destination, eliminating the need to press call buttons. The elevator is pre-programmed to sync with the Otis eCallTM app. The Otis Cab Air Purifier and various voice and gesture technologies are available to improve passenger health and well-being. In addition, Otis can integrate its technology with building management software, tenant apps, and even autonomous robots to make buildings efficient using cloud-based API technology. The Otis ReGenTM drive, LED lighting, and sleep mode are included in the Gen3 elevator to help reduce energy consumption and the elevator's carbon footprint. Connectivity to the Otis ONE IoT digital platform is one of the features of the Gen3 elevator. Otis ONE keeps track of equipment health and performance in real-time 24*7. The data is gathered, analyzed, and quickly made available to customers. Such advancements in an elevator are bolstering the IoT in elevator market growth.

On the contrary, high initial investments needed in elevator modernization and IoT integrations of Asia Pacific IoT in elevators market. 

Based on component market is segmented into hardware, software, and services .By hardware market is sub segmented into processor, connectivity IC, sensor, memory device, others. Based on technology, the market is divided into molecular assay technologies and non-molecular assay technologies. By software market is sub segmented into On-Premise, Cloud. By service market is sub segmented into designing and engineering services, installation, maintenance and repair and others. The Hardware segment held 46.7% market share in 2022, amassing US$ 3,606.55 million. It is projected to garner US$ 6,511.75 million by 2028 to expand at 9.5% CAGR during 2022–2028.    

Based on application, the Asia Pacific IoT in elevators market is divided into preventive maintenance, remote monitoring, fault diagnosis and prediction, advanced reporting, connectivity management. The remote monitoring, segment held 33.8% market share in 2022, amassing US$ 2,741.64 million. It is projected to garner US$ 4,727.32 million by 2028 to expand at 9.5% CAGR during 2022–2028.    

Based on end user, the Asia Pacific IoT in elevators market is divided into residential, commercial, and industrial. The residential segment held 46.4% market share in 2022, amassing US$ 3,762.19 million. It is projected to garner US$ 6,758.67 million by 2028 to expand at 10.3% CAGR during 2022–2028.   

Based on country, the Asia Pacific IoT in elevators market has been categorised into the Australia, China, India, Japan, South Korea and Rest of Asia Pacific. Our regional analysis states that China captured 33.1% market share in 2022. It was assessed at US$ 2,679.63 million in 2022 and is likely to hit US$ 5,318.59 million by 2028, exhibiting a CAGR of 12.1% during the forecast period.            

Key players dominating the Asia Pacific  IoT in elevators market are FUJITEC CO., LTD ; Hitachi, Ltd. ; KONE Corporation ; Mitsubishi Electric Corporation ; Otis Worldwide Corporation ; Toshiba Elevator and Building Systems Corporation ; HYUNDAIELEVATOR CO., LTD. ; Robert Bosch GmbH ;and Schneider Electric SE among others.

• In 2022, KONE, a multinational elevator and escalator manufacturer, has partnered with Amazon Web Services (AWS), the world's most comprehensive and widely used cloud platform. AWS will deliver worldwide cloud capabilities to KONE, including Internet of Things (IoT) and analytics. In addition, the firms will collaborate to create new technologies that will improve the scalability and performance of KONE's connected services and solutions.

• In 2020, For more than a year, Schindler has successfully introduced 'SCHINDLER AHEAD,' the smart IoT platform for seamless networking of elevators and escalators in fast-moving metropolitan settings. Schindler, a global leader in elevators, escalators, and associated services, exhibits its DIGITAL OOH ADVERTISEMENT SOLUTIONS for elevators and escalators, as well as 'SCHINDLER AHEAD.'

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