At 12.5% CAGR, Asia Pacific Smart Elevator Market is Projected to be Worth US$ 10,496.83 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific smart elevator market was valued at US$ 4,080.95 million in 2023 and is expected to reach US$ 10,496.83 million by 2031, registering a CAGR of 12.5% from 2023 to 2031. Growing vertical transportation industry,  growing demand for advanced elevators, and increasing demand for energy-efficient elevators are among the critical factors attributed to the Asia Pacific smart elevator market expansion.

The introduction of smart elevators, AI, and the IoT extended reality technologies, among other latest developments and innovations in the vertical transportation industry. These technological developments have enhanced the intelligence and accessibility of vertical transportation. A novel generation of advancement in vertical transportation has been made possible by smart elevators, which allow greater performance monitoring. Smart elevators, equipped with cutting-edge technology and intelligent systems, have emerged as a game-changer in the vertical transportation industry, offering enhanced efficiency, safety, and user experience. Smart elevators transform the vertical transportation landscape, offering improved efficiency, safety, and user experience. As technology continues to evolve, smart elevators are expected to play a critical role in shaping the future of vertical transportation, revolutionizing how individuals move within buildings. Therefore, the growing demand for advanced elevators in vertical transportation is expected to create lucrative opportunities for the Asia Pacific smart elevator market during the forecast period.

On the contrary, intense competition among market players hamper the growth of Asia Pacific smart elevator market.

In terms of carriage, the Asia Pacific smart elevator market is bifurcated into passenger and freight. The passenger segment held 76.8% share of the Asia Pacific smart elevator market in 2023, amassing US$ 3,132.60 million. It is estimated to garner US$ 7,871.75 million by 2031 to expand at 12.2% CAGR during 2023-2031.

Based on setup, the Asia Pacific smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 40.4% share of Asia Pacific smart elevator market in 2023, amassing US$ 1,648.48 million. It is predicted to garner US$ 4,008.71 million by 2031 to expand at 11.7% CAGR during 2023-2031.

By application, the Asia Pacific smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 50.7% share of the Asia Pacific smart elevator market in 2023, amassing US$ 2,067.21 million. It is projected to garner US$ 5,411.53 million by 2031 to expand at 12.8% CAGR during 2023-2031.

Based on country, the Asia Pacific smart elevator market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 38.7% share of Asia Pacific smart elevator market in 2023, amassing US$ 1,577.42 million. It is projected to garner US$ 4,331.69 million by 2031 to expand at 13.5% CAGR during 2023-2031.

Key players operating in the Asia Pacific smart elevator market are Fujitec Co Ltd, Otis Worldwide Corp, Kone Corp, Hyundai Elevator Co Ltd, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, Hitachi Ltd, Toshiba Elevator and Building Systems Corporation, and Smart Plus Elevator Pvt. Ltd., among others

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com