At 11.8% CAGR, Europe Smart Elevator Market is Projected to be Worth US$ 13,000.25 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe smart elevator market was valued at US$ 5,311.59 million in 2023 and is expected to reach US$ 13,000.25 million by 2031, registering a CAGR of 11.8% 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 Europe smart elevator market expansion.

Approximately half of the 7.8 billion people worldwide currently reside in cities and urban regions, with an additional 2.5 billion predicted to move in the next 20 to 25 years. In crowded places where empty lands are scarce, high-rise structures-especially residential ones-have shown to be advantageous. There is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. Smart elevators are broadly used in high-rise buildings to offer residents easy and quick access to different floors. Therefore, upsurge in building construction activities is a major driver for the North America smart elevator market growth.

On the contrary, Intense competition among market players hampers the growth of Europe smart elevator market.

In terms of carriage, the Europe smart elevator market is bifurcated into passenger and freight. The passenger segment held 75.6% share of the Europe smart elevator market in 2023, amassing US$ 4,016.37 million. It is estimated to garner US$ 9,516.59 million by 2031 to expand at 11.4% CAGR during 2023-2031.

Based on setup, the Europe smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 40.7% share of Europe smart elevator market in 2023, amassing US$ 2,163.97 million. It is predicted to garner US$ 4,962.78 million by 2031 to expand at 10.9% CAGR during 2023-2031.

By application, the Europe smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 48.7% share of the Europe smart elevator market in 2023, amassing US$ 2,585.34 million. It is projected to garner US$ 6,390.99 million by 2031 to expand at 12.0% CAGR during 2023-2031.

Based on country, the Europe smart elevator market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 25.5% share of Europe smart elevator market in 2023, amassing US$ 1,354.30 million. It is projected to garner US$ 3,562.96 million by 2031 to expand at 12.9% CAGR during 2023-2031.

Key players operating in the Europe 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, and Hitachi Ltd, among others.

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