At 7.5% CAGR, South & Central America Smart Elevator Market is Projected to be Worth US$ 1,800.71 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America smart elevator market was valued at US$ 1,011.99 million in 2023 and is expected to reach US$ 1,800.71 million by 2031, registering a CAGR of 7.5% from 2023 to 2031. Technological advancements in elevator industry and rise in building construction activities are among the critical factors attributed to the South & Central America smart elevator market expansion.

Elevator technologies have been gradually developing over the past few years with the integration of leading-edge Artificial Intelligence (AI) technology and cloud services. Furthermore, the advent of digitization force elevator manufacturers to reevaluate their product lines and roll out next-generation elevator technology that is safe and quick.

With the integration of innovative technologies and intelligent systems, smart elevators are revolutionizing business operations. Elevators utilize cutting-edge features such as sensors, artificial intelligence, and connectivity to optimize traffic flow and reduce wait times. This is particularly useful in office buildings, where efficient movement of employees is crucial. Smart elevators minimize congestion and increase efficiency by assigning passengers to specific elevators based on their destination floor. In addition to improving traffic flow, these elevators offer personalized experiences for users. By recognizing employees through keycards, facial recognition, or biometric authentication, these elevators can direct them to their respective floors, eliminating the need for manual selection. With their advanced features and applications in various business sectors, they are poised to become an integral part of daily life.

Further, market players are focusing on technological advancements. In September 2022, Hitachi unveiled an innovative touchless operating panel that revolutionized elevator technology by eliminating the need for physical floor buttons. This development offers users a unique and immersive experience, introducing a new level of convenience and ease of use. Thus, increasing focus on technological advancements is expected to create new trends in the South & Central America smart elevator market during the forecast period.

On the contrary, intense competition among market players hamper the growth of South & Central America smart elevator market.

In terms of carriage, the South & Central America smart elevator market is bifurcated into passenger and freight. The passenger segment held 79.1% share of the South & Central America smart elevator market in 2023, amassing US$ 800.61 million. It is estimated to garner US$ 1,397.38 million by 2031 to expand at 7.2% CAGR during 2023-2031.

Based on setup, the South & Central America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 38.8% share of South & Central America smart elevator market in 2023, amassing US$ 392.34 million. It is predicted to garner US$ 650.98 million by 2031 to expand at 6.5% CAGR during 2023-2031.

By application, the South & Central America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 50.0% share of the South & Central America smart elevator market in 2023, amassing US$ 506.27 million. It is projected to garner US$ 914.24 million by 2031 to expand at 7.7% CAGR during 2023-2031.

Based on country, the South & Central America smart elevator market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 53.5% share of South & Central America smart elevator market in 2023, amassing US$ 541.41 million. It is projected to garner US$ 977.79 million by 2031 to expand at 7.7% CAGR during 2023-2031.

Key players operating in the South & Central America smart elevator market are Kone Corp, Hyundai Elevator Co Ltd, Otis Worldwide Corp, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd, among others.

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