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; it is estimated to register at a CAGR of 7.5% from 2023 to 2031.
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 South & Central America smart elevator market growth.
In Brazil, the government is promoting the reconstruction of existing buildings to high-rise buildings in order to stimulate growth in the infrastructure sector. For instance, in January 2024, Otis Brazil completed the technological and aesthetic modernization of 13 elevators in the iconic Birmann 21 building in Sao Paulo, completing the 36-month modernization project on schedule. Otis Brazil is part of Otis Worldwide Corporation, the world leader in the manufacture, installation, and maintenance of elevators and escalators.
In April 2023, Argentina's real estate development firm, Inversiones y Representaciones Sociedad Anónima (IRSA), gained approval for a US$ 1.8 billion real estate project. With this approval, the company finally carried out the project to add new housing, stores, offices, schools, a sanatorium, and a public park to the Costanera Sur area. Therefore, increasing construction activities in the region are expected to boost the smart elevator market in South & Central America.
The South & Central America smart elevator market is segmented based on carriage, setup, application, and country.
In terms of carriage, the South & Central America smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.
Based on setup, the South & Central America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.
By application, the South & Central America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.
Based on country, the South & Central America smart elevator market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America smart elevator market in 2023.
Kone Corp, Hyundai Elevator Co Ltd, Otis Worldwide Corp, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd are some of the leading companies operating in the South & Central America smart elevator market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,011.99 Million |
| Market Size by 2031 | US$ 1,800.71 Million |
| CAGR (2023 - 2031) | 7.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Setup
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South & Central America Smart Elevator Market is valued at US$ 1,011.99 Million in 2023, it is projected to reach US$ 1,800.71 Million by 2031.
As per our report South & Central America Smart Elevator Market, the market size is valued at US$ 1,011.99 Million in 2023, projecting it to reach US$ 1,800.71 Million by 2031. This translates to a CAGR of approximately 7.5% during the forecast period.
The South & Central America Smart Elevator Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Smart Elevator Market report:
The South & Central America Smart Elevator Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Smart Elevator Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Smart Elevator Market value chain can benefit from the information contained in a comprehensive market report.
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