About Gearless Elevator
Gearless Elevator, an advanced technology system that helps to schedule the maintenance on time and provide comfort to the passengers. This elevator provides high speed, minimum space, and lesser time. Of late, the Otis Company is adopting advanced technology where they can summon elevators through a touch of users' phones. The gearless elevator waits until passengers will board after the lift call in the parking lot of residential and commercial buildings. Thus enhancing the market demand.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.7% |
The global market of Gearless Elevator support the market, the entry of international players together with the local vendors is expected to expand market competition. Asian and Middle East countries' markets uphold huge growth potential. These government countries have been promoting energy-efficient solutions to achieve energy self-sufficiency. For instance, China has introduced plans for developing smart infrastructure to manage energy consumption. Analyst at AMA Research estimates that Asia-Pacific Manufacturers will contribute the maximum growth to Global Gearless Elevator market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Kone Corporation (Finland), ThyssenKrupp (Germany), Robert Bosch GmbH (Germany), Canny Elevator (China), Mitsubishi Electric Corporation (Japan), Honeywell International Inc. (United States), Hyundai Elevator Co. Ltd. (South Korea), Hitachi Ltd (Japan) and Schindler Holding AG (Switzerland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Fujitec (Japan), Toshiba Elevators and Building Systems Corporation (Japan) and Otis Elevator Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Gearless Elevator market by Type (Traction Elevator and Hydraulic Elevator), Application (Commercial, Residential, Industrial, Institutional and Others) and Region.
On the basis of geography, the market of Gearless Elevator has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. Controllers will boost the Gearless Elevator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology Type, the sub-segment i.e. Card-Based Elevators will boost the Gearless Elevator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Speed Type, the sub-segment i.e. Medium Speed will boost the Gearless Elevator market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Growth in Number of Smart Elevators connected with Internet and Adoption of Cloud-based Technology to Store data/information related to Smart Elevator
Market Growth Drivers:
Developments in the Asia Pacific building & construction industry, Elevator maintenance and service market growth in Europe and North America and Booming construction activities in the Middle East
Challenges:
Lack of Infrastructure in both Developing and Underdeveloped Nations and Availability of Other Substitutes Present in Market
Restraints:
High Installation and Maintenance Cost and Higher Initial Investments in Installing Smart Elevator
Opportunities:
Increasing Residential Construction Activities in the Asia Pacific and the Middle East region will Augment the Growth of Gearless Elevator in coming years and Rapid Urbanization, Increasing Development in Disposable Income of Middle-Class Populace, Rising Private & Public Investments has Boosted
Market Leaders and their expansionary development strategies
In July 2022, Kone and Schindlern announced a collaboration to develop and manufacture the next generation of magnetic levitation (maglev) elevators.
In August 2021, Thyssenkrupp Elevator launched its MAX elevator which is claimed to be the world's first rope-less elevator system.
"In the United States and Canada, the relied-upon safety Code for elevators, escalators, and associated equipment and parts is ASME A17.1-2016: Safety Code for Elevators and Escalators (developed as CSA B44-2016 in Canada). The Code is intended to serve as the basis for the design construction, installation, operation, testing, inspection, maintenance, alteration, and repair of elevators, dumbwaiters, escalators, moving walks, and material lifts. Safety codes and standards are intended to enhance public health and safety. "
Key Target Audience
Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Suppliers and Distributors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.