What is Residential Elevators Market Scope?
Residential elevators are those which are installed in a residential area, it is a vertical mode of transport which helps people to move from one floor to the other. These elevators include platform lifts, cabin lifts, and wheelchair lifts. Additionally, these elevators are more convenient for disabled people. These elevators are also popular among the aging population. Rapid construction activities and rising GDP coupled with improving living standards of consumers are anticipated to foster the market growth. Reportedly, it is estimated that the global construction industry will escalate by an average growth rate of more than 4.5% to reach approximately USD 12.5 trillion by 2020.
Influencing Trend:
Improvement in the Maintenance and Services of Residential Elevators, Rising Adoption of Green Building Codes and Energy Efficient Products and Considerable Demand for Energy Efficient and Eco-friendly Elevators
Market Growth Drivers:
Increasing Construction Activities in Developed and Under Developing Countries, Rising Infrastructure Projects and High Rise Building Construction and High Disposable Income of Consumers and Growing Geriatric Populations
Challenges:
Lack of Adoption of Residential Elevators among Rural Areas
Restraints:
High Cost of Maintenance Involved in the Residential Elevators and Mishaps due to Malfunctioning of these Escalators
Opportunities:
The Advent of IoT in Maintainance Services of Residential, Increasing Government and Foreign Investment in Construction Sector and Raising Public and Private Infrastructural Projects
The Residential Elevators market study is being classified by Type (Platform Lifts, Cabin Lifts, Wheelchair Lifts and Other), by Application and major geographies with country level break-up.
The Global Residential Elevators market is fragmented with several regional and international market players. These players are involved in strategic collaborations and new product launch. For instance, ThyssenKrupp, in association with Elite Elevators, has launched its First Home Elevator Experience Center in India on 8th May 2019. This showroom is for all the prospective and existing clients to experience the look and feel of their exclusive products.
ThyssenKrupp AG (Germany), KONE Corporation (Finland), Orona (Spain), Otis Elevator Company (United States), Sigma (Korea), Aritco Lift AB (Sweden), Changzhou Jiangnan Elevator (China), YunCheng (China), Austand (Australia), Kleeman (Australia), Hitachi Ltd. (Japan) and Mitsubishi Electric Corporation (Japan) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Prescient Co. (United States), Stannah Lifts (United Kingdom), Dongnan Elevator Co.Ltd. (China) and Cibes Lift Group AB (Sweden).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Residential Elevators market by Type, Application and Region.
On the basis of geography, the market of Residential Elevators 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). Europe region hold largest market share in the year 2023. Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Market Influencers and their Development Strategies
May 2019, KONE elevators will be offered in all future Prescient projects, streamlining and integrating the traditional elevator design and installation process for residential housing. This collaboration with KONE elevators are a basis of design within the innovative Prescient system; this process streamlines how the elevator integrates with other building systems, helping to make construction more efficient.
KONE Elevator India, a leading elevator and escalator manufacturer and a wholly owned subsidiary of Finland-based KONE Corporation, has launched the world’s first, ground-breaking class of digitally connected KONE DX Class Elevators, which will redefine the elevator experience. The rise of a new era in the industry, KONE DX Class is a game-changer, that is bound to transform how people experience elevators. With built-in connectivity for improved people flow, KONE DX Class promises an experience that connects at every level.
Key Target Audience
Residential Escalator manufacturers, Escalator manufacturers, Raw material suppliers, Construction Industry, End users, Consulting firms and Others
Residential Elevators Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2022-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Residential Elevators Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Residential Elevators industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.