About Home and Residential Elevators
Home and residential elevators are increasingly installed in the homes, residential buildings, and bungalows for convenience to improve the home’s functionality. The increasing number of aged population and having trouble with stairs accelerated the demand for home elevators. Elevators also take less space compared to the stairwells and increase property value. Home and residential elevators are becoming more popular to give luxurious look and add stylish characteristics to the home.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home and Residential Elevators market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Elite Elevators (India), Savaria (Canada), Graand Prix (India), Pneumatic Vacuum Elevators, LLC (United States), Nationwide Lifts (United States), Delaware Elevator (United States), Mitsubishi Electric (Japan), Schindler Group (Switzerland), REMI Home Elevators (United States) and NOVA s.r.l. (Italy) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Home and Residential Elevators market by Type (Vacuum Elevators, Winding Drum Elevators, Hydraulic Elevators, Glass Elevators and Shaftless Elevators), Application (Bungalow, Residential Buildings, Traditional Homes and Others) and Region.
On the basis of geography, the market of Home and Residential Elevators has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 Door Style, the sub-segment i.e. Manual will boost the Home and Residential Elevators market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Person Capacity, the sub-segment i.e. 4 Person will boost the Home and Residential Elevators market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Trend of Glass Elevators in Modern Homes
Market Growth Drivers:
Surging Demand of Home and Residential Elevators Due to Trouble with Stairs and Increasing Number of Old Age Populations and Joint Pains in People
Challenges:
Some Elevators Don’t Work Smoothly and Make Noise
Restraints:
High Cost of Retrofitting of Home Elevators in Old Homes and Electricity Issues and Slow Adoption in Rural Areas
Opportunities:
Increasing Development of Skyscrapers and Multistory Apartment
Market Leaders and their expansionary development strategies
In August 2023, Accredited Home Elevator Company, a portfolio company of Stoic Holdings and Aldine Capital Partners, announced its acquisition of Sunrise Elevator Company (“Sunrise”). The acquisition will allow Accredited to expand its presence in Florida and increase its service capabilities.
In December 2023, TK Elevator, a forward-facing global leader in the elevator industry, has announced the launch of their new home elevator concept, ‘Enta Villa’. Enta Villa is specifically designed for multi-floor houses and villas in the company’s homebase of India, where the demand for luxury housing and lifestyle products is growing apace.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Home and Residential Elevators Manufacturers, Suppliers and Distributors of Home and Residential Elevators, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users 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.