Elevator Market for Residential application to grow at a CAGR of over 13% from 2019 to 2025

In the Elevator Market, the residential application is forecast to observe significant growth during the projected timeframe. The application is growing due to the construction of technically advanced & automated residences, homes, and apartments across the globe. The lift manufacturers offer quick delivery and installation in residential projects and offer access control & maintenance systems that alert residents & building management about any issues related to malfunctioning, electricity cuts, etc.

Moreover, in residential settings, the Elevator Market solutions offer high safety against theft and entry of unwanted people on restricted floors. Companies in the market are offering different lift solutions for different residential buildings depending on the number of floors, residents, etc. For instance, Kone offers different solutions including E MiniSpace, N MiniSpace, E MonoSpace, N MonoSpace, etc., for low, mid, and high-rise residential buildings with specifications such as economical, high-speed, etc.

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Increasing customer spending in constructing technically-advanced and intelligent structures, facilitating high comfort & safety features is driving the Elevator Market. The integration of connectivity technology and internet features into lifts is a key ongoing trend, which offers enhanced security, energy efficiency, and alerts related to repair schedules. The intuitive technologies integrated into new lifts, such as connectivity and smart grouping, will reduce the waiting & traveling time and improve the overall commuter experience, increasing their demand in intelligent buildings. The industry is also witnessing the adoption of cable-free lifts that can move vertically & horizontally. These machines consist of linear motors and carbon fiber plastic that allow cab movement up & down and forward & backward on magnetic rails, which will reduce the carbon footprint, positively impacting the Elevator Market.

The lift maintenance systems in the Elevator Market is experiencing a huge demand owing to intelligent features, passenger security, and reduced malfunctioning benefits. These maintenance systems identify issues such as unwanted stops, slow speed, etc., and reactivate the elevator functioning in the shortest possible time in case of breakdowns and electricity cuts. The system notifies building authorities immediately and reduces passengers’ stress. Several maintenance systems include a mobile application that allows commuters to call and lift tracking using their smartphones. With the help of the application, passengers can receive guidance on the optimal cabin, reducing their waiting time. The integration of remote maintenance systems into intelligent lifts allows the building management to achieve less energy usage and solve malfunctioning issues in lesser time, fostering the smart elevators industry growth.

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Modernization of the lift systems in existing buildings is witnessing a steady demand in the Elevator Market due to infrastructure transformation initiatives in countries including the U.S., China, etc. The modernization services and solutions offered by various companies such as Kone, Otis, etc., include modular modernization and full elevator replacement. In modernization, the service providers offer electrification, hoisting, car modernization, signalization, etc., which enhance the overall lift system and integrate intelligent features. For instance, Otis offers a CompassPlus solution, which is installed in the elevator modernization process and further facilitates security integration, high passenger efficiency, and customized lift design.

The North America Elevator Market was valued at over USD 3 billion in 2018 and is developing rapidly owing to the construction of several high-rise & complex buildings across all industry verticals. The region is showing a faster adoption due to the presence of technically aware users and high spending capacity on intelligent technologies. High government focus on deploying energy-efficient building solutions and reducing the overall carbon emissions will also lead to the industry development. Consumers in the U.S. are moving toward intelligent building automation & management systems to gain safety and time saving benefits, creating a huge demand in the smart elevators industry. Companies are enhancing their offerings in the North American region to gain a major customer base.

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The market comprises few key players including Kone Oyj, thyssenkrupp AG, Schindler Group, Fujitec, Otis Elevator Company, Hyundai Elevator Company, Mitsubishi Elevator, Toshiba Elevators, etc. Major Elevator Market players are investing in new solution development strategies that facilitate enhanced customer comfort and experience. The companies are partnering with other technology providers to offer better elevator-related technologies across the globe. For instance, in September 2018, Kone announced its collaboration with AT&T for providing the IoT connectivity and service management for the company’s 24/7 Connected Services offering. This new provision enables the monitoring & analysis of real-time information from various elevators.