New Research: Lucintel Predicts a Bright Future for the Smart Elevator Market

Did you know that Lucintel recently published a market research report entitled “Growth Opportunities in the Global Smart Elevator Market 2020-2025”?

This market report for smart elevator identifies and predicts future opportunities for growth in smart elevator market for various segments as well as for various regions such as North America, Europe, Asia Pacific, and the Rest of the World. It also identifies growth opportunities for smart elevator in the residential, commercial, institutional, and automated vehicle storage & retrieval system industries.

According to Lucintel’s market report, the smart elevator market is expected to reach an estimated $31.6 billion by 2025 with a CAGR of 14%-16% from 2020 to 2025. Some of the dominant players in the smart elevator market are ThyssenKrupp, OTIS Elevator, KONE, Schindler Group, Hitachi, Hyundai Elevator, Toshiba Elevators, Mitsubishi Electric, and Fujitec.

There are some interesting developments in smart elevator market as competition heats up and players try to increase their market share. Some of the emerging trends shaping the market dynamics include development of highly energy efficient elevator systems and greater utilization of IoT to ensure better performance.

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