Lucintel anticipates that North America will be the fastest growing region in the smart elevator market

   September 30, 2019
According to a market report by Lucintel, the future of the smart elevator market looks promising with opportunities in the residential, commercial, institutional, and automated vehicle storage and retrieval system markets. The smart elevator market is expected to grow with a CAGR of 15% from 2019 to 2024. The major drivers for this market are increasing demand for energy-efficient systems, growing construction and real estate industry, increasing demand for security system, and rising adoption of wireless technology.

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In this market, residential, commercial, institutional, and automated vehicle storage and retrival system are the major end use industries. Within the smart elevator market, new installation, modernization, and maintenance are the major service type. Control system, maintenance system, and communication system are the component types of the smart elevator market.

North America will remain the largest region over the forecast period due to increasing demand for energy-efficient systems and the stringent mandates of governing bodies propelled adoption of smart elevators.  

ThyssenKrupp, OTIS Elevator, KONE, Schindler Group, Hitachi, Hyundai Elevator, Toshiba Elevators and Building Systems, Mitsubishi Electric, Fujitec, and Motion Control Engineering are among the major manufacturers of smart elevator                      

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart elevator market on the basis of component, end use industry, service, and region. Lucintel has prepared a comprehensive research report entitled "Smart Elevator Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart elevator market on the basis of component, end use industry, service, and region as follows:

By Component [$M shipment analysis for 2013 – 2024]:     

  • Control System          

  • Maintenance System 

  • Communication System

By Service [$M shipment analysis for 2013 – 2024]:

  • New Installation          

  • Modernization

  • Maintenance

By End Use Industry [$M shipment analysis for 2013 – 2024]:        

  • Residential

  • Commercial

  • Institutional

  • Automated Vehicle Storage and Retrieval System   

By Region [$M shipment analysis for 2013 – 2024]:             

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit

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