Asia-Pacific smart elevators market is estimated to grow significantly, at a CAGR of 14.7% during the forecast period. Asia-Pacific smart elevators market occupied a major share in the global smart elevators market, owing to the rising installations of smart elevators across commercial and residential buildings coupled with the skyscraper projects in the region. Some of the major skyscraper buildings undergoing in China include Goldin Finance 117, Greenland Centre (Xi’an), and Wuhan Greenland Center (Wuhan). This is primarily driving the demand for smart elevators in skyscrapers in the country.

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The companies which are contributing to the growth of the Asia-Pacific smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

Smart elevators are operated by the user that pushes a button and set their destination. Afterwards, an indicator directs the user to the elevator that will take them to the floor in the shortest amount of time. Therefore, smart elevators have a crucial role in skyscrapers. Rising smart city projects are further strengthening the growth of the market in the region. As per the German Asia-Pacific Business Association, the Chinese government is pushing the development of smart cities counting nearly 500 pilot projects. Smart cities have buildings with many floors, which contributes to the demand for smart elevators to offer convenience to the users, primarily the elderly population.

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The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in June 2019, Toshiba Corp., a Japan-based elevator manufacturer, and supplier, has received a contract for the installation of 128 elevators in Surat Diamond Bourse (SDB), India. These elevators will ensure the proper people traffic management in the building. This, in turn, will drive the company’s reach in the global market.

Market Segmentation

Asia-Pacific Smart Elevators Market by Type

• Passenger
• Freight

Asia-Pacific Smart Elevators Market by Application

• Residential
• Commercial
• Industrial
• Others

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