Scope of the Study
Residential elevators are those which are installed in a residential area, it is a vertical mode of transport which helps people to move from one floor to the other. These elevators include platform lifts, cabin lifts, and wheelchair lifts. Additionally, these elevators are more convenient for disabled people. These elevators are also popular among the aging population. Rapid construction activities and rising GDP coupled with improving living standards of consumers are anticipated to foster the market growth. Reportedly, it is estimated that the global construction industry will escalate by an average growth rate of more than 4.5% to reach approximately USD 12.5 trillion by 2020.
The market study is being classified by Type (Platform Lifts, Cabin Lifts, Wheelchair Lifts and Other), by Application (Private Home, Public Space and Other) and major geographies with country level break-up.
ThyssenKrupp AG (Germany), KONE Corporation (Finland), Orona (Spain), Otis Elevator Company (United States), Sigma (Korea), Aritco Lift AB (Sweden), Changzhou Jiangnan Elevator (China), YunCheng (China), Austand (Australia), Kleeman (Australia), Hitachi Ltd. (Japan) and Mitsubishi Electric Corporation (Japan) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Prescient Co. (United States), Stannah Lifts (United Kingdom), Dongnan Elevator Co.Ltd. (China) and Cibes Lift Group AB (Sweden).
The Global Residential Elevators market is fragmented with several regional and international market players. These players are involved in strategic collaborations and new product launch. For instance, ThyssenKrupp, in association with Elite Elevators, has launched its First Home Elevator Experience Center in India on 8th May 2019. This showroom is for all the prospective and existing clients to experience the look and feel of their exclusive products.
AdvanceMarketAnalytics has segmented the market of Global Residential Elevators market by Type, Application and Region.
On the basis of geography, the market of Residential Elevators has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). Europe region held largest market share in the year 2018. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Construction Activities in Developed and Under Developing Countries
- Rising Infrastructure Projects and High Rise Building Construction
- High Disposable Income of Consumers and Growing Geriatric Populations
- Improvement in the Maintenance and Services of Residential Elevators
- Rising Adoption of Green Building Codes and Energy Efficient Products
- Considerable Demand for Energy Efficient and Eco-friendly Elevators
- High Cost of Maintenance Involved in the Residential Elevators
- Mishaps due to Malfunctioning of these Escalators
- The Advent of IoT in Maintainance Services of Residential
- Increasing Government and Foreign Investment in Construction Sector
- Raising Public and Private Infrastructural Projects
- Lack of Adoption of Residential Elevators among Rural Areas
Market Leaders and their expansionary development strategies
May 2019, KONE elevators will be offered in all future Prescient projects, streamlining and integrating the traditional elevator design and installation process for residential housing. This collaboration with KONE elevators are a basis of design within the innovative Prescient system; this process streamlines how the elevator integrates with other building systems, helping to make construction more efficient.
Key Target AudienceResidential Escalator manufacturers, Escalator manufacturers, Raw material suppliers, Construction Industry, End users, Consulting firms and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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