CHICAGO, Oct. 17, 2023 /PRNewswire/ -- According to Arizton's latest research report, the home elevators market is growing at a CAGR of 7.62% during 2022-2028.
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Browse in-depth TOC on "Home Elevator Market"
134 – Tables
114 – Figures
272 – Pages
Home Elevators Market Report Scope
Report Attributes | Details |
Market Size (2028) | $10.91 Billion |
Market Size (2022) | $7.02 Billion |
CAGR (2022-2028) | 7.62 % |
Market Size - Shipments (2028) | 322.97 thousand units |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Type, Application, Door Systems, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics |
|
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The home elevator market has a varied structure since each geography has its competitive dynamics and intensity of competition. The APAC can be termed as the most competitive due to its high product reach, increasing market demand, and several players competing on a price basis. China is the most lucrative market in APAC, with its growing adoption of home elevators due to a steady rise in the construction industry. It is also a leader in adopting smart home elevators due to strengthening safety norms. With highly productive domestic manufacturers and growing exports, it is expected to accelerate the growth of the home elevator market in APAC during the next few years.
The home elevator market in MEA has experienced a slight decline in new installations due to a slump in oil prices. The UAE and South Africa play a critical role in the growth of the market in MEA. The increasing number of skyscrapers, established installed base, and growing disposable income among the population are expected to spur growth in this region over the next few years. We expect the global home elevator market to witness healthy growth during the forecast period due to the higher adoption of home elevators globally.
Influence of Green Transition on Industry
A growing number of aging elevators are operating, the energy performance of which can be significantly improved through partial or complete modernization. The European Union's study called Energy-Efficient Elevators and Escalators (E4) concluded that by using the best available technology of today, energy savings of up to 63% can be achieved by modernizing elevators installed in 1985 or prior. On a European level, this translates to 11.6 TWh of saved energy.
The $220.3 million loan will support KONE's research and development for more energy-efficient elevators, escalators, auto walks, automatic doors, intelligent technologies, and solutions for people flow. The project will increase the European Union industry's technology leadership and competitiveness. The $220.3 million loan signed between the EIB and Finland-based KONE Corporation will support research and development in innovation. This will improve the safety and functional performance of KONE's product range while at the same time reducing the carbon footprint of KONE's solutions by improving the energy efficiency of the products and services and, consequently, of the buildings where they will be used.
Developers and homeowners have become environmentally conscious and aim for green certifications, such as LEED. Environmentally responsible elevators have enhanced the market growth.
Leading Elevator Manufacturers Revolutionize Energy Efficiency with Next-Gen MRL Traction Elevators
Elevator manufacturers develop superior elevators for buildings that are highly energy efficient. These traction elevators have enhanced hardware, controls, and other energy-efficient systems, are more compact, and generate electricity.
The machine-roomless (MRL) traction elevators are the most energy-efficient type of elevator. Manufacturers restructured the motors and all the other equipment generally held in a machine room above conventional elevators to be well-equipped into the hoistway. These space-saving developments eradicate the need to form and supply energy to a machine room, consuming considerably less energy than the more prominent forms formerly used. Moreover, they generate less heat.
Otis, one of the leading elevator manufacturers, provides further energy savings in its state-of-the-art Gen2 MRL elevator. Moreover, they compacted the controller and located it in the hoistway, eradicating the requirement for a separate control room. Manufacturers pay more attention to improving energy use in other systems, such as fans, cab lighting, brakes, doors, and elevator controls. They use efficient LED lights in overhead, cab panels, and in-floor indicators. They comprise door drive motors that can efficiently retrieve from the ejection of power when not in use or enter a standby mode. Moreover, these motors help in supporting variable door-close and -open times, and their energy consumption is incorporated into the overall control strategy.
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Home Elevator Market Dynamics
Drivers
Rising Ageing Population
Increasing Adoption of Smart Homes
Rising Building Permits and Renovations
Restraints
High Maintenance and Installation Costs
Volatility on Raw Material Prices
Skilled Labor Shortage
Opportunities
Rising Demand for Smart Elevators
Increasing Demand for Energy-Efficient Elevators
Key Company Profiles
- Otis
- Schindler
- KONE
- Mitsubishi Electric Corporation
- Toshiba Corporation
- TK Elevator
- Savaria
- Hyundai Elevator
- Fujitec
- Hitachi Elevator
- Stiltz Home Elevators
- Inclinator Company of America
- Eltec
- Pneumatic Vacuum Elevators (PVE)
- AmeriGlide
- Garaventa Lift
- Sigma Elevators
- Johnson Lifts
- Japan Fuji International
- IFE Elevators
- Cambridge Elevating
- Hidral
- Cibes Lift
Market Segmentation
Type
- Traction
- Hydraulic
- Pneumatic
- Others
Application
- Passengers
- Freight
Door Systems
- Automatic
- Manual
Geography
- APAC
- China
- India
- South Korea
- Japan
- Australia
- Europe
- Germany
- Turkey
- The UK
- France
- Spain
- Italy
- North America
- The US
- Canada
- Middle East & Africa
- Egypt
- UAE
- Saudi Arabia
- Latin America
- Brazil
- Argentina
- Mexico
Key Questions Answered in the Report:
How big is the global home elevator market?
What is the growth rate of the global home elevators market?
Which region dominates the global home elevators market share?
What are the significant trends in the home elevator industry?
Who are the key players in the global home elevator market?
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