Expansion of Building & Construction Industry to Position Contactless Elevator Market at US$ 4.28 Bn by 2032
Traction Contactless Elevators to Contribute 3 out of 5 Contactless Elevators Sales through 2032
Fact.MR latest study provides a detailed contactless elevator market forecast for a period of 10 years (2022-2032). It examines various growth shaping factors such as drivers, restraints, consumer demands, etc. Besides this, it provides information about opportunities arising across various segments including elevator type, capacity, technology type, application, and region.
NEW YORK, July 11, 2022 /PRNewswire/ -- The global contactless elevator market size was valued at US$ 1.74 Bn in 2021 and is likely to reach a valuation of US$ 1.85 Bn in 2022.
With rapid expansion of building and construction industry and growing popularity of contactless technologies for reducing disease spread, the demand for contactless elevators is slated to grow at a CAGR of 8.7% between 2022 and 2032, surpassing a valuation of US$ 4.29 Bn by the end of 2032.
Contactless elevators are technologically advanced elevators that simply work through gestures, voice commands, and mobile control without needing to push unsanitary buttons. They provide safe, clean, and germ-free environments to passengers and allow them to move across spaces without making any physical contact with buttons or panels.
Robust growth of residential and commercial sectors due to rising population, rapid urbanization, and changing lifestyle is providing a strong thrust to the growth of contactless elevators and the trend is likely to continue during the forecast period.
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Similarly, rising need for eliminating the risk of infection spread while traveling within buildings and growing focus towards improving customer satisfaction will continue to push the demand for contactless elevators during the forthcoming years. End users like hotels are increasingly installing contactless elevators to improve customer service.
Leading contactless elevator manufacturers are continuously focusing on integrating novel technologies like IoT in their products. They are supplying customized contactless elevators to end users. This will further expand the contactless elevator market size during the forthcoming years.
Another factor improving the sales of contactless elevators is the growing popularity of smart buildings. Inclination towards using smart contactless machinery and equipment in the U.S. and the U.K. is also surging. As a result, these regions are experiencing high demand for contactless elevators.
Demand is especially rising for traction contactless elevators owing to their low maintenance, increased capacity, and more energy efficient features. As per Fact.MR, traction elevators segment is expected to account for over 58.6% of share in 2022.
Regionally, with around 27.2% market share, Europe remains the most dominant market for contactless elevators. Growth in Europe contactless elevator market is driven by rising adoption of modern technologies, increases in number of multistoried buildings, favorable government support, and large presence of leading contactless elevator manufacturers.
Key Takeaways:
- By elevator type, traction-type contactless elevators segment surpassed a market valuation of US$ 1 Bn in 2021.
- Based on technology type, the buttons segment accounts for 75.7% share of the global contactless elevator market and is likely to create an absolute $ opportunity of US$ 1.77 Bn by 2032.
- North America contactless elevator market accounted for a share of 21.7% of the global contactless elevator market in 2021.
- With rising adoption of smart and touchless technologies, the U.S. contactless elevator market is projected to reach US$ 773.7 Mn by 2032.
- China will account for around 61.2% of the East Asia contactless elevator market and is likely to grow at a prolific CAGR of 10.3% between 2022 and 2032.
Growth Drivers:
- Rapid growth of building and construction industry is proving an impetus to the growth of contactless elevator market.
- Rising demand for smart contactless machinery and equipment will continue to boost the sales of contactless elevators during the forecast period.
- Growing healthy awareness among people along with increasing need for curbing the spread of numerous infectious diseases is likely to push the demand for contactless elevators.
Restraints:
- High prices of contactless elevators is restraining the growth of the market.
- Lack of infrastructural development across lower economies is also limiting the growth of contactless elevator market.
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Competitive Landscape:
Leading contactless elevator manufacturers are focused on expanding their product portfolios by integrating diverse technologies such as motion call sensors, touchless lift buttons, and mobile touchless elevator control. Besides this, they are establishing partnerships and collaborations with government, end-use industries and lift equipment suppliers.
For instance,
- In June 2021, Neonode Inc. and Dewhurst UK Ltd signed an agreement under which Dewhurst will design, market and sell contactless elevator control products and solutions featuring Neonode's contactless technology.
- In 2021, Jardine Schindler Group launched contactless elevator control panel 'KNOw Touch", that can be applied in different elevator models.
Key Companies Profiled by Fact.MR
- Bosch
- Johnson Controls
- Hitachi
- Honeywell International, Inc.
- FUJITEC CO., LTD
- Hyundai Elevator
- Toshiba
- Kleemann
- Otis
- Kone
- Mitsubishi Electric
- Schindler
- TK Elevator Corporation
More Valuable Insights on Contactless Elevator Market
In the latest study, Fact.MR offers a 360-degree view of the global contactless elevator market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the contactless elevator market through detailed segmentation as follows:
Elevator Type:
- Hydraulic Elevators
- Traction Elevators
- Machine-Room-Less (MRL) Elevators
- Pneumatic Elevators
Capacity:
- Up to 1500 Lbs
- 1500-3000 Lbs
- 3000-4500 Lbs
- 4500-6000 Lbs
- Above 6000 Lbs
Technology Type:
- Buttons
- Hand Buttons (Air Push, Motion Call)
- Foot Buttons
- Voice Assistance
- Mobile Control
Application:
- Residential Contactless Elevators
- Commercial Contactless Elevators
- Industrial Contactless Elevators
- Mix Block Contactless Elevators
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Contactless Elevator Market Report
- What will be the demand outlook of the contactless elevator market in 2022?
- What is the projected growth rate of the global contactless elevator market during 2022-2032?
- Which are the key drivers bolstering growth in the contactless elevator market?
- Which factors are hindering the growth in the contactless elevator market?
- Which region is expected to exhibit the fastest growth in the global contactless elevator market during 2022-2032?
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