Leading Companies such as Otis and Schindler Compete in the Diverse Global Home Elevator Market

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Oct 25, 2023, 11:59 ET

DUBLIN, Oct. 25, 2023 /PRNewswire/ -- The "Global Home Elevators Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global home elevator market is projected to witness substantial growth, with an estimated value of $10.92 billion by 2028, up from $7.03 billion in 2022, showcasing a robust CAGR of 7.62% during the forecast period from 2022 to 2028.

This comprehensive report offers insights into market trends, drivers, restraints, and key highlights in the global home elevator market.

Market Trends and Drivers

Rising Demand for Smart Elevators: The advent of smart cities and the Internet of Things (IoT) has led to the development of smart elevators. Major manufacturers, including Otis Elevator, Schindler, KONE, and TK Elevator, are introducing IoT-enabled elevators that offer enhanced performance, power efficiency, and improved ride quality.
Rising Aging Population: The global aging population is driving product design in the home elevator market. Manufacturers are investing in research and development to create products that cater to the needs of older individuals. These innovations are expected to impact various sectors, including housing, transportation, and healthcare.

Industry Restraints

High Maintenance and Installation Costs: High maintenance and installation expenses pose a challenge in the home elevator market, potentially limiting adoption.

Insights by Type

Traction Type: Traction elevators, which use pulleys and ropes, dominated the market in 2022. They are known for energy efficiency, smooth rides, and suitability for mid to high-rise buildings.
Hydraulic Type: Hydraulic elevators are characterized by their cost-effectiveness and are typically used in low-rise buildings.
Pneumatic Type: Pneumatic elevators, also known as vacuum elevators, are gaining popularity due to their unique design and energy efficiency.

Insights by Application

Passengers: Passenger elevators are expected to be the largest revenue segment, offering convenience and cost-effective solutions for residential use.
Freight: Freight elevators cater to the transportation of goods within residential buildings and are essential for efficient logistics.

Insights by Door Systems

Automatic: Automatic door systems, operated using various sensors, are expected to dominate the market. They offer energy savings, security, speed, and ease of operation.
Manual: Manual door systems continue to be relevant, particularly in specific applications and regions.

Geographical Analysis

Asia-Pacific (APAC): APAC led the global home elevator market in 2022, driven by rising adoption in the residential sector and the presence of global manufacturers. China, India, and South Korea were major contributors to market growth.

Competitive Landscape

The global home elevator market features a diverse competitive landscape. Market players are focused on enhancing their products, emphasizing reliability, quality, innovation, and support. Key players in the market include:

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

Additional prominent vendors include TK Elevator, Savaria, Hyundai Elevator, Fujitec, and others.

Key Questions Answered

How large is the global home elevator market?
What is the growth rate of the market?
Which region dominates the market share?
What are the notable trends in the home elevator industry?
Who are the key players in the global home elevator market?

For more information about this report visit https://www.researchandmarkets.com/r/xjc2rj

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