LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global elevator and escalator market to grow at a CAGR of around 8% during the period 2018-2022, according to their latest report.
This market research report segments the global elevator and escalator market into the following products (elevators and escalators) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increasing demand for smart elevators as a key factor contributing to the growth of the global elevator and escalator market:
Increasing demand for smart elevators
The development of smart elevators is a result of the efforts to design energy-efficient elevators that can also minimize the time taken to travel between the floors of a building. In smart elevators, when the user selects the destination floor, the elevator directs him or her to the elevator, which will take them to the chosen floor with the least number of stops. The functionalities of a smart elevator go beyond vertical transportation. Smart elevators may include systems that act as a facility for security and include controls such as biometrics, touchscreens, access control, and destination dispatch systems.
The major advantages of smart elevators over traditional elevators include improved energy efficiency, better control of elevator traffic, reduced wait times, and integrated access control features. One of the most important features of smart elevators is the destination dispatch feature. This feature groups passengers depending on their destination floors, thereby reducing the wait time and travel time by 50%. Besides, the destination dispatch feature also reduces congestion in lobbies, improves passenger comfort, and makes elevators less crowded.
According to a senior analyst at Technavio for research on construction, “Smart elevators can distinguish employees of a company based on their IDs and assign them to the correct elevator to reduce travel and wait times. Due to these advantages, smart elevators have witnessed an exponential rise in popularity, and their demand is expected to grow during the forecast period. The rapidly increasing popularity of smart elevators and their increased demand are expected to be a key growth factor for the global elevator and escalator market.”
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Global elevator and escalator market geographical segmentation
EMEA dominated the global elevator and escalator market, accounting for a market share of more than 45%. It was followed by APAC and the Americas respectively. The market share of EMEA is anticipated to decrease slightly during the forecast period. However, the market share of APAC and the Americas is expected to increase to some extent during this period.
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