Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- 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?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $7.03 Billion |
| Forecasted Market Value (USD) by 2028 | $10.92 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/gkq97v
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