Rockville, March 29, 2023 (GLOBE NEWSWIRE) -- 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.
Download a Free Sample Copy of this Report - https://www.factmr.com/connectus/sample?flag=S&rep_id=7518
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.
Get Customization on this Report for Specific Research Solutions – https://www.factmr.com/connectus/sample?flag=RC&rep_id=7518
| Report Attributes | Details |
| Contactless Elevator Market Size (2021A) | US$ 1.74 Billion |
| Estimated Market Value (2022E) | US$ 1.85 Billion |
| Forecasted Market Value (2032F) | US$ 4.29 Billion |
| Global Market Growth Rate (2022-2032) | 8.7% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 140 Tables |
| No. of Figures | 114 Figures |
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
- FUJITEC CO., LTD
- Hitachi
- Honeywell International, Inc.
- Hyundai Elevator
- Johnson Controls
- Kleemann
- Kone
- Mitsubishi Electric
- Otis
- Schindler
- TK Elevator Corporation
- Toshiba
Explore Our Safe & Secure Payment Options for Quick Buy – https://www.factmr.com/checkout/7518
Key Segments in Contactless Elevator Industry Research Report
- Contactless Elevator Market by Elevator Type :
- Hydraulic Elevators
- Traction Elevators
- Machine-Room-Less (MRL) Elevators
- Pneumatic Elevators
- Contactless Elevator Market by Capacity :
- Up to 1500 Lbs
- 1500-3000 Lbs
- 3000-4500 Lbs
- 4500-6000 Lbs
- Above 6000 Lbs
- Contactless Elevator Market by Technology Type :
- Buttons
- Hand Buttons (Air Push, Motion Call)
- Foot Buttons
- Voice Assistance
- Mobile Control
- Buttons
- Contactless Elevator Market by Application :
- Residential Contactless Elevators
- Commercial Contactless Elevators
- Industrial Contactless Elevators
- Mix Block Contactless Elevators
- Contactless Elevator Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Check out more related studies published by Fact.MR Research:
Elevator Components Market: The global elevator components market is set to enjoy a valuation of US$ 43.9 billion in 2022 and further expand at a CAGR of 9.4% to reach US$ 107.9 billion by the end of 2032. Elevator components is likely to account for above 62% share in global elevator market revenue in 2022. During historic period from 2017 to 2021, the market grew at a paltry 1.6% CAGR.
Elevators Market: Demand for connected and smart elevators is on a significant rise, as end-users show high enthusiasm to explore beyond the conventional elevator technologies. The global elevators market is witnessing considerable interest in smart elevators that offer high-end security, enhanced energy efficiency, effective crowd management, and ultra-speed operation. This evolution of smart elevators can be attributed to the sheer proliferation of artificial intelligence across a wide spectrum of applications.
Bucket Elevators Market: The global bucket elevators market is set to enjoy a valuation of US$ 1.18 billion in 2022 and further expand at a CAGR of 5.8% to reach US$ 2.07 billion by the end of 2032. The need for bucket elevators from industry sectors such as food, agriculture, pulp & paper, lime, power, steel, cement, mining, and others, as well as an increase in industrialization and urbanization, are the main factors driving the sales growth bucket elevators.
Electric Excavators Market: Excavators that were previously hydraulically operated have been converted to electric excavators as a result of increased development in the industrial automation sectors. Global demand for modern excavators has increased as a result of an increase in the number of excavation projects being completed by individuals. Electric excavators are being employed by people, various businesses, and governments to support efficient excavation tasks in constrained regions, from private ranches and agricultural grounds to metropolitan neighborhoods.
Excavation Equipment Market: According to the latest research by Fact. MR., the excavation equipment market is expected to show consistent growth during 2021-2031. In the short term, the demand for excavation equipment will witness substantial growth owing to the growing end-uses and will show a positive outlook in the long run. Additionally, the widespread use of construction equipment in construction projects augments the demand for excavation equipment.
About Us:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Connect to Author: Shubham Patidar
Email : shubham@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
