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The elevator control market share is expected to increase by USD 7.33 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.44%.
This elevator control market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers elevator control market segmentation by application (commercial and residential) and geography (APAC, Europe, MEA, North America, and South America). The elevator control market report also offers information on several market vendors, including Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Mitsubishi Electric Corp., Nidec Corp., Schindler Holding Ltd., SICK AG, Thames Valley Controls Ltd., TK Elevator GmbH, and Toshiba Corp. among others.
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The rise in construction of high-rise buildings with smart vertical transportation systems is notably driving the elevator control market growth, although factors such as economic slowdown may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the elevator control industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Elevator Control Market Driver
The rise in construction of high-rise buildings with smart vertical transportation systems is one of the key drivers supporting the elevator control market growth. For instance, according to the UN Department of Economic and Social Affairs, the urban population will comprise 60% of the world population by the end of 2030, and the number is expected to reach 68% by the end of 2050. This will lead to rapid urbanization in the coming years. The level of urbanization is increasing primarily in Asia, Africa, and the Middle East as a large number of people in these regions are moving toward cities, which has increased the requirement for eco-efficient and sustainable societies. Thus, rising urbanization is leading to a rise in demand for new residential and commercial spaces, which will further drive the demand for elevators and subsequently drive growth in the global elevator control market during the forecast period.
Key Elevator Control Market Trend
The increasing investment in building infrastructure is another factor supporting the elevator control market growth. The investments in infrastructure allied industries such as building energy-efficient elevators and green construction have been rapidly increasing for achieving sustainability and are majorly concerned with the growing urbanization trend. For instance, in October 2020, the International Monetary Fund (IMF) announced member governments to seize a low-interest rate opportunity to invest in infrastructure to drive recovery from the COVID-19 pandemic and a shift toward greener energy. The increase in public investment by 1% of GDP in developed and in developing economies would grow by 2.7%. The increase in the infrastructure also promotes the growth of the market for elevator control as they make an essential part of residential and commercial elevator fleet, helping in mobility. This will drive the market growth during the forecast period.
Key Elevator Control Market Challenge
The economic slowdown is hindering the elevator control market growth. The growth of the construction industry is directly interlinked with the economic indicators of a country. Furthermore, slowdown, recession, or a sudden outbreak of pandemics can severely impact the growth of the construction industry. Significantly, the elevator market is primarily driven by the changing demographics, GDP growth, and the growth of the construction sector, among others. The demand for elevator components such as elevator control has temporarily fallen due to the COVID-19 pandemic. Thus, the introduction of new variants of COVID-19 is further expected to hamper the growth in economic activities, which would subsequently restrict the growth of the market in focus during the forecast period.
This elevator control market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the elevator control market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the elevator control market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the elevator control market encompasses successful business strategies deployed by the key vendors. The elevator control market is fragmented and the vendors are deploying growth strategies such as using contactless technologies to reduce waiting time and better control the bandwidth to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The elevator control market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the elevator control market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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80% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the elevator control market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising economic activities will facilitate the elevator control market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
the outbreak of COVID-19 has had a huge and devastating impact on the construction and building sector in 2020. In the development sector, the construction and development of new buildings have been witnessing a serious halt since the temporary and permanent lockdowns were imposed by the governments globally. However, numerous government initiatives such as mass vaccination drives and restrictions such as social distancing and travel bans have helped the regional governments to curb the spread of the disease. This has further resulted in the decline of COVID-19 cases and a gradual increase in economic activities.
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The elevator control market share growth by the commercial segment will be significant during the forecast period. A considerable number of commercial buildings, including offices, hospitals, and others utilize elevators due to the large footfall and to offer convenience to their consumers. Unlike the demand from residential buildings, which is mostly concentrated in developed countries, elevator control has found widespread adoption even in developing countries such as China and India due to rising commercial building construction. Therefore, the growth in the commercial building segment will also drive growth in the global elevator control market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the elevator control market size and actionable market insights on post COVID-19 impact on each segment.
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Elevator Control Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2022-2026 |
$ 7.33 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.83 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
APAC at 80% |
Key consumer countries |
China, India, Germany, Japan, and US |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Hitachi Ltd., Honeywell International Inc., Hyundai Elevator Co. Ltd., Mitsubishi Electric Corp., Nidec Corp., Schindler Holding Ltd., SICK AG, Thames Valley Controls Ltd., TK Elevator GmbH, and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*2.1.1 Parent Market
*Exhibit 08 Parent market
*Exhibit 09: Market characteristics
**2.2 Value Chain Analysis
*Exhibit 10: Value Chain Analysis: Industrial machinery
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Operations
*2.2.4 Outbound logistics
*2.2.5 Marketing and sales
*2.2.6 Aftermarket and service
*2.2.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*3.4.1Estimating growth rates for emerging and high-growth markets
*3.4.2Estimating growth rates for mature markets
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ billion)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 - 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of the buyer
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of the supplier
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Application
**5.1 Market segments
*Exhibit 22: Application Market share 2021 - 2026 (%)
**5.2 Comparison by Application
*Exhibit 23: Comparison by Application
**5.3 Commercial - Market size and forecast 2021-2026
*Exhibit 24: Commercial - Market size and forecast 2021-2026 ($ billion)
*Exhibit 25: Commercial - Year-over-year growth 2021-2026 (%)
**5.4 Residential - Market size and forecast 2021-2026
*Exhibit 26: Residential - Market size and forecast 2021-2026 ($ billion)
*Exhibit 27: Residential - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Application
*Exhibit 28: Market opportunity by Application
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
**6.1 Overview
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 32: APAC - Market size and forecast 2021-2026($ Billion)
*Exhibit 33: APAC - Year-over-year growth 2021-2026 (%)
**7.4 Europe- Market size and forecast 2021-2026
*Exhibit 34: Europe - Market size and forecast 2021-2026 ($ Billion)
*Exhibit 35: Europe - Year-over-year growth 2021-2026(%)
**7.6 MEA - Market size and forecast 2021-2026
*Exhibit 36: MEA - Market size and forecast 2021-2026 ($ Billion)
*Exhibit 37: MEA- Year-over-year growth 2021-2026 (%)
**7.7 North America - Market size and forecast 2021-2026
*Exhibit 38: North America - Market size and forecast 2021-2026 ($ billion)
*Exhibit 39: North America - Year-over-year growth 2021-2026 (%)
**7.8 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 ($ billion)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.9 Key leading countries
*Exhibit 42: Key leading countries
**7.8 Market opportunity by geography
*Exhibit 43: Market opportunity by geography ($ billion)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Rise in construction of high-rise buildings
*8.1.2 Rising demand for energy-efficient elevators
*8.1.3 Increasing demand for commercial spaces
**8.2 Market challenges
*8.2.1 Economic slowdown
*8.2.2 Rising elevator causalities globally
*8.2.3 High cost of installation for elevators
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Increasing investment in building infrastructure
*8.3.2 Rising demand for double-deck elevators
*8.3.3 Rising adoption of smart elevators
***9. Vendor Landscape
**9.1 Overview
*Exhibit 45: Vendor landscape
**9.2 Landscape disruption
*Exhibit 46: Landscape disruption
*Exhibit 47: Industry Risk
**9.3 Competitive scenario
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 48: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 49: ?Market positioning of vendors?
**10.3 Hitachi Ltd.
*Exhibit 50: Hitachi Ltd. - Overview
*Exhibit 51: Hitachi Ltd. - Business segments
*Exhibit 52: Hitachi Ltd. - Key News
*Exhibit 53: Hitachi Ltd. - Key offerings
*Exhibit 54: Hitachi Ltd. - Segment focus
**10.4 Honeywell International Inc.
*Exhibit 55: Honeywell International Inc. - Overview
*Exhibit 56: Honeywell International Inc. - Business segments
*Exhibit 57: Honeywell International Inc. - Key offerings
*Exhibit 58: Honeywell International Inc. - Segment focus
**10.5 Hyundai Elevator Co. Ltd.
*Exhibit 59: Hyundai Elevator Co. Ltd. - Overview
*Exhibit 60: Hyundai Elevator Co. Ltd. - Product and service
*Exhibit 61: Hyundai Elevator Co. Ltd. - Key News
*Exhibit 62: Hyundai Elevator Co. Ltd. - Key offerings
**10.6 Mitsubishi Electric Corp.
*Exhibit 63: Mitsubishi Electric Corp. - Overview
*Exhibit 64: Mitsubishi Electric Corp. - Business segments
*Exhibit 65: Mitsubishi Electric Corp. - Key offerings
*Exhibit 66: Mitsubishi Electric Corp. - Segment focus
**10.7 Nidec Corp.
*Exhibit 67: Nidec Corp. - Overview
*Exhibit 68: Nidec Corp. - Business segments
*Exhibit 69: Nidec Corp. - Key offerings
*Exhibit 70: Nidec Corp. - Segment focus
**10.8 Schindler Holding Ltd.
*Exhibit 71: Schindler Holding Ltd. - Overview
*Exhibit 72: Schindler Holding Ltd. - Business segments
*Exhibit 73: Schindler Holding Ltd. - Key offerings
*Exhibit 74: Schindler Holding Ltd. - Segment focus
**10.9 SICK AG
*Exhibit 75: SICK AG - Overview
*Exhibit 76: SICK AG - Business segments
*Exhibit 77: SICK AG - Key offerings
*Exhibit 78: SICK AG - Segment focus
**10.10 Thames Valley Controls Ltd.
*Exhibit 79: Thames Valley Controls Ltd. - Overview
*Exhibit 80: Thames Valley Controls Ltd. - Product and service
*Exhibit 81: Thames Valley Controls Ltd. - Key offerings
**10.11 TK Elevator GmbH
*Exhibit 82: TK Elevator GmbH - Overview
*Exhibit 83: TK Elevator GmbH - Business segments
*Exhibit 84: TK Elevator GmbH - Key offerings
*Exhibit 85: TK Elevator GmbH - Segment focus
**10.12 Toshiba Corp.
*Exhibit 86: Toshiba Corp. - Overview
*Exhibit 87: Toshiba Corp. - Business segments
*Exhibit 88: Toshiba Corp. - Key offerings
*Exhibit 89: Toshiba Corp. - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 90: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 91: ?Research Methodology
*Exhibit 92: ??Validation techniques employed for market sizing?
*Exhibit 93: ??Information sources
**11.4 List of abbreviations
*Exhibit 94: List of abbreviations
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