The global residential elevators market was valued at USD 3,612.23 million in 2018 and is expected to reach USD 4,661.20 million by 2025, growing at a CAGR of 3.84% during the forecast period.
Residential elevators are a type of elevators installed in residential. Residential Elevators include platform lifts, Cabin lifts and wheelchair lifts. Elevators are advanced systems that allow automated vertical transportation of goods or passengers. This system utilizes automation, it reduces the waiting time &increases traffic management efficiency in residential, commercial and other buildings. It found to be a crucial element in commercial, residential, institutional &other applications.
Rapid urbanization, increasing development in disposable income of middle-class populace, rising private & public investments has boosted residential construction in the developing countries are some of the factor for market growth. However, high maintenance costs remain restrain the growth of the market.
Germany Residential Elevators Market Revenue, 2015 - 2026
Based on type, the market is segmented into Platform Lifts, Cabin Lifts, and Stair Lifts. In 2018, Cabin Lifts held majority of the residential elevators market share in Europe. This is attributed to strong revenue growth of market. The heavy demand from several end-use industries is propelling the growth of this segment over the forecast period as well. Globally, the Stair Lifts accounted dominated the global market in forecast.
Based on application, the market is segmented into Private Home and Public Space. In 2018, Public Space segment dominated the market. However, Private Home is expected to grow with the highest CAGR as per volume. Increasing residential construction activities in Asia Pacific and Middle East region will augment the growth of residential industry in coming years
Furthermore, based on region, Europe is the largest and the most mature market, as there are many famous elevator manufacturers engaged in the home lift and platform lift market. Some manufacturer also export residential elevators to other countries like China thorough these cooperative partners such as design and installation companies. China is the fast growing market as the fast development of its real estate industry in the last several years. Though the growth speed is slowing since 2016, the residential elevator market is still enjoying a fast growth rate as the desire for better experience
The global residential elevators market is primarily segmented by type, application and region.
Based on type, the market is split into:
* Platform Lifts
* Cabin Lifts
* Stair Lifts
Based on Application, the market is divided into:
* Private Home
* Public Space
Moreover, the market is classified across regions and countries as follows:
* North America- U.S., Canada
* Europe- U.K., France, Germany
* Asia-Pacific- China, Japan, India
* Latin America- Brazil, Mexico
* Middle East & Africa- South Africa, Saudi Arabia
Key Market Players:
The key players profiled in the market include:
* Thyssenkrupp Elevators, S.A.
* Otis Elevator Company
* Mitsubishi Electric Corporation
* Hitachi Ltd.
* CIBES LIFT Group AB
* Schmitt Elevators
* Aritco Home Lifts
* KONE Portugal Elevadores, Lda
These enterprises are focusing on growth strategies, such as new product launches, expansions, acquisitions, and agreements & partnerships to expand their operations across the globe.
Key Benefits of the Report:
* Global, regional, country, product type and Application market size and their forecast from 2015-2026
* Identification and detailed analysis on key market dynamics, such as, drivers, restraints, opportunities, and challenges influencing growth of the market
* Detailed analysis on industry outlook with market specific Porter’s Five Forces analysis, PESTLE analysis, and Value Chain, to better understand the market and build expansion strategies
* Identification of key market players and comprehensively analyze their market share and core competencies, detailed financial positions, key products, and unique selling points
* Analysis on key player’s strategic initiatives and competitive developments, such as joint ventures, mergers, sales contracts, and new product launches in the market
* Expert interviews and their insights on market shift, current and future outlook, and factors impacting vendors’ short term and long term strategies
* Detailed insights on emerging regions, product types and Application with qualitative and quantitative information and facts
* Identification of the key patents filed in the field of residential elevators
* Residential elevators manufacturer & Technology Providers
* Traders, Importers, and Exporters
* Raw Material Suppliers and Distributors
* Research and Consulting Firms
* Government and Research Organizations
* Associations and Industry Bodies
The market is derived through extensive use of secondary, primary, in-house research followed by expert validation and third party perspective, such as, analyst reports of investment banks. The secondary research is the primary base of our study wherein we conducted extensive data mining, referring to verified data sources, such as, white papers, government and regulatory published articles, technical journals, trade magazines, and paid data sources.
For forecasting, regional demand & supply factors, recent investments, market dynamics including technical growth scenario, consumer behavior, and end use trends and dynamics, and production capacity were taken into consideration. Different weightages have been assigned to these parameters and quantified their market impacts using the weighted average analysis to derive the market growth rate.
The market estimates and forecasts have been verified through exhaustive primary research with the Key Industry Participants (KIPs), which typically include:
* Raw Material Providers
* Government Body & Associations
* Research Institutes