Press Release

Elevator Control System Segment to Dominate China Smart Elevator Market till 2024

Growing technological advancements coupled with rising demand for integrated security, safety and energy-efficient systems to drive China Smart Elevator Market through 2024

According to TechSci Research report, China Smart Elevator Market By Component, By Application, By Service, By Region, Competition, Forecast & Opportunities, 2024, China smart elevator market is projected to grow at a CAGR of more than 21% during 2019E-2024F due to rising  demand for secure, safe and energy efficient systems. China smart elevator market can be segmented based on component, application, service and region. In terms of component, Control Systems segment is predicted to lead the market as it helps to improve the safety management and operational efficiency and the trend is likely to continue in the coming years.

Browse 22 market data Figures spread through 70 Pages and an in-depth TOC on "China Smart Elevator Market"


On the basis of services segment, the market can be segmented into New Installation, Maintenance and Modernization services. New Installation services accounted for the largest market share in 2018 and the segment is expected to register growth during the forecast period as well. In terms of application, the market can be segmented into residential, commercial, institutional, industrial and others. Residential segment acquired the lion’s share in 2018 and the segment is anticipated to continue its growth trajectory during the forecast period. However, the commercial segment is forecast to witness higher growth and emerge as the largest application segment in the country’s smart elevator market by 2024.

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Major players operating in China Smart Elevator market are Shanghai Mechanical & Electrical Industry, Canny Elevator, SJEC Corporation, Hitachi Elevator (China), Kone Corporation, Fujitec, Thyssenkrupp, Schindler, Otis Elevator, Hyundai Elevator, among others. Companies operating in the market are adopting organic and inorganic strategies such as new product launches, investments & expansions and agreements & contracts to ensure consistent growth in the market. “China smart elevator market is expected to register robust growth in the coming years, due to increasing urbanization and rising demand in developing region, such as East China Provinces and South & Central China Provinces, owing to increasing building and construction activities. The market would offer lucrative growth opportunities to companies operating in this elevator domain, owing to technological advancements and favorable government initiatives.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

China Smart Elevator Market By Component, By Application, By Service, By Region, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of China smart elevator market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in China smart elevator market.

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