China smart elevators market is estimated to grow modestly at a CAGR of 14.8% during the forecast period. China smart elevators market has reported potential growth in Asia-Pacific smart elevators market. The major factors contributing to the growth of the market in the country include significant skyscraper building projects and rapid urbanization in the country. As per the World Bank, there were 59.2% of the total population in China lives in urban areas. By 2050, it is projected that the country will have added 255 million urban dwellers (as per the United Nations). The increasing urbanization leads to the demand for high-rise apartments and luxury apartments in China. Smart elevators are now being significantly used in these buildings to provide convenience to the lift users. There is an increased focus on efficient crowd management and robust commuting in residential establishments. Smart elevators offer convenience to the users to arrive at their destination more quickly with fewer stops. This, in turn, urbanization is one of the major factors offering an opportunity for market growth in the country.
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Owing to this considerable opportunity for smart elevators in China, the major players are focusing on launching new smart elevators in the market. For instance, in July 2019, Hitachi Elevator (China) recently introduced its next-generation smart elevator MCA-ES in Kunming. It uses advanced intelligent control technology for monitoring the riding experience of the users. This new model is designed for 5G and is running on an open platform. As per the company, the MCA-ES model can achieve a higher level of speed and position control as it has a tolerance in the elevator’s vertical position when stationary of +/-0.1 mm. As a result, it ensures the high accuracy landing of elevators on every floor in spite of building shrinkage, settlement, climate change, and several other factors. This reduces the possibilities of a passenger falling and tripping.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
China Smart Elevators Market by Type
- Passenger
- Freight
China Smart Elevators Market by Application
- Residential
- Commercial
- Industrial
- Others
Company Profiles
- Bosch Security Solutions GmbH
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Honeywell International Inc.
- Hyundai Elevator Co. Ltd.
- Johnson Controls Inc.
- Kleemann Hellas SA
- KONE Corp.
- Mitsubishi Electric Corp.
- OTIS Elevator Corp. (A United Technologies Co.)
- Schindler Holding AG
- ThyssenKrupp Elevator AG
- Toshiba Elevators and Building Systems Corp.
The Report Covers
- Comprehensive research methodology of the China smart elevators market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the China smart elevators market.
- Insights about market determinants which are stimulating the China smart elevators market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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