European smart elevators market is estimated to grow modestly, at a CAGR of 13.8%, during the forecast period. Europe is one of the major regions in the smart elevator market. The major economies that contribute to the growth of the European smart elevators market include UK, France, Germany, Italy, and Spain. The growth of the smart elevators market in Europe is backed by factors such as rising urbanization, high disposable income which allow construction companies to use high-end technology products in the buildings, the introduction of smart building projects, and the presence of major market players among others.
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Cohesive government regulations are also acting as a major motivator for market growth in the region. For instance, in Paris, the height of the building was restricted to 37-meters in 1977 however in 2010 the height restrictions get relaxed due to rising urbanization and the growing population of Paris. By the new rule, the height of the residential building can be 50 meters whereas commercial buildings can be built up to 180 meters. However, some oppose the high-rise buildings and skyscraper is also witnessed in the region which is can be a major challenge for the market.
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The companies which are contributing to the growth of the European smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
Market Segmentation
European Smart Elevators Market by Type
- Passenger
- Freight
European Smart Elevators Market by Application
- Residential
- Commercial
- Industrial
- Others
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