Report Code: A16773 | Pages: NA | Jul 2023 | 1620 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Residential Elevator Market
Request Now !The global residential elevator market is experiencing significant growth and is expected to grow considerably in the next few years. Elevator is a vital component of a building, as it provides quick and effortless transportation of people between the floors. A residential elevator is an ordinary elevator that is found in high rise buildings. But the difference is that, residential elevators are installed in either personal homes having more than two floors or in low rise buildings. Unlike high-end elevators, residential elevators are small and less complex and not as advanced. The user interface inside the residential elevator car is also very rudimentary, that has only important buttons and controls. This basic nature of these elevators makes them energy friendly and they require less maintenance. Such features that makes them cheaper to operate are driving their demand. Moreover, residential elevators are advanced machinery and major players in the residential elevator industry adopt advanced technologies to increase the efficiency and lifting capacity of the products to sustain the competition in the residential elevator market.
Market Scope and Structure Analysis
Description
Residential elevators are especially designed to be less complicated elevators to meet the needs of buildings having no more than 3-5 floors. These elevators, being small in size, are only suitable for carrying 2–5 people at a time. Furthermore, just like any elevator system, residential elevators are characterized on the basis of the technology that is being used to move them. These are hydraulic elevators, machine-room less elevators, machine-room, and traction elevators.
COVID-19 Impact Analysis
Top Impacting Factors
Rapid urbanization, especially in developing countries, is leading to the growth in the number of low-and high-rise buildings, large retail stores, and other structures. This is anticipated to increase demand in the residential elevator market. The addition of an elevator in small buildings or in personal homes adds value to them and can increase their prices a lot. Hence, builders are keen on installing residential elevators in the buildings, thereby surging demand in the residential elevator market. Further, in 2020 the elderly population was 1.4 billion and this is expected to be 2.1 billion by 2050. This trend is anticipated to increase the demand for residential elevators to a greater extent. Moreover, residential elevators add to the aesthetic appeal of the house and offer greater functionality at the same time. However, the residential elevator takes up valuable space in the house, which is one of the restraining factors hindering the growth of the residential elevator market. On the contrary, technological developments in mobile residential elevator products such as adoption of touchless operation, use of the internet of things (IoT) and artificial intelligence (AI) that enhance the interaction between the user and elevator boost the efficiency of the equipment as well as result in a better user experience. This is expected to create lucrative opportunities for the residential elevator market globally during the forecast period.
Market Trends
Key Benefits of the Report
Residential Elevator Market Report Highlights
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