Home Elevators Market - Global Outlook & Forecast 2023-2028

Home Elevators Market - Global Outlook & Forecast 2023-2028

The global home elevator market is expected to grow at a CAGR of 7.62% from 2022-2028.

MARKET TRENDS & DRIVERS

Rising Demand for Smart Elevators

The advent of smart cities, IoT, and increasingly connected devices have played a key role in transforming the home elevator market. Major manufacturers such as Otis Elevator, Schindler, KONE, and TK Elevator have already unveiled smart elevators that leverage the power of cloud and connected technologies to deliver optimal performance and power efficiency. In addition to better ride quality, IoT-enabled elevators have improved performance, helped to understand the amount of use by evaluating data, and helped in power optimization.

Rising Ageing Population

Globally, every country is experiencing a growth in the older population. The aging population is expected to significantly impact the next generation of product design. Vendors in the home elevator market are investing more in R&D to design products that fulfill the needs of the new cohort. The new product lines are expected to impact the end-user segment, such as labor and financial market, housing, transportation and social protection, and demand for goods and services. Additionally, the prevalence of lifestyle-related diseases, such as obesity and osteoarthritis, are expected to become more prevalent among individuals, thereby increasing their demand for convenient technology, which offers ease and flexibility in moving.

INDUSTRY RESTRAINTS

High Maintenance and Installation Costs

The installation cost is usually included by most of the vendors; however, installation costs widely vary depending on the elevator's location, shaft requirement, type of elevator, and number of floors in the building, among others. Moreover, installation of shaftless elevators is comparatively less expensive than those requiring a shaft, i.e., installation of a shaftless elevator takes around two to three days to install. In contrast, an elevator with a shaft may take up to three to four weeks, amounting to high labor costs.

SEGMENTATION INSIGHTS

INSIGHTS BY TYPE

The traction type segment held the largest global home elevators market share in 2022. Traction elevators use pulleys and ropes to move up and down the elevator car. Compared to hydraulic elevators, traction elevators use less energy, ride smoother, and serve mid to high-rise buildings. Cab traction elevators use a counterweight to offset the occupants' weight. In these elevators, motors do not have to move as much weight, making them more energy-efficient than hydraulic systems. Further, MRL elevators are modern traction lift systems that use electric hoisting machines at the top of the elevator shaft to raise the elevator car. The Machine-Room-Less (MRL) elevators are increasingly popular as they are energy efficient, require less space, and effectively satisfy buildings' travel and speed requirements.

Segmentation by Type

• Traction
• Hydraulic
• Pneumatic
• Others

INSIGHTS BY APPLICATION

The global home elevators market by application segments as passengers and freight. The passenger segment is expected to be the largest revenue segment of the global industry. The passenger elevator's major function is to carry people to different floors in a residence. These elevators are easy to fit in any area and require less space. Additional advantages of passenger elevators are that they’re an economical or cost-effective solution for convenience needs. The major parameter describing this type of lift is the load in kg, which is closely linked to the number of people and the cabin's surface.

Segmentation by Application

• Passengers
• Freight

INSIGHTS BY DOOR SYSTEMS

The automatic segment is expected to be the largest revenue segment of the global home elevators market based on door systems. Automatic doors in elevators are automatically operated using various sensors, such as infrared and photoelectric sensors. Infrared doors work by detecting temperature changes. Automatic units have applications in various places, such as luxury residential housing. Factors such as energy saving, ease of operation, maintaining security, being fast and accurate, cable-free, and others fuel the demand. Heavy government investments in construction and the growth of the residential sectors create future opportunities.

Segmentation by Door Systems

• Automatic
• Manual

GEOGRAPHICAL ANALYSIS

APAC dominated the global home elevators market in 2022 and is expected to continue its dominance during the forecast period, owing to the growing adoption in the residential sector and the presence of global home elevator manufacturers. In 2022, China, India, and South Korea were the major revenue contributors to the growth of the home elevator market in APAC. In the current scenario, the aging population is one of the major factors influencing the adoption of elevators in various end-user segments. Increasing disposable incomes coupled with the changing lifestyles of consumers, particularly in the developing countries of APAC, is expected to boost the market growth over the forecast period.

COMPETITIVE LANDSCAPE

The global home elevator market has a varied structure since each geography has its competitive dynamics and intensity of competition. In today’s scenario, market players emphasize adopting various techniques to enhance the home elevators. The manufacturers emphasize identifying market opportunities and setting certain goals to achieve productivity and efficiency. The present scenario forces vendors to refine their unique value propositions to achieve a strong market presence. Further, key competitive factors in the industry include reliability and quality, product innovation, product support, pricing, warranty, distribution, and financing options.

Key Company Profiles

• Otis
• Schindler
• KONE
• Mitsubishi Electric Corporation
• Toshiba Corporation

Other Prominent Vendors

• TK Elevator
• Savaria
• Hyundai Elevator
• Fujitec
• Hitachi Elevator
• Stiltz Home Elevators
• Inclinator Company of America
• Eltec
• Pneumatic Vacuum Elevators (PVE)
• AmeriGlide
• Garaventa Lift
• Sigma Elevators
• Johnson Lifts
• Japan Fuji International
• IFE Elevators
• Cambridge Elevating
• Hidral
• Cibes Lift

KEY QUESTIONS ANSWERED:

1. How big is the global home elevators market?

2. What is the growth rate of the global home elevators market?

3. Which region dominates the global home elevators market share?

4. What are the significant trends in the home elevators industry?

5. Who are the key players in the global home elevator market?