NEW YORK, Aug. 16, 2021 /PRNewswire/ -- The smart elevator market is poised to grow by USD 5.14 billion during 2021-2025 during the forecast period. The report entails comprehensive details on the market positioning of vendors in the competitive landscape. Some of the dominant smart elevator market participants include Fujitec Co. Ltd. (Japan), Hitachi Ltd. (Japan), Huawei Investment and Holding Co. Ltd. (China), Hyundai Elevator Co. Ltd. (South Korea), KONE Corp. (Finland), Mitsubishi Electric Corp. (Japan), Otis Worldwide Corp. (US), Robert Bosch GmbH (Germany), Schindler Holding Ltd. (Switzerland), and TK Elevator GmbH (Germany).
The COVID-19 impact report on smart elevator market offers pre as well as post-COVID-19 market estimates. Technavio analysts have curated the reports extensively through both qualitative and quantitative research methodologies to derive the most industry-relevant and business-relevant outcomes. As the business impact of COVID-19 spreads, the Smart Elevator Market 2021-2025 market is expected to have Neutral & Inferior growth.
Companies across the globe are focusing on creating a Resilient Business Model in the Face of COVID-19. Vendors are continuing their ongoing operations while building resilient business models as the path to recovery from the pandemic is being carved out.
This post-pandemic business planning research will aid clients to:
Addressing Potential Impacts by Facilitating changes in Process Designs
Identifying potential disruptions
Assessing Impact on Critical IT infrastructure and Software System
The company operates in key regional segments including Japan, East Asia, South Asia, and North America and Europe. The company offers smart elevator under the brand name Elvic.
Hitachi Ltd. operates in key business segments including IT, Energy, Industry, Mobility, Smart Life, Hitachi High-Tech, Hitachi Construction Machinery, Hitachi Metals, Hitachi Chemical, and others. The company offers MCA ES smart elevator.
Huawei Investment and Holding Co. Ltd.
The company functions in prominent business units including Carrier Business, Enterprise Business, and Consumer Business. They offer contactless smart elevator solution for the smart elevator market.
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The smart elevator market is driven by the rising number of construction activities, growing investment in smart cities, and surging ocus on reducing impact of energy costs on business. The modernization service segment was the largest revenue-generating segment of the market. In terms of geography, 41% of the incremental growth originated from North America due to the growing number of vendors deploying innovative strategies such as smart elevator installation, maintenance, and modernization services. These factors are expected to trigger the smart elevator market toward witnessing a CAGR of over 8.14% during the forecast period.
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