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Contactless Elevator Market

Contactless Elevator Market

Contactless Elevator Market Analysis By Elevator Type (Hydraulic Elevators, Traction Elevators, Machine-Room-Less (MRL) Elevators, Pneumatic Elevators), By Technology Type (Buttons, Voice Assistance, Mobile Control), By Application, By Capacity, By Region - Global Forecast 2022-2032

Contactless Elevator Market
FACT7518MR
  • Jun-2022
  • List of Tables : 140
  • List of Figures : 114
  • 170 Pages
  • Industrial Goods

Contactless Elevator Market Outlook (2022-2032)

Valuation of the global contactless elevator market has reached US$ 1.85 billion in 2022 and the market is predicted to expand at a noteworthy CAGR of 8.7% to reach US$ 4.29 billion by the end of 2032.

Touchless elevator market share accounts for nearly 4.5% of the global elevator market.

Report Attributes

Details

Contactless Elevator Market Size (2021A)

US$ 1.74 Billion

Estimated Market Value (2022E)

US$ 1.85 Billion

Forecasted Market Value (2032F)

US$ 4.29 Billion

Global Market Growth Rate (2022-2032)

8.7% CAGR

North America Market Share (2021)

~21.7%

Europe Market Growth Rate (2022-2032)

~27.3% CAGR

China Market Growth Rate (2022-2032)

~10.3% CAGR

Market Share of Top 5 Companies

~32.4%

Key Companies Profiled

  • Bosch
  • FUJITEC CO., LTD
  • Hitachi
  • Honeywell International, Inc.
  • Hyundai Elevator
  • Johnson Controls
  • Kleemann
  • Kone
  • Mitsubishi Electric
  • Otis
  • Schindler
  • TK Elevator Corporation
  • Toshiba

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Sales Analysis of Contactless Elevators (2017-2021) Vs. Market Outlook (2022-2032)

The adoption of smart electronic gadgets has uplifted consumer lifestyles and convenience, which has further led to the idea of a smart environment. With the rising construction of smart cities, smart environments are also experiencing a great boom in prevalence. The need for smart buildings has increased in both, developed and developing nations, due to the growing integration of AI with vital building systems and equipment.

Contactless elevator installation is increasing daily in a variety of end-use cases, including the commercial and residential sectors. Due to the rising need for smart contactless machinery and equipment, sales of contactless elevators are set to significantly increase across the world.

Developing regions such as BRIC nations are increasingly investing in the development of smart infrastructure, while developed regions such as the U.K. and the U.S. are focusing on revamping and reconstructing their existing infrastructure.

Several public infrastructure development projects such as commercial places, rapid transit systems, airports, and railway stations are being undertaken for adapting to the increasing demand from the ever-growing population. This will fuel the demand growth for not only touchless equipment but also touchless elevators.

  • Short Term (2022 Q2 to 2025): Rising installation of contactless elevators in commercial places to positively impact market growth.
  • Medium Term (2025-2028): Asia Pacific and South Asia & Oceania anticipated to witness enhanced demand for contactless elevators due to growing population, coupled with government initiatives.
  • Long Term (2028-2032): Increase in use of contactless elevators for residential and industrial infrastructure predicted in the long-term period.

During the 2017-2021 historical years, the global contactless elevator market registered a CAGR of 5.9%, and according to the analysis by Fact.MR a market research and competitive intelligence provider, the market is projected to exhibit growth at 8.7% CAGR between 2022 and 2032.

Contactless elevator market forecast by Fact.MR

Market share analysis of contactless elevators on the basis of technology and regions is provided in the above image. Under the technology segment, the button sub-segment dominated the market with 75.7% market share at the end of 2021.

How is the Global Contactless Elevator Market Shaping Up?

“After Smart Elevators, Contactless Elevators are the Talk of the Town”

In a bid to deliver transformative digitalization for improving customer experience, several technology providers in the elevators & escalators industry are making efforts to better understand market complexity, right from the utilization of sensors to optimized adoption of data analytics and data storage.

Market players are concentrating on aggregating all the imperative technologies together, with customer insights in tandem, as a part of the complete offering. The first step of the digitalization jigsaw is the ability to make equipment more accessible and intelligent through the incorporation of analytics and sensors, which can be linked with modern elevators for monitoring their performance in real time.

The second step towards the digitalization of elevators is connectivity, wherein, the latest advancements in analytics and mobile technology render efficient remote diagnostics. As users get in physical touch with the control panel of the elevator thousands of times daily, the ability to access each of them remotely is crucial for evaluating their functionality.

This development will result in smooth touchless elevator operation and a further increase in the life of elevators. This will contribute to the growth of the global touchless elevator market over the coming years.

“Marco-Economic Policies of Global Construction Industry Driving Sales of Contactless Elevators”

Construction firms and governments are channelizing their efforts towards making the most use of the space present in metropolitan areas due to rapid urbanization. Construction businesses are increasingly focusing on the vertical extension of buildings, including low-, mid-, and high-rise buildings with urban populations continuing to grow significantly.

In industrialized economies such as the U.S., U.K., and UAE, high-rise structures are becoming more and more common. They effectively utilize available space by housing large populations in a small land area by creating vertical spaces.

Nearly 4 million high-rise structures already exist, and over 3.5 million more are planned for construction worldwide. Additionally, the need to replace outdated parts with new, efficient, and affordable elevator parts is driving the modernization of elevators that were put into service more than a decade ago. Development of new contactless elevators will also find immense application in high-rise buildings on the back of their advanced technology.

Around the globe, there is a total of 15 million elevators in operation and nearly 900,000 new elevators are installed yearly. Over the last two years, more contactless elevators have been installed owing to the COVID-19 pandemic to reduce physical contact between persons and stop the spread of the virus.

“High Prices of Touchless Elevators Compared to Traditional Ones Hampering Market Growth”

One of the potential challenges in the contactless market is high manufacturing cost and unavailability of key raw materials for production, thus resulting in price complexity.

Smart contactless elevators cost more to produce, are manufactured using costly materials that are more durable, and are tolerant to the environmental effect. However, there is limited availability of ceramics, steel, nickel carbide, aluminium, brass, and semiconductors needed for smart devices.

Also, getting certifications from different countries can be costly and that’s why contactless elevators do tend to cost more. On average, compared to traditional elevators that cost around US$ 40,000, the cost of a contactless elevator is around US$ 60,000 to US$ 100,000, depending on the capacity of the elevator.

Ultimately, it will come down to what the customer’s requirements and budget are! This is where research & development by manufacturers can be important to overcome this challenge, leading to creating a high need for the supply of contactless elevators.

An Adaptive Approach to Modern-day Research Needs

Country-wise Insights

Why is There High Demand for Contactless Elevators in the U.S.?

The touchless elevator market in USA is currently estimated at US$ 359.3 million and is expected to reach US$ 773.7 million by 2032.

The United States is one of the mature service markets with significant potential for modernization. The United States has a significant elevator installation share - around 1 million elevator units.

Development and advancements in the United States’ lifting equipment industry and contactless elevators industry present significant market opportunities. In the United States, the non-residential / commercial segment is bigger than the residential segment. This is owing to developments in manufacturing and industrialization technologies.

Over the assessment period, the United States contactless elevator market is expected to grow 2.2X.

How is Contactless Elevator Demand Shaping Up in China?

The Asia Pacific (APAC) contactless elevator market is a mix of developing and mature markets. Technological disruption and changing customer needs offer an opportunity for new services and new contactless elevators driven by urbanization and demographic change.

Moreover, growth opportunities in maintenance and modernization from maturing and growing touchless elevator maintenance base in China are one of the most dominating factors driving the growth of the contactless elevator market. China constitutes nearly 61.2% of the East Asia contactless elevator market share in 2022.

The market in China is expected to reach a valuation of US$ 240.3 million in 2022. This has proved to be an opportunity for contactless elevator manufacturers to enter this regional market with advanced elevator offerings such as IoT in elevators.

Category-wise Insights

Why are Traction Contactless Elevators Gaining Immense Popularity?

Installation of traction-type contactless elevators has increased steadily in recent years, surpassing a market valuation of US$ 1 billion at the end of 2021.

Traction-type contactless elevators have been identified as being offered by several manufacturers across the globe. These have low maintenance and increased capacity to lift loads to higher positions.

Traction elevators are the most common type of elevator. The counterweight is used in traction elevators to offset the weight of a car, making them much more energy-efficient than hydraulic systems.

Will Demand for Touchless Button Elevators Keep Rising Steadily?

As interest in touchless technology increases during the pandemic, manufacturers are looking to launch products based on AI and the cloud. Motion call touchless buttons for elevators promptly respond to changes that will help build a stable environment in this COVID-19 era.

The solution uses various types of contactless technology such as a smartphone application that can call an elevator or a special motion sensor that detects movement when passengers move their hands up and down.

Companies are releasing air push-button elevators that have infrared light sensor technology. Air push is a multi-touch IR sensor with a gesture-based interface that enables passengers to reach their desired floor through hand motions and without having to press buttons.

Thus, owing to the easy-to-operate technology, touchless elevator buttons are set to create an absolute $ opportunity of US$ 1.77 billion by 2032.

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Competitive Landscape

Prominent contactless elevator manufacturers are Schindler, Hitachi, Mitsubishi Electric, Kleemann, Kone, Hyundai Elevator, Otis, TK Elevator Corporation, FUJITEC CO., LTD, Honeywell International, Inc., Toshiba, Bosch, and Johnson Controls.

For any manufacturer, drafting strategies for smart touchless elevator manufacturing and product offering is a crucial step to gaining a high market share in the elevator market. Key touchless elevator manufacturers are focusing on developing new smart elevator designs to address today's problems in terms of safety.

Companies are seeking to form constructive relationships and collaborations with government and end-use industries such as real estate and construction companies. Market participants are focusing on expanding their product offerings by integrating diverse technologies such as touchless lift buttons, motion call sensors, and mobile touchless elevator control.

For instance :

  • In May 2020, The Escalator & Elevator Division of Mitsubishi Electric, Inc., introduced a smartphone app for an elevator call system.
  • In Dec. 2020, Hyundai Elevator Co. introduced its newly designed motion call buttons, both domestically and abroad, notably in China, to reduce physical contact and the transmission of contaminants inside an elevator.
  • In Jan. 2021, Schindler, introduced ElevateMe Software, a smartphone app that enables users to summon an elevator and choose the destination floor without pressing any button on the exterior or inside of the elevator car.
  • In March 2021, KONE Elevator India launched digitally connected elevators - Kone DX Class. Combing new technology, design, new materials, services, and apps, the new elevator offers a whole new experience to users.

Fact.MR has provided detailed information about the price points of key manufacturers of contactless elevators positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Key Segments in Contactless Elevator Industry Research Report

  • Contactless Elevator Market by Elevator Type :

    • Hydraulic Elevators
    • Traction Elevators
    • Machine-Room-Less (MRL) Elevators
    • Pneumatic Elevators
  • Contactless Elevator Market by Capacity :

    • Up to 1500 Lbs
    • 1500-3000 Lbs
    • 3000-4500 Lbs
    • 4500-6000 Lbs
    • Above 6000 Lbs
  • Contactless Elevator Market by Technology Type :

    • Buttons
      • Hand Buttons (Air Push, Motion Call)
      • Foot Buttons
    • Voice Assistance
    • Mobile Control
  • Contactless Elevator Market by Application :

    • Residential Contactless Elevators
    • Commercial Contactless Elevators
    • Industrial Contactless Elevators
    • Mix Block Contactless Elevators
  • Contactless Elevator Market by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

The global touchless lift market is valued at US$ 1.85 billion in 2022.
Global sales of contactless elevators increased at 5.9% CAGR between 2017 and 2021.
Key contactless elevator manufacturers are Schindler, Hitachi, Mitsubishi Electric, Kleemann, Kone, Hyundai Elevator, Otis, TK Elevator Corporation, FUJITEC CO., LTD, Honeywell International, Inc., Toshiba, Bosch, and Johnson Controls.
Europe leads the global market accounting for 27.3% market share in 2022.
The buttons technology segment accounts for 75.5% market.

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