South & Central America Smart Elevator Market Forecast to 2031

At 7.5% CAGR, South & Central America Smart Elevator Market is Projected to be Worth US$ 1,800.71 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America smart elevator market was valued at US$ 1,011.99 million in 2023 and is expected to reach US$ 1,800.71 million by 2031, registering a CAGR of 7.5% from 2023 to 2031. Technological advancements in elevator industry and rise in building construction activities are among the critical factors attributed to the South & Central America smart elevator market expansion.

Elevator technologies have been gradually developing over the past few years with the integration of leading-edge Artificial Intelligence (AI) technology and cloud services. Furthermore, the advent of digitization force elevator manufacturers to reevaluate their product lines and roll out next-generation elevator technology that is safe and quick.

With the integration of innovative technologies and intelligent systems, smart elevators are revolutionizing business operations. Elevators utilize cutting-edge features such as sensors, artificial intelligence, and connectivity to optimize traffic flow and reduce wait times. This is particularly useful in office buildings, where efficient movement of employees is crucial. Smart elevators minimize congestion and increase efficiency by assigning passengers to specific elevators based on their destination floor. In addition to improving traffic flow, these elevators offer personalized experiences for users. By recognizing employees through keycards, facial recognition, or biometric authentication, these elevators can direct them to their respective floors, eliminating the need for manual selection. With their advanced features and applications in various business sectors, they are poised to become an integral part of daily life.

Further, market players are focusing on technological advancements. In September 2022, Hitachi unveiled an innovative touchless operating panel that revolutionized elevator technology by eliminating the need for physical floor buttons. This development offers users a unique and immersive experience, introducing a new level of convenience and ease of use. Thus, increasing focus on technological advancements is expected to create new trends in the South & Central America smart elevator market during the forecast period.

On the contrary, intense competition among market players hamper the growth of South & Central America smart elevator market.

In terms of carriage, the South & Central America smart elevator market is bifurcated into passenger and freight. The passenger segment held 79.1% share of the South & Central America smart elevator market in 2023, amassing US$ 800.61 million. It is estimated to garner US$ 1,397.38 million by 2031 to expand at 7.2% CAGR during 2023-2031.

Based on setup, the South & Central America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held 38.8% share of South & Central America smart elevator market in 2023, amassing US$ 392.34 million. It is predicted to garner US$ 650.98 million by 2031 to expand at 6.5% CAGR during 2023-2031.

By application, the South & Central America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held 50.0% share of the South & Central America smart elevator market in 2023, amassing US$ 506.27 million. It is projected to garner US$ 914.24 million by 2031 to expand at 7.7% CAGR during 2023-2031.

Based on country, the South & Central America smart elevator market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 53.5% share of South & Central America smart elevator market in 2023, amassing US$ 541.41 million. It is projected to garner US$ 977.79 million by 2031 to expand at 7.7% CAGR during 2023-2031.

Key players operating in the South & Central America smart elevator market are Kone Corp, Hyundai Elevator Co Ltd, Otis Worldwide Corp, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America smart elevator market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in South & Central America smart elevator market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South & Central America Smart Elevator Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in the Value Chain
5. South & Central America Smart Elevator Market – Key Market Dynamics
5.1 South & Central America Smart Elevator Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Rise in Building Construction Activities
5.2.2 Technological Advantages of Smart Elevators over Conventional Elevators
5.3 Market Restraints
5.3.1 Intense Competition Among Market Players
5.4 Market Opportunities
5.4.1 Growing Vertical Transportation Industry
5.4.2 Increasing Demand for Energy-Efficient Elevators
5.5 Future Trends
5.5.1 Technological Advancements in Elevator Industry
5.6 Impact of Drivers and Restraints:
6. Smart Elevator Market – South & Central America Market Analysis
6.1 South & Central America Smart Elevator Market Revenue (US$ Million), 2023-2031
6.2 South & Central America Smart Elevator Market Forecast Analysis
7. South & Central America Smart Elevator Market Analysis – by Carriage
7.1 Passenger
7.1.1 Overview
7.1.2 Passenger: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Freight
7.2.1 Overview
7.2.2 Freight: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8. South & Central America Smart Elevator Market Analysis – by Setup
8.1 New Deployments
8.1.1 Overview
8.1.2 New Deployments: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Modernization
8.2.1 Overview
8.2.2 Modernization: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Maintenance
8.3.1 Overview
8.3.2 Maintenance: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9. South & Central America Smart Elevator Market Analysis – by Application
9.1 Residential
9.1.1 Overview
9.1.2 Residential: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Industrial
9.3.1 Overview
9.3.2 Industrial: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10. South & Central America Smart Elevator Market – Country Analysis
10.1 South & Central America
10.1.1 South & Central America: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.1 South & Central America: Smart Elevator Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Brazil: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Brazil: Smart Elevator Market Breakdown, by Carriage
10.1.1.2.2 Brazil: Smart Elevator Market Breakdown, by Setup
10.1.1.2.3 Brazil: Smart Elevator Market Breakdown, by Application
10.1.1.3 Argentina: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Argentina: Smart Elevator Market Breakdown, by Carriage
10.1.1.3.2 Argentina: Smart Elevator Market Breakdown, by Setup
10.1.1.3.3 Argentina: Smart Elevator Market Breakdown, by Application
10.1.1.4 Rest of South & Central America: Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Rest of South & Central America: Smart Elevator Market Breakdown, by Carriage
10.1.1.4.2 Rest of South & Central America: Smart Elevator Market Breakdown, by Setup
10.1.1.4.3 Rest of South & Central America: Smart Elevator Market Breakdown, by Application
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis By Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Kone Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Hyundai Elevator Co Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Otis Worldwide Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 ThyssenKrupp AG
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Schindler Holding AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Mitsubishi Electric Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hitachi Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
14. Appendix
14.1 About The Research Team

LIST OF TABLES

Table 1. South & Central America Smart Elevator Market segmentation
Table 2. List of Vendors
Table 3. South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Carriage
Table 5. South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Setup
Table 6. South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. South & Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 8. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 9. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 10. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 11. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 12. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 13. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 14. Rest of South & Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Carriage
Table 15. Rest of South & Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Setup
Table 16. Rest of South & Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 17. Heat Map Analysis By Key Players

LIST OF FIGURES

Figure 1. South & Central America Smart Elevator Market segmentation, by Country
Figure 2. Ecosystem Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. South & Central America Smart Elevator Market Revenue (US$ Million), 2023-2031
Figure 5. South & Central America Smart Elevator Market Share (%) – by Carriage (2023 and 2031)
Figure 6. Passenger: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Freight: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. South & Central America Smart Elevator Market Share (%) – by Setup (2023 and 2031)
Figure 9. New Deployments: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Modernization: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Maintenance: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. South & Central America Smart Elevator Market Share (%) – by Application (2023 and 2031)
Figure 13. Residential: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Commercial: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Industrial: South & Central America Smart Elevator Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. South & Central America Smart Elevator Market- Revenue by Key Countries 2023 (US$ Million)
Figure 17. South & Central America: Smart Elevator Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 18. Brazil: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. Argentina: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)
Figure 20. Rest of South & Central America: Smart Elevator Market – Revenue and Forecast to 2031(US$ Million)