Regional Analysis

Smart Elevators Market: Regional Insight

On the basis of region, the smart elevators market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

North America held the dominant position in smart elevators market in 2017, owing to increasing expenditure on infrastructure. The region of North America comprises some prominent and developed economies such as the U.S. and Canada. The rate of urbanization in these economies is considerably high. For instance, according to the United Nations report, in 2016, over half of the North American population resided in the urban regions and one in every five people lived in a city of 5 Million habitants or more. Increasing urbanisation in these regions is propelling demand for construction of tall buildings for residential and commercial purposes, which in turn is fuelling growth of the smart elevators market.

Furthermore, Asia Pacific is the fastest growing region in the global market. The region has high percentage of urban population. For instance, according to a March 2017 report by United Nation’s Economic and Social Council, Asia Pacific was home to 60% of world’s urban population in 2017. Furthermore, according to World Population data sheet by Population Reference Bureau, in 2017, the total population of Asia Pacific region was around 4,494 Million out of which 49% accounted for urban population. Also, funding for development of urban infrastructure sector has increased in Asia Pacific. For instance, according to September 2017, report by India Brand Equity Foundation (IBEF), in India, Foreign Direct Investment inflows for construction development sector and infrastructure activities sector accounted for US$ 24.54 billion and US$ 9.82 billion, respectively from April 2000 to June 2017. Smart elevators offers several advantages in urban infrastructures, growth of urbanization and infrastructure development in this region are expected to increase demand for smart elevators throughout the forecast period.

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