South & Central America Smart Elevator Market Forecast to 2031 - Regional Analysis - by Setup (Modernization, Maintenance, and New Deployments), Carriage (Passenger and Freight), and Application (Residential, Commercial, and Industrial)

Description

List of Tables

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; it is estimated to register at a CAGR of 7.5% from 2023 to 2031.

Rise in Building Construction Activities Fuels South & Central America Smart Elevator Market

Approximately half of the 7.8 billion people worldwide currently reside in cities and urban regions, with an additional 2.5 billion predicted to move in the next 20 to 25 years. In crowded places where empty lands are scarce, high-rise structures-especially residential ones-have shown to be advantageous. There is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. Smart elevators are broadly used in high-rise buildings to offer residents easy and quick access to different floors. Therefore, upsurge in building construction activities is a major driver for the South & Central America smart elevator market growth.

South & Central America Smart Elevator Market Overview

In Brazil, the government is promoting the reconstruction of existing buildings to high-rise buildings in order to stimulate growth in the infrastructure sector. For instance, in January 2024, Otis Brazil completed the technological and aesthetic modernization of 13 elevators in the iconic Birmann 21 building in Sao Paulo, completing the 36-month modernization project on schedule. Otis Brazil is part of Otis Worldwide Corporation, the world leader in the manufacture, installation, and maintenance of elevators and escalators.

In April 2023, Argentina's real estate development firm, Inversiones y Representaciones Sociedad Anonima (IRSA), gained approval for a US$ 1.8 billion real estate project. With this approval, the company finally carried out the project to add new housing, stores, offices, schools, a sanatorium, and a public park to the Costanera Sur area. Therefore, increasing construction activities in the region are expected to boost the smart elevator market in South & Central America.

South & Central America Smart Elevator Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Smart Elevator Market Segmentation

The South & Central America smart elevator market is segmented based on carriage, setup, application, and country.

In terms of carriage, the South & Central America smart elevator market is bifurcated into passenger and freight. The passenger segment held a larger share in 2023.

Based on setup, the South & Central America smart elevator market is segmented into modernization, maintenance, and new deployments. The new deployments segment held the largest share in 2023.

By application, the South & Central America smart elevator market is segmented into residential, commercial, and industrial. The commercial segment held the largest share in 2023.

Based on country, the South & Central America smart elevator market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America smart elevator market in 2023.

Kone Corp, Hyundai Elevator Co Ltd, Otis Worldwide Corp, Thyssen Krupp AG, Schindler Holding AG, Mitsubishi Electric Corp, and Hitachi Ltd are some of the leading companies operating in the South & Central America smart elevator market.

Product Code: BMIRE00030950

1. Introduction

1.1 The Insight Partners 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 Insight Partners