China smart elevators market is estimated to grow modestly at a CAGR of 14.8% during the forecast period. China smart elevators market has reported potential growth in Asia-Pacific smart elevators market. The major factors contributing to the growth of the market in the country include significant skyscraper building projects and rapid urbanization in the country. As per the World Bank, there was 59.2% of the total population in China lives in urban areas. By 2050, it is projected that the country will have added 255 million urban dwellers (as per the United Nations). The increasing urbanization leads to the demand for high-rise apartments and luxury apartments in China. Smart elevators are now being significantly used in these buildings to provide convenience to the lift users. There is an increased focus on efficient crowd management and robust commuting in residential establishments. Smart elevators offer convenience to the users to arrive at their destination more quickly with fewer stops. This, in turn, urbanization is one of the major factors offering an opportunity for market growth in the country.

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The companies which are contributing to the growth of China smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

Owing to this considerable opportunity for smart elevators in China, the major players are focusing on launching new smart elevators in the market. For instance, in July 2019, Hitachi Elevator (China) recently introduced its next-generation smart elevator MCA-ES in Kunming. It uses advanced intelligent control technology for monitoring the riding experience of the users. This new model is designed for 5G and is running on an open platform. As per the company, the MCA-ES model can achieve a higher level of speed and position control as it has a tolerance in the elevator's vertical position when stationary of +/-0.1 mm. As a result, it ensures the high accuracy landing of elevators on every floor in spite of building shrinkage, settlement, climate change, and several other factors. This reduces the possibilities of a passenger falling and tripping.

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The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in September 2019, Otis Elevator Corp. launched an IoT solution in China, with an aim to boost elevator performance and reduce downtime. Otis will now offer a complete end-to-end, proactive digital service that connects the elevator system. This new solution is available in China under the brand name Otis ONE and from Otis Electric as Otis CONNECT. By realizing the growth potential of IoT, the company is swiftly moving to the deployment of advanced technologies in its products.

Market Segmentation

China Smart Elevators Market by Type

• Passenger
• Freight

China Smart Elevators Market by Application

• Residential
• Commercial
• Industrial
• Others

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