Increasing urbanization is a major factor driving growth of the smart elevators market
Smart elevator is suitable for applications in infrastructure in the urban areas (such as New York
City, Chicago, and San Francisco) where high multi-storey buildings and mall construction is
gaining significant traction. Therefore, development in infrastructure is expected to propel
demand for smart elevators. Increasing urbanization activities worldwide is further fuelling
market growth. For instance, according to the World’s Cities by the United Nations report, in
2016, an estimated 54.5% of the world’s population lives in urban areas and is expected to grow
to a 60% by 2030. Increasing sift of population towards urban regions is compelling engineers
to develop better infrastructures (e.g. tall buildings) with a perspective to accommodate the
growing urban population. Moreover, increasing investment in infrastructure sector worldwide
is driving the market growth. For instance, according to Coherent Market Insights, worldwide
infrastructure spending is expected to be over US$ 9 Trillion per year by 2025, up from US$ 4
Trillion per year in 2012. Overall, close to US$ 78 trillion is expected to be spent worldwide
between 2014 and 2025. Therefore, increasing urbanization is propelling demand for
construction of urban infrastructure, which in turn is driving growth of the smart elevators
market.
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.
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https://www.coherentmarketinsights.com/ongoing-insight/smart-elevators-market-2044
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