North American smart elevators market is estimated to grow significantly at a CAGR of 14.2% during the forecast period. North America is projected to be the most opportunistic region in the global smart elevators market during the forecast period. This is due to the increasing development of eco-friendly construction activities and the government initiates in the development of smart city projects. The US is home to the number of MNCs; owing to which, there is a huge population base of wealthy people from across the globe. This rises the need for the construction of high-rise buildings and skyscrapers in the country. According to CTBUH, around 1,579 skyscrapers are present in New York City, US, which estimated the largest number of skyscrapers across the globe. Now, as the US adopts the advanced technologies at the first chance; therefore, the country is expected to propel the demand for smart elevators in recent years.

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The market for smart elevators in the US has several driving factors, which includes the keen focus of the country towards the deployment of advanced infrastructure, demand for energy-efficient solutions and intelligent buildings and the presence of major market players such as Otis Elevator Co., Johnson Controls Inc., and Motion Control Engineering, Inc., among others. Canada’s construction sector is moving at a solid pace and is recognized for its one of the largest markets for residential, commercial, and infrastructure development. The Construction Sector Council stated that Canada requires around 320,000 new construction workers between 2017 and 2020, owing to a peak in construction research projects across the country.

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

Research Methodology

The market study of the North American smart elevators market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.

Market Segmentation

1. North American Smart Elevators Market Research and Analysis by Type

2. North American Smart Elevators Market Research and Analysis by Application

The Report Covers

• Comprehensive research methodology of the North American smart elevators market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American smart elevators market.
• Insights about market determinants which are stimulating the North American smart elevators market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.