UK smart elevators market is estimated to grow considerably at a CAGR of 15.0% during the forecast period. UK contributes a major share in the smart elevators market due to the rising urbanization in the country. As per the World Bank, urbanization has been increased to around 83.4% in 2018 as compared to 78.6% in 2000, with a subsequent increase in population in the same period. In addition, among all major economies in Europe, UK has the largest number of skyscrapers under construction. It is creating a significant opportunity for the market in the country.
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As per European Commission, real estate projects, construction, and architectural & engineering activities contributed around 11.5%, 5.5%, and 1.3% respectively as a share of GDP in the construction sector of the nation. With the 24.3% surge in the house price index in the country, UK housing market experienced a boom and bust cycle over 2010 – 2016. Consequently, the UK is facing a housing shortage and affordability issues with the need for additional housing has been estimated at 232,000 to 300,000 new units per year. To tackle these challenges, the government plans to deliver 400,000 affordable housing units by 2020 - 2021, out of which 100,000 to be financed through a new $3.0 billion Housing Infrastructure Fund. These facts and figures reflect the growth opportunities of the construction industry.
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UK Smart Elevators Market Segmentation
• Bosch Security Solutions GmbH
• Fujitec Co., Ltd.
• Hitachi Ltd.
• Honeywell International Inc.
• Hyundai Elevator Co. Ltd.
• Johnson Controls Inc.
• Kleemann Hellas SA
• KONE Corp.
• Mitsubishi Electric Corp.
• OTIS Elevator Corp. (A United Technologies Co.)
• Schindler Holding AG
• ThyssenKrupp Elevator AG
• Toshiba Elevators and Building Systems Corp.
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