Rapid urbanization around the world is creating lucrative growth opportunities for the global elevators and escalators market finds Fortune Business Insights in their recent study. The study is titled ”Elevators and Escalators Market: Global Market Analysis Insights and Forecasts 2018 – 2025.” A major factor boosting this market is the advancement in the construction industry and changing demographic trends.
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- KONE Corporation
- Schindler Holding Ltd.
- Hyundai Elevator Company
- Fujitec Egypt Co. Ltd.,
- Mitsubishi Electric Automation, Inc.
- Otis Elevator Co.
Rising Investment towards Improving Infrastructure among Various End-Use Industries to Boost Market
Major factors encouraging the use of elevators and escalators are the rising number of differently-abled people and the geriatric population accompanied by the need to provide them ease of mobility in public areas. Governments are taking a keen interest in ensuring ease of locomotion and mobility to people and therefore investing in modern construction designs in malls and other public places. Demand for better accessibility and improved mobility is aiding the expansion of this market. With busy and tight work schedules the necessity for elevators and escalators is increasing by the day.
Increasing investments by market players for improving infrastructure and installation of elevators and escalators in public places such as airports shopping malls railway stations and others will help the market grow remarkably in the coming years. The development of innovative technologies and energy-efficient products is likely to drive the market for escalators and elevators remarkably.
However, the fact that the new generation elevators and escalators come with high installation and maintenance costs may hinder the growth of the market. This coupled with the need for compliance with stringent regulatory standards may pose a threat to the elevators and escalators market.
Nevertheless, the development of innovative technologies and the introduction of smart elevators will create lucrative growth opportunities for the global market. The introduction of energy-efficient elevators is on the rise because of the changing demographics and the need for conserving energy. This will help the market grow at promising rates during the forecast period.
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Major Segments Mentioned:
- By Product Type
- Moving Walk Ways
- By Service
- Maintenance & Repair
- New Installation
- By Technology
- Electric lifts
- Hydraulic lifts
- By End User
- By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
On the contrary, the high cost associated with upgraded technology is a factor that may restrain the global Escalator and Elevator Market.
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- North America
- Asia Pacific
- Latin America
- Middle East & Africa
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
The report also offers insights on the key players operating in the global Escalator and Elevator Market.
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