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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Fortune Business Insights predicts the global construction industry to grow by 85% to reach a valuation of US$ 15.5 Tn by the end of 2030 out of which 57% of market value is shared by three countries namely India the U.S. and China. Thus boost in the construction industry is likely to bode well for the global Escalator and Elevator Market in the future. Among end-users, the commercial elevators segment is expected to dominate the global market.
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- KONE Corporation
- Schindler Holding Ltd.
- Hyundai Elevator Company
- Fujitec Egypt Co. Ltd.,
- Mitsubishi Electric Automation, Inc.
- Otis Elevator Co.
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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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Low Labor Costs Availability of Abundant Raw Materials to Drive Market
Geographically the global elevators and escalators market is anticipated to witness the fastest growth in the Asia Pacific. This is due to the drastically growing infrastructure and increasing adoption of elevators and escalators in developing nations of India and China. Besides the availability of enough raw materials at cheaper costs availability of labor at a lower cost and increasing preference for smart elevators will help the Asia Pacific emerge as the fastest-growing region in the market.
Market players are focusing on investing in smart elevators so as to gain more market revenue. The presence of numerous companies in the elevators and escalators market has rendered the vendor landscape highly fragmented. Major focus is on innovative technologies and high-quality escalators to gain a competitive edge in the market. Mergers and acquisitions company collaborations and rising investments are other strategies adopted by players.
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