Global Elevators and Escalators Market Research Report, Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine room-Less, Hydraulic), End User and Region – Forecast Till 2023
Synopsis of Global Elevators and Escalators Market:
Geographically, the global Elevators and Escalators market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific region, has accounted for the largest market share, in 2016 and is projected to grow at the highest CAGR during the forecast period. Growing demand from residential as well as construction sector is the major factor driving the growth of the market. Increasing supportive regulations from the government also fuel the growth of the market. For example, in India the government announced numerous major policy initiatives such as the Real Estate Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many others. These initiatives further boost to the construction industry in the country and increase the demand of the market. China, Japan, India, and Singapore are the major markets in Asia Pacific. China is one of the leading markets in the region.
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European region, is the second largest region for Elevators and Escalators. Growing renovation and reformation of the homes driving the growth of the market in Europe. U.K., Germany, Poland, and France, are the major markets for Elevators and Escalators. The Middle East & South America regions are expected to contribute significantly during the forecast period mainly due to changing lifestyle and high growth in construction sector. North America is another major market for the elevators and escalators. Growing residential and non-residential construction activities in the region is driving the growth of the market.
For the purpose of this study, the global elevators and escalators market has been divided into four segments such as type, service, elevator technology, and end user. On the basis of type, the market has been segmented into elevators, escalators, and moving walkways. Elevators accounted for the largest market share and is expected to remain dominant over the forecast period mainly due to their growing demand from the commercial spaces. Escalators segment is expected to show the highest growth during the forecast period. Increasing infrastructure development across the globe is further driving the demand of escalators.
On the basis of service, the market has been segmented into new installation and maintenance & repair. New installation segment accounted for the largest market share and is expected to remain dominant over the forecast period. Rapid growth in construction sector across the globe driving the growth of the market. Maintenance & repair services is also expected to contribute significantly during the forecast period. All new and existing elevators and escalators installed till the date require routinely repair & maintenance for their proper functioning. This makes the maintenance & repair market very productive and fast growing.
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Characterized by the presence of several well-established and small players, the global market of elevators and escalators appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in the market and to maintain their market position. These key players compete on pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These key players make a substantial investment for R&D and to secure a guaranteed resource for the customers.
Hence, global elevators and escalators market is expected to grow at a CAGR of 6.01% during the forecast period 2018-2023.
The prominent players in the elevators and escalators market include KONE Corporation (Finland), Sigma Elevator Company (Korea), Otis Elevator Company (U.S.), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Elevator And Building Systems Corporation (Japan), Stein Ltd (Russia), PAPPAS Elevators (Russia), Gulf Elevator & Escalator Co. Ltd. (Saudi Arabia) and Electra Ltd. (Israel).
The report for Global Elevators and Escalators Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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