Global Elevators and Escalators Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Elevators and Escalators Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global elevators and escalators market report have been segmented on the basis of product type, service, technology, end user, and region.
Global Elevators and Escalators Market: Overview
Elevators are used to move loads between one level or floor to another in any building. On the other hand, the escalator is a moving staircase, consisting of a circulating belt of steps which carries people or goods between various floors of a building.
Global Elevators and Escalators Market: Dynamics
Rising construction of multi-story buildings along with an increasing number of shopping malls leads to increasing need for rapid transit are expected to fuel growth of the market. Some factors such as demographic changes, increasing urbanization, and rising concern about safety are some growth drivers expected to drive global elevators and escalators market. The booming construction industry is providing growth opportunities for the target market during the forecast period. Moreover, continuous investments and government regulations to boost infrastructure growth at public places like railway station, airports, and shopping malls are further expected to upsurge demand for elevators and escalators over the forecast period. The increasing importance of ease and convenience of the tourists visiting the respective countries encourages demand for elevators and escalators positively.
New trend witnessed in the construction sector includes installing weatherproof escalators outside the building. Another factor flourishing the market is a smart elevator. It is an advanced system that allows automated vertical transportation of goods or passengers more efficiently. However, the high initial cost of installation and lack of skilled labor for the after sales maintenance are some of the factors expected to hamper growth of the target market.
Global Elevators and Escalators Market: Segment Analysis
Among the product type segments, the elevators segment is expected to hold a considerable share in the market over the forecast period.
Among the service segments, the new installation segments expected to drive the target segment in the target market.
Among the technology segments, the machine room-less segment is projected to register substantial growth.
Among the end-user segments, the commercial and residential segments are anticipated to account for significant revenue share.
Global Elevators and Escalators Market: Region Analysis
Asia Pacific region is expected to be the largest market for elevators & escalators during the forecast period. Increase in demand for the target product is driven by large expenditure by public and private companies on airport development, ports, housing, and rail transport. The expansion of the elevators and escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. Moreover, increasing the spending capacity of the consumers and improved living of standard are some factors expected to drive growth of the market in the region. According to the National Institute on Aging (NIA), part of the National Institutes of Health, 8.5% of people worldwide (617 million) are aged 65 and over in the year 2016. This drives the need for the installation of elevators & escalators in commercial and residential buildings as well as railway stations and bus terminals in various countries.
Global Elevators and Escalators Market Segmentation:
Segmentation by Product Type:
- Moving Walkways
Segmentation by Service:
- New Installation
- Maintenance & Repair
Segmentation by Technology:
- Machine room-less
Segmentation by End User
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Kone Corporation
- United Technologies
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
- Thyssenkrupp AG
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Toshiba Corporation
- Electra Ltd.
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