The global elevators and escalators market witnesses a substantial rise in its revenues. Elevators and escalators are a crucial aspect of any building structure across industrial, commercial, and residential sectors. Besides, rapid urbanization and the burgeoning construction industry are key trends supporting the growth of the market.
Also, the highest standards set by key manufacturers in elevator and escalator innovations, efficiency, safety, and comfort influence the market rise. Rapid upgrades in elevator and escalator technologies have become one of the major growth drivers for the overall market growth globally.
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With the rising number of commercial spaces, the market is projected to witness accelerating growth in the years to come. According to Market Research Future (MRFR), the global elevators and escalators market is estimated to grow at an exponential CAGR during the review period (2020-2027).
Additionally, the continually increasing pressure to optimize resources and energy propel the elevators and escalators market shares. Huge investments in growing construction businesses and high demand for security influence market growth. The increasing demand for energy-efficient elevators and escalators pushes the market growth.
On the other hand, the high initial investments required to purchase and deploy elevators and escalators are major growth impeding factors. Also, high costs associated with regular maintenance of elevators and escalators affect the market demand.
Global Elevators Escalators Market – Segments
The elevators and escalators market analysis is segmented into types, services, elevator technologies, end-users, and regions. The type segment is sub-segmented into elevators, escalators, and moving walkways. The sub-segment elevators account for the largest market share, mainly due to their growing demand from the commercial spaces.
The segment would remain dominant throughout the anticipated period. Increasing infrastructure development projects across the globe are further driving the demand for escalators. The service segment is sub-segmented into new installation and maintenance repair.
The elevator technology segment is sub-segmented into traction, machine room-less, hydraulic, and others. The end-user segment is sub-segmented into residential, commercial, and industrial construction sectors. The region segment is sub-segmented into Europe, Americas, APAC, and rest-of-the-world.
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Elevators and Escalators Market – Regional Analysis
The Asia Pacific region dominates the global elevators and escalators market. Factors such as the growing demand from residential and commercial construction sectors drive the elevators and escalators market growth. Increasing supportive regulations from the government also fuel the region’s elevators and escalators market shares. China, Japan, Singapore, and India, are major elevators escalators markets in the region.
For example, the Indian government has announced major changes in policies, such as the Real Estate Act 2016, change in arbitration norms for construction companies, the amendment to the Benami Transactions Act, 100?duction in profits for affordable housing construction and many others. These initiatives are key elevators and escalators market trends fostering regional market growth.
Global Elevators Escalators Market – Competitive Analysis
Highly competitive, the elevators and escalators market appears fragmented due to the presence of several well-established players. Industry players incorporate various strategic initiatives such as mergers acquisitions, collaboration, product launch, and expansion to gain a larger competitive share.
Major Players:
Players leading the elevators and escalators market include Sigma Elevator Company (Korea), KONE Corporation (Finland), Otis Elevator Company (US), Schindler (Switzerland), United Technologies (US), Mitsubishi Electric Corporation (Japan), FUJITEC (Japan), ThyssenKrupp AG (Germany), Hitachi Ltd. (Japan), Toshiba Elevator And Building Systems Corporation (Japan), Hyundai Elevator Co., Ltd. (South Korea), Stein Ltd (Russia), Gulf Elevator Escalator Co. Ltd. (Saudi Arabia), PAPPAS Elevators (Russia), and Electra Ltd. (Israel), among others.
Industry/ Innovation/ Related News:
Aug. 05, 2021 — KONE, a leading global player in the elevator and escalator industry, announced the acquisition of the service and repair business of Ross Elevator Inc., including its operations throughout the greater Cleveland metropolitan city and stretching south to Akron.
The acquisition would strengthen KONE’s local operations, bringing together highly qualified industry professionals. Besides, the acquisition would also strengthen KONE’s market position and increase its ability to offer innovative smart building solutions and industry expertise to a larger customer base.
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