A comprehensive research report created through extensive primary research (inputs from industry experts, companies, stakeholders) and secondary research, the report aims to present the analysis of Global Elevators and Escalators Market on the basis of Product Type (Elevators and Escalators), By Business Type (New Installations, Maintenance & Modernization); By End User (Residential, Commercial, Hospitality and Other’s), Region (North America ,Europe, Latin America, Middle East, Asia-Pacific and ROW ) and By Country (U.S., Canada, Germany, France, U.K., Spain, Italy, China, India, Japan, Saudi Arabia, UAE, Brazil and Mexico).
Over the recent years, the global elevators & escalators industry has gone through rapid transition supported by the advancement in technologies and increasing construction of skyscrapers catering to the fast paced vertical expansion of the cities. The elevators & escalators market has grown significantly due to rapid urbanization and construction of high rise buildings particularly in emerging economies. Globally, the growth in the elevators and escalators market is driven by increasing population in metropolitan cities, rising disposable incomes, increasing investment in public infrastructure and high demand for affordable house. Additionally, a significant number of elevators and escalators with the age of 20 years and above in developed economies coupled with changing regulations & safety codes and growing preference for energy efficient elevators are anticipated to impel the elevators & escalators market particularly in modernization segment.
According to Azoth Analytics research report, “Global Elevators and Escalators Market (Volume, Value) By Product Type (Elevators, Escalators), By Technology (Electric, Hydraulic), By Business Type (New Installations, Maintenance, Modernization), By End User (Residential, Commercial, Hospitality, Others): Analysis By Company, By Country, By Region (2012-2022)”, global market is projected to display a robust growth represented by a CAGR of 6.37% during 2017 – 2022, chiefly driven by rapid construction in emerging economies in Asia-Pacific and Middle East Countries.
Among the regions, Asia-Pacific is predicted to advance at the highest rate, mainly driven by robust economic growth, increasing demand for affordable homes in metropolitan cities, rising middle class economy etc. Among the country China and India are predicted to advance at the highest rate driven by high rapid urbanization growth and rising economy.
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