Elevator and Escalator Market in APAC 2018-2022
About this market
The rapid urbanization and rising population are some of the factors responsible for the growth of megacities in this region. The region has efficient public infrastructure for mass transportation is required for this high population in these megacities. The countries in Asia are planning to build metro rails in urban areas to reduce traffic congestion and improve transportation facilities. The metro project in the region and real estate investments around these projects will propel the demand for elevators and escalators. Therefore, the growing high-speed metro projects are one of the major factors driving elevators and escalators market growth in APAC at a CAGR of over 8% during the forecast period.
Growing high- speed metro projects
The new projects will create demand for elevators and escalators. Real estate investment in the vicinity of these metro rail stations will also create a demand for the market.
Volatile raw materials prices
A rise in the price of the steel would adversely impact the profit margins of the vendors. Increasing raw material prices and the addition of advanced technologies in the equipment augment the price of raw material.
For the detailed list of factors that will drive and challenge the growth of the elevator and escalator market in APAC during the 2018-2022, view our report.
The elevator and escalator market in APAC is fairly concentrated with the presence of several companies competing for the market share. Vendors in the market are integrating cognitive analytics with elevators and escalators which would help them to monitor these machines in different locations. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook