Elevator and Escalator Market in South Korea 2015-2019 - Industry Research Report
About elevators and escalators
Elevators and escalators are positioned in buildings for efficient movement of people and goods within a building's premises. They are installed in commercial buildings, residential buildings, mixed-used buildings, IT parks, hotels, restaurants, and retail outlets among others. They are also installed in public places to improve vehicle parking management.
Technavio's analysts forecast the elevator and escalator market in South Korea to grow at a CAGR of 1.69% in terms of newly installed units over the period 2014-2019.
Covered in this report
In this report, Technavio includes the present scenario and growth prospects of the elevator and escalator market in South Korea for the period 2015-2019. To calculate the market size, the report considers the number of the newly installed elevator and escalator units in the country.
The report presents the vendor landscape and a corresponding detailed analysis of the four key vendors in the market and a brief description on the other prominent vendors. In addition, the report discusses the major drivers that influence the growth of the elevator and escalator market in South Korea, outlines the challenges faced by the vendors and the market at large, and highlights the key trends visible in the market.Key vendors
Technavio Announces the Publication of its Research Report – Elevator and Escalator Market in South Korea 2015-2019
Technavio recognizes the following companies as the key players in the Elevator and Escalator Market in South Korea: Fujitec Korea, Hyundai Elevator, Otis Elevator Korea, Schindler Korea, and ThyssenKrupp Elevator Korea.
Other Prominent Vendors in the market are: Handok Elevator, Joung il Industry, Mitsubishi Elevator Korea, Nara Elevators, TELC, and Sin Woo Elevator.
Commenting on the report, an analyst from Technavio’s team said: “Manufacturers in South Korea have gradually started to manufacture MRL elevators. MRL elevators are found to be more economical and efficient in various aspects and a key advantage offered by these elevators is that it eliminates the need for additional space for the lift operator.”
According to the report, the majority of high-rise buildings being constructed in South Korea are being developed for the purpose of residential occupancy and it is expected to drive the market considerably during the forecast period.
Further, the report states that currently the market is witnessing intense competition among the leading market vendors and a rise in demand for technologically advanced elevator and escalator equipment in the country.
Fujitec Korea, Hyundai Elevator, Otis Elevator Korea, Schindler Korea, ThyssenKrupp Elevator Korea, Handok Elevator, Joung il Industry, Mitsubishi Elevator Korea, Nara Elevators, TELC, Sin Woo Elevator.
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