Elevator and Escalator Market in Turkey 2015-2019 - Market Study
Market outlook of the elevator and escalator market in Turkey
Elevators and escalators are installed in commercial, residential, and mixed-use buildings such as IT parks, hotels, restaurants, and retail outlets. The market for elevators and escalators in Turkey is positively influenced by the introduction of various supportive government initiatives, which aims to improve the overall economy of the market. During the forecast period, Technavios market research analysts estimate the market for elevators and escalators in Turkey to post a healthy market growth rate of more than 7% and 5%, respectively.
In this market research report, analysts envisage factors like the growth of the healthcare sector to drive market growth during the forecast period. Recent government initiatives that focus on expanding the healthcare sector are also expected to influence the market positively. Additionally, the construction of the Ankara Etlik health campus in this region is expected to boost the prospects for growth in this market.
Competitive landscape and key vendors
This market is characterized by the presence of numerous international and local vendors. The international players provide their equipment and services for large projects, whereas domestic vendors provide similar services to smaller projects majorly handled by SMEs and other small construction contractors.
Key vendors in this market are -
Other prominent vendors in this region are BSB Elevator, Edoux Elevator, GTS Elevator and Escalator, Kleemann Asansor, KONE Turkey, Tromp Elevator and Escalator, and Turklift Elevator.
Growth drivers, challenges, and upcoming trends: Elevators and Escalators
Upcoming trends like the increasing export of elevator and escalator equipment are expected to foster market growth during the forecast period. As the market in Turkey is characterized by the presence of many local vendors, the export of elevator components to both European countries and the Middle Eastern countries is continually increasing. This augmented export of elevator components to countries like UAE and Qatar is expected to impel market growth during the forecast period.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the elevator and escalator market in Turkey. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Segmentation by type and analysis of the elevator market in Turkey
Technavios market research analyst has estimated the electric elevator segment to account for close to 89% of the total market share by 2019. Factors like its ability to carry more weight and its high-energy efficiency are responsible for this segments high market domination during the forecast period.
Key questions answered in the report include
What will the market size and the growth rate be in 2019
What are the key factors driving the elevator and escalator market in Turkey
What are the key market trends impacting the growth of the elevator and escalator market in Turkey
What are the challenges to market growth
Who are the key vendors in the elevator and escalator market in Turkey
What are the market opportunities and threats faced by the vendors in the elevator and escalator market in Turkey
What are the key outcomes of the five forces analysis of the elevator and escalator market in Turkey
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report Elevators and Escalators Market in Turkey 2015-2019
Technavio recognizes the following companies as the key players in the Elevators and Escalators Market in Turkey: ThyssenKrupp, Otis, Schindler and Hyundai
Other Prominent Vendors in the market are: BSB Elevator, Edoux Elevator, GTS Elevator and Escalator, Kleemann Asansor, KONE Turkey, Tromp Elevator and Escalator, and Turklift Elevator.
Commenting on the report, an analyst from Technavios team said: The elevator and escalator market in Turkey is characterized by the presence of a number of domestic manufacturers. The country is in close proximity to Europe as well as the Middle East. The construction industry in the Middle East, especially the UAE and Qatar, is experiencing unprecedented growth in the construction of high-rise buildings, resulting in increased demand for elevator and escalator equipment.
According to the report, the market growth in Turkey is likely to be driven by supportive government initiatives such as Vision 2023. The government has identified the major regions and sectors that have scope for development to ultimately improve the whole economy. Further, the government is making investments in the infrastructure sector, due to its promising growth prospects.
Further, the report states that factors, such as the high percentage of accidents, are likely to adversely impact market growth. Elevators and escalators can cause accidents that sometimes prove to be fatal. People who install, use, and maintain equipment are at a high risk of having a workplace accident.
hyssenKrupp, Otis, Schindler, Hyundai, BSB Elevator, Edoux Elevator, GTS Elevator and Escalator, Kleemann Asansor, KONE Turkey, Tromp Elevator and Escalator, Turklift Elevator.