Global Elevator and Escalator Market Research Report, Insights, Opportunity Analysis, Market Shares and Forecast 2017 - 2023
The global elevator and escalator market is expected to grow with the CAGR of ~6% during the forecast period 2016-2023. Elevators and escalators have become an integral part of the high-rise buildings, shopping malls, commercial spaces and others for easy transportation of people and goods the major driver for the growth of global elevator and escalators market. Growing urbanization across the globe, growing construction industry, changing demographics trend and growing high rise building projects are also expected to drive elevator and escalator market globally. However, risk and uncertainty in the global economy and high maintenance cost of elevators and escalators are the major factors that impede the growth of global elevator and escalator market.
The global elevator and escalator market report covers three major segments that are end user, service, and type. The service segment is further segmented into new equipment, repair and maintenance and modernization. The end user segment is further segmented into residential, commercial, institution and others. The type segment is bifurcated into elevators, escalators, and moving walkways. The elevators in the type segment held the largest share in 2016. Further, in the service segment new equipment market holds the largest share in 2016 primarily due to increasing adoption of elevators in the residential buildings coupled with growing number of skyscrapers/high rise buildings globally.
Geographically, Asia Pacific dominates the global elevator and escalator market and is expected to grow with the highest CAGR over the forecast period of 2016-2023. High economic growth of the Asia pacific region, investment friendly policies and rapid urbanization in the countries of Asia pacific are the primary drivers for the growth of Asia pacific elevator and escalator market. . Further India and China in the Asia Pacific are the most lucrative countries within Asia pacific region for the companies operating in the elevators and escalators market owing huge infrastructural investment for the smart city development.
The key players in the global elevator and escalator market are KONE Corporation (Finland), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), Hyundai Elevator Co., Ltd. (South Korea) and others. These companies are adopting various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, product launch is the key strategies adopted by the companies in the elevator and escalator market. For instance, in November 2017 Thyssenkrupp Access launched its high-end home elevators “H300” in India which is based on gearless cog-belt technology. Through, the product launch the company aims at taping the fast growing residential market for the elevators.
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