According to BlueWeave Consulting, “The Global Elevator And
Escalator Market is expected to rise with a significant
growth rate during the forecast period 2018-2025” owing to the factors such as
the growth in the construction and infra sectors will provide impetus to this
market. The world is witnessing the arrival of a new generation of
elevators and escalators which have been equipped with innovative technologies
offering energy efficiency, cost-effectiveness.
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The promising growth in the construction market, especially of
high rise building along with upcoming new hotels & shopping malls and
increasing inflow of FDI in the construction and retail sectors, will multiply
the growth of elevators and escalators market globally. The elevator and
escalators are a vertical mode of transport that helps people or goods to move
between floors of a building which is operated by electric motors.
The key factors such as rising urbanization in developing
countries and awareness regarding accessibility issues, growing demand for
conventional systems, changing demographics, like an aging population, demand
for energy-efficient products, and greener buildings solution are likely to
foster the need for more advanced elevators and escalators over the forecast
period. Moreover, the elevators manufacturers are banking on the recent growth
of the e-commerce industry that is in turn, creating a huge demand for various
types of elevators to cater to the logistics and warehousing storage needs.
This has also necessitated the installation of various types of elevators
suiting to the requirement of the production facilities. Furthermore, rising
demand for elevators with Automatic Rescue Device is anticipated to boost the
global elevators and escalators market in the coming years.
The escalators and elevators market can be segmented on the basis
of type into Elevators, Escalators & Moving walkways. The elevators segment
is expected to dominate the elevators & escalators market during the
anticipated period owing to its wide usage across industries. The segment also
witness majority of installation in residential, retail, transportation and
hospitality sectors. However, escalator segment is projected to grow at a
higher CAGR during 2019-25, primarily due to growing installations across airports,
metros, and railway development projects across worldwide.
The commercial segment includes office elevators, hotel elevators,
hospital elevators, airports and shopping malls elevators, and all commercial
stores elevators. The commercial sector is demanding as it requires high
performance, low break down, smooth operation, along with the beautiful
aesthetics elevators. Moreover, with the development in the commercial sector,
coupled with the focus on efficient energy utilization, energy efficient
elevator and escalators in the commercial sector are expected to hold a large
market share. Moreover, the smart elevator initiatives being adopted, owing to
the growing development of ICT, are expected to create more opportunities for
the market.
Key players in the escalators and elevators market include Canny
Elevators, Fujitec Co. Ltd, Hyundai, Johnson Lifts, Kleenmann Group, KONE
Corporation, Hitachi, Mitsbushi, Otis Elevator Company, Schindler Holding
Limited, Sigma, ThyssenKrupp Elevator AG, and Toshiba. The market is consolidated
due to the dominance of few strong players. Acquisitions, mergers, and new
product developments are key strategies used by key participants to improve
their competitiveness and to cater customer bases in the global market.
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