Elevators and escalators: Key market research findings
- Increased focus towards safety
- Rise in exports of elevators and escalators
Technavio has released a new market research report on the elevators and escalators market in Turkey, to its construction portfolio. Technavio’s market research analysts estimate the elevators and escalators market in Turkey to grow at a CAGR of more than 7% between 2015 and 2019. 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.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“In the recent years, Turkey has witnessed large number of fatal elevator and escalator accidents. This has pushed government towards ensuring adequate safety of elevator and escalator equipment. It has positional several inspectors all across the country to scrutinize the installed elevator and escalator equipment, especially in public buildings. These inspectors are actively conducting security inspections of elevators and escalators to check the safety of the equipment. For instance, in 2014, more than 1,500 elevators were sealed due to their potential safety hazards,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
Construction companies are opting for electric elevators, which dominated the market with 89% of the total market share. Besides being energy-efficient, these elevators have electric lifts that can carry much more weight compared to hydraulic elevators. With surge in construction activities in the nearby regions, the Turkish government has increased the number of elevator and escalator exports in the recent years. Besides the Middle East regions, Russia and Iraq, the Turkish manufacturers also export elevator and escalator components and equipment to Bulgaria and Iran.
The key vendors in the elevators and escalators market in Turkey includes ThyssenKrupp, Otis, Schindler and Hyundai. 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.
A more detailed analysis is available in the Technavio report, Elevators and Escalators Market in Turkey 2015-2019.
We can customize reports by other regions and specific segments upon request.
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