London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the elevators and escalators market in the US 2015-2019, which is expected to grow at a CAGR of 2.61% between 2014 and 2019.
The expansion and renovation of existing airports in the country owing to an increase in the number of passengers is also likely to boost the growth of the elevators and escalators market. Moreover, the manufacturers are focusing on modernizing existing elevators. The commercial sector is the major end-users of elevators and escalators. The demand for energy-efficient elevators has also increased, as they are economical for the users and the installers in the long run.
“Transit management systems are an upcoming concept in the elevator and escalator market in the US. They optimize the movement of people within the building and simultaneously focus on their security, safety, and comfort,” says Faisal Ghaus, Vice President of Technavio.
Key Market Drivers
- Development in residential and commercial segments
- Maintenance and modernization of existing elevators
- Aging population
Key Market Trends
- Increase in adoption of machine-roomless (MRL) elevators
- Development of energy-efficient elevators
- Use of transit management systems
Key Market Vendors
- KONE
- Otis Elevator
- Schindler
- ThyssenKrupp
- Mitsubishi
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Elevators and Escalators Market in the US 2015-2019, please send an e-mail to media@TechNavio.com.
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