Technavio, a tech-focused market research firm, has published a new report on the global elevator and escalator market, which is expected to grow at a CAGR of around 11% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global elevator and escalator market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global elevator and escalator market into the following key regions: China, EMEA, North America, Rest of APAC, and South America.
Geographical segmentation of the global elevator and escalator market for 2015 (market share %)
|
China |
62.5% |
|
EMEA |
19.8% |
|
Rest of APAC |
12.2% |
|
North America |
3.2% |
|
South America |
2.3% |
Source: Technavio
The top three revenue contributing regions are discussed below:
China: largest revenue generating region for elevator and escalator
The rise in economic growth and rapid urbanization in China will boost the demand for new escalators and elevators in the region. The countries also have great opportunities for new equipment installations, maintenance and repair services, and modernization of elevators and escalators. The government of China is investing heavily in the development and upgrade of existing infrastructure in the country which will also contribute to the growth of this region during the forecast period.
“The growth in the construction industry will boost the demand for elevators and escalators in the country. The nation is experiencing a shift from rural to urban development which will improve the developments in the infrastructure construction segment. Furthermore, the government in China is focusing extensively on the development of new airports in the country to de-stress the transportation network resulting in a positive impact on the elevator and escalator market in the region,” says Navin Rajendra, a lead analyst at Technavio, specializing in research on embedded systems.
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Elevator and escalator market in EMEA
The demand for new equipment from the Middle Eastern countries such as Saudi Arabia and UAE and developing European countries such as Turkey and Russia will help the region maintain its market share during the forecast period. The rise in construction of high-rise buildings in the region will increase the requirement for elevators and escalators in the market. Countries like Spain, Germany, Turkey, Russia, Saudi Arabia, and UAE will contribute highest revenues in the region. The government of the UK is focusing on the development of high-quality public transport systems. These projects will require the effective deployment of elevator and escalator equipment to facilitate free movement of passengers and goods at stations and junctions helping in the growth of the market in the EMEA region.
Elevator and escalator market in the rest of APAC
The rapid construction activities, especially in the infrastructure construction sector of various emerging nations in the APAC market will make if the fastest-growing region after China. The rising demand for new installations of elevator and escalator from emerging nations like India and Indonesia will further contribute to the growth of the market in this region. The widespread development of the construction in the residential, non-residential, and infrastructure sectors will help in the growth of the market. The government in various countries are focusing on the development of infrastructure, and a number of new airports, railway station, and rapid transit systems are revamping projects which aid in the growth of this region during the forecast period.
The top leading vendors operating in the global elevator and escalator market are:
- Otis Elevator
- KONE
- Schindler
- ThyssenKrupp
Other prominent vendors in the market include Fujitec, Hyundai Elevator, Mitsubishi Electric, and Toshiba Elevator.
A more detailed analysis is available in the Technavio report titled, ‘Global Elevator and Escalator Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Strategic Assessment of Emerging Technologies in Elevator and Escalator Market 2015-2019
- Elevators and Escalators Market in Canada – Market Analysis 2015-2019
- Global Smart Elevators Market 2015-2019
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