London, 26 November 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Elevator and Escalator Market in China 2015-2019, which is expected to grow at a CAGR of 12.86 percent during the period 2015-2019.
Increasing number of new installations of elevators and escalators are enhancing the potential of the market in China. Rapid urbanization is one of the major growth drivers of the market as it fosters demand for elevators and escalators. Moreover, an increase in the number of residential and commercial buildings plays a vital role in contributing to the growth of the Elevator and Escalator market.
“As a result of globalization, there is increased competition among elevator and escalator manufacturing companies worldwide to manufacture best-in-class and highly energy-efficient products,” says Faisal Ghaus, Vice President of TechNavio.
“Several vendors are increasingly developing elevators with destination control systems and other controllers that reduce the energy used during downtime.”
Key Market Drivers
- Growth of Construction Industry in China
- Rapid Urbanization
- Aging Population
Key Market Trends
- Development of Energy-efficient Elevators and Escalators
- Focus on Customized Elevators and Escalators
- Development of High-speed Elevators
- Development of Next-generation Elevators and Escalators
- Increase in Migration to Urban Areas
- Increased Focus on Attractive Designs
Key Market Vendors
- Hitachi Ltd.
- KONE Corp.
- Mitsubishi Electric Corp.
- Otis Elevator Co.
- Schindler Elevator Corp.
- ThyssenKrupp Elevator AG
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.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
