Elevators is the only growing segment of the elevators and escalators market in South Korea, expected to reach close to 12,500 units by 2019, says Technavio

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A new Technavio report offers elevator and escalator market segmentation by new installed units and includes segments like elevators and escalators. The market report also provides detailed analysis of the key trends, drivers, and challenges that influence market growth during the forecast period.

Technavio has released updated information on the elevator and escalator market, with the publication of its new report, elevator and escalator market in South Korea. The market for elevators and escalators in South Korea is expected to exhibit a slow market growth rate during the forecast period and is envisaged to post a moderate CAGR of around 1% by 2019. Modest growth rate of this market can be attributed to events like the upcoming Olympics of 2018, which is expected to augment the business for escalators and elevators in this region during the forecast period.

“Thanks to recent advances in technology, especially in the elevators segment, the market for elevators and escalators in South Korea is envisaged to have a very positive outlook. The advent of machine room-less (MRL) elevators is expected to foster market growth as it is more economical and energy-efficient when compared to conventional elevators,” says Navin Rajendra, Lead Analyst, Engineering and Equipment, Technavio research. 

An interesting trend in this market is the rise in popularity of the elevators segment. The construction of high-rise buildings in in the cities of Seoul and Busan is expected to foster market growth as more elevators are incorporated into residential buildings than escalators. These elevators aid in vertical transportation and features like their high cost efficiency and improved mobility functionalities account for their high adoption during the forecast period.

This market is highly fragmented and contains numerous local and multinational vendors. Vendors that provide services like elevator and escalator installation, maintenance, and modernization services are expected to gain maximum market prominence during the forecast period. The leading vendors in this market are Fujitec Korea, Hyundai Elevator, Otis Elevator Korea, Schindler Korea, and ThyssenKrupp Elevator Korea.

A more detailed analysis is available in the Technavio report, Elevator and Escalator Market in South Korea 2015-2019.

We can customize this reports by other regions and specific segments upon request.

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