- The key vendors in the elevator and escalator market in Japan 2015-2019 are Fujitec, Hitachi, Mitsubishi Electric, and TELC.
London, 14 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the elevator and escalator market in Japan 2015-2019. The advent of high-speed elevators is a key trend observed in this market. The increasing construction of skyscrapers that reach heights of more than 200 meters fuel the demand for high-speed elevators. This market is expected to grow at a CAGR of 4.96% during the forecast period of 2014-2019.
The steady growth of the construction market is one of the major factors that promote growth in this market. In the construction sector, the building construction segment includes the construction of non-residential and residential buildings. This segment accounts for a major part of the overall construction market in Japan, and its growth will result in the construction of high-rise buildings that would require elevators and escalators as a part of their infrastructure.
“The vendors in the market are increasingly investing in the development of new and innovative elevator and escalator technology and design. Vendors in the market are increasing their spending on new product development to differentiate their products from those of their competitors and to survive the competition,” says Faisal Ghaus, Vice President of Technavio Research.
“Recently, Mitsubishi Electric increased its R&D expenditure from $1.38 billion in 2012 to $1.45 billion in 2014. Similarly, Fujitec increased its R&D expenditure from $15.77 billion in 2013 to $16.09 billion in 2014.”
To define the market conditions 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.
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