London, 03 December 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Elevator and Escalator market in the APAC Region 2014-2019, which is expected to grow at a CAGR of 10.01 percent during the period 2015-2019.
An increasing number of new installations of elevators and escalators in developing countries such as China and India are enhancing the potential of the market in the APAC region. Rapid urbanization in China and India is one of the major growth drivers of this market as it raises demand for elevators and escalators. The increase in residential and commercial buildings plays a vital role in driving demand for elevators and escalators and contributes to the growth of this market.
“Because of globalization, vendors are trying to gain competitive advantage by manufacturing best-in-class and highly energy-efficient products,” says Faisal Ghaus, Vice President of TechNavio.
“They have come up with elevators equipped with destination control systems and other controllers. These features help to reduce the energy used during idle time. The latest elevators come with corridor illumination controls that reduce energy consumption in buildings.”
Key Market Drivers
- Rapid Urbanization
- Growth of Real Estate Industry
- Demand from Replacement Market
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
- Increased 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%…
