This market research report segments the elevator and escalator market in BRIC countries by product (elevators and escalators) and by geography (Brazil, Russia, India, and China). Key leading vendors analyzed in this market study are Hitachi, KONE, Mitsubishi, Otis, Schindler, and ThyssenKrupp.
Technavio has released updated information on the construction market, with the publication of its new market research report, elevator and escalator market in the BRIC countries. The elevator and escalator market in the BRIC countries is expected to grow at a CAGR of around 14% between 2015 and 2019, owing to the rapid growth in the infrastructure construction sector. The BRIC countries are extensively focusing on the expansion of sports-related and public infrastructure, which is expected to boost the demand for elevators and escalators over the next four years.
“Smart elevators are rapidly gaining popularity in the construction sector as they have an integrated safety and control system and offer features like high operation speed and high-energy efficiency. The augmented implementation of these elevators in high-rise buildings and IT parks is expected to boost the prospects for growth in the elevator and escalator market in the BRIC countries. Also, vendors are focusing on manufacturing gearless elevators to minimise the probability of accidents due to construction activities,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research.
The market is witnessing an enormous increase in the number of new residential developments and investments. Rise in urbanization has accelerated the construction activities in the BRIC nations, which are constantly focusing on developing their infrastructure. Owing to the upcoming 2016 Summer Olympic Games in Brazil, the demand for elevators and escalators is on rise as the government is focusing on sports infrastructure maintenance.
The key vendors dominating the elevator and escalator market in the BRIC countries are Hitachi, KONE, Mitsubishi, Otis, Schindler, and ThyssenKrupp. Despite the dominance of the leading vendors, many small domestic vendors take part in country-specific construction activities and offer services like elevator and escalator installation, maintenance, and modernization services.
A more detailed analysis is available in the Technavio report, Elevator and Escalator Market in the BRIC countries – Market Study 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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