- The key vendors in the elevators and escalators market in Australia 2015-2019 are KONE Australia, Otis Elevator, Schindler Australia and ThyssenKrupp Elevator Australia.
London, 28 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the elevators and escalators market in Australia 2015-2019. Growth of prefabricated construction is one of the latest trends upcoming in the market. Australia has become one of the fastest growing countries for prefabricated construction, which can withstand the onslaughts of the country’s climate. Major manufacturers such as Schindler, Otis, and KONE offer customized parts such as cabins and rails, which are manufactured according to building requirements. The elevators and escalators market in Australia 2015-2019 is estimated to grow at a CAGR of 4.17% during the forecast period of 2014-2019.
The elevator and escalator market in Australia is dominated by the elevator segment. Australia is one of the few countries in the world that uses home lifts, elevators that are installed in residential buildings with less than three stories. Escalators are installed only in public places such as stations, airports, hospitals, and malls. In addition, customized elevators with guard rails are made available for people with disabilities.
The rise in urbanization of the population has increased the demand for advanced infrastructure facilities such as mass rapid transit systems, state-of-the-art airports, and the construction of modern residential, non-residential, and commercial buildings. This will increase the demand for elevators and escalators in the country.
“Manufacturers are investing in R&D activities to differentiate their products from those of their competitors. For instance, they are focused on developing energy-efficient elevators, with high speed and carrying capacity,” says Faisal Ghaus, Vice President of Technavio Research.
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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