This market research report segments the elevators and escalators market in Colombia by product and includes sectors like elevators and escalators. The report also provides a detailed analysis of the key trends, drivers, and vendors, including KONE, Mitsubishi Electric, Schindler, and ThyssenKrupp.
Technavio has released updated information on the elevators and escalators market, with the publication of its new market research report, elevators and escalators market in Colombia. The elevators and escalators market in Colombia is expected to grow at a CAGR of around 5% between 2015 and 2019. The increased spending on construction activities is expected to boost the number of residential and commercial projects across the country, thereby increasing the demand for elevators and escalators.
“Manufacturers are shifting towards machine room-less (MRL) elevators, owing to the safety these equipment provide. The MRL elevators do not require any extra space and are gearless and economical in usage. They have very few mechanical parts to operate hence consume less power and have negligible maintenance costs. Also, these elevators are easier to install, owing to their pre-designed parts,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
The elevator segment is expected to exhibit the highest market growth rate during the forecast period. In terms of unit installation, the elevators segment is expected to reach close to 2,150 units by 2019 and factors like the construction of buildings for commercial or residential purpose are expected to encourage growth in this segment during the forecast period.
The key vendors in the elevators and escalators market in Colombia include KONE, Mitsubishi Electric, Schindler and ThyssenKrupp. This market is dominated by large vendors like KONE and Schindler who account for approximately 81% of the total market during the forecast period. The smaller vendors and SMEs in this market are merely used for the purpose of service and maintenance.
A more detailed analysis is available in the Technavio report, Elevators and Escalators Market in Colombia 2015-2019.
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