As per a new report titled “Global Elevators & Escalators Market Report, History and Forecast 2013-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application,” the global elevators and escalators market could grow at a sluggish CAGR of 0.77% during the forecast period 2018-2025. By the end of 2025, it is foretold to attain a valuation of US$ 36.12 Bn, improving from a US$ 33.97 Bn earned in 2017.
Global Elevators and Escalators Market: Drivers and Restraints
The global elevators and escalators market is envisaged to gain from the increase in the number of multi-storied buildings and shopping centers. The rise of smart cities is another factor augmenting the development of the market.
The growing popularity of smart and intelligent elevators and rising technological advancement are foreseen to provide tailwinds to the global elevators and escalators market. High demand from the residential and commercial sectors, especially in China and India could push the growth of the market.
Increasing use of freight elevators to shift goods from one floor to another is anticipated to stoke the demand in the global elevators and escalators market. On the other hand, economic development and growing population in emerging countries of Asia Pacific could create strong business prospects for players operating in the market.
However, tight regulations associated with the manufacture and operation of elevators and escalators are predicted to challenge the market growth of players. Furthermore, expensive maintenance costs are expected to hamper the global elevators and escalators market.
Nevertheless, players could bank on the development of innovative technologies and adoption of energy-efficient products and green building codes to expand their sales in the global elevators and escalators market. Players could also expect market opportunities birthing from changing demographic trends, improvements in the construction industry, and the aggressive rate of urbanization.
Global Elevators and Escalators Market: Forecast by Type and Application
By type of product, the global elevators and escalators market sees a classification into moving walkways, escalators, and elevators.
On the basis of application, the global elevators and escalators market is segmented into infrastructural, commercial, institutional, and residential sectors.
Global Elevators and Escalators Market: Forecast by Region
Regionally, the report covers five markets, i.e. the MEA, South America, Asia Pacific, Europe, and North America. According to the researchers, in 2017, China accounted for a king’s share of 66.82% of the global elevators and escalators market in terms of revenue. Europe closely followed the country in the same year.
The report also breaks down the global elevators and escalators market at country level. Some of the countries studied in the report are GCC, Brazil, China, Germany, and the U.S.
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Global Elevators and Escalators Market: Key Players
In 2017, approximately 83% of the total revenue of the global elevators and escalators market was accounted for by the top 10 manufacturers. This shows that the market is highly concentrated.
Followed by Schindler and ThyssenKrupp, Otis could be the largest manufacturer of elevators and escalators. In 2017, its revenue share crossed 16.30%. Some of the other manufacturers profiled in the report are Mitsubishi Electric, Toshiba, and Kone.
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