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Growing Number of Mid and High-rise Buildings to Boost Installation of Elevators and Escalators

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Published on : Jan 03, 2017

ALBANY, NY, Jan 03, 2017: The research publication is a valuation of the past and current growth trajectory along with the future growth predictions of the global elevator and escalator market. The crucial elements at play and the principal trends have also been evaluated in the publicatin. It further presents an overview of the dynamics that are likely to impact the growth of the global elevator and escalator market. The shares, products, and marketing strategies of the leading players have also been highlighted in the market research report.

According to the report, the global elevator and escalator market is likely to expand at an 11.07% CAGR from 2016 to 2020. Escalators and elevators are installed in retail outlets, restaurants, hotels, IT parks, mixed-use buildings, residential, and commercial complexes. The global elevator and escalator market is anticipated to be driven by the progress of the global construction market. In developing countries such as the BRIC nations, the construction market is growing significantly thus boosting the demand for elevators and escalators in the region. Numerous infrastructure projects are being initiated at present which is further expected to drive the installation of elevators and escalators. 

Owing to robust urbanization, problems regarding congestion are also increasing. With growing congestion and rising population, construction companies and governments are aiming at minimum space utilization in cities.

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Owing to this, the construction of high, mid, and low rise infrastructures and buildings is rising, thus giving rise to a demand for escalators and elevators. The emergence of high elevators is further expected to drive the growth of the global market for elevator and escalator over the coming years. The primary factor behind the popularity of escalators and elevators are the growing need for control systems and safety in high and mid-rise buildings. Due to slow operation of traditional elevators and inefficiency, customers avoid buying rooms on top floors. To address this issue, manufacturers are focusing on developing advanced smart elevators and escalators with better efficiency. 

Based on product, the market has been bifurcated into escalators and elevators. Among these, the leading share was accounted by the elevator segment. The growth of this segment can be attributed to the growing construction of high rise structures globally. Furthermore, the migration of people to cities is also driving the growth of this segment. Geographically, the market is segmented into South America, Rest of Asia Pacific, North America, Europe, the Middle East and Africa, and China. China held the leading share among these and is expected to maintain a dominance until 2020. The key players in the market are ThyssenKrupp, Schindler, KONE, Otis Elevator, Toshiba Elevator, Mitsubishi Electric, Hyundai, and Fujitec. 

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