(I-BusinessNews.Com, October 16, 2019 ) Market Overview:
Escalators & elevators are widely used across several verticals such as industrial, residential, and commercial places. They are conventionally installed at venues such as railway stations, residential complexes, hospitals, metro stations, malls, office buildings, schools, and airports. Installation of escalators and elevators in high-rise and mid-rise buildings has become essential, thereby helping the market to gain momentum in the construction sector.
The market is expected to grow at a significant rate due to the rise in the middle-class population, growth in the number of high-rise buildings and the emerging ecosystem of next-generation elevators and escalators.
The Elevators and Escalators market growth is driven mainly due to rapid urbanization, small living spaces, and an expanding middle class in emerging economies. China is the worldÂs largest market for escalators and elevators, and domestic OEMs dominate the country.
According to the National Bureau of statistics China in 2018, the commercial building space sold in the region is increased from 157 million sq.
By type, the market is segmented into escalator and elevators. In 2018, Elevator segment dominated the global market and was expected to continue to dominate the market over the forecast period.
By End-User, the Elevators and Escalators market is segmented into Residential and Non-Residential segments. The non-residential segment includes government, commercial, and industrial spaces. Prominent vendors are emphasizing on manufacturing energy-efficient escalators and elevators. As elevators and escalators use a high amount of energy and power, therefore, restraining the market growth, especially in the residential segment.
By geography, the Elevators and Escalators market is segmented into the Asia Pacific (APAC), North America, South America, Europe, and the Middle East and Africa.
APAC dominated the Elevators and Escalators market in 2018 and will continue to dominate the market over the forecast period (2019-2026) owing to the rapid urbanization and sizeable growth and investment in the construction sector
Major players in the market include KONE Corporation, Otis Elevator Company, Schindler Holding Limited, Hitachi, and Mitsubishi.
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