Elevator and Escalator Market to Witness Remarkable Growth on Account of Advancements in Construction Industry
Pune, India -- (SBWIRE) -- 06/13/2019 -- Rapid urbanization around the world is creating lucrative growth opportunities for the global elevators and escalators market, finds Fortune Business Insights in their recent study. The study is titled," Elevators and Escalators Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025." A major factor boosting this market is the advancement in the construction industry and changing demographic trends.
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Fortune Business Insights predicts the global construction industry to grow by 85% to reach a valuation of US$ 15.5 Tn by the end of 2030, out of which 57% of market value is shared by three countries namely, India, the U.S., and China. Thus, boost in the construction industry is likely to bode well for the global elevator and escalator market in the future. Among end users, the commercial elevators segment is expected to dominate the global market.
Rising Investment towards Improving Infrastructure among Various End Use Industries to Boost Market
Major factors encouraging the use of elevators and escalators are the rising number of differently-abled people and geriatric population accompanied by the need to provide them ease of mobility in public areas. Governments are taking keen interest in ensuring ease of locomotion and mobility to people and therefore investing in modern construction designs in malls and other public places. Demand for better accessibility and improved mobility is aiding the expansion of this market. With busy and tight work schedules, the necessity for elevators and escalators is increasing by the day.
Increasing investments by market players for improving infrastructure and installation of elevators and escalators in public places such as airports, shopping malls, railway station, and others will help the market grow remarkably in the coming years. Development of innovative technologies and energy efficient products are likely to drive the market for escalators and elevators remarkably.
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However, the fact that new generation elevators and escalators come with high installation and maintenance costs may hinder growth of the market. This, coupled with need for compliance with stringent regulatory standards, may pose a threat to the elevators and escalators market.
Nevertheless, the development of innovative technologies and introduction of smart elevators will create lucrative growth opportunities for the global market. The introduction of energy efficient elevators is on the rise because of the changing demographics and the need for conserving energy. This will help the market grow at promising rates during the forecast period.
Low Labor Costs, Availability of Abundant Raw Materials to Drive Market
Geographically, the global elevators and escalators market is anticipated to witness the fastest growth in Asia Pacific. This is due to the drastically growing infrastructure and increasing adoption of elevators and escalators in developing nations of India and China. Besides the availability of enough raw materials at cheaper costs, availability of labor at a lower cost, and increasing preference for smart elevators will help Asia Pacific emerge as the fastest growing region in the market.
Market players are focusing on investing in smart elevators so as to gain more market revenue. The presence of numerous companies in the elevators and escalators market has rendered the vendor landscape highly fragmented. Major focus is on innovative technologies and high quality escalators to gain competitive edge in the market. Mergers and acquisitions, company collaborations, and rising investments are other strategies adopted by players.
A few players operating in the global elevator and escalator market are
Kleemann Hellas SA.,
Schindler Holding Ltd.,
Hyundai Elevator Co.Ltd.,
Mitsubishi Electric Corporation
Otis Elevator Company.
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