Sarasota, FL -- (SBWIRE) -- 10/17/2018 -- Zion Market Research has published a new report titled "Elevators and Escalators Market by Service Type (Maintenance & Repair, Refurbishing, and New Equipment) and by Application (Residential, Commercial, and Industrial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 - 2024". According to the report, global elevators and escalators market was valued at approximately USD 97.47 billion in 2017 and is expected to generate revenue of around USD 148.12 billion by the end of 2024, growing at a CAGR of around 6.16% between 2018 and 2024.

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The swift technological advancement and continuous innovation in the product have led to the upsurge in the sale of escalators and elevators across the world. Manufacturers are investing high on R&D to come up with more new, advanced, and advanced elevators and escalators with better designs and attractive features. Elevators with efficient LED lighting, music playback, and other features are experiencing a high demand in the luxurious hotels and other residential complexes. The rapid urbanization across the developing nations is the main factor that is fueling the growth of the market. Change in the lifestyle of the people due to the rise in the purchasing power as well as moving to urban and semi-urban areas to live a healthy life are some of the factors for which urbanization is taking place across the globe.

There has also been a significant up-liftment in the construction sector of various countries. The construction of shopping malls, airports and railway stations, and other big undertaking construction projects by government and other organizations will have a significant and positive impact on market growth and development. Increasing number of aged and elderly population will also facilitate the growth of escalators and elevators in residential constructions and apartments in developed and developing nations. Such factors are expected to drive the elevators and escalators market growth over the forecast period.

The elevators and escalators market is segmented on the basis of source type into maintenance & repair, new equipment, and refurbishing. New equipment segment held major revenue share in 2017. The growth is attributed to the growing upsurge in the construction sector across various countries in the world. The construction of shopping malls, airports and railway stations, and other big undertaking construction projects by government and other organizations are the driving factors.

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Based on application, elevators and escalators market has been segmented as commercial, residential, and industrial. Residential segment is expected to contribute for significant revenue share in 2017. The rapid urbanization and demographic changes (change in lifestyle) are the factors fueling the growth of the segment.

The Asia Pacific is growing at a significant growth rate in the global elevators and escalators market in 2017. Moreover, the region is expected to continue with its regional dominance over the forecast time period. The growth of this regional market is attributed due to improvements and advancements in the construction industry. Moreover, the region is a manufacturing hub. The increasing number of high rise building infrastructure and the rise of smart cities are anticipated to further drive the industry growth in the region over the forecast period. Europe is predicted to provide significant opportunities for elevators and escalators market. The manufacturers in the region are implementing IoT in the elevators and escalators because it reduces operating costs significantly. In addition, IoT integration in elevators and escalators also increases the service efficiency as it reduces the downtime effectively. Such factors are expected to drive elevators and escalators market growth across the globe over the forecast timeframe.

Some of the industry players operating in the elevators and escalators market include Schindler Group, Otis Elevator Company, Kone Corporation, Fujitec, Hitachi, Ltd., SJEC Corporation, Mitsubishi Electric Corporation, ThyssenKrupp AG, Toshiba Elevators and Building Systems Corporation, Hyundai Elevator Co., Ltd., Shanghai Mechanical, Canny Elevator, and Kleeman Hellas SA, and others.

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This report segments the global Elevators and Escalators market as follows:

Global Elevators and Escalators Market: Service Type Segment Analysis

Maintenance & Repair
Refurbishing
New Equipment

Global Elevators and Escalators Market: Application Segment Analysis

Residential
Commercial
Industrial