A recent report published by Infinium Global Research on elevators and escalators market provides an in-depth analysis of segments and sub-segments in the global as well as regional elevators and escalators market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional elevators and escalators market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global elevators and escalators market. According to the report, the global elevators and escalators market is projected to grow at a CAGR of 7% over the forecast period of 2018-2024.
Escalators are a type of vertical transportation that is in the form of a moving staircase whose steps moves in an upward and downward direction on tracks for transporting people. Elevators knew as lifts used to transport people or goods between floors of a building or any structure. Elevators are powered by electronic motors while escalators are powered by constant speed alternating current motors. Escalator requires more power as they have to operate continuously, whereas elevators consume electricity. Escalators have more capacity than elevators to move a large number of people. Elevators and escalators make traveling more convenient in airports, shopping mall, hotels, and train stations.
The rise in population and demographic changes drive the growth of elevators and escalators market. Rapid urbanization and changing the lifestyle of people in urban areas along with increasing adoption of these demographic changes fuel the demand for elevators and escalators. Furthermore, growing constructional activities across the globe and rising development in residential and commercial buildings boost the growth of elevators and escalators market. Moreover, initiatives undertaken by the government such as smart cities along with smart infrastructure will have a positive impact in fueling the market in the forecast period. Rising use of elevators and escalators in a shopping mall, airports, train stations owing to ease while traveling through floors increases the growth of elevators and escalators market. Emerging economies and huge investment in creating new integrated cities fuel the demand for elevators and escalators market. However, lack of skilled workforce for the after sales maintenance hinders the growth of elevators and escalators market. Furthermore, continuous improvement in infrastructure at public places for convenient traveling expected to provide beneficial opportunities for elevators and escalators market.
Based on regions, Asia Pacific dominates the elevators and escalators market owing to rapid urbanization and increasing adoption of demographic changes in the region. The large presence of manufacturers and distributors of elevators and escalators in the region fuels the growth of elevators and escalators market in the Asia Pacific region. Furthermore, rising construction activities in the region mainly in India and China owing to the presence of leading manufacturers in the region boosts the growth of elevators and escalators market in the region.
The report on global elevators and escalators market covers segments such as service type and application. On the basis of service type, the sub-markets include new installation, maintenance & repair, and refurbishing. On the basis of application, the sub-markets include residential, commercial, and industrial.
The report provides profiles of the companies in the market such as Kone Corporation, Schindler Group, Otis Elevator Company, Fujitec, ThyssenKrupp AG, Mitsubishi Electric Corporation, Hitachi, Ltd., Building Systems Corporation, Toshiba Elevators, SJEC Corporation, Hyundai Elevator Co., Ltd., and Shanghai Mechanical.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of elevators and escalators market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.