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(Construction.IndustryNews247.Com, June 27, 2019 ) The report "Elevators and Escalators Market by Type (Elevators, Escalators & Moving walkways), Service (New installation, Maintenance & Repair & Modernization), Elevator Technology (Traction, Machine room-Less & Hydraulic), & End-use Sector - Global Forecast to 2021", The elevators & escalators market size is estimated to grow from USD 88.78 Billion in 2015 to USD 125.22 Billion by 2021, at a CAGR of 6.01%. Factors such as increasing demand in Asia-Pacific and the growing demand from the end-use industries such as residential, commercial, institutional, infrastructure, industrial, and marine are the drivers for the growth of the elevators & escalators market.
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End-use industries such as residential and commercial to gain maximum traction during the forecast period
The residential segment dominated the market in 2015 and is projected to be the fastest-growing end-use industry in the next five years, as a result of the rising demand for elevators by the residential property developers in the their technologically advanced high rise buildings. Furthermore, the commercial segment is projected to be the second fastest-growing end-use industry due to the increasing number of business spaces and shopping malls, among others in cities across the world which demand equipment such as elevators, escalators, and moving walkways for the comfortable transportation of people and goods.
New installation as a service to witness the highest growth in the elevators & escalators market
The report defines and segments the elevators & escalators market on the basis of services offered into new installation, maintenance & repair, and modernization. The new installation segment is projected to grow at the fastest CAGR due to the growing demand from emerging countries such as China and India, which are ranked first and second, respectively, in the global elevators & escalators market. The second fastest growing sector is maintenance & repair, the reason being, all new and existing structures that are installed require periodical maintenance & repair for their smooth functioning. This makes the maintenance & repair market very lucrative and fast growing.
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Browse in-depth TOC on "Elevators and Escalators Market
211 - Market Data Tables
54 - Figures
227 - Pages
“Asia-Pacific region to be the largest market for elevators & escalators during the forecast period.”
The Asia-Pacific region leads the market due to its large population and its growing demand for residential, commercial, institutional, and infrastructure spaces. As elevators & escalators have widespread application in all these end-use industries, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for this equipment. This is followed by Europe, which is the next largest market for elevators & escalators followed by North America and Rest of the World.
The global market for elevators and escalators is dominated by players such as KONE Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel).
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