The global elevator and escalator market size is projected to grow at a CAGR of 3.0 percent during 2019-25, said 6Wresearch, global market research and consulting firm, in a new report.
Government initiatives in the developing nations to push forward urbanization and vertical development of cities would remain the key factor supplementing the growth of the market, added the report titled "Global Elevator and Escalator Market (2019-2025)".
Further, the robust growth of the construction sector and growing foreign investment in the African and Asian regions would open up new avenues for the application of the elevator and escalator market over the coming years.
Chhavi Malpani, the senior research analyst, 6Wresearch, said: “The Asian region accounted for highest revenue share in the global elevator and escalator market and is anticipated to dominate the market during the forecast period as well, owing to increasing commercial activities, rapid urbanization and robust growth of construction industry in the region.
“Further, China is anticipated to lead the global demand for elevators and escalators on account of growing government investment by government organizations such as National Development and Reform Commission (NDRC) in Shanghai, Jiangsu province, Wuhan, Guangdong province”.
Sahil Sharma, research associate, 6Wresearch, said: “The elevator segment dominated the market revenue share owing to its widespread application in the residential and commercial domain. Additionally, the modernization market in the developed nations is anticipated to register strong growth owing to rapid technological advancement, the presence of large aging installed base of elevators and escalator and strict government regulations”.
Some of the major companies in the global elevator and escalator market include Kone, Otis, Schindler, and ThyssenKrupp, according to the report.
The report estimates and forecasts the overall global elevator and escalator market by type, product type, regions, and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics
Growing technological development, the rising population as well as the development of multi-story buildings in retail and residential domains are anticipated to supplement the growth of the global elevator and escalator market during the forecast period.
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Media Courtesy : Trade Arabia