Posted On: 2021-05-21
South Africa acquired the largest revenue share among all countries in the overall Africa elevator and escalator market – 6Wresearch
Africa elevator and escalator market is expected to grow on the back of strengthening the tourism industry, construction of skyscrapers and energy-efficient buildings, and increasing infrastructural development in African countries. Projects, such as the new administrative capital in Egypt, Airport city in Nigeria, and expansion of metro lines in many other countries, would also provide a necessary boost to the elevator and escalator market during the forecast period. However, high installation and maintenance costs of elevators, as well as escalators, might turn out to be a hindrance to the growth of the market in Africa.
According to 6Wresearch, the Africa Elevator And Escalator Market revenue size is projected to grow at a CAGR of 8.1% during 2021-2027. Africa elevators and escalators market is currently at the growth stage of industry life cycle and this trend is likely to continue in the future owing to growing construction projects in the region, especially in the tourism and hospitality segments. Significant investments being made in the infrastructure sector along with strengthening of the manufacturing segment in Africa is driving the market for elevators and escalators in the region. However, elevator and escalator market witnessed a slowdown in 2020 owing to the ongoing pandemic of COVID-19 which resulted in the halt of construction projects, suspension of economic activities and lockdown across various countries. Although, with the gradual recovery of the economic activities and relaxation in lockdown measures, the market is expected to regain its momentum during the forecast period.
According to Eshita Goel, Research Analyst, 6Wresearch, “Among types, elevator acquired higher revenue share as compared to escalator in the overall elevator and escalator market in Africa for the year 2020 and is expected to maintain its dominant position over the coming years as well, on account of the growing trend of high-rise buildings and skyscrapers across several countries in the region. Further, due to increase in urbanization and rapid population growth, the residential sector is observing an upsurge in the new installations of elevators which is also augmenting the demand for the product.”
“South Africa was the leading revenue generator country in the overall Africa elevator and escalator market owing to an increase in commercial, industrial, and residential projects across South Africa which is creating a surge in demand for elevators and escalators in the country. The market for countries such as Kenya and Egypt is predicted to show significant growth in the coming years due to increasing public sector spending and public transportation infrastructure development in both these countries.”, Eshita further added.
Some of the major companies in the Africa Elevators and Escalators Market include Otis, KONE, Schindler, Thyssenkrupp and Mitsubishi Electric.
“Africa Elevator and Escalator Market (2021-2027)” report provides an in-depth analysis with 123 figures and 93 tables, covered in 237 pages. The report estimates and forecasts the overall Africa elevator and escalator market by types, services, applications and countries. 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.