Regional integration on trade and economic cooperation, rapid urbanization and growing middle class population are some of the factors which are boosting the construction activities in the African continent. The market for Elevators and Escalators in the region exhibited steady growth in terms of the number of new installations across several countries over the past five years. Countries such as South Africa and Egypt registered maximum number of new installations and accounts for majority of the Africa Elevators and Escalators Market revenue and volume share.
According to 6Wresearch, Africa Elevators and Escalators Market size is projected to grow at a CAGR of 6.0% during 2019-25. Africa's economic growth is projected to accelerate to 4% in 2019 and 4.1% in 2020. The continent's growth in economy is expected to be higher than several emerging and developing economies across the globe. However, poverty, unemployment, political unrest and internal conflicts have remained a major restraint for several African countries in recent years. Despite these, growing government intervention, reforms and economic transformation agendas are helping stabilize many regional economies and creating a positive environment for foreign investment, boding well for the demand of Elevators and Escalators in the continent.
According to Kanchan Negi, Research Analyst, Research and Consulting, 6Wresearch, "Passenger elevators accounted for the highest volume share in the overall Africa market, by elevator type, in 2018. The growth of such solutions would be aided over the coming years by large scale development in verticals such as hospitality, healthcare and transportation across several African countries."
"In terms of volume, the moving stair escalator segment accounted for majority of the share in the overall market in 2018. The adoption rate of moving walks is quite less as compared to the moving stairs owing to higher price of the former and preference of consumers for the deployment of moving stair escalators in sub segments such as transportation and the retail sector," Kanchan further added.
According to Apoorva Sawhney, Research Associate, Research and Consulting, 6Wresearch, "The new installation segment accounted for the highest revenue share in the overall Africa Elevators and Escalators Market by services in 2018 owing to widespread infrastructural development activities across several segments. Additionally, the number of such installations continue to rise, the demand for maintenance of Elevators and Escalators is also expected to rise in correspondence in the region during the forecast period," Apoorva concluded.
Some of the major companies in the Africa Elevators and Escalators Market include Otis, KONE, Schindler, Thyssenkrupp and Mitsubishi Electric.
"Africa Elevators and Escalators Market (2019-2025)" report provides an in-depth analysis with 223 figures and 29 tables, covered in more than 325 pages. The report estimates and forecast the overall Africa Elevators and Escalators Market by types, countries, services, and applications such as commercial, residential and industrial. The report also offer insights on the competitive landscape, company profiles, market drivers and restraints.