Posted On: 2019-02-03
Africa elevator and escalator market registered a steady growth in terms of number of new installations across countries over the past five years. South Africa and Egypt registered maximum number of new installation and accounts for majority of the Africa Elevator and Escalator market share. Although, rising urbanization coupled with growing government spending on infrastructural development projects as well as increasing inflow of FDI in the construction and retail sectors are some of the key factors that would propel the demand for elevators and escalators in Africa market during the forecast period.
According to 6Wresearch, Africa Elevator and Escalator market revenues are projected to grow at a CAGR of 6.7% during 2018-24. Rising construction of skyscrapers, increasing acceptance in the residential vertical coupled with surge in construction projects in the commercial sector would drive the demand for elevator and escalator in Africa. Passenger elevators are the key revenue generating segment in the Africa elevator and escalator market with its wide acceptance in the commercial and residential sectors. Further, many countries in the region are focusing on developing their manufacturing sector, with government initiatives such as Tanzania Vision 2025 and Ghana 1 District 1 Factory, which would result in surge in demand for cargo elevators during the forecast period.
According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, "The commercial application segment accounts for majority of the share in the overall Africa elevator and escalator market on account of large-scale development in verticals such as hotels, hospitals and public transport infrastructure across various countries. Upcoming projects such as New Administrative Capital in Egypt, Airport city in Nigeria and several metro or airport expansion and development plans would increase the demand for elevators and escalators in the commercial application market."
"The residential application is also a significant market revenue shareholder in Africa, this application is further expected to spur on account of rising housing demand and growing acceptance of apartment-style residential development in the region," Shefali further added.
According to Akash Sharma, Research Associate, Research and Consulting, 6Wresearch, "By service type, the new installation segment captured the highest revenue share in the overall market in 2017 and is likely to maintain its dominance during the forecast period on account of large number of upcoming projects in the commercial and residential sectors in several African countries.
Further, South Africa, Algeria, Egypt, and Nigeria accounted for the largest revenue share in the market, attributed to key construction projects in commercial and retail verticals," Akash Concluded.
Some of the major companies in Africa elevator and escalator market include Otis Elevator, Schindler, ThyssenKrupp, Kone Corporation, and Mitsubishi Electric.
"Africa Elevator and Escalator Market (2018-2024)" provides an in-depth analysis with 198 figures and 25 tables covered in more than 340 pages. The report estimates and forecast the overall Africa elevator and escalator market by revenues, volume, types, service types and applications such as commercial, industrial and residential. 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 device and align their market strategies according to the current and future market dynamics.