Over the last three years, owing to economic slowdown, decline in exports coupled with depreciating currency resulted in the overall slowdown of government spending towards several infrastructure development & construction projects in both Australia and New Zealand. Thus, affecting the number of new installations of elevators and escalators in the region during 2014-16. However, during the last quarter of 2016, the market witnessed a surge in construction projects due to increasing FDIs especially in Australia’s retail and hospitality sectors.
According to 6Wresearch, Australia and New Zealand Elevator and Escalator Market is expected to Register a CAGR of 4.4% during 2017-23. Growing skyscraper construction, surge in construction market, growing government spending, infrastructural development projects, and increasing FDI in retail and construction market along with growing installation of elevators in residential vertical would drive the demand for elevator and escalator systems in Australia and New Zealand over the next six years.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Commercial vertical which includes transportation and retail segments, accounted for major share in the overall market. Australia and New Zealand are posting significant infrastructural development activities in commercial sector. Also, upcoming residential construction projects to further stimulating the growth in the forecast period".
"Moreover, rise in the number of foreign tourists are boosting tourism industry, which is driving the construction of new hotels across the region, especially New South Wales, Victoria and Auckland, resulting into increased deployment of elevators in the country," Samuel further added.
According to Shefali Goel, Sr. Research Analyst, Research and Consulting, 6Wresearch, "Amongst all services, new installation service segment contributes a major share in the market revenues. However, with the growing elevator and escalator base in the region, maintenance service segment is expected to witness maximum growth over the next six years."
"Further, Australia accounted for largest share in Australia and New Zealand elevator and escalator market attributed to key construction projects in commercial and retail verticals," Shefali concluded.
Major companies in Australia and New Zealand elevator and escalator market include- Kone Corporation, Otis Elevator, Schindler, and ThyssenKrupp.
"Australia and New Zealand Elevator and Escalator Market (2017-2023)" provides in-depth analysis with 88 figures and 9 tables covered in more than 128 pages. The report estimates and forecast overall Australia and New Zealand elevator and escalator market by revenue, by types, by countries, by services and by verticals such as residential, commercial, and industrial. The report also gives the insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.