Based on types, elevators accomplished the maximum revenue share in Nigeria Elevator and Escalator Market – 6Wresearch
By types, elevators acquired the maximum revenue share in Nigeria elevator and escalator market owing to their extensive usage in commercial, residential and industrial spaces. Elevators usually acquire less space in comparison to escalators hence further augmenting their growth. The increasing number of hotel projects such Premier Hotel Building in Lagos & other cities would help the elevator market to grow. Additionally, offices and residential space in Nigerian countries would also expand the market for elevators in the coming years.
According to 6Wresearch, the Nigeria Elevator and Escalator Market is projected to grow at a CAGR of 6.4% in terms of revenues during 2023-2029F. Elevator and escalator market in Nigeria surged in the period before the pandemic owing to the growing investment in commercial projects along with government residential housing sector initiatives like the “National Social Housing Programme”. Moreover, the construction of multibillion-dollar Marina District which includes various residential and business opportunities whose average building height is 70 metres has contributed to the elevator and escalator market in the country.
However, after witnessing a decline in demand of elevators and escalators, during the year 2020, the revenue fell significantly on account of the pandemic. The pandemic forced the economic activities to be suspended and as a result the construction activities also suffered. The supply chain also got disrupted and that delayed the supply of components of elevators and escalators. The elevator and escalator market is expected to observe reasonable growth in the forthcoming years on account of the budget allocated of N1.42 trillion by the Nigerian government for infrastructure in 2022 along establishment of other construction projects. Also, the Nigerian government aims to construct infrastructure with the National Integrated Infrastructure Master Plan which would act as a driver for elevators and escalators in the future.
According to Parth, Senior Research Analyst, 6Wresearch, the commercial application is anticipated to garner the majority revenue share in Nigeria elevator and escalator market in the forecast period on the back of investment in infrastructure by the Nigerian government and owing to rise in the market for passenger elevators.
The Nigeria Elevator and Escalator Market (2023-2029) report provides an in-depth analysis with 16 figures and 10 tables, covering 70 pages. The report comprehensively covers the market by type, application and services. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.