The global elevators and escalators market is poised to expand at an 11.07% CAGR from 2016 to 2020, according to a report added to the vast repository of MarketResearchReports.biz. The 76-page publication, titled “Global Elevator and Escalator Market 2016-2020”, offers sharp insights on the structure, scope, and dynamics of the market.
The worldwide market for elevators and escalators has been thoroughly evaluated with the help of the latest research and analysis tools. The Porter’s Five Forces analysis model allows readers insight into the bargaining capacity of buyers and suppliers, the threat presented by substitutes and new entrants, and the degree of rivalry. A SWOT analysis of the key players in the elevators and escalators market sheds light on their strengths, weaknesses, opportunities, and threats and enables readers to formulate strategic expansion decisions based on the findings. The core factors driving and restraining the growth of the elevators and escalators market have also been assessed in the study.
Escalators and elevators are installed in residential as well as commercial buildings, which also include hotels, IT parks, and retail outlets. The booming construction sector across the globe is mainly responsible for the rapid growth of the elevators and escalators market. This can be attributed to the increasing urbanization in several developing economies and the need to optimally utilize available public spaces. In addition to this, rising investments in infrastructure have aided the elevators and escalators market.
The soaring presence of high-rise buildings in countries such as Saudi Arabia, Dubai, Indonesia, China, Malaysia, Russia, Thailand, the U.S., and India has also spurred the usage of elevators and escalators across the globe. A key trend observed in the market is the emergence of smart elevators, powered by advanced safety and control systems. On the down side, high manufacturing as well as installation costs deter the adoption of elevators and escalators in several low-income countries.
The report studies the overall market on the basis of product and geography. By product, the market is split into elevators and escalators, with the former accounting for a larger share in the global market in 2015. The ongoing construction of high-rise structures is primarily driving this segment. By geography, the market is segmented into EMEA, China, Rest of Asia Pacific, North America, and South America. China holds the dominant share in the overall elevators and escalators market thanks to rapid economic growth in the nation.
The nature of the elevators and escalators market is immensely competitive despite the fact that there are just a handful of companies dominating the global scenario. These include KONE, ThyssenKrupp, Otis Elevator, and Schindler. Apart from these, elevators and escalators by Toshiba, Mitsubishi, Hyundai, and Fujitec are also available in the market today. Smaller domestic vendors have increased of late, offering solutions to country-specific markets.
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