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Elevators and Escalators Market worth 125.22 Billion USD by 2021 | Major Players are KONE Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hita

01-15-2021 03:52 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets.com

Elevators and Escalators Market worth 125.22 Billion USD by 2021

The report "Elevators and Escalators Market by Type (Elevators, Escalators & Moving walkways), Service (New installation, Maintenance & Repair & Modernization), Elevator Technology (Traction, Machine room-Less & Hydraulic), & End-use Sector - Global Forecast to 2021", The elevators & escalators market size is estimated to grow from USD 88.78 Billion in 2015 to USD 125.22 Billion by 2021, at a CAGR of 6.01%. Factors such as increasing demand in Asia-Pacific and the growing demand from the end-use industries such as residential, commercial, institutional, infrastructure, industrial, and marine are the drivers for the growth of the elevators & escalators market.

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End-use industries such as residential and commercial to gain maximum traction during the forecast period
The residential segment dominated the market in 2015 and is projected to be the fastest-growing end-use industry in the next five years, as a result of the rising demand for elevators by the residential property developers in the their technologically advanced high rise buildings. Furthermore, the commercial segment is projected to be the second fastest-growing end-use industry due to the increasing number of business spaces and shopping malls, among others in cities across the world which demand equipment such as elevators, escalators, and moving walkways for the comfortable transportation of people and goods.

New installation as a service to witness the highest growth in the elevators & escalators market
The report defines and segments the elevators & escalators market on the basis of services offered into new installation, maintenance & repair, and modernization. The new installation segment is projected to grow at the fastest CAGR due to the growing demand from emerging countries such as China and India, which are ranked first and second, respectively, in the global elevators & escalators market. The second fastest growing sector is maintenance & repair, the reason being, all new and existing structures that are installed require periodical maintenance & repair for their smooth functioning. This makes the maintenance & repair market very lucrative and fast growing.

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“Asia-Pacific region to be the largest market for elevators & escalators during the forecast period.”
The Asia-Pacific region leads the market due to its large population and its growing demand for residential, commercial, institutional, and infrastructure spaces. As elevators & escalators have widespread application in all these end-use industries, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for this equipment. This is followed by Europe, which is the next largest market for elevators & escalators followed by North America and Rest of the World.

The global market for elevators and escalators is dominated by players such as KONE Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland), Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC (Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea), Toshiba Corporation (Japan), and Electra Ltd. (Israel).

Scope of the Report

The research report segments the elevators & escalators market into the following submarkets:

By Type:
• Elevators (passenger, freight, single, and double deck elevators)
• Escalator
• Moving walkways

By Service:
• New installation
• Maintenance & repair
• Modernization

By Technology:
• Elevator technology (traction with a room, machine room less traction, hydraulic)

By End-use Industry:
• Residential
• Commercial
• Institutional
• Infrastructure
• Others (industrial and marine industry)

By Region:
• North America
• Europe
• Asia-Pacific
• RoW

Get 10% Customization on this Report @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=221792102

Contact:
Mr. Aashish Mehra
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

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