Elevators and Escalators Market Predicted to Accelerate the Growth by 2029

Global Elevators and Escalators Market: Overview

A moderate growth rate will be recorded in the global elevators and escalators market as per Transparency Market Research. The landscape would therefore be marked with presence of new and untapped growth opportunities in the period. In turn, this would ensure that players are using various measures to take up a larger share of the market, in turn driving the market towards further growth.

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The reasons behind this growth are not hard to find. Elevators and escalators have become a crucial part of everyday lives for people, especially in places such as multi-story buildings like skyscrapers and multifarious malls. Besides, ageing population and busy schedules are also contributing to this projected growth in the market.

Global Elevators and Escalators Market: Competitive Landscape

TMR Research notes that the vendor landscape of global elevators and escalators market is fragmented and competitive. A large number of players – big and small – are marking it with their presence and driving the market forward with the many and varied growth strategies and measures deployed to gain a larger share of the growth, projected for the forecast period.

Prominent companies that work in the global elevators and escalators market are 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).

It is pertinent to note here that technology and innovation hold key to growth for players in the market. Various other strategies are also deployed. These emerge from different points on the organic and inorganic spectrum. Key alliances such as mergers are also entered into to capture higher share of market. Partnerships and collaborations, based on mutual synergies, also lead to better market penetration and consolidated position for players. Besides, better products and efforts directed by players towards portfolio diversification also propel growth in the market.

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Global Elevators and Escalators Market: Key trends and driver

A slew of trends and drivers mark the landscape of global elevators and escalators market. These are propelling the market on to a higher trajectory by contributing positively to growth. TMR Research delineates these in its upcoming market research report in great detail. A glimpse into the scenario of growth factors interplay is provided below:

One in every six people in the world will be aged over 64 by the year 2050. This means that demand for elevators and escalators will grow as strenuous physical activity becomes difficult for this age group. 2 billion people will be in 60’s and over by the same year. The situation will be slightly more pronounced In North America where the number would one in every four (people aged 65 and above). A similar ratio would be observed in Europe.
An increasing demand for these is coming from big hospitals and malls, the number of which is increasing especially in the developing regions of the world. An outcome of robust growth in these economies, these structures have these products as an essential part of the building framework.
Global Elevators and Escalators Market: Regional Analysis

The global elevators and escalators market will witness Asia Pacific top the regional charts over the forecast period. China and India will lead the way to this notable CAGR and market share. One of the biggest reasons of growth in the region is presence of a large number of older people. Besides, economic growth in some of the economies is contributing massively to increase in construction of bigger buildings and maintenance and modernization of older ones. This is boosting demand in the regional market landscape.

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Segments:

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)

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This release was published on openPR.