The Brazilian Elevator and Escalator Market is Growing at a CAGR of 6% from 2022 to 2028. The 8th Edition of the Expo Elevador 2023 to be held in Brazil will attract more investment.

According to the latest research report by Arizton, the Brazil elevator and escalator market will grow at a CAGR of 6%. The demand for passenger elevators is attributable to the high dependence of people on them to commute between levels in high-rise buildings. Passenger elevators offer high efficiency, and they are usually noise-free and create minimal vibrations. Alike hydraulic elevators, passenger elevators can carry heavy loads. These elevators are designed to be installed in dwelling houses, administrative and residential buildings, hotels, banks, and offices.

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Increasing aged population in Brazil will boost the adoption of residential elevators in buildings

The use of elevators in the residential sector has increased due to the country's growing elderly population and their need for accessibility. The lack of elevators in homes with elderly residents has an impact on their quality of life.

Reserva Alta Vista is a $50 million residential complex under construction in Jundia, So Paulo, and Nex One Alto da Boa Vista is a $30 million residential construction project on 0.27 hectares of land in Santo Amaro, So Paulo. Both projects are scheduled to be finished in 2023. This in turn, will create more demand for elevators and escalator in Brazil.

Key Highlights
Brazil Elevator and & Escalator market by new installations is growing at a CAGR of 6.00% during the forecast period (2022-2028). Due to rapid urbanization with about 85% of population are residing in urban areas and various socio-economic development projects in pipeline are creating more opportunities for elevator and escalator market in Brazil. Because of rapid urbanisation, with approximately 85 percent of the population residing in urban areas, and various socioeconomic development projects in the pipeline, the elevator and escalator market in Brazil is expanding.

Elevator Expo is a key event for the vertical transport industry in Latin America. The 8th Edition of the Expo Elevador 2023 is going to be held in Brazil. This event targets professionals, engineers, architects in the industry (focusing on service provider companies), and students. This interactive platform will bring together companies across the globe that might invest and expand in the country.

In August 2020, the federal government of Brazil launched the Casa Verde E Amarela Program (Green and Yellow House program) to provide and facilitate access to decent housing and meet the deficits of housing across the country. Between 2019 and 2022, 1.25 million housing units were delivered across the country, providing housing access to 5 million people.

According to EDGE buildings and forecast by the IFC, the overall green building penetration in Brazil is more than 20%. The focus of certification schemes is to specifically improve the residential sector followed by the commercial market.

An investment of $12 million from government incentives will go to the MCTI or EMBRAPII network in the next five years i.e., by 2025, of which $3.5 million will be focusing on AI applied to automotive and agribusiness sectors. The main aim of this is to adopt the use of advanced technologies in various sectors. About 17 research and development centers with all technical experts and infrastructure in areas such as ML, big data, IoT, and big data will support the industry. By 2025, the MCTI or EMBRAPII network will receive an investment of $12 million from government incentives, of which $3.5 million will be devoted to AI applications in the automotive and agro sectors. The adoption of cutting-edge technologies into diverse industries is the major goal and the sector will be supported by approximately 17 R&D facilities with complete technological expertise and infrastructure in fields including ML, big data, IoT, and big data.

The EU-MECOUSUR agreement will eliminate high custom charges in export sectors (cars and parts, machinery, chemicals, and pharmaceuticals). This will provide services and setting up a business presence in Mecousur. Supporting small and medium-sized companies will provide opportunity for European elevator companies to expand their business in Brazil.

The key players in Brazil Elevator and & Escalator market are Otis, Schindler, and TKE, Hitachi, Hyundai Elevator, and Fujitec. . International companies in the elevator and escalator account for 90% of market share in Brazil. The key players include Otis, Schindler, and TKE, Hitachi, Hyundai Elevator, and Fujitec.

Market Segmentation

Type

Hydraulic and Pneumatic

Machine Room Traction

Machine Room Less Traction

Others

carriage Type

Passenger

Freight

Person

2-15

16-24

25-33

34 and Above

End-User

Commercial

Residential

Industrial

Others

Key Vendors

OTIS

Schindler

TK Elevator

Hitachi

Hyundai Elevator

Fujitec

Other Prominent Vendors

Wittur

GMV Elevator

Vega Lifts

Schmersal

Draka Elevator

Giovenzana

To know more: https://www.arizton.com/market-reports/brazil-elevator-and-escalator-market

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This release was published on openPR.