Press release
Escalator Market Driven by Urbanization and Public Transport Growth With a CAGR of 4.5% by 2030
Escalator Market
The growing global population and rapid urbanization are creating a surge in demand for commercial buildings like IT parks and shopping malls. This, in turn, is driving the escalator market as they facilitate efficient movement of people within these structures.
Escalator demand is further fueled by the increasing population density in urban areas. This is leading to the development of robust public transport systems, including metro networks, and the construction of new airports. All of these factors are contributing to significant growth in the escalator market.
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Market Segmentation by Type and Application:
The escalator market is segmented into various types, including parallel, multi-parallel, walkway, crisscross, and spiral. Parallel escalators currently hold the largest market share due to their high demand in commercial buildings.
The market is further analyzed based on application across different industries like commercial, public transit, institutional, and residential sectors. The primary growth drivers are the rising demand for commercial space and increasing investments in public transport projects like metro rails and airports.
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Challenges and Regional Trends
Despite the positive outlook, the escalator market faces some limitations. Frequent maintenance requirements and high energy consumption can hinder growth.
In terms of geographical distribution, Asia-Pacific dominated the global escalator market in 2020, accounting for nearly half of the industry's revenue. This region is projected to maintain a high Compound Annual Growth Rate (CAGR) due to booming commercial real estate projects and metro rail development.
Growth in the "Others" Segment
The "others" segment within the industry vertical category is expected to witness rapid growth with a CAGR of 6.3%. This is primarily driven by the rapid development of metro rails in emerging economies like India.
For example, India's metro rail network is undergoing significant expansion. As of November 2010, the country boasted 637.2 km of metro rail across 13 cities, with more than two dozen projects in the planning stage. This rapid development creates a strong demand for escalators.
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Top Players:
The key players profiled in the escalators market report include, Fujitec Co. Ltd., Hitachi Ltd., Hyundai Elevator Co., Ltd., KONE Corporation, Mitsubishi Electric Corporation, Omega Elevators, OTIS Worldwide Corporation, Schindler, TK Elevator, and Toshiba Corporation.
Conclusion
The rise in urbanization and public transport infrastructure is creating a positive outlook for the global escalator market. While challenges like maintenance costs exist, the overall growth trajectory is expected to remain favorable, particularly in regions like Asia-Pacific.
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