Elevator and Escalator Market is expected to witness a growth of 6.38% from 2019-2026


Posted March 18, 2020 by jennysmith

Elevator and Escalator Market was valued at USD 96,060.1 Million in 2018 and is expected to witness a growth of 6.38% from 2019-2026 and reach USD 155,898.3 Million by 2026.

 
Elevator and Escalator Market Size And Forecast
According to Verified Market Research, the Global Elevator and Escalator Market was valued at USD 96,060.1 Million in 2018 and is expected to witness a growth of 6.38% from 2019-2026 and reach USD 155,898.3 Million by 2026.

The latest survey on Global Elevator and Escalator Market is conducted covering various organizations of the industry from different geographies to come up with a 100+ page report. The study is a perfect mix of qualitative and quantitative information highlighting key market developments, challenges that industry and competition are facing along with gap analysis and new opportunities available and trend in the Elevator and Escalator Market. The report bridges the historical data from 2013 to 2018 and forecasted till 2026. The report aims to present the analysis of Global Elevator and Escalator Market By Type, By Elevator Type, By Elevator Technology, By Service, By Geographic Scope – North America, Europe, South America, Asia-Pacific, Middle East, and Africa. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities.

What is an Elevator and Escalator Market?
The main objective for the use of elevators and escalators is their efficiency in vertical transport. An elevator can be defined as a closed cabin that is driven by electric motors that either drive traction cables, counterweight systems, or pump hydraulic fluid to raise a cylindrical piston. Elevators are resourceful vertical mobility solutions as they are able to use urban space efficiently and make movement in buildings possible for everyone. In the scope of this report, the two main types of elevators covered are passenger elevators and freight elevators.

An escalator can be defined as a moving staircase, or a conveyor transport device that is used for carrying people between floors of a building. The device traditionally consists of a motor-driven chain of individual, linked steps that move up or down on tracks, allowing the step treads to remain horizontal.

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Global Elevator and Escalator Market Outlook
With the growth of the global construction market, construction companies around the globe are focusing on reducing their energy consumption levels and also planning to achieve green building certifications such as Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED) for their projects. This increased focus on reducing overall energy consumption levels is aiding the growth of the elevators and escalators market.

Due to the advantages that urbanization provides such as the increase in efficiency as well as increased access to better facilities, there is a growing rate of urbanization worldwide. It can be seen that the degree of urbanization for every region is above 49% as of 2018, indicating the extent of urbanization that is occurring in regions worldwide. With this increasing urbanization in both developed as well as developing regions, the potential, as well as the necessity for more elevators and escalators, are increasing as more public buildings such as residential buildings, airports, hotels, offices, and banks.

Customers expect constant support and after-sales-services from OEMs so as to maintain the effective performance of elevators and escalators. The bigger and well-established vendors in the market such as ThyssenKrupp, Schindler, Mitsubishi, Hitachi, and Fujitec provide integrated maintenance solutions to their customers. As a result, third-party service providers in the market are capturing the maintenance and repair business, especially for smaller projects, as they provide similar services at much lower prices. This could potentially hamper the growth rate for the Elevator & Escalator Market.

Global Elevator and Escalator Market Segmentation
The Global Elevator and Escalator Market are classified on the basis of Type, Service, Elevator Technology, End-use Sector, and Geography. The gist of breaking down the market into various segments is to gather information about various aspects of the market.

On the basis of Elevator Type, the market is bifurcated on the basis of Passenger Elevators, Freight Elevators, and Others. A passenger lift is a completely enclosed lift car that travels vertically within a specially prepared lift shaft, while freight elevators are designed to move goods and materials. The demands for passenger lift are growing and expected to boom over the forecast period. Thus, the market for passenger elevators is expected to hold the largest share in the market.

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On the basis of Service, Maintenance & Repair accounted for the largest market share in 2018, with a market value of USD xx Million and is projected to grow at the highest CAGR during the forecast period. Modernization was the second-largest market in 2018, valued at USD xx Million in 2018

In terms of Geography, the market was dominated by the Asia Pacific in 2018, with China, Japan, and Mexico accounting for the majority of the shares in this region. The Asia Pacific was also the fastest-growing region in the global market.

Global Elevator and Escalator Market Competitive Landscape
The “Global Elevator and Escalator Market” study report offers a valuable insight with an emphasis on global market including some of the major players such as Hitachi Ltd., United Technologies, Kone Corporation, Electra Ltd., Schindler Holding Ltd., Thyssenkrupp AG, Mitsubishi Electric Corporation and Toshiba Corporation. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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Issued By VMR
Country United States
Categories Business
Tags elevator and escalator market
Last Updated March 18, 2020