The steady growth can attributed to the development of indemnificatory housing being converted into engines for steady-state growth of the industry. China held around 50% of the world’s sale volume. This was primarily due to the world’s largest urbanization. It is the largest country in the production and consumption of elevators. China elevator market is currently going through rapid development. Growing geriatric population, divorce, urbanization, and industrialization can still drive market growth in the coming years.
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Government of China is pushing for the urbanization of 60% of the nation by 2020. This will urbanize around 1.5 billion population impelling market China elevator market. Moreover, growing number of divorces is also nudging people into living in separate lodgings in apartments; this can propel market growth in the coming years. Frequent elevator accidents, rigid government rules regarding the minimum floor requirement for lifts, and decelerating real estate market led to the decline of China’s elevator industry, in 2015. It is expected to continue sluggishly drop in 2016. The global China elevator market is split into end-users, and regions.
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End-users consist of Nonresidential Buildings, Residential buildings, and non building settings. Nonresidential buildings include government & instructional facilities, industrial facilities, lodging & other commercial buildings, offices, retail establishments, and transportation facilities. Regions include Central-North, Central-South, Central-East, North-East, South-East, and South-West China. An increase in escalator and elevator exports can be attributed to Zhejiang and Jiangsu provinces. China’s elevator and escalator exports accounted for around 69,000 sets in 2014. It grew at a CAGR of over 13% between 2007 and 2014.
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Jiangsu held nearly 49% of total export volume, which is equivalent to around 26000. Of which about 7,000 were escalators. Major market players worldwide are Suzuki Elevator (China) Co., Ltd., Hitachi Elevator (China) Co., Ltd., Otis Elevator (China) Investment Co., Ltd., Suzhou LARSSON Elevator Co., Ltd, and Hitachi Elevator (China) Co., Ltd. Key Chinese elevator companies are Canny Elevator Co., Ltd., Guangzhou Guangri Stock Co., Ltd., Shanghai Mitsubishi Elevator Co., Ltd, and Shenlong Elevator Co., Ltd., Dongnan Elevator Co., Ltd.
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