Transparency Market Research delivers key insights on the global elevator & escalator market. In terms of revenue, the global elevator & escalator market is estimated to expand at a CAGR of over ~7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global elevator & escalator market report.
In the report, TMR predicts that the global elevator & escalator market would be largely driven by factors such as increasing number of high-rise buildings in developing economies. Moreover, innovation in technology and design of elevators & escalators is expected to boost their demand in the coming years.
According to the elevator & escalator market report, the maintenance & repair segment is expected to dominate the global elevator & escalator market and expand at a rapid rate during the forecast period. Large installed base of elevators & escalators in Asia Pacific and Europe is driving growth of this segment. End users have to invest on maintenance services every year. Elevator & escalator refurbishing services is expected to witness higher growth in the coming years.
The passenger elevator product type new installation segment accounted for the largest market share and is expected to maintain its dominance in the coming years. Majority of countries demand energy efficient passenger elevators. Developing countries investing in the real estate market is expected to work as a positive factor for this market.
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Step type escalator sub-segment held the highest market share of the escalator product type segment. Modern step type escalators are made of metal. Earlier, wood was also used to manufacture them. These characteristics are driving the product demand among consumers.
Growing commercial construction at the global level is driving the commercial segment. Both developing as well as developed countries are investing in high-rise commercial complexes, which is projected to be a positive factor driving the elevator & escalator market in the near future. The global residential construction market is growing at a double digit CAGR over the past few years. Increasing number of residential buildings will lead to new installation of elevators & escalators as well as maintenance services.
The elevator & escalator market is slightly fragmented. Several small, medium, and large companies operate in the market at the global and domestic level. Key companies are providing installation as well as maintenance services to increase their customer reach. Furthermore, demand for comprehensive maintenance contract is high at the global level; majority of small and medium scale companies offer comprehensive maintenance contracts to customers. Companies are extensively focusing on introducing innovative products to gain market share.
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Elevator & Escalator Market: Prominent Regions
Presently, Asia Pacific dominates the global elevator & escalator market followed by North America and Europe. China is the largest consumer at globally. Rising number of high-rise buildings in Asia Pacific is driving the sale of elevators as well as escalators. Supportive government policies are encouraging companies to set up their manufacturing units in this region. The market in India and China are expected to grow at a higher pace. Large number of global real estate companies are investing in the residential and commercial market in these countries. Growing disposable income coupled with huge population is creating the need for elevators & escalators in crowded commercial places. Rising number of shopping malls, corporate buildings, and offices in tier 1 and tier 2 cities is expected to further boost demand.
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