Global Elevator and Escalator Market to Grow as High-rise Buildings become a Trend

Published On : 20 Dec 2016

Factors such as growing infrastructure developments and a high demand from end-use industries such as marine, commercial, residential, institutional, and industrial will drive the demand for elevators and escalators, states a report added by QYResearchReports.com. The report is titled ‘Global Elevator and Escalator Market 2016 Industry, Analysis, Research, Share, Growth, Sales, Trends, Supply, Forecast to 2021’ is now available for sale on the website of QYResearchReports.com. The key objective of this report is to examine the past and current scenarios of the global elevators and escalators market and to venture into the growth of the market over the next five financial years. This report also covers a detailed analysis of key companies, spread across the globe, giving information such as recent developments, challenges faced by them, and their strategic moves with regards to geographical expansion.

The global elevators and escalators market is highly consolidated with a large portion of the market share being accounted for, by the top five layers in the industry. Rivalry is expected between the many local players who are meeting the unmet needs of their areas and other international players. In addition to this, there are many small players in this industry catering to segments such as maintenance and modernization of elevators and escalators. 

A high demand for elevators and escalators is expected from Asia Pacific as this region is experiencing a surge in infrastructure development, growth in construction activities, urbanization, and industrialization.

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The growing aging population is another driving factor for the global elevators and escalators market as it is difficult to take the stairs for the elderly. In addition to this, the growing number of business spaces and shopping malls in cities worldwide is creating a heightened demand for elevators and escalators for the comfort of people and goods. Hotels are also investing elevators and escalators, thus driving their demand. 

The global demand for elevators and escalators is also seeing an upward trend owing to vertical growth in the construction industry. Vertical growth has become a trend in the recent past owing to a need to utilize all the space available in the city efficiently, leading to a growing number of high-rise buildings. High rise buildings necessitate the installment of elevators and escalators, thus driving the market. The growing urban population and rise in congestion are expected to continue driving the market in the long run. 

Some of the key players in the market are Otis, Kone, Schindler Group, ThyssenKrupp, Mitsubishi Electric, Hitachi, Hyundai, Fujitec, Toshiba, Express Elevators, Yungtay Engineering, Volkslift, Suzhou Diao, Ningbo Xinda Group, Canny Elevator, SJEC, Dongnan Elevator, Sicher Elevator, Hangzhou Xiolift, SANYO, Guangri Elevator, Zhejiang Meilun Elevator, Hangzhou Aolida Elevator, Suzhou Shenlon Elevator, Shenyang Brilliant Elevator, and Edunburgh Elevator.

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