The current report on Elevator and Escalator Market covers a comprehensive analysis demonstrating actionable insights for clients. In addition, the report offers business insights that encourage them to take suitable decisions which are likely to leverage their business processes. Moreover, the report is a detailed study exhibiting current market trends with an overview of future market study.
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Precision Business Insights (PBI) in its report titled “Global Elevator and Escalator Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2019 and Forecast 2019-2026”assesses the market performance over six years forecast period over 2019-2026. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Some of the key factors influencing the market growth include rapid urbanization and industrialization across emerging countries, increasing shift towards environmentally friendly products awareness about the need for energy-efficient residential elevators, enhancements in construction industry, increased focus on reducing overall energy consumption levels, proactive maintenance & modernization of equipment, and rising investment in commercial and residential infrastructure. In addition, development of sophisticated technologies and acceptance of green building codes and energy-efficient products provides huge growth opportunity for the market. However, uncertainty & risk around global economy, compliance with standards & rules and high maintenance costs are inhibiting the market growth.
Global elevator and escalator market segmented on the basis of type, service and end user.
Escalator segment accounted for higher revenue share
Based on type, global elevator and escalator market is segmented into elevators (passenger, freight, single, and double deck elevators), escalator and moving walkways. Escalator segment market is expected to acquire highest CAGR of XX% and will dominate over the forecast period. Increase in the number of people migrating from rural to urban areas has fueled the demand for multi-storied buildings and escalators in the public transportation sector. Also, growth in disposable income and aging population in the urban areas has driven the markets in emerging countries.
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North America leads the Global Elevator and Escalator Market
PBI’s global elevator and escalator market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America accounted for larger revenue share in 2019 of XX% and the same trend is projected to follow over 2019-2026 due to the increasing number of high-rise buildings in countries such as Germany and the growing popularity of smart elevators. Asia Pacific held significant market share during anticipated period owing to increasing demand from the key economies and promising areas, such as India and South East Asia. China has considerably contributed to the growth of the market revenue and holds the major market share.
Strategic Acquisitions are the key strategies adopted by market players
Global elevator and escalator market further reveals that the key player’s increasingly adopting strategies such as strategic acquisitions to enhance market revenue share. For instance, In 2017, KONE acquired Alois Kasper GmbH based in Germany. This acquisition is likely to strengthen KONE’s presence in the European region including Frankfurt and Saarland.
- Elevators (passenger, freight, single, and double deck elevators)
- Moving walkways
- New installation
- Maintenance & repair
By End User
- Others (industrial and marine industry)
- North America
- Rest of Europe
- Au & NZ
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA
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