According to the latest report, titled “Elevator and Escalator Market – Global Industry Trends Insight, Size, Share, Growth, COVID-19 Impact, and Forecasts 2020 – 2027”. The Elevator and Escalator Market size had been cherished at US$ 71.68 billion in 2019 and it is estimated to attain US$ 114.90 billion by 2027.
The Elevator and Escalator Market is expected to grow at a CAGR of 6.3% during the forecast period. This report provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
Some of the prominent key players are:
- Otis Elevator Company
- Kone Corporation
- Schindler Group
- Thyssenkrupp AG
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Toshiba Elevators and Building Systems Corporation
- Hyundai Elevator Co., Ltd.
- SJEC Corporation
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An elevator is a kind of upright transport system that effectually and proficiently transports goods or people among any levels or floors in any building infrastructure or any commercial places. Elevators and escalators are the two unavoidable parts of the regular life of humans. Hectic time agendas and augmented number of the elderly population require the facility of elevators and escalators in residential sectors around the world. Smart elevators are innovative system that permits programmed upright moving of travelers or things. Smart elevators are designed simplifies transportation amongst different the levels of any infrastructure. Furthermore, an escalator is a moving flight of steps, in other words, a staircase which aids in transferring passengers amid floors of infrastructure. The process comprises of a chain of independently connected steps that is essentially driven by the motor that moves up and down the tracks, therefore, maintaining effective transportation.
Elevators and escalators are experiencing the fastest growth rate for the transportation of people and other goods in developed as well as developing economies. The rapid urbanization and industrialization across emerging countries such as India and China are heightening market growth and development. The demand for smart cities together with smart infrastructure will have a positive impact on powering market growth. Furthermore, with the advancement of technology, vendors are investing high on R&D to provide smart elevators to the customers with better designs and attractive features.
This investment by the big organizations and the major players across the world will improve the growth and development of the escalators and elevators market in the near future. Moreover, in order to diminish the travel time in moving and transportation of goods and people is going to boost the development of the market. In addition, the increasing number of aged and elderly population will also support the growth of elevators and escalators in residential constructions and apartments in developed and developing countries. On the other hand, safety issues and a dearth of skilled workforce are expected to hinder the elevators and escalators market growth.
- The Asia Pacific region is the largest and fastest-growing region in the elevator & escalator market. A huge number of high-rise buildings in metro cities are driving market demand.
- Technological innovation is amplifying the speed of elevators and escalators and reducing transportation time.
- The global elevator & escalator market is extremely competitive with the presence of several global and regional players. Vendors are investing in product innovation to increase their consumer base.
- Moving Walkways
- New Equipment
Key Questions Covered in the Report
- What is the impact of Covid-19 on the Elevator and Escalator Market?
- What is the CAGR of this market during the forecast period 2020 to 2027?
- How will the market expand through 2027?
- Which top manufacturing companies are leading this market?
- What are the key drivers and trends that will stimulate Elevator and Escalator sales?
- What are the challenges that will affect the sales of this market?
- Which region will remain the most lucrative during the forecast period?
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