The global elevator and escalator market size was USD 77.82 billion in 2020. The market is projected to grow from USD 79.7 billion in 2021 to USD 122.8 billion in 2028 at a CAGR of 6.4% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Elevator and Escalator Market, 2021-2028.”
The increasing investment in commercial and residential infrastructure ventures
in the emerging as well as established economies, is leading to the growth of
the market. Surging construction projects of the biggest and tallest commercial
buildings in various regions are anticipated to develop the approval rate of
the product.
Key Providers of Elevator
and Escalator Present in This Market
- thyssenkrupp AG (Cinven, Advent and RAG foundation) (Essen, Germany)
- United Technologies (Massachusetts, U.S.)
- Schindler (Ebikon, Switzerland)
- KONE CORPORATION (Espoo, Finland)
- Hitachi, Ltd. (Tokyo, Japan)
- HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Johnson Elevator Co., Ltd. (Jiangsu, China)
- FUJITEC CO., LTD (Tokyo, Japan)
- Toshiba Corporation (Tokyo, Japan)
Report
Coverage
We have executed
an exclusive research method that comprises information triangulation based on
the renowned bottom-up and top-down approaches. Our researchers have lead
thorough primary research as well as secondary research to authenticate the
estimated size of the market for elevator
and escalator. The data utilized to depict the shares for multiple
segments at the national, regional, and global levels is mined from
comprehensive interviews with various experts. Our analysts have also extracted
information from funded databases, industry journals, SEC filings, and many
other parallel resources.
Drivers and Restraints
Increasing Infrastructural Developments to Boost
Market Growth
The incredible upsurge
in infrastructural spending by developing countries is guessed to result in the
expansion of the global market. Additionally, as per the statistics issued by
UNCTAD Trade and Development, the infrastructure progression prominence of about
40 developing nations is documented to be on a greater side.
Therefore, the
governments of these emerging countries are implementing progressive alterations
in the development of numerous infrastructures such as dams, bridges, highways,
ports, schools, and airports. This is expected to bolster the elevator and
escalator market growth.
Read a Detailed
Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/elevator-and-escalator-market-100301
COVID-19 Impact
Sudden Shutdown of
Production Facilities to Restrain Latent Market Improvements
The
COVID-19 pandemic outbreak formed an unparalleled and complicated health
emergency across the world as a security measure majority of the important countries
enforced a stringent and exponential countrywide lockdown limiting the monetary
happenings within the region.
Moreover,
the unexpected termination had a hard-hitting influence in labor concentrated
and extremely unstable construction sector, which also declined novel
construction and reconstruction doings, hindering the sales and progressions of
the market.
Regional Insights
Asia Pacific to Dominate
Backed by Rising Development in India
Asia
Pacific held the maximum elevator and
escalator market share owing to the rising necessity
for development from chief nations of this region, such as India as well as southeast
Asia.
North America
region documented a moderate pace of growth over the forecast period. The struggles
made by the global producers to reinforce their occurrence in the regional
market is a grave reason behind the prosperous market, particularly in the U.S.
In South America,
the construction of low to midrise commercial developments, office structures,
and residential infrastructure ventures are amplifying the necessity of elevator and escalator across the
region of South America.
Competitive Landscape
Companies Enter Into Collaborative Contracts
to Strengthen their Market Positions
The important
players of the market are known to form vital tactics in order to preserve
their domination over the market worldwide. The players, along with their professional
consultants, apply strategies such as unveiling products, entering tactical contracts,
engaging in collaborations, and many other things to thrust market growth and broaden
their growth horizon throughout the market.
Industry Development
February 2020: Thyssenkrupp traded
its elevator technology business to an association managed by Cinven, Advent, as
well as RAG foundation.
Read Press
Release: https://www.fortunebusinessinsights.com/press-release/escalator-and-elevator-market-9727
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