LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent elevator and escalator market in the US report until 2021. This research report also lists 24 other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the elevator and escalator market in the US for 2017-2021 provides a detailed industry analysis based on the product type (elevator and escalator) and service (new installations, maintenance, and modernization).
“The elevator and escalator market in the US is projected to grow to USD 5,388 million by 2021, at a CAGR of more than 4% over the forecast period. The growing demand for modernization and maintenance of elevator and escalators in the US will be a key driving factor impacting the growth of the market,” says Likhitha Bandla, a lead analyst at Technavio for construction research.
Competitive vendor landscape
A rise in investments in the construction industry has contributed to the growth of the elevator and escalator market in the US, with many commercial and residential high-rise projects scheduled for completion during the forecast period. The key vendors in the market focus mainly on providing elevator and escalator installation, maintenance, and modernization solutions for large-scale public infrastructure, residential, and commercial construction projects. With the construction industry in the country extensively focusing on green development and energy efficiency, leading vendors are providing energy-efficient elevator and escalator solutions.
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Top six vendors in the elevator and escalator market in the US
FUJITEC engages in the R&D, manufacture, marketing, installation, and maintenance of escalators, moving walks, elevators, and new transportation systems. The company is composed of regional segments based on the consistent system of manufacturing, sales, installation, and maintenance.
KONE provides elevators, escalators, auto walks, automatic doors, and integrated vertical transport systems. It also supplies services throughout the lifecycle of the equipment, including the installation, maintenance, and replacement.
Mitsubishi Electric US
Mitsubishi Electric US is one of the nine divisions of Mitsubishi Electric. The firm has branches in Nevada, Washington, Hawaii, Illinois, Northern California, and Southern California. The company offers hydraulic elevators, MRL elevators, high-speed traction elevators, and cab interiors, entrances, and fixtures.
Otis Elevator designs, manufactures, and maintains people-moving products, which include escalators, elevators, and moving walkways. The company was the first to venture into the development of safety elevator. Some of the biggest and iconic buildings, such as Burj Khalifa, Petronas Towers, and Empire State Building, have installed Otis elevators and escalators.
Schindler provides passenger elevators, freight elevators, escalators and moving walks, and modernization services. Its R&D and production facilities are located in the US, Brazil, Europe, China, and India. Schindler escalators provide safe, reliable, and eco-friendly versatility in malls, airplane terminals, railroad stations, and business structures.
thyssenkrupp Elevator is part of thyssenkrupp, which is a global conglomerate. It is a diversified industrial company specialized in materials, and capital goods and service businesses. The company has engineering expertise in mechanical, plant, and materials areas.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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