LONDON--(BUSINESS WIRE)--Technavio’s research report on the elevator and escalator market in APAC projects the market to grow at a CAGR of over 8% during the forecast period.
The introduction of smart elevators will be one of the major trends in the elevator and escalator market in APAC during 2018-2022. The vendors are focusing on integrating cognitive analytics with elevators and escalators, which will help in the monitoring of these machines in different locations. Different sensors are used in gathering data regarding the performance of elevators and escalators, which can be used to identify and predict issues, minimize downtime, and personalize the experience for users.
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According to Technavio analysts, one of the key drivers for the elevator and escalator market in APAC is the growing high-speed metro projects:
Elevator and escalator market in APAC: Growing high-speed metro projects
APAC has 14 megacities, out of which, six cities have a population value of more than 20 million. The megacities in APAC have been witnessing growth due to the rising population and rapid urbanization. The growth of megacities in terms of population has created a demand for efficient public infrastructure. Hence, several countries have planned for metro rails in urban areas. The upcoming metro rail projects are expected to drive the demand for elevators and escalators during the forecast period.
According to a senior analyst at Technavio for research on construction, “The metro rails are a dominating source of mass transportation in countries such as China and Japan. In several Asian countries such as India, Thailand, Singapore, and Malaysia, the demand for metro rail is expected to increase as these countries have increased investments in metro rails. In India, metro rail is a prominent form of transport, where this mode of public transportation has recorded strong growth since its inception in 2002.”
Elevator and escalator market in APAC: Segmentation analysis
This report on the elevator and escalator market in APAC provides segmentation by product (elevator and escalator) and by end-user (residential and non-residential). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major end-users, the residential segment held the largest elevator and escalator market share in 2017, contributing to nearly 66% of the market share. This end-user segment will dominate the global market throughout the forecast period.
The elevator segment held the largest share of the market in 2017, accounting for more than 87%. This segment is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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