DUBLIN--(BUSINESS WIRE)--The "Elevators and Escalators Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global elevators and escalators market is expected to reach over $107 billion by 2024, growing at a CAGR of around 6% during 2018-2024.
The research report also offers market share in million units. The global elevators and escalators market is driven by the growing demand for technically sound escalators and elevators by commercial end-users. Otis Elevators, Schindler, and KONE are major competitors in the global market.
The global elevators and escalators market is evolving due to the changing dynamics of the global construction industry. Advancements in vertical transportation have transformed the construction sector, enabling the growth of high-rise buildings. This has fueled the need to install elevators and escalators in premises.
Currently, the global market is moving toward smart solutions. The increasing penetration of IoT in government, commercial, residential, and industrial sectors has a positive impact on the emerging ecosystem of next-generation elevators and escalators, thereby increasing revenues opportunities for vendors. Prominent manufacturers are integrating smart digital assistants that are capable of detecting, analyzing, and warning during contingencies.
Further, magnetic levitation is seen as the future of elevators and escalators as they allow for both horizontal and vertical movements. Moreover, elevators would be free to move at any angle, thereby offering building engineers flexibility and versatility in building design.
The elevators and escalators market has a diverse structure since each of the geographies has its competitive dynamics and intensity of competition. The APAC market can be termed as the most competitive due to its high product reach and increasing market demand. It is expected that the market to witness healthy growth during the forecast period due to the high adoption of elevators, escalators, and moving walkways worldwide. The report profiles leading players in the market and provides a value chain analysis of the global elevators and escalators market.
Market Growth Enablers
- Growth of Vertical Cities
- Aging Population
- Growth of Smart Buildings
- Increasing Air Travel
Market Growth Restraints
- High Maintenance Costs
- High Installation Costs
Market Opportunities & Trends
- Rise of Smart Elevators
- Industry 4.0 to Boost Smart Elevators and Escalators
- Increasing Use of AI in Elevators and Escalators
- Otis Elevators
Other Prominent Vendors:
- Mitsubishi Electric
- Business Overview
- Hyundai Elevator
- Electra Lift
- Orbis Elevator
- GTS Elevator
- Omega Elevators
- Fuji Elevators
- GEEC (Gulf Elevators & Escalators Company)
For more information about this report visit https://www.researchandmarkets.com/r/4u2f42