LONDON--(BUSINESS WIRE)--The new elevator and escalator market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the elevator and escalator market.
"One of the primary growth drivers for this market is the Growing Demand for Smart Elevators,” says a senior analyst for the Industrials industry at Technavio.
Owing to the growing need for minimizing the travel time between floors and with the awareness about the need for energy-efficient residential elevators, recent years witnessed a considerable increase in the need for smart elevators. In addition to energy efficiency, better control of elevator traffic, and reduced wait times, smart elevators are also integrated with access control features. Additionally, these elevators are equipped with destination dispatch systems, that can group passengers based on their destination, thereby, reducing the wait and travel time considerably. Owing to such benefits, the preference for smart elevators will increase exponentially in the coming years, which, in turn, will drive the growth of the escalator and elevator market size.
As the markets recover Technavio expects the elevator and escalator market size to grow by 138.41 K units during the period 2020-2024.
Elevator and Escalator Market Segment Highlights for 2020
- The elevator and escalator market is expected to post a year-over-year growth rate of -1.37%.
- The elevator market has its revenue generation from new installations (unit and service), maintenance, and the modernization of elevators.
- Low-rise buildings whose compositional structure is below 35 meters primarily use hydraulic technology, as it is cheaper to maintain than other modern technologies.
- Therefore, the market growth in the elevators segment will be slower than the growth of the market in the escalators segment.
- 85% of the growth will originate from the APAC region.
- The increasing number of high-rise buildings and the growing popularity of smart elevators will significantly drive the elevator and escalator market growth in this region over the forecast period.
- China, India, and Japan are the key markets for elevator and escalator in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The elevator and escalator market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The elevator and escalator market is segmented by Product (Elevators and Escalators), Geographic Landscape (APAC, Europe, MEA, North America, and South America), and End-user (commercial and residential).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Fuji Electric Co. Ltd., Fujitec Co. Ltd., Hitachi Ltd., KÖHLER Elevator GmbH, KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp Elevator AG, and Toshiba International Corp.
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