Global $68.31 Billion Elevator & Escalator Markets, 2016-2020 & 2021-2026
DUBLIN, July 29, 2021 /PRNewswire/ -- The "Global Elevator & Escalator Market Outlook, 2026" report has been added to ResearchAndMarkets.com's offering.
The overall global market was at USD 68.31 Billion in the year 2015, which faced a downfall in the year 2020 due to the Covid pandemic. The market is to grow with an anticipated CAGR of over 6% through 2021-2026.
'Global Elevator & Escalator Market Outlook, 2026' offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026.
The segments considered for the elevators & escalators market include type, service, and end-use industry. The report covers a detailed study on market drivers, restraints, opportunities, and challenges that are affecting the growth of this industry. It also aims to study the individual growth trends, prospects, and contributions of various segments to the total market.
The booming construction sector resulting in the rapid demand for elevators in high-rise and mid-rise buildings is further pushing the market growth. Similarly, the moving walkway segment is to grow with an anticipated CAGR of 6.70%, while the escalator segment is expected to show a decline in the market.
Modernization is the next step in the complete life cycle of escalators and elevators. After a certain period, the equipment requires a full replacement. Among these, the maintenance & repair segment amounts to the highest, globally, expected to hold a market of 45.44% by the forecasted period.
The commercial end-user segment is expected to show a marginal decline and reach 28.81% in the year 2020. Continuous investment for the improvement of infrastructure at public places like railway stations, airports, shopping malls, etc. is further expected to upsurge the demand during the forecast period.
Tourism is another sector, which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries. These factors are to influence the other end-user segment that is expected to grow with an expected CAGR of over 6%.
Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market, expected to cover 47.77% by the end of the year 2026. The regions of Latin America and Middle East & Africa together contributed to less than 15% of the market in 2020.
Globally, the market has been dominated by four key players: Otis Elevator Company, Schindler Holding Ltd., ThyssenKrupp Elevator AG, and KONE Corporation, which together controls a major share, holding to more than half of the market.
Other considerable players in the market are Mitsubishi Electric, Hitachi Ltd, Fujitec Co., Ltd, Sigma Elevator Company, Hyundai Elevator Company, Toshiba Corporation, Stannah, Gulf Elevator & Escalator Co. Ltd., Kleemann Hellas SA, Sicher Elevator Co., Cibes Lift Group AB, etc
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/z4r1tu
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