Global Elevator & Escalator Market 2021: Rising Demand in Emerging Countries Fueling Growth at a CAGR of 6% – ResearchAndMarkets.com – Press Release

The “Global Elevator & Escalator Market Overview, 2020-26” report has been added to ResearchAndMarkets.com’s offering.

The report titled ‘Global Elevator & Escalator Market Overview, 2020-26’ offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026.

The overall global market was at USD 68.31 Billion in the year 2015, which faced a downfall in the year 2020 because of the Covid pandemic.

The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period.

The market is projected to witness high growth because of the growing end-use industries apart from residential and commercial and the rising demand from emerging countries such as China and India. The residential segment is to have the largest market share followed by the commercial industry becoming the next end-use industry to play a key role in changing the elevators & escalators industry landscape and grow at the highest rate during the forecast period. The market is to grow with an anticipated CAGR of over 6% through the forecasted period.

By type, the elevator segment leads the market at a share of 58.26% in 2020. The growing geriatric population is another factor boosting its installation. The booming construction sector resulting in 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.

The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators, accounted for a value of USD 31.30 Billion in the year 2015. However, in recent times, it has been closely competing with the commercial industry.

The commercial end user segment is expected to show a marginal decline and reach USD 28.81% in the year 2020. The increasing focus of government towards high rise infrastructures coupled with the increasing need for rapid transit is expected to fuel the growth. 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.

The life cycle of the escalators and elevators starts with the new equipment installation, which in 2020 accounted for a value of USD 33.14 Billion. 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.

Asia-Pacific is to have the largest market share and dominate the elevators & escalators market, expected to cover 47.77% by the end-of-year 2026. The region offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the region the fastest-growing market.

The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this region. The regions of Latin America and Middle East & Africa together contributed to less than 15% of the market in 2020.

This report would help you answer the following questions:

1. What is the market size and forecast of the Global Elevator & Escalator Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Elevator & Escalator Market during the forecast period?

3. Which region stands out in the Global Elevator & Escalator Market?

4. Which are the segments to invest in over the forecast period in the Global Elevator & Escalator Market?

5. What is the competitive strategic window for opportunities in the Global Elevator & Escalator Market?

6. What are the technology trends and regulatory frameworks in the Global Elevator & Escalator Market?

7. What are the major company in the Global Elevator & Escalator Market?

Key Topics Covered:

1. Executive Summary

2. Report Methodology

3. Global Elevator And Escalator Market Outlook

4. North America Elevator And Escalator Market Outlook

5. Europe Elevator And Escalator Market Outlook

6. Asia Pacific Elevator And Escalator Market Outlook

7. Latin America Elevator And Escalator Market Outlook

8. Middle East & Africa Elevator And Escalator Market Outlook

9. Market Dynamics

10. Market Trends And Developments

11. Company Profiles

Companies Mentioned

• Fujitec Corporation Limited
• Hitachi Group
• Hyundai Elevator Corporation Limited
• Kleemann Hellas
• Kone Corporation
• Mitsubishi Electric Corporation
• Otis Worldwide Corporation
• Schindler Group
• Sigma Elevator Company
• Stannah Lifts Holdings Limited
• Thyssenkrupp Ag
• Toshiba Elevator And Building System Corporation

For more information about this report visit https://www.researchandmarkets.com/r/iok9vs

View source version on businesswire.com: https://www.businesswire.com/news/home/20210820005100/en/