As per current published report by Markntel Advisors the Elevator and Escalator Market is estimated to grow at a CAGR of around 7.8% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Global Elevator and Escalator Market Driver:
Increasing Investment in Construction Projects – The global elevator and escalator market is set to grow due to the rising construction of new residential and commercial properties in both developing and developed economies. Infrastructure-related projects are being invested in by over 40 developing countries, as per the UNCTAD Trade report. Additionally, numerous government initiatives from these nations aim to boost demand for elevators and escalators further during the forecast period. For instance,
- India is planning to invest USD 1.4 trillion in residential and commercial infrastructure by 2025.
Furthermore, developing smart cities is also expected to augment the size & volume of the Global Elevator and Escalator Market. For instance,
- The source of the Policy Forum stated that the Chinese government’s investment in the smart city was USD 30.5 billion in 2019, and investment is expected to reach USD 60.2 billion by 2028.
In addition, the increasing construction of high-rise buildings in developed and developing countries drives the growth & expansion of the market.
The Elevator and Escalator Market has segmented the market into the following categories:
By Type
(Elevator, [Traction, Hydraulic, Machine Room Less], Escalator, [Moving Walkway, Moving Stairs]),
By Service
(New Installation, Modernization, Maintenance),
By Application
(Residential, Commercial, Industrial)
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-By Region
– North America
– South America
– Europe
– The Middle East & Africa
– Asia-Pacific
Competitive Environment Featuring Key Players:
Fujitec Co. Ltd., Hitachi Elevator Engineering Company, KONE, Canny Elevator Company Ltd., Toshiba Elevator and Building Systems Corporation, Hyundai Elevator Co., Ltd., Mitsubishi Electric Corporation, ORONA, Otis Worldwide Corporation, Schindler Holding Ltd., ThyssenKrupp Elevator AG, SJEC Corp., Sigma Elevators, Walton group, Electra Elevators and others
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-Market segmentation based on both economic and non-economic characteristics, analyzed both qualitatively and quantitatively
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-Our reports provide exceptional benefits to the stakeholders from the discussed insight and innovation.
-A geographical analysis that shows how the product or service is used in each area and what factors are influencing the market in that particular area
-Comprehensive company profiles for the main market players that include a company overview, company insights, product benchmarking, and SWOT analysis
-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
-Using Porter’s Five Forces approach, provides a thorough examination of the market from a variety of angles.
-Uses the value chain to offer market intelligence.
-The state of the market dynamics and potential for future market expansion
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