Elevator & Escalator Market- Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020-2030
Elevator & Escalator Market: Outline
Commercial and residential infrastructure has undergone gigantic changes over the decades. A lot has changed the face of the commercial and residential infrastructure due to the advent of modern and novel technologies. Escalators and elevators have also become an essential component of any residential or commercial estate. The popularity of elevators and escalators is increasing considerably. Thus, based on this aspect, the elevator & escalator market is anticipated to observe considerable growth across the assessment period of 2020-2030.
The booming construction sector is key to the overwhelming development of the elevator & escalator market. Swift urbanization and the rising disposable income of a large chunk of individuals across the world are leading to an increase in the number of residential and commercial buildings. Thus, these factors influence the growth of the elevator & escalator market to a great extent.
On the basis of product type, the elevator & escalator market can be classified into elevators (freight elevator, passenger elevator) and escalators (step type, belt type). The utilization of elevators and escalators in offices, hospitals, the hospitality sector, malls, and others may bring immense growth opportunities for the elevator & escalator market.
Elevator & Escalator Market: Competitive Landscape
The elevator & escalator market is highly fragmented with a large number of players in the fray. The players are involved in intense research and development activities for discovering novel insights. Manufacturers invest heftily in advertising campaigns for increasing their revenues. Mergers and acquisitions are also playing a crucial role in cementing the influence of the players.
Elevator & Escalator Market: Key Players
Some well-established players in the elevator & escalator market are:
Elevator & Escalator Market: Notable Developments
COVID-19 Pandemic Propels Popularity of Contactless Elevators
The novel coronavirus pandemic has completely changed the world in terms of its functioning. Touchless technologies have gathered considerable momentum. Elevators and escalators are prominently based on touch mechanisms. Manufacturers are trying to develop smart touchless escalators and elevators that will help in reducing the transmission of COVID-19. For instance, Johnson lifts recently launched a contactless elevator. The elevator can be controlled through a mobile application. Thus, such developments will increase the revenue of the elevator & escalator market.
Modern Technologies to Invite Promising Growth
Elevators and escalators equipped with the latest technologies such as the Internet-of-Things are also gaining immense popularity among the end-users. For instance, Schindler has launched Schindler Ahead, a software application that connects existing Schindler elevators with their cloud platform. The software application shows real-time data and insights. These advancements further bring tremendous growth opportunities for the elevator & escalator market.
Technological advancements are also playing a crucial role in making the elevators cable-less. Various manufacturers are working on the design and development of such elevators. ThyssenKrupp recently unveiled its ambitious lift system known as MULTI. It is the first cable-less elevator in the world that moves in both horizontal and vertical directions. The lift works on liner motor technology. All these factors pave way for positive growth of the elevator & escalator market.
Elevator & Escalator Market: Regional Prospects
The elevator & escalator market in Asia Pacific may observe a dominant streak across the forecast period of 2020-2030. The emergence of rapid urbanization in densely populated countries like India and China may prove to be prominent growth generators for the elevator & escalator market. The booming construction sector across various countries in the region may also prove to be a vital growth contributor.
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