Albany, New York, December 01, 2016: China is known for its elevator manufacturing and also manages the world’s largest market for all types of elevators. It is a fully marketization and complete competition industry. There are a lot of developments in the market over the years which have been observed by a new study. A latest report focusing on the developments in the elevator market has been added to Market Research Hub’s vast portfolio of research reports, titled as “Development and Market of Elevator in China 2016-2021 Proposal”. This study provide the readers with a comprehensive and in-depth information of Chinese elevator product industry and its growth in coming years. The regional market development of elevator’s are also included in the report. It covers three prime regions: Yangtze River region, Pearl River region and Bohai Rim region.
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According to the study, fast paced urbanization, improvement in the living standard of the people, expanding migration to the metropolitan cities mainly on the east coast of China tied with the incidence of affordable housing has indeed turned the necessity of development in the residential sector over the past few years, thereby providing significant impetus to the market for elevators and escalators in China. With these modern urbanization progressing, the demand of renewal elevators had been increased. Due to this growth, industry sales will also achieve a hike from 5%-10%.
The research study is based on the statistics from China Elevator Association, which describes that elevator industry has been developed rapidly since 2000 in China. In 2015, the total elevator output has reached 760 thousand units a growth rate of 7.34% year after year. Due to the manufacturing & installation standards and transformation license as well as testing procedures of continuous improvement, the elevator failure probability decreased with every passing year. These factors will also improve the thresholds for consent into the elevator industry and speed up industry concentration, especially among domestic brands. The structure of the industry has now improved, the market share ratio of internationally famous brands and domestic brands has changed from 60%: 40% to 55%: 45%.
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The report also analyzes the market import/export of elevator product industry. The elevator manufacturers are becoming more conscious about enhancing their product offerings in terms of energy efficiency and maintenance cost in order to utilize the growth opportunities present in the market. The current market for elevators in China has been majorly dominated by gearless technology elevators which dominates a large share in the market of new installations.
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