Albany, New York, December 30, 2016: The global market discussions on the market of escalator and elevators can be found in a latest report that has been added to the online repository of Market Research Hub (MRH). This report is titled as “Global Elevator and Escalator Market 2016-2020” which provides in depth analysis of the market along with its future growth prospects by focusing on some of the key regions such as China, EMEA, North America, South America and the rest of APAC. Recently, research analysts have estimated that the global market will grow at a strong CAGR of 11.07% during the forecast period of 2016 to 2020.
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Elevator is a type of vertical transport equipment that proficiently moves people or goods between floors of a building, vessel or any other structure. Whereas, escalator is a moving staircase or a carrier transport device for carrying people between floors of a building. Both the equipment’s are installed in commercial, residential and mixed-used buildings such as IT parks, hotels and restaurants and retail outlets.
Further, the report gives a detailed overview of the key segments in the market. It segregates the market on the basis of product and geography. In terms of geography, key leading countries in the market are- Turkey, Germany, U.S., Japan, India, Spain and Brazil. The industry research report studies that with the growing urban population, governments and construction firms across the globe are focusing on the utilization of available spaces inside urban cities. Thus, global elevator & escalator market is probable to be driven by evolution in global construction market due to high demand of elevator and escalators. In 2015, China accounted for the maximum market shares and it will also continue to dominate the market in the coming years as well.
Also, one of the latest trends booming the market is adoption of energy-efficient elevators & escalators. A large number of new public infrastructure projects are currently ongoing across the globe, which is anticipated to drive the growth of global elevator and escalator market in the coming years. On the other hand, high manufacturing and installation costs is one of the prime challenges that can hinder the growth of the market.
Moreover, key investment opportunities in the global market are also outlined which can be helpful for the vendors. The study strategically profiles key players and widely analyzes their core competencies. Currently, key vendors operating in the global market are as follows:
- Otis Elevator
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Other prominent vendors of the market are Fujitec, Mitsubishi Electric, Hyundai Elevator and Toshiba Elevator.
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