Market Research Report
Global Elevator & Escalator Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)
|Published by||Koncept Analytics||Product code||1004435|
|Published||Content info||158 Pages
Delivery time: 1-2 business days
|Global Elevator & Escalator Market: Insights & Forecast with Potential Impact of COVID-19 (2021-2025)|
|Published: May 9, 2021||Content info: 158 Pages||
The global elevator & escalator (E&E) market is forecasted to record a value of US$154.91 billion in 2025, progressing at a CAGR of 7.15% during the period spanning 2021-2025. The factors such as rising urbanization, upswing in digitalization, increasing geriatric population, growing construction activities and ageing E&E installed base would drive the growth of the market. However, the market growth would be challenged by high price of installation and setup, dearth of skilled workforce and stringent safety norms. A few notable trends may include accelerating development of smart cities, upsurge in tourism activities, surging penetration of novel technologies, escalating demand for energy efficient elevators and verticalization of cities.
The global E&E market is categorized on the basis of service and technology. According to the type of service, the market can be split into maintenance, new installation/equipment and modernization. Whereas, the global E&E market can be bifurcated into machine room-less, hydraulic and traction, in terms of technology.
The fastest growing regional market was Asia Pacific which is expected to dominate the market in future accruing to expansion in the construction of buildings across the residential and non-residential sectors, increasing shift towards eco-efficiency, flexible design, and safety, rising public expenditure on infrastructural development in developing countries such as Indonesia, India, China, and Philippines, surging disposable income and growing urbanization. Further, disruption in the supply chain of raw materials and halted construction activities, caused by the COVID-19 pandemic, resulted in the downfall in demand for elevators and escalators, which eventually had a negative impact on its market growth globally.
Scope of the report:
Key Target Audience: