Elevator & Escalator Market to Surpass $ 100 Billion Milestone by 2023
Growing investments in construction
and infrastructure projects, increasing number of high-rise buildings and
rising consumer focus on modernization to fuel global elevator
& escalator market through 2023
According to TechSci
Research report, “Global Elevator & Escalator Market By Type, By Service, By Elevator Technology, By
End-User, By Elevator Door Type, By Region, Competition Forecast &
Opportunities, 2013 - 2023’’, the global elevator & escalator
market is projected to cross $ 100 billion by 2023, on account of growing demand for high speed and machine
room less elevators. Strengthening after sales service, proactive maintenance
& modernization of equipment and use of UltraRope elevator technology for
high-rise buildings are expected to positively influence the global elevator & escalator market in the
coming years. Moreover, growing competition with increasing number
of partnerships and mergers & acquisitions is likely to fuel global elevator & escalator market, which
is led by companies such as United Technologies Corporation, Schindler Holding
Ltd. and KONE Corporation.
Browse 94 market data Tables and 318 Figures spread through 359 Pages and an in-depth TOC on "Global Elevator
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Global elevator
& escalator market is
dominated by elevators, as they are majorly used in the residential sector. In terms
of service, maintenance and repair service segment accounts for the largest
market share, owing to large installed base of elevators & escalators
across the world. Asia-Pacific dominated the market in 2017 and is expected to
maintain its market dominance during the forecast period, backed by the presence
of major economies such as China, Japan, India and South Korea. Traction is the
widely used elevator technology, globally, owing to its better safety features,
low maintenance cost and energy efficiency when compared with other
technologies.
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“According to the European Lift
Association, in 2015, there were around 6 million installed lifts in Europe and
this number is expected to reach around 7.5 million by 2025, owing to growing
construction activities, rising urbanization, technological advancements such
as energy-saving regenerative drives, and strengthening after sales service. Such
market developments are expected to positively influence the elevator &
escalator market, globally, during the forecast period.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Elevator & Escalator Market
By Type, By Service, By Elevator Technology, By End-User, By Elevator Door
Type, By Region, Competition Forecast & Opportunities, 2013 - 2023” has evaluated the future growth
potential of global elevator & escalator market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in the global elevator &
escalator market.
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