Global Elevator And Escalator Market Overview
Global Elevator And Escalator Market has witnessed a substantial growth over the past few years on account of increasing infrastructure development. Strengthening of construction sector along with expansion of residential and commercial sector beholds the growth of the market. Initiatives of government regarding the development of economies require construction of dams, bridges, transportation units, schools and airports propel the demand for elevators and escalators. However, rising concerns regarding accidents, high investments and shortage of raw material are some of the restraining factor in the growth of the market. The outbreak of the COVID-19 pandemic negatively impacted the Elevator and Escalator market. Lockdowns were imposed globally that led to a pause in all the construction activities. The manufacturing of elevators and escalators were also shut down temporarily leading to the disruption in supply chain. Even after reopening of the economies, the growth in the market was slow due to certain restrictions.
According to 6Wresearch, the Global Elevator and Escalator market size is anticipated to register growth during 2021-2027. The growth is primarily attributed to increasing government initiatives towards rapid urbanization across various developed and developing countries as well as due to the introduction of energy efficient elevators and escalators that are resulting in the growth of the market because they save major amount of energy. In addition, Hitachi bought a significant number of shares in Yungtay Engineering in October 2020 in order to enhance its Elevator and Escalator market. In August 2020, Otis Elevator Company merged with Bay State Elevator to expand its business in the US. Further, Kone corporation and Prescient came into a collaboration in May 2019, to strategically work on improving the smart buildings for North America. Some of the key companies operating in the Global Elevator and Escalator market are Otis Elevator Company, KONE corporation, Schindler, Mitsubishi, Hitachi, Thyssenkrupp, Gulf elevator and escalator and Hitachi Ltd.
Key Highlights of the Report:-
- Global Elevator and Escalator Market Outlook
- Market Size of Global Elevator and Escalator Market, 2020
- Forecast of Global Elevator and Escalator Market, 2027
- Historical Data and Forecast of Global Elevator and Escalator Revenues & Volume for the Period 2017 – 2027
- Global Elevator and Escalator Market Trend Evolution
- Global Elevator and Escalator Market Drivers and Challenges
- Global Elevator and Escalator Price Trends
- Global Elevator and Escalator Porter's Five Forces
- Global Elevator and Escalator Industry Life Cycle
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