For people who find it tedious to climb the stairs, escalators are a boon. With corporate buildings, airports, railway stations, shopping malls and many other public places booming with business, escalators are in demand and can be seen at all of these places. Therefore, the market is growing for the escalator. Market Research Future (MRFR) has published a research report about the global Elevator and Escalator Market that predicts growth for this market during the forecast period that would end in 2021.
Analyzing the market structure, this report evaluates the future growth potential of the market. It assesses the strategies of the key players in the market and supports the competitive developments like joint ventures, new product developments, mergers & acquisitions, research and developments (R&D) in the market.
The most important factor ensuring the escalator market growth is the rapid transformation of technology in the construction business. Other factors leading to market growth include growing construction business, huge investment, high demand for security, rapid urbanization, and technological advancement. However, the high installation cost and maintenance cost can restrain the market growth in developing countries.
The global escalator market has been segmented on the basis of application, type, and lastly, region.The application-based segmentation segments this market into residential and commercial. Residential escalators are installed in residential areas whereas commercial escalators are installed in commercial areas that are the hub of business. By type, the market has been segmented into parallel, spiral type, multi-parallel, crisscross, and others.
The regional segmentation of the global escalator market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). Asia Pacific region is one of the leading regional markets among all regional markets, in terms of value as well as volume due to the presence of major country-specific markets like China. Besides this, the steady technological advancement, rapid urbanization, and growing industrialization are leading to market growth in this region. Other important country-specific markets in this region are India and Japan, followed by the remaining countries of the Asia Pacific region.
North America and Europe are two important regional markets due to technological advancement, the presence of established industries, and the presence of key market players in these regions. In North America, the vital country-specific markets are the USA and Canada. In Europe, such markets are France, Germany, Italy, the Netherlands, and the UK, followed by the remaining countries of Europe.
The RoW segment covers South America and the Middle East & Africa (MEA). In the MEA region, the market is limited due to poor countries, lack of awareness, lack of infrastructure, lack of advanced facilities, lack of skilled professionals, and lack of education. The market comprising of South America is a smaller market because the availability of advanced technology is limited in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future.
Key Players
The key players in the global escalator market include Dover (USA), Fujitec (Japan), Hyundai (South Korea), Kone Corporation (Finland), Mitsubishi (Japan), Omega Elevators (India), Otis (USA), Schindler (Switzerland), Sigma (Japan), and ThyssenKrupp AG (Germany).
Latest Industry News
- Remodeling their Fifth Avenue flagship, Saks Fifth Avenue has installed a new glass escalator here. 4 MAR 2019
- Finnish infrastructure company Kone has won the tender to supply the elevators and escalators for the underground stations of the Tel Aviv light rail Red Line in Israel. 24 FEB 2019
- Mitsubishi Electric Corporation will commence operation of its “TAKUMI” Inazawa Installation Training Center for elevator and escalator installation training on 1 APR 2019. 26 FEB 2019
