Global Organic Food and Beverage Market | Market Size, Share, Trends, Dynamics & Forecastby Bonafide Research Bonafide Research: Market Research Reports & Indus
The report titled 'Global Elevator & Escalator Market Overview, 2020-26' published by Bonafide Research study report offers a valuable insight with an emphasis on the global market from the period of 2015 to 2026. The segments considered for the elevators & escalators market in this includes by type, service, and end-use industry across the regions. The overall global market was at USD 68.31 Billion in the year 2015, which faced a downfall in the year 2020 because of the Covid pandemic. The recent COVID-19 outbreak has resulted in declining market growth. However, several factors are expected to drive the elevator and escalator market during the forecast period. The market is projected to witness high growth because of the growing end-use industries apart from residential and commercial and the rising demand from emerging countries such as China and India. The residential segment is to have the largest market share followed by the commercial industry becoming the next end-use industry to play a key role in changing the elevators & escalators industry landscape and grow at the highest rate during the forecast period. The market is to grow with an anticipated CAGR of over 6% through the forecasted period.
Elevators & escalators are demanded by various industries as they offer comfort and easy movement of people and goods between various floors of a building. These are some main reasons, which have led to the growth of the industry. By type, the elevator segment leads the market at a share of 58.26% in 2020. The growing geriatric population is another factor boosting its installation. The booming construction sector resulting in rapid demand for elevators in high-rise and mid-rise buildings is further pushing the market growth. Similarly, the moving walkway segment is to grow with an anticipated CAGR of 6.70%, while the escalator segment is expected to show a decline in the market. Rising usage of elevators and escalators at airports, malls, subways, hospitals, office buildings, and other commercial spaces to offer ease in transit is driving the market growth.
The residential industry, for a long time, has been the major contributor to the rising demand for elevators & escalators, accounted for a value of USD 31.30 Billion in the year 2015. However, in recent times, it has been closely competing with the commercial industry. The commercial end user segment is expected to show a marginal decline and reach USD 28.81% in the year 2020. The increasing focus of government towards high rise infrastructures coupled with the increasing need for rapid transit is expected to fuel the growth. Tourism is another sector, which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries. These factors are to influence the other end user segment that is to grow with an anticipated CAGR of over 6%.
The life cycle of the escalators and elevators starts with the new equipment
installation, which in 2020 accounted for a value of USD 33.14 Billion.
Modernization is the next step in the complete life cycle of escalators and
elevators. After a certain period, the equipment requires a full replacement.
Among these, the maintenance & repair segment amounts to the highest, globally,
expected to hold a market of 45.44% by the forecasted period.
Asia-Pacific is to have the largest market share and dominate the elevators & escalators market, expected to cover 47.77% by the end-of-year 2026. The region offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the region the fastest-growing market. The expansion of the elevators & escalators market in this region is propelled by factors such as the growth of the residential, commercial, institutional, and infrastructure industries. The increasing population and economic development are other factors that further drive the growth of this region. The regions of Latin America and Middle East & Africa together contributed to less than 15% of the market in 2020.
Factors such as stringent regulations in the elevators & escalators
industry are some of the serious restraints for the growth of the market. The
global market for elevators and escalators is dominated by players such as KONE
Corporation (Finland), United Technologies (U.S.), Schindler (Switzerland),
Mitsubishi Electric Corporation (Japan), ThyssenKrupp AG (Germany), FUJITEC
(Japan), Hitachi Ltd. (Japan), Hyundai Elevator Co., Ltd. (South Korea),
Toshiba Corporation (Japan), and Electra Ltd. (Israel).
CONSIDERED IN THE REPORT
• Geography: Global
• Base year: 2020
• Historical year: 2015
• Forecasted year: 2026
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
ASPECTS COVERED IN THE REPORT
• Market Size By Value for the time period (2015-2026F)
• Market Share by Type (Elevator, Escalator & Moving Walkways)
• Market Share by Service (New Installation, Maintenance & Repair, Modernization )
• Market Share by End Users (Residential, Commercial & Others)
• Market Share by Region
• Market Share by Country
• Market Share by Company
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TABLE OF CONTENT
1. Executive Summary
2. Report Methodology
3. Global Elevator And Escalator Market Outlook
3.1. Market Size By Value
3.2. Market Share
3.2.1. By Type
3.2.2. By Service
3.2.3. By End User
3.2.4. By Region
3.2.5. By Country
3.2.6. By Company
Created on Mar 31st 2021 04:29. Viewed 402 times.