Global Elevator & Escalator Market: Insights & Forecast with Potential Impact COVID-19 (2021-2025)

DELHI, India - May 10, 2021 - PRLog -- 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:

• The report provides a comprehensive analysis of the global E&E market with potential impact of COVID-19.
• The major regional markets Asia Pacific, EMEA and Americas with focus on countries like China, Japan & Korea, Spain and the U.S. have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Hitachi, Ltd., Mitsubishi Electric Corporation, ThyssenKrupp AG, Otis Worldwide Corporation, The Schindler Group and Kone Oyj) are also presented in detail.

For more Information:

https://www.konceptanalytics.com/report/others/global-elevator-escalator-market-insights-forecast-with-potential-impact-of-covid-19-2021-2025

Koncept Analytics

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