The growth in the elevator and escalator industry of France can be attributed to the maintenance and modernization of the already existing equipments and growing residential and retail infrastructure in the country.
France is the second largest economy in the Euro zone and has one of the best living standards in the world. The economy of the country has not fully recovered from the financial crises of 2008, but the country is gradually propagating towards financial stability. The country has one of the best rail networks in the world highlight of which is the TGV (high speed trains) connecting major cities of the country. The TGV was built in 1970 and 80’s which revolutionized the country’s transportation sector and instilled parallel growth in the elevators and escalators market in the country. More than 70% of the country’s population resides in urban areas. The major cities like Paris, Marseille, Lille, Bordeaux, Strasbourg and Rennes have been continuously expanding to accommodate the internally migrating population. Tourism is also one of the major factors for the development and expansion of these cities. Owing to these reasons the demand for commercial and residential spaces has grown in the country which has propelled the elevators and escalators industry towards growth.
The French elevators and escalators market also consists of players that are small or medium in size and provide specially designed and customized equipments that compliment the French architecture. These small and medium companies have penetrated and carved out a space for themselves in a industry dominated by global giants like Otis, ThyssenKrupp, Schindler, Kone and Mitsubishi. There has been a rise in the number of high-rise buildings in cities like Paris after the revision of regulation by the city council which has now allowed high rice buildings in the city premises. The privatization of the public infrastructure facilities by the government to reduce financial debt of the country has been one of the major growth drivers for the construction industry in the country. All these factors have collectively fueled growth in the elevator and escalator market of France.
The report titled “France Elevators and Escalators Market by New Equipment Installation & Maintenance & Modernization, by Elevator (by End Usage, by Type of Machinery, by Door Types and by Sector) and by Escalator (by End Usage and by Escalators and Moving Walkways) – Outlook to 2022” by Ken Research suggested a growth at a positive CAGR in revenues in France elevator and escalator market in the next 5 years till 2022 growth of real estate sector, rise in urban population and increase in number of high-rise buildings across the country.
For more information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications