The growth in the elevator and escalator industry of Germany can be attributed to the maintenance and modernization of the already existing equipments and growing residential and retail infrastructure in the country.
Germany is the largest economy in the Euro zone and has one of the best living standards in the world. The economy has strongly revived from the global financial crises of 2008 and the growth rate is gradually increasing. The government has invested heavily into building the public infrastructure in the past. The high speed rail network connecting the major cities across the country has been a major growth driver for the elevator and escalator industry in Germany. The rail network was built in the 1990’s era and the elevators and escalators installed are on the verge of completing their lifecycle. The maintenance & modernization and new installations of elevators and escalators in public facilities will drive the market growth in Germany. More than 70% of the country’s population lives in urban areas and cities like Berlin, Frankfurt, Stuttgart, Munich, Hamburg and others have been continuously building their public facilities and real estate sector to accommodate the rise in population. Growth in the Tourism sector has led to building up of new hotels and retail spaces across the country, which has further augmented the demand in the elevator and escalator market.
The elevator and escalator market in Germany also consists of players that are small and medium sized players that provide maintenance and modernization services along with customized designs for individual users. The market share of these players has significantly increased in the past few years. Owing to growth of such players the industry has become less concentrated in Germany and there is a healthy competition in the market. The significant growth of the real estate sector in the residential and retail segment has catapulted the elevator and escalator market in Germany. Owing to all these factors the elevator and escalator market has witnessed healthy growth and is expected to grow further in Germany.
The report titled “Germany 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 Germany elevator and escalator market in the next 5 years till 2022, owing to the growth of real estate sector, rise in urban population and technological innovations in the industry.
For more information on the research report, refer to below link:
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