An elevator is defined as a shut cabin operated by an electrical engine that uses counterweight systems, pump hydropower, or traction cables to lift a cylinder piston. Lifts are creative vertical mobility solutions because they make efficient use of urban space and enable movement within buildings. An escalator is called as a transportation device or moving stairs that is used to move people between floors of the building. The device is usually a motorized chain, linked steps that move up or down on the way up, keeping the steps horizontal. As the construction of government buildings, including airports, hotels, residential complexes, offices, and banks, increases in both developed and emerging countries, the need for more elevators and escalators increases. Additionally, technological advances for instance integration of printed circuit boards, new belts, new controllers, and machine room elevators are anticipated to drive growth of the electric elevators and escalators market over the forecast period.
Referring to the study, Global Electric Elevator and Escalator Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027 the key companies operating in the global electric elevator and escalator market include Kone Elevator, Schindler, Hyundai, Mitsubishi, Bharat Bijlee, ThyssenKrupp, Fujitec, Yungtay Engineering, Hitachi, Otis, Canny Elevator, SJEC, Volkslift, Ningbo Xinda Group, SANYO, Suzhou Diao, Dongnan Elevator and among others. Established players embed acquisitions, collaborations, partnerships, expansions and product launches in order to gain a competitive advantage in the market and to assert their market position. These key players compete for prices and services. Key vendors of the market strive to deliver the best-quality products & services based on innovative technologies & best practices. These vendors make a substantial investment for research & devilment (R&D) and to secure a definite resource for the customers.
On the basis of type, Global Electric Elevator and Escalator Market is segregated as elevator and escalator. Elevators segment dominates the global market owing to rise in demand from the commercial space. In addition, escalator segment is predicted to exhibit substantial growth rate due to growth in infrastructure development during the forecast period. Additionally, on the basis of application, market is segregated as commercial buildings and residential buildings. Commercial buildings segment is also predicted to exhibit substantial growth rate caused by growth in investment for the improvement of infrastructure at public places including airports, railway stations and shopping malls during the forecast period.
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Improvements in construction industry, followed by rapid urbanization and change in demographic trends are some major factors, which are responsible for growth of the electric elevator and escalator market. However, high maintenance costs and uncertainty & risk around global economy may impact the market. Moreover, rise in demand for smart elevators, development of innovative technologies and adoption of green building codes & energy-efficient products are leading opportunities for market.
Based on regional analysis, the North-America and Europe regions hold major share in global electric elevator and escalator market owing to rise in demand from residential as well as construction sector across the region. The Asia-Pacific region is likely to witness higher growth rate due to increase in supportive regulations from the government and change in lifestyle over the forecast period.
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Ankur Gupta, Head Marketing & Communications