Lewes, DE -- (SBWIRE) -- 01/20/2017 -- Report forecast the global elevator and escalator market to grow at a CAGR of 11.07% during the period 2016-2020.

Elevators and escalators are installed in commercial, residential, and mixed-used buildings; IT parks; hotels and restaurants; and retail outlets. The global elevator and escalator market is likely to be driven by the growth of the global construction market. The global construction market is experiencing significant growth, especially in the emerging economies such as BRIC nations. A large number of new public infrastructure projects are currently underway across the globe, which is expected to drive the growth of the global elevator and escalator market.

The report covers the present scenario and the growth prospects of the global elevator and escalator market for 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the four key vendors in the market, and a brief description on the other prominent vendors.

The market is divided into the following segments based on geography:
- China
- EMEA
- North America
- Rest of APAC
- South America

According to the report, one driver in the market is vertical growth in global construction industry. With rapid urbanization, problems such as congestion are increasing in urban cities. In order to cater to the needs of the growing urban population, governments and construction companies across the globe are focusing on optimum utilization of available spaces within urban cities, and hence are focusing on vertical growth. Vertical growth refers to the construction of low, mid, and high-rise buildings. These buildings help in optimum utilization of available space as they can accommodate a large number of people in number of stories within a confined land space. As of 2016, more than 450 high-rise buildings are under construction, and around 400 high-rise buildings are proposed to be constructed around the world during the forecast period. Some of the major high-rise buildings are listed in the table below.

Further, the report states that one challenge in the market is high manufacturing and installation costs. Stainless steel, hardened steel, cast iron, aluminum, brass, bronze, and other metal alloys are required for manufacturing different components of elevators and escalators. The prices of these materials are increasing because of the demand-supply gap, leading to a rise in manufacturing costs for elevators and escalators. The fluctuating prices of raw materials such as steel are likely to affect the profit margins of elevator and escalator manufacturers. With the high manufacturing costs, the cost of installation also increases. The average cost per unit for new installation of elevators and escalators was recorded $35,997 in 2013, which is expected to increase to $45,291 by 2018. As the initial investment required to purchase elevators and escalators is high, cost-driven residential and commercial users experience difficulties in installing this equipment in their buildings, which hinder the growth of the global elevator and escalator market.

Global Elevator and Escalator Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the global elevator and escalator market: Otis Elevator, KONE, Schindler, and ThyssenKrupp.

Other Prominent Vendors in the market are: Fujitec, Hyundai Elevator, Mitsubishi Electric, and Toshiba Elevator.

Market driver
- Vertical growth in global construction industry.
- For a full, detailed list, view our report

Market challenge
- High manufacturing and installation costs.
- For a full, detailed list, view our report

Market trend
- Adoption of energy-efficient elevators and escalators.
- For a full, detailed list, view our report

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

Spanning over 76 pages and 41 Exhibits "Global Elevator and Escalator Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by product, Geographical segmentation, Key leading countries, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

For more information Visit at: http://www.marketresearchreports.com/technavio/global-elevator-and-escalator-market-2016-2020

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