The GMI Research's latest analysis reveals that the Elevator and Escalator Market is slated to register a significant CAGR over the forecast period. This is attributed to the constantly changing demographic trends, increasing urbanization, rising demand from several end-use sectors, and the growing construction sector.

DUBLIN, DUBLIN -- (SBWire) -- 03/04/2021 --Elevator and Escalator Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The constantly changing demographic trends, increasing urbanization, and the growing construction sector worldwide are the factors responsible for the growth of the global elevators and escalators market size. The rising demand from several end-use sectors, including residential, commercial, and hospitals, is surging the growth of the global elevators and escalators market share in terms of revenue. As per the elevators and escalators market analysis, the growing concerns for safety among the geriatric population will lead to an upsurge in demand for the market in the coming years. the growing use of elevators and escalators in numerous commercial spaces like airports, train stations, and shopping malls will open doors for the growth of the global elevators and escalators market. According to the elevators and escalators industry overview, the growing investment for the enhancement of the infrastructure at public places and the rising commercial activities are certain factors that are expected to drive the growth of the elevators and escalators market. On the other hand, the high installation cost and set-up costs of escalators and elevators will hinder the market growth.

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Elevator and Escalator Market's leading Manufacturers:

- Kone Corporation
- United Technologies
- Schindler Holding Ltd.
- Mitsubishi Electric Corporation
- Thyssenkrupp AG
- Fujitec Co., Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co., Ltd.
- Toshiba Corporation
- Electra Ltd

Application Segment Drivers

Based on the application, the Non-Commercial is expected to rise at a faster CAGR in the coming years due to the growing demand for elevators and escalators in the residential industries. Furthermore, the significant shift in the construction of residential and high-rise buildings will further accelerate the growth of the non-commercial application in the global elevators and escalators market.

Elevator Technology Segment Drivers

Based on the elevator technology, the Machine Room-Less Traction elevator technology is anticipated to increase at a faster CAGR over the forecast period. This is majorly due to the exceptional advantages like better efficiency and offers a smooth ride to its passengers.

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Regional Drivers

Based on the region, the Asia-Pacific is predicted to lead the market during the forecast period due to the demographic changes and growing urbanization. The developing market in this region are India and China due to the rising commercial and non-commercial sectors in these countries. Moreover, the strong presence of manufacturers and distributors for elevators and escalators will bolster the market growth. The increasing disposable income and the rising standard of living of individuals will fuel the demand for the market.

Elevator and Escalator Market Segmentation:

Segmentation by Elevator Technology:

- Traction
- Hydraulic
- Machine Room-Less Traction

Segmentation by Type:

- Elevators
o Passenger Elevator
? Bed Elevator
? Service Elevator
? Observation Elevator
? Residential Elevator
o Freight Elevator
? Dumbwaiters
? Vehicle Elevators
o Others
- Escalators
- Moving Walkways

Segmentation by Application:

- Commercial
- Non-commercial

Segmentation by Services:

- New Installation
- Maintenance
- Modernization

Segmentation by Building Type:

- Low Rise
- Mid Rise
- High Rise

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

Our Other relevant Reports:

1. GCC Elevators and Escalators Market
2. Middle East Elevator and Escalator Market
3. India Elevator and Escalator Market

About GMI Research

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