Rapid Urbanization and Burgeoning Middle Class Population Drive the Global Elevators and Escalators Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Elevators and Escalators markets. Global market for Elevators and Escalators is projected to reach 1.4 million units by 2020, driven by rapid urbanization, transforming demographics, and technology advancements.

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Elevators and Escalators: A Global Strategic Business Report

San Jose, California (PRWEB) June 10, 2014

Follow us on LinkedIn – Elevators and escalators (E&E) represent essential machines installed in residential, commercial, and industrial buildings. With scarcity of land for construction and rising property rates resulting in increasing number of ultra-modern high-rise buildings and spaces, vertical transportation modes such as elevators and escalators have become ubiquitous. In addition to making life convenient and easier, technology advancements in operation, and safety have helped these conveyance machines contribute significantly to the development of high-tech cityscapes of modern society. Over the years, elevators have transcended their confined use in high-rise buildings to being used even in small and medium sized buildings. The level of economic growth and construction activity represent primary macro drivers for growth in the market. Current improvement in economic growth as mirrored by the steady rise in global GDP, and improving consumer confidence is poised to boost construction activity and building renovation/retrofit activity across the world.

The sheer increase in volume of people moving to big cities over the last couple of decades and the inability of existing housing infrastructure to support the same represent the primary growth driver for the global E&E market. Other important growth drivers include the rapidly aging population worldwide and the growing economic strength of the global middle class. The rising trend of incorporating aged and disabled friendly construction features as an integral part of original architecture is expected to bode well for market growth. Growing number of residential apartments in developing countries to accommodate the rising middle class that demand better provisioned housing provide a strong business case for the long term growth of the market.

Safety will continue to be an important growth driver amidst tightening safety regulations worldwide and will help encourage upgrades and replacement of old elevators and escalators. Green building certifications are spurring the need for eco-friendly elevators and escalators as these machines represent one of the chief contributors to a building’s energy footprint. Focus has shifted over the years towards replacing the older generation inefficient DC drives with regenerative drives that produce lower heat and deliver higher energy efficiency.

Technology advancements poised to benefit the market in the near term include solar-powered elevators, the synthetic rope technology that uses carbon fiber in place of the standard steel cables, and the replacement of inefficient mechanical relays with latest microprocessor controlled systems, among others. Other prominent technology changes favoring market expansion include the deployment of remote system monitoring inside elevators; incorporation of advanced data logging systems; adoption of energy efficient LED lights for in-cab lighting; application of touch-screen interface in elevator control panels; and the advent of Bluetooth-enabled elevator cabins, among others.

As stated by the new market research report on Elevators and Escalators, Asia-Pacific represents the largest as well as the fastest growing market worldwide with a projected CAGR of 13.4% over the analysis period. China and India currently represent two of the most important markets worldwide supported by strong residential construction activity, healthy gains in GDP growth, large scale demolition and replacement of old buildings, growing population, increasing standards of living, surging infrastructure development, expanding urban population, and steady economic development.

Major players in the market include Fujitec Co., Ltd., Hitachi Ltd., Hyundai Elevators Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, Otis Elevator Company, Schindler Group, ThyssenKrupp Elevator AG, and Toshiba Elevator and Building Systems Corporation, among others.

The research report titled “Elevators and Escalators: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed include Elevators (Gearless Elevators, Geared Elevators, and Hydraulic Elevators) and Escalators (Moving Stairways {Heavy-Duty Transit, and Standard-Commercial} and Moving Walkways).

For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Elevators_and_Escalators_Market_Report.asp.

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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  • Raghu Gopal
    Global Industry Analysts Inc
    +1 408-528-9966
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