By 2025, Elevator Market is Poised to Grow Massively via Infrastructure Upgradation
Category: #business  By Partha Ray  Date: 2019-10-15
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By 2025, Elevator Market is Poised to Grow Massively via Infrastructure Upgradation

Global Market Insights has introduced a detailed analysis of the Elevator Market that provides valuable business insights including revenue share, market size, market valuation, and regional spectrum of this vertical. The elevator market report is an all-inclusive study of the current market trends, potential drivers & challenges, application landscape, competition situation, and industry-popular growth strategies, which will empower stakeholders to obtain a clear understanding of this domain.

The Europe elevator market is poised to grow massively in the years ahead due to product maintenance and equipment servicing activities being carried out across developed nations like Germany, UK and France. The mobility solutions market in Europe is in stark contrast to the APAC market as it is predominantly driven by infrastructure upgradation and maintenance projects undertaken by respective governments and private firms. The total sales of new elevators and escalator equipment throughout the European continent has been rising at a steady pace over the previous years.

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The Middle East elevator market is projected to grow exponentially owing to the presence of strong economies like Iran, UAE, Saudi Arabia, and Qatar. The rising construction and infrastructure spending in these countries would positively impact the Middle East market trends. Reportedly, the Middle East & North Africa construction industry is poised to generate revenues worth more than USD 320 billion by 2020. With these huge investment pipelines, the emerging economies are overt to have a major impact on the worldwide elevator industry dynamics. The global lift industry share, as per Global Market Insights, Inc. is slated to surpass USD 130 billion by 2025.

Elevator market growth stands as a major beneficiary of the rapid advancements in the mobility solutions vertical globally. The rising demand for elevators is directly linked to and driven by the rapid expansion of the construction industry which is, as per reliable estimates, projected to reach the $12.5 trillion mark by the year 2020. Globally renowned elevator manufacturers like Otis Elevator and Schindler claim to move around a combined 3 billion individuals daily and have garnered billions of dollars in terms of total sales revenue in 2017. The figures go on to demonstrate the presence of huge opportunities for the firms operating in the overall market.

Elevator Market by Product:

  1. Hydraulic & pneumatic
  2. Machine room (MR) traction
  3. Machine room-less (MRL) traction
  4. Others

Elevator Market by End-user:

  1. Building & construction
  2. Industrial

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APAC elevator market share expansion can be majorly attributed to the growing industrial development in the rapidly expanding Chinese and Indian economies. China alone is projected to apportion about 19% share of the $12.5 trillion global construction industry by 2020. The Chinese government’s drive to establish the nation as the world’s economic leader has led to massive investment in the construction sector which is estimated to surpass $2 trillion in remuneration by 2020. These initiatives, in all likelihood, would predominantly impact the nation’s mobility solutions sector i.e. the elevator, escalator and walkway manufacturing market.

The global elevator market is characterized by the presence of several large-scale manufacturers such as Otis, KONE, Thyssenkrupp, Schindler, Fujitech, Hitachi, Mitsubishi, Toshiba, Hyundai, etc. Medium-scale manufacturers such as Escon Elevators Private Limited, Express Lifts Limited, Glarie, Eita, etc.

The decent growth figures being registered by crucial industry players such as Mitsubishi in this region are testament to the fact that the Europe elevator market share is bound to expand exceptionally in the years ahead. In terms of commercialization, the regional elevator industry is projected to record a CAGR of 4% over 2018-2025.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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