DUBLIN–(BUSINESS WIRE)–The “Elevator and Escalator Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global elevator and escalator market is expected to grow from $92.50 billion in 2021 to $101.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The elevator and escalator market is expected to grow to $135.57 billion in 2026 at a CAGR of 7.6%.
Asia Pacific was the largest region in the elevator and escalator market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elevator and escalator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in infrastructure investment is expected to propel the growth of the elevator and escalator market going forward. Infrastructure refers to the construction of real assets such as bridges, roads, and buildings. With the increasing heights of buildings, the requirement for elevators and escalators has also increased, in order to save time and provide effectiveness for people.
For instance, in November 2021, according to the Indian Brand Equity Foundation, an Indian government agency, the central government had allocated $1.89 billion in the union budget for the development of infrastructure. Also, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, and a 13% share of the total FDI inflows worth $ 81.72 billion was allocated for the development of infrastructure activities. Therefore, the increase in infrastructure investments is driving the growth of the elevator and escalator markets.
Product innovations are a key trend gaining popularity in the elevator and escalator market. Major companies operating in the elevator and escalator sector are focused on developing ground-breaking digitally connected technology to sustain their position in the market. For instance, in March 2021, KONE Elevator, an Indian elevator manufacturing company, launched digitally connected KONE DX class elevators, which redefined the elevator experience.
KONE DX Class helps customers use additional software and services for elevators throughout the entire lifetime of a building. The use of open application programming interfaces (APIs) makes the elevator easy to manage and integrate different devices, apps, and services with new and existing systems.
In October 2020, Hitachi, Ltd., a Japan-based manufacturer of elevators and escalators acquired Yungtay Engineering for a deal amount of US $100.86 million (TWD 3billion). With this acquisition, Hitachi accelerates the global expansion of its business and also expands new installation units through product enhancement and cost competitiveness, and improve profitability through increasing maintenance units in China and Asia. Yungtay is a Taiwan-based company that manufactures elevators and escalators.
Scope
Markets Covered:
1) By Product: Elevators; Escalators; Moving Walkway
2) By Business: New Equipment; Maintenance; Modernization
3) By Elevator Technology: Traction Elevator; Machine Room Less Traction Elevator; Hydraulic
4) By End User: Residential; Commercial; Institutional; Infrastructure; Other End Users
Key Topics Covered:
1. Executive Summary
2. Elevator and Escalator Market Characteristics
3. Elevator and Escalator Market Trends And Strategies
4. Impact Of COVID-19 On Elevator and Escalator
5. Elevator and Escalator Market Size And Growth
6. Elevator and Escalator Market Segmentation
7. Elevator and Escalator Market Regional And Country Analysis
8. Asia-Pacific Elevator and Escalator Market
9. China Elevator and Escalator Market
10. India Elevator and Escalator Market
11. Japan Elevator and Escalator Market
12. Australia Elevator and Escalator Market
13. Indonesia Elevator and Escalator Market
14. South Korea Elevator and Escalator Market
15. Western Europe Elevator and Escalator Market
16. UK Elevator and Escalator Market
17. Germany Elevator and Escalator Market
18. France Elevator and Escalator Market
19. Eastern Europe Elevator and Escalator Market
20. Russia Elevator and Escalator Market
21. North America Elevator and Escalator Market
22. USA Elevator and Escalator Market
23. South America Elevator and Escalator Market
24. Brazil Elevator and Escalator Market
25. Middle East Elevator and Escalator Market
26. Africa Elevator and Escalator Market
27. Elevator and Escalator Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Elevator and Escalator Market
29. Elevator and Escalator Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qxcnjh
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