Worldwide elevator and escalator market to grow 3% CAGR to 2025, report states
Government urbanisation initiatives in developing nations will be a key growth driver for the market, said the study from 6Wresearch
The global elevator and escalator market is projected to grow at a CAGR of three percent during 2019-25, according to a new report.
Government urbanisation initiatives in developing nations will be a key growth driver for the market, said the study from 6Wresearch.
Robust growth of the African and Asian construction sectors would open up new avenues for the elevator and escalator industry over the coming years, it said.
According to the report, growing technological development, rising populations and development of multi storey buildings in retail and residential domains are also anticipated to supplement the growth of global elevator and escalator market during the forecast period.
“The Asian region accounted for highest revenue share in the global elevator and escalator market and is anticipated to dominate the market during the forecast period as well, owing to increasing commercial activities, rapid urbanisation and robust growth of construction industry in the region,” said Chhavi Malpani, senior research analyst at 6Wresearch.
“China is anticipated to lead the global demand for elevators and escalator on account of growing government investment by government organisations,” said Malpani.
Some of the major companies in global elevator and escalator market include Kone, Otis, Schindler and Thyssenkrup.