According to this research, the Global Elevator and Esc […]
According to this research, the Global Elevator and Escalator Market is projected heavy duty cargo lift to grow at aThe global elevator and escalator market will continue to stay healthy on account of the rising installation of such solutions across segments such as commercial offices, hospitality, healthcare, transportation and residential apartments.
Additionally, projected growth in the construction market, upcoming new hotels and shopping malls coupled with increasing government spending on infrastructural development projects and increasing inflow of FDI in the construction and retail sectors across multiple regions are some of the key factors driving the global elevator and escalator market globally.At present, Asia-Pacific accounts for the highest revenue share in the overall global elevator and escalator market.
Countries such as China and India are the major contributors in the region, owing to the rapid urbanization and infrastructural development across several verticals in these countries. Further, the African region is expected to emerge as a potentially lucrative market for elevators and escalators during the forecast period, primarily due to rapidly growing construction activities in the region.
The new installation market for elevators and escalators accounted for significant revenue share in the overall market globally in 2018, owing to widespread infrastructural development across several verticals, such as residential and commercial. However, as installations continue to rise across several countries, the demand for maintenance of elevators and escalators is expected to rise in correspondence, which will propel the services market for such solutions over the coming years.