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Elevator and Escalator Global Market Report 2022
Major players in the elevator and escalator market are Kone Corporation, Hitachi Ltd, Schindler Holding Ltd. , Thyssenkrupp AG, Mitsubishi Electric Corporation, Toshiba Corporation. , Yuanda China Hldgs, Meilun Elevator, IFE Elevators, Joylive Elevator, Dongnan Elevator, Guangri Elevator, Canny Elevator, Volkslift, and Syney Elevator.
New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Elevator and Escalator Global Market Report 2022" - https://www.reportlinker.com/p06318564/?utm_source=GNW
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%.
The elevator and escalator market consists of the sales of elevators and escalators by entities (organizations, partnerships, and sole proprietors) that are used to move passengers up and down across various levels of a building.Elevator refers to a room-type machine that can accommodate some people at one time depending on its capacity of it.
Escalators are moving stairs that carry people between different building levels. Elevators and escalators are mostly used in buildings to carry both passengers and freight.
The main types of elevators and escalators are elevators, escalators, and moving walkways.The escalators refer to a belt which is a moving staircase that carries people between floors of a building or structure.
The different businesses include new equipment, maintenance, and modernization and involve several technologies such as elevator technology, traction elevator, machine room-less traction elevator, and hydraulic. It is employed in residential, commercial, institutional, infrastructure, and other end users.
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 elevator and escalator market research report is one of a series of new reports that provides elevator and escalator market statistics, including elevator and escalator industry global market size, regional shares, competitors with an elevator and escalator market share, detailed elevator and escalator market segments, market trends and opportunities, and any further data you may need to thrive in the elevator and escalator industry. This elevator and escalator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The countries covered in the elevator and escalator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318564/?utm_source=GNW
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