Dublin, July 26, 2022 (GLOBE NEWSWIRE) -- The "Japan Elevator and Escalator - Market Size & Growth Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Owing to increasing urbanization trends, aging population, and development projects such as the Redevelopment of Shibuya and 'Redevelopment Tokyo'.
KEY HIGHLIGHTS OF THE JAPAN ELEVATOR AND ESCALATOR MARKET
The growing focus on high-rise construction or skyscraper infrastructure led to specific innovations by the OEMs, from carbon-fiber cables to magnetic systems that would allow elevators to move sideways, opening new options in excellent building design. Japan's Plan for Supertall Wooden Skyscrapers in Tokyo is expected to be completed by 2041 at 1,148 feet tall.
In 2025, Osaka will host high-profile events such as the G20 and the World Expo. As a result of the city's popularity as a tourist destination, Kansai Airport announced a $911 million expansion to enhance its facilities and increase capacity. In contrast, hotel and restaurant buildings increased six-fold. The addition of a direct train link between Umekita and Kansai Airport has increased the demand for elevators.
Major infrastructure project such as the Redevelopment of Shibuya, which include the construction of New Shibuya City Hall, a 39-story residence building, Miyashita Park (a park, shopping mall, and hotel), and critical projects in the Sakuraoka region, Dougenzaka suburb, and the NHK broadcast center, as well as relevant buildings between Shibuya and Harajuku, are all scheduled to be completed in 2036.
The Toranomon region is under reconstruction, including a 52-story skyscraper, a significant highway extension, a new metro station, and a new office complex, all of which started in 2020. In 2023, a new office building and a residential building are expected to be completed.
URBANIZATION AND AGEING POPULATION GROWTH ARE DRIVING JAPAN ELEVATORS AND ESCALATORS MARKET GROWTH
The demand for elevators and escalators in the privately funded construction sector was fueled by the nonresidential and infrastructure development projects even though orders for personal sector projects decreased due to the spread of COVID-19, with postponement and reconsideration of hotel construction plans.
The construction sector in Japan is estimated to be on a recovery path over the past few years. Increased demand for elevators & escalators is attributed to increasing urbanization trends and projects such as 'Redevelopment Tokyo.'
Technology adoption, such as smart elevators connected to the internet, is becoming widespread. Elevator suppliers have already begun installing them in intelligent buildings.
THE TOURISM SECTOR IS EXPECTED TO PROPEL DEMAND FOR ESCALATORS AND ELEVATORS
Japan's tourism industry is booming; over 31.9 million tourists visited in 2019, up 2.2% from the previous year. Due to expected pre-COVID levels, continued growth, rapid expansion, and economic investment, escalators and elevators are expected to be in high demand shortly.
Japan received $46.1 billion in foreign tourist expenditure from tourists in 2019, putting it in 7th position globally, ahead of Germany and Australia. Japan aims to build many new airports to support its economic growth aspirations, which will boost the market for moving walkways, escalators, and elevators.
INCREASING EXPENDITURE ON INFRASTRUCTURE PROJECTS
The Japanese construction industry witnessed a decent inflow of investments in recent years. The significant factors that triggered the acquisition were the Olympics hosted by Tokyo in 2020 and the subsequent construction activities.
The country's migration between various prefectures has also stimulated the residential construction activities within the country.
Several redevelopment projects in western Japan's Kansai and Kinki areas have been initiated, leading to increased construction of new buildings and infrastructure due to economic expansion, urban planning, and technological advancements.
MODERNIZATION DRIVEN BY TECHNOLOGICAL UPGRADES
The new technological upgrades primarily drive the demand for modernization; for instance, Mitsubishi Electric announced the immediate commercial launch of its new 'u series' of escalators, which enhance passenger safety and comfort, significant energy savings compared to previous models, and implementation of these techniques in elevators. In addition, modernization solutions help increase the lifespan of the equipment.
Segmentation by Machine Type
Hydraulic and Pneumatic
Machine Room Traction
Machine Room Less Traction
Segmentation by Carriage Type
Segmentation by Capacity
34 Persons and Above
Segmentation by End-User
Key Topics Covered:
Section 1 - Introduction
Section 2 - Japan Elevators Market
Section 2.1- Japan Elevators Market, By Volume
Section 2.1.1- Japan Elevators Market- By Segments
Section 3- Japan Escalators Market
Section 3.1- Japan Escalators Market, By Volume
Section 3.1.1- Japan Escalators Market- By Segments
Section 4- Japan Elevators & Escalators Market, by Service (Maintenance & Modernization)
Section 5- Geographic Analysis
Section 6- Advantages, Policies, Export & Import
Section 7- Market Dynamics
Section 8- Technological Development
Section 9 - Competitive Landscape
Section 10 - Report Summary
Section 11 - Appendix (Definition, Inclusions & Exclusions)
For more information about this report visit https://www.researchandmarkets.com/r/ca2v36
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