NEW YORK, March 16, 2022 — The “Elevator And Escalator Market In APAC by Product (Elevator and Escalator), End-user (Residential and Non-residential), and Geography (China, Japan, India, and Rest of APAC) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has been proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the elevator and escalator market in APAC between 2021 and 2026 is 104.66 th units. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
Market DriverMarket Challenges
The growing high-speed metro projects is driving the elevator and escalator market growth in APAC. The increasing population and rapid urbanization have significantly been contributing to the growth of the megacities in APAC. This is expected to continue during the forecast period. The growth of these megacities in terms of population has created a need for efficient public infrastructure, particularly for mass transit.
Several countries in Asia have planned for metro rails in urban areas to reduce traffic congestion and improve transportation facilities. For instance, cities in India, such as Bengaluru, Hyderabad, and Chennai, have started metro rail transportation and have planned to increase connectivity in the future. These upcoming metro rail projects would directly contribute to the demand for elevates and escalators in the region during the forecast period.
Increasing competition in the market is challenging the elevator and escalator market growth in APAC. Traditionally, most of the well-established vendors in the elevators and escalators market in China were focused on mid-range and high-end markets, while small-scale players would target the low-end market. However, small-scale players are trying to enter the mid-range segment while large-scale players are seeking to enter the low-end markets.
The well-established players are cutting down their costs for the low-end market by manufacturing components locally and providing maintenance services with new installations. The slowdown in the Chinese economy resulted in the demand for low-cost elevators, particularly in the residential sector. This slowed down the demand for high-end elevators by well-established players in China. Such factors are expected to negatively impact market growth.
Market Segmentation
The elevator and escalator market in APAC is segmented by product (elevator and escalator), end-user (residential and non-residential), and geography (China, Japan, India, and Rest of APAC). China will be the leading country with 46% of the market’s growth during the forecast period.
View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.
Some Companies Mentioned with their Offerings
DongNan Elevator Co. Ltd. – The company offers elevators and escalators such as smooth running safe and reliable hospital elevator.Fujitec Co. Ltd. – The company offers elevators and escalators such as small machine-room elevator ZEXIA, machine room less elevtor REXIA, and GS escaltor 8000-NX.Guangzhou Guangri Elevator Industry Co. Ltd.
The company offers elevators and escalators such as GreenMax Elevator with small machine room, GVH freight elevator, and GreenMin energy saving escalator.Hitachi Ltd. – The company offers elevators and escalators such as UAG-SN1, HGE-Z, and OUG-ON1, TX Series and SX Series.Hyundai Elevator Co. Ltd. – The company offers elevators and escalators such as i-XEL and LUXEN.To gain access to more vendor profiles with their key offerings available with Technavio.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire.
