Elevator & Escalator Market to expand at a CAGR of 7% | 2021-2031

1. Elevator & Escalator Market Global Insights on Size, Trends, Key Leaders, COVID-19 Impact Analysis January 12, 2022 According to the latest market report published by Transparency Market Research • on the elevator & escalator market for the period 2021–2031 (wherein 2021 to 2031 is the forecast period and 2020 is the base year), maintenance and modernization of existing elevators & escalators are key factors responsible for the growth of the elevator & escalator market Globally, revenue generated by the elevator & escalator market was valued over • US$ 31.6 Bn in 2020, which is expected to expand at a CAGR of 7%, in terms of value, during the forecast period Request a sample to get extensive insights into the Elevator & Escalator Market  Increase in Construction of Skyscrapers: Key Driver of Elevator & Escalator Market Demand for skyscrapers is increasing globally, helping to boost the high-rise • elevator & escalator market. Planners and developers are starting to turn to luxury residential towers due to the shrinking supply of land combined with increasing population. Big cities around the globe are increasingly adopting and building Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

2. skyscrapers for commercial, mic block, and residential proposes. The aim of skyscrapers is steadily changing, from a show of wealth and decadence, to luxury office space. Additionally, high-rise buildings are now offering premium quality housing, providing a great quality of life. Rising trend to modernize existing and aging infrastructure is observed in the • elevator & escalator market in recent years. Aging of the existing installed base of elevators & escalators coupled with the need to comply with safety requirements of elevators & escalators are the key factors fueling the elevator & escalator market. Modernization of elevators and escalators increases their energy saving potential up to 70%, which is the major factor boosting market growth. Continuing Evolution of Internet of Things (IoT) in Elevators & Escalators: Significant Opportunity for Market The integration of IoT with elevators & escalators is offering a potential growth • opportunity to the global elevator & escalator market. IoT makes it possible for a product to collect, exchange, and analyze data with its operator, manufacturer, and other devices, which is highly relevant to the elevator & escalator industry. IoT enables modern elevators & escalators to anticipate traffic and respond in real-time intelligently, communicate with service teams, and allow passengers to summon the elevator & escalators via a mobile application. Moreover, by using a connected sensor in an elevator and escalator, the flow of passengers can be better managed by lessening wait time. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

3. To understand how our report can bring difference to your business strategy, Ask for a brochure Growing Construction/Real Estate Sector: Key Trend of Elevator & Escalator Market Commercial and mixed-block development trend is on the rise. In real estate, • trends come and go. In recent years, the pendulum has shifted back to the mixed block. As a result, mixed block development has become increasingly popular. There has been a rise in the construction of mixed block high-rise buildings. Mixed block tall buildings can include residential blocks, offices, retail, serviced apartments, exhibition centers, hotels, casinos, etc. This is a factor driving the elevator & escalator market. Stringent Government Regulations Expected to Hamper Growth of the Market Stringent government regulations and policies governing the safety standards of • elevators and escalators have compelled manufacturers to adhere to strict standards and certifications, and this is a challenge for the elevator & escalator market. Almost half of fatal elevator accidents involve workers engaged in maintenance or repairing of elevators. However, accidents involving passengers draw the maximum attention. Strict maintenance requirements and safety standards help keep elevators & escalators safe from these incidents. Manufacturers of elevators & escalators are required to abide by safety standards mandated by governments in different regions. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

4. Stuck in a neck-to-neck competition with other brands? Request a custom report on Elevator & Escalator Market  Elevator & Escalator Market: Competition Landscape Detailed profiles of manufacturers of elevators & escalators have been provided in • the report to evaluate their financials, key product offerings, recent developments, and strategies Key players operating in the elevator & escalator market includeFujitec Co. Ltd. • Hitachi, Ltd. • Hyundai Elevator Co., Ltd. • KONE Oyj • Mitsubishi Electric Corporation • Orona Group • Otis Elevator Company • Schindler Group • thyssenKrupp AG • Toshiba Corporation • Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD