Global Escalators Market Report, published by Variant Market Research, forecast that the global market is expected to reach $6,504 million by 2025 from $3,910 million in 2017; growing at a CAGR of 6.6% from 2017 to 2025. By geography, North America, and RoW are expected to grow at a CAGR of 6.9% and 6.8%, respectively, during the forecast period. An escalator is used for transporting people, having a up and down moving staircase on tracks which keep the surfaces of each steps horizontal. These find widespread usage in several shopping centers, department stores, sports complexes, airports, exhibition halls, railway stations, and in many other buildings.
Global Escalators Market (ByType: Parallel, Multi-Parallel, Walkway, and Other Types; By Industry Vertical: Commercial, Public Transit, and Other Industry Verticals; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Growing real estate sector to drive the growth of the global market
The factors supporting growth of the global escalators market are growing real estate sector, rapid urbanization, and need for rapid & effective transit systems. However, high maintenance costs may act as a restraint for the growth of the market. Moreover, growing construction market and upcoming metro projects, majorly in the developing countries would provide several growth opportunities for the market in the future years.
Type, industry vertical, and geography are the major segments considered in the global escalators market. By type, the market is bifurcated into parallel, multi-parallel, walkway, and other types (spiral and crisscross). Industry vertical includes commercial, public transit, and other industry verticals (Institutional sector and residential). By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., Canada, and Mexico. UK, Germany, France, Russia, and Rest of Europe are analyzed under the European market. India, China, Japan, Australia, and Rest of Asia-Pacific are included under the Asia-Pacific Market While RoW is bifurcated into South America, Middle East, and Africa.
Parallel accounted for the largest market share in thetype segment
Parallelaccounted for the largest market share in 2017, in the type segment, and is expected to continue its dominance during the forecast period 2017 – 2025. The increasing growth in number of shopping malls & commercial buildings drive the growth of parallel escalators segment.
Commercial accounted for the largest market share in theindustry verticalsegment
Commercial accounted for the largest market share in 2017, in the industry vertical segment, and is expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to growing construction sector and growth in retail sector.
Asia-Pacific dominated the global market with highest market share over the forecast period
Asia-Pacific dominated the global market with largest market share of 34.4% in 2017 and expected to continue its dominance during the forecasted period. The growth is attributed to the development in construction sector in the region.
The major players operating in the market are Hyundai Elevator Co. Ltd., Mitsubishi Electric Corporation, Sigma-Aldrich Corporation, Schindler Group, Kone Corporation, Thyssenkrupp AG, Dover Corporation, Canny Elevator Co., Ltd., Fujitec Co., Ltd., and Otis Elevator Company, among others.