LONDON, Jan. 21, 2016 /PRNewswire/ --
The study presents historical demand data (2004, 2009, 2014) plus forecasts (2019, 2024) for elevator supply and demand, demand by type and service, as well as passenger/freight elevator demand, in 6 regions and 20 countries worldwide. The study also considers market environment factors, examines the industry structure, evaluates company market share and profiles 40 participants in the global elevator industry.
Global demand to exceed $120 billion in 2019
Global demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services is forecast to reach $121 billion in 2019, on advances of 5.9 percent per annum. The large Asia/Pacific market will account for more than 70 percent of the growth in demand.
China & India to be top national markets
Through 2019, the developing countries of the Asia/Pacific region will continue to exhibit the strongest demand growth. Although increases in the Chinese elevator market, the world's largest, will decelerate substantially after a decade of explosive growth, elevator demand will grow nearly 10 percent per annum to $42 billion. Elevator demand in India will register robust advances of 16 percent annually, driven by strong growth in the country's urban population and rising average incomes.
The developed markets of North America and Europe will exhibit slower growth in elevator demand. While demand for new units in these regions is expected to continue to recover from low 2009 levels, growth in demand for elevator parts and services is expected to be slower than the global average. This is because the market will remain concentrated in maintaining existing units and modernizing older units, not the installation of new equipment, in spite of the uptick in new unit demand.
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