$ 1.34 Billion growth expected in Elevator and Escalator Market in the US | 4.17% YOY growth in 2021 amid COVID-19 Spread | Elevators Segment to Notice Maximum Growth | Technavio

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The rapid spread of COVID-19 cases in the US led to the imposition of nationwide lockdowns in 2020. This compelled elevator and escalator manufacturers to temporarily halt their production activities. Also, the decline in business activities reduced the demand for elevators and escalators. However, the market started gaining momentum in 2021 with the removal of lockdown restrictions and the resumption of business activities in the US.

The market is expected to be driven by factors such as changing demographics, rising demand for modernization and maintenance, and increasing adoption of smart homes.

The report also offers information on the upcoming trends and challenges that will influence market growth.
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Elevator and Escalator Market in the US: Opportunities
Many building owners in the US are making significant investments in improving their aging infrastructure and adapt to the latest technologies. Also, elevators have a lifespan of 20 years and there is a high number of aging skyscrapers in the country that require modernization activities. Moreover, the increased construction of multi-use buildings led by rapid urbanization is expected to provide significant growth opportunities in the market during the forecast period.

Elevator and Escalator Market in the US: Segmentation by Product
Based on the segmentation by product, the market generated maximum revenue in the elevators segment in 2020. The segment is driven by the low cost of elevators compared to other modern technologies. In addition, the rising demand for multifamily buildings and increasing government spending on transport and public infrastructure are expected to contribute to the growth of the segment during the forecast period.

One of the fortune 500 companies had used the detailed research report on the elevator and escalator market and had decided to increase their market share in the US region which offers the highest market opportunities during the forecast period.

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Elevator and Escalator Market in the US: Major Vendors
Otis Worldwide Corp.
The company designs, manufactures, sells, and installs a wide range of passenger and freight elevators, as well as escalators and moving walkways to customers for residential and commercial buildings and infrastructure projects. The company offers elevators and escalators for various end-user industries.

Savaria Corp.
The company designs, manufactures, distributes, and installs a wide portfolio of products including stairlifts, wheelchair platform lifts for both commercial and residential applications. The company offers elevators and escalators for various end-user industries.

thyssenkrupp Elevator AG
The company offers modernization solutions to reduce costs, increase energy efficiency, and many more. The company offers elevators and escalators for various end-user industries.

WITTUR HOLDING GmbH
The company offers elevator components such as shaft accessories, lift machines, and many more. The company offers elevators and escalators for various end-user industries.

Schindler Holding Ltd.
The company offers a wide range of elevators and escalators for various end-user industries.

Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the elevator and escalator market report: 

 Regional Analysis 

•  Further breakdown of the market segmentation at requested regions. 

 Market Player Information 

•  Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
• Know the strategies adopted by vendors during the COVID-19 Recovery Phase.

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Executive Summary

Market Landscape

• Market ecosystem
• Market characteristics
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Elevators - Market size and forecast 2020-2025
• Escalators - Market size and forecast 2020-2025
• Market opportunity by Product

Market Segmentation by Service

• Market segments
• Comparison by Service
• New installation - Market size and forecast 2020-2025
• Maintenance - Market size and forecast 2020-2025
• Modernization - Market size and forecast 2020-2025
• Market opportunity by Service

Customer landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Fuji Electric Co. Ltd.
• Fujitec Co. Ltd.
• KONE Corp.
• Mitsubishi Electric Corp.
• Otis Worldwide Corp.
• Prysmian Spa
• Savaria Corp.
• Schindler Holding Ltd.
• thyssenkrupp Elevator AG
• WITTUR HOLDING GmbH

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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