CLEVELAND, Aug. 15, 2017 /PRNewswire/ -- Demand for elevators in Western Europe is projected to rise 1.9% per year to $29.6 billion in 2021. A slow recovery in nonresidential and multifamily housing construction, as well as price growth, will support demand advances. The West European elevator market was historically the largest regional market, with 41% of global demand in 2006, but was surpassed in 2010 by the Asia/Pacific region, which was boosted by booming new equipment demand in developing areas. In 2016, Western Europe held just 28% of the global total. These and other trends are presented in Global Elevator Equipment & Services Market, 7th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The residential market in Western Europe has historically accounted for slightly over half of total demand, but during the global economic recession, the new housing market in many countries in the region saw particularly dramatic contractions. Going forward, the residential market is projected to reach $14.7 billion in 2021 on growth of 2.0% per year.
Demand for elevator equipment (including elevators, escalators, moving walkways, and associated parts) and services in all regions is forecast to reach $114 billion in 2021 on advances of 3.3% per year. The nonresidential market accounted for nearly three-fifths of all spending on elevators in 2016 and will see faster growth than the residential market. Gains in nonresidential construction spending as well as major projects planned in developing markets will support elevator equipment and services demand. Elevators and escalators see intensive use in such projects as skyscrapers, airports, metro and train stations, and hospitals, which are frequently constructed in developing areas that are rapidly urbanizing.
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