Technavio identifies the rising demand for smart elevators as one of the major factors driving the growth of the elevator and escalator market. Smart elevators are the result of the extensive R&D efforts put into the design and development of energy-efficient elevators. These elevators not only reduce energy consumption but also minimize the time taken to travel between the floors of a building.
It also reduces wait times and congestion in lobbies, thereby, improving passenger comfort. Many such benefits have resulted in an exponential rise in the popularity of smart elevators, which is expected to foster market growth during the forecast period.
In 2020, APAC accounted for about 85% of the global market share, and the region is expected to continue its dominance during the forecast period. Countries such as China, India, Japan, Singapore, and Malaysia are actively making significant investments in urban infrastructure projects. Besides, the ever-increasing population in China and India is forcing the governments in these countries to focus on the development of smart cities.
Similarly, based on the product, the market generated maximum revenue from the elevator segment in 2020. The growth of the segment can be attributed to a rise in the number of skyscrapers worldwide. In addition, rapid growth in the urban population and technological advances will support the growth of the elevator segment during the forecast period.
Although the elevator and escalator market is expected to record a healthy growth during the forecast period, the intense competition from regional vendors and stringent safety regulations on elevators and escalators might reduce the growth opportunities for market participants. This report on the elevator and escalator market will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
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