The global escalator market to reach USD 37.7 billion by 2024
Nov 16, 2017, 16:34 ET
LONDON, Nov. 16, 2017 /PRNewswire/ -- Escalator Market Analysis by Type (Step Type, Moving Walkways, Spiral), By Services (New Installation, Maintenance and Overhaul, Modernization) and Segment Forecasts, 2014 - 2024
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The global escalator market to reach USD 37.7 billion by 2024. Growth in construction industry at large, urbanisation, and investment in infrastructure are among the key factors which are expected to drive the global escalator market over the forecast period. However, safety concerns related to escalators, especially accidents involving children, presents a concern that may affect the deployment rate of escalators.
Asia Pacific presents potential growth market with China and India presenting key growth opportunities for the market. The said countries are witnessing urbanisation and associated infrastructural growth with the development of multiple commercial establishments including shopping malls. Besides, investment in airports and metro projects are also expected to add to the prospect of the market in the coming years. On the other hand, Europe and North America regions are experiencing growth in the modernization segment.
Escalator market is segmented by types as step type escalator, moving walkways, and spiral escalators. Among the three types, step type escalators dominate the global market due to more requirement at places such as shopping malls and museums
Moving walkways are majorly used at large establishments such as airports. Moving walkways are installed to ease passenger mobility as these are mostly connected from terminal to the gates. On the other hand, spiral escalators are experiencing substantial growth with increase in innovative designs and architectures.
New installation market holds major share in developing countries such as china and India. While maintenance segment is relatively strong in terms of revenue contribution due to periodic maintenance and repairs of in-use escalators. Countries such as Germany and Canada are witnessing growth in the modernization service segment.
The market is marked by the presence of multiple active players such as KONE CORPORATION, Schindler, Otis Elevator Company, thyssenkrupp AG, Mitsubishi Electric Corporation, Hitachi Ltd., and TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION.
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