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(Transportation-News.com, July 12, 2017 ) Covering: This market research report segments the elevator and escalator market in BRIC countries by product (elevators and escalators) and by geography (Brazil, Russia, India, and China). Key leading vendors analyzed in this market study are Hitachi, KONE, Mitsubishi, Otis, Schindler, and ThyssenKrupp.
Market outlook of the elevator and escalator market in the BRIC countries
Elevators and escalators are installed in public places and mixed-used buildings like IT parks, hotels, restaurants, and retail outlets. The market for escalators and elevators in the BRIC countries is estimated to post a modest growth rate of more than 13% by 2019. The unparalleled growth witnessed in the construction market in BRIC countries is expected to account for this market's steady growth rate during the forecast period.
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Among all the BRIC countries, China is expected to dominate the market for elevators and escalators during the forecast period. In China, the elevators segment is envisaged to account for more than 88% of the total new unit installations, while the escalators segment is expected to account for a mere 11% of the total new unit installations.
Product-based segmentation of the elevator and escalator market in the BRIC countries
- Elevators
- Escalators
In this market study, Publisher's market research analyst has estimated the escalator segment to show a higher market growth rate than the elevator segment. Since most infrastructure projects employ more number of escalators than elevators, developments in the construction market will result in this segment's rapid growth during the forecast period.
Competitive landscape and key vendors
The elevator and escalator market in BRIC countries is dominated by a few leading vendors like Hitachi, KONE, and Mitsubishi. Despite the dominance of the leading vendors, many small domestic vendors take part in country-specific construction activities and offer services like elevator and escalator installation, maintenance, and modernization services.
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Leading vendors in this market are -
- Hitachi
- KONE
- Mitsubishi
- Otis
- Schindler
- ThyssenKrupp
Other prominent vendors are Canny Elevator, Express Lifts, Express Lifts, Fujitec, Hyundai Elevator, Johnson Lifts, Kleemann Group, and Shenyang Brilliant Elevator.
Growth drivers, challenges, and upcoming trends: Elevators and escalators
Publisher's market research analysts estimate upcoming trends, such as the advent of smart elevators, to foster market growth during the forecast period. Smart elevators are rapidly gaining popularity as they have an integrated safety and control system and offer features like high operation speed and high-energy efficiency. The augmented implementation of these elevators in high-rise buildings and IT parks is expected to boost the prospects for growth in the elevator and escalator market in the BRIC countries.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the elevator and escalator market in the BRIC countries. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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