Elevator and Escalator Market Going Up

In recent years, the global elevators and escalators industry has gone through rapid transition supported by the advancement in technologies and increasing construction of skyscrapers catering to the fast paced vertical expansion of the cities.

The elevators and escalators market has grown significantly due to rapid urbanization and construction of high rise buildings particularly in emerging economies. Global market is projected to display a robust growth, driven by rapid construction in emerging economies in Asia Pacific and Middle East countries.

Globally, the growth in the elevators and escalators market is driven by increasing population in metropolitan cities, rising disposable incomes, increasing investment in public infrastructure and high demand for affordable housing. A significant number of elevators and escalators more than 20 years old in developed economies are anticipated to push the elevators and escalators market particularly in modernization segment.

Among the regions, Asia-Pacific is predicted to advance at the highest rate. China and India are predicted to grow at the highest rate driven by high rapid urbanization growth and a rising economy. Construction projects involving elevators and escalators will provide contractors with new opportunities to help modernize and improve safety for those who use them.

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