Elevators have become very critical across all applications such as residential, commercial, and industrial. The market is expected to continue with the moderate growth trend during the forecast period. There have been few factors driving the market such as Rapid Urbanization, changing construction industry, and adoption of green building concept.
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Huge investments in infrastructural projects in Asia Pacific countries have spurred the demand for elevators for commercial and residential purpose. The region has given a tough competition to well establishedChina High quality Escalator And Moving Walkway Factory European and U.S. markets when it comes to the manufacturing base and price points. There is seen changing dynamics in construction industry in the region such as interest by foreign investors and increase in FDI in construction in countries such as Indonesia and India. This augments the demand for such elevators in the region.
The construction sector in Brazil has witnessed a good growth with the development in Brazilian economy. Infrastructure projects in the region have been growing steadily. Consequently, there is a high demand for elevators, which is attracting big market players to enter the region for business expansion.
The governments across all regions are seen promoting and developingPassenger Elevator manufacturers their construction sector. The emerging nations are particularly bringing various reform and regulations to boost their infrastructure growth and real-estate market. Such growth is expected to augment the market growth of elevators industry. For instance, the government of India announced several major policy initiatives such as the passage of the Real Estate (Regulation and Development) Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many others to boost the construction industry in the country.
Key Players: Kone Corporation, Thyssenkrupp AG, Dover, Fujitec, Hyundai, Mitsubishi, Sigma, Schindler, Armor, Omega Elevators
Global Elevators Market - Competitive Analysis Characterized by the presence of several well-established along with medium and small players, the global market of elevators appears to be highly competitive and fragmented. International players are seen increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period.