The “South and Southeast Asia Elevator & Escalator Market (2017-2023): Forecast By Segments, Services, Countries and Competitive Landscape” report has been added to Research and Markets’ offering. South and Southeast Asia elevator & escalator market is expected to grow at a CAGR of 6% during 2017-2023.
Projected growth in construction market, upcoming new hotels, shopping malls coupled with increasing government spending on infrastructural development projects and increasing inflow of FDI in the construction and retail sectors are some of the key factors driving the elevator & escalator market of South and Southeast Asia region.
In South and Southeast Asia’s elevator & escalator market, the elevator segment accounted for majority of the market revenue share, owing to high installation of elevators in retail and residential verticals. However, escalators segment is projected to grow at a higher CAGR during 2017-2023, primarily due to growing airports, metros, and railway development projects in South East Asia region.
In South and Southeast Asia region, India held major market for elevator & escalator systems in terms of revenue, owing to increasing infrastructure development activities especially in the commercial and residential verticals.
However, over the next six years, Sri Lanka and Bangladesh elevator and escalator markets are expected to witness higher growth in the region. In 2016, India’s elevator and escalator market registered slow growth due to change in government policies pertaining to demonetization, decline in construction projects, and increase in unoccupied residential projects.
However, the market is anticipated to record growth on the back of improving economic conditions, further decline in demand in China and political unrest in the Hong Kong region is expected to boost the growth, particularly in the Southeast region during the forecast period. With slowdown of construction market in China’s investors are investing in construction projects in the Southeast region resulting in high economic development of the region.
- By Segments:
- Passenger Elevator
- Cargo Elevator
- Home Elevator
- Moving Stairs
- Moving Walkways
- By Services:
- New installation
- Hitachi, Ltd.
- Hyundai Elevator Co., Ltd
- KONE Corporation
- Mitsubishi Electric Corporation
- Otis Elevator Co
- ThyssenKrupp AG