Strategic Assessment of the Elevator and Escalator Market in China 2015-2019 - New Study Released

Elevators and escalators are installed in commercial, residential, and mixed-use buildings; as well as IT parks, hotels, restaurants, and retail outlets. They help move people and goods easily and efficiently. They are also installed in parking areas to help in optimum utilization of parking space.

Technavio's analysts forecast the elevator and escalator market in China to grow at a CAGR of 14.04% in terms of volume during 2014-2020.

Commenting on the report, an analyst from Technavio's team said: "Vendors are increasing their R&D for the development of energy-efficient equipment that operates on minimum energy requirements. Companies such as Hitachi and Otis Elevator (China) Investment are developing energy-efficient systems to ensure they meet energy-saving requirements with regard to both function and design. Features such as energy regeneration, automatic light shutdown in idle state, and other energy-saving technologies are in demand in the elevator and escalator market in China."

According to the report, the population of China is aging rapidly. China's aging population is expected to surpass that of Japan and become the world's most aged society by 2030. The older population in China is expected to escalate to 330 million, accounting for a quarter of the total population by 2050. This aging population will require advanced healthcare services as well as assistance, thus generating demand for elevators and escalators and driving market growth.

Further, the report states that the high installation costs reduce the profit margins of vendors.

The key players in the Strategic Assessment of the Elevator and Escalator Market in China are Kone, Otis, Schindler and ThyssenKrupp while other prominent vendors include Canny Elevator, Fujitec and Hitachi

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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