Moreover, continuous investment for the improvement of infrastructure at public places like railway station, airports, shopping malls, etc. is further expected to upsurge the demand for elevators and escalators during the forecast period. Tourism is another sector which encourages the demand for elevators and escalators in places of importance for the ease and convenience of the tourists visiting the respective countries.Elevators and Escalators Market: RestraintsA key factor affecting the growth of the elevators and escalators market negatively is its high initial cost of installation. Moreover, lack of skilled labour for the after sales maintenance is expected to hamper the growth of elevators and escalators market.
Furthermore, escalation in consumption of energy and power by elevators and escalators is anticipated to retard the growth of the market during the forecast period. Elevators and Escalators Market: SegmentationThe global elevators and escalators market can be viewed as two separate niches too, namely elevators market and escalators market. Elevators, on the basis of its capacity are segmented into 450 kg – 1150 kg, 1150 kg – 1500 kg and 1500 kg – 2000 kg. On the other hand, escalators are further segmented into moving walkway and moving stairs escalators.Global elevators and escalators market can be segmented on the basis of carriage type, application and region. On the basis of carriage type, the elevators and escalators market is segmented into passenger and freight. On the basis of application, the market is segmented into commercial, residential, hotels, transportation, parking and hospital.
On the basis of regions, the global elevators and escalators market is segmented into North America, Asia Pacific excluding Japan (APEJ), Latin America, Western Europe, Eastern Europe, Japan and Middle East & Africa (MEA).Elevators and Escalators Market: Region-wise OutlookBased on regions, Asia Pacific led by China and India, holds about 65% share in total ageing population of the world and is expected to be the most prominent revenue generation region in the global elevators and escalators market. Europe followed by North America is expected to witness positive growth during the forecast period.