Top Insights on the Global Elevator and Escalator Market | Technavio

Date : 03/13/2018 @ 6:03PM
Source : Business Wire

Top Insights on the Global Elevator and Escalator Market | Technavio

Technavio market research analysts forecast the global elevator and escalator market to grow at a CAGR of around 8% during the period 2018-2022, according to their latest report.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180313006296/en/

Technavio has published a new market research report on the global elevator and escalator market from 2018-2022. (Graphic: Business Wire)

This market research report segments the global elevator and escalator market into the following products (elevators and escalators) and key regions (the Americas, APAC, and EMEA).

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In this report, Technavio analysts highlight the increasing demand for smart elevators as a key factor contributing to the growth of the global elevator and escalator market:

Increasing demand for smart elevators

The development of smart elevators is a result of the efforts to design energy-efficient elevators that can also minimize the time taken to travel between the floors of a building. In smart elevators, when the user selects the destination floor, the elevator directs him or her to the elevator, which will take them to the chosen floor with the least number of stops. The functionalities of a smart elevator go beyond vertical transportation. Smart elevators may include systems that act as a facility for security and include controls such as biometrics, touchscreens, access control, and destination dispatch systems.

The major advantages of smart elevators over traditional elevators include improved energy efficiency, better control of elevator traffic, reduced wait times, and integrated access control features. One of the most important features of smart elevators is the destination dispatch feature. This feature groups passengers depending on their destination floors, thereby reducing the wait time and travel time by 50%. Besides, the destination dispatch feature also reduces congestion in lobbies, improves passenger comfort, and makes elevators less crowded.

According to a senior analyst at Technavio for research on construction, “Smart elevators can distinguish employees of a company based on their IDs and assign them to the correct elevator to reduce travel and wait times. Due to these advantages, smart elevators have witnessed an exponential rise in popularity, and their demand is expected to grow during the forecast period. The rapidly increasing popularity of smart elevators and their increased demand are expected to be a key growth factor for the global elevator and escalator market.”

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Global elevator and escalator market geographical segmentation

EMEA dominated the global elevator and escalator market, accounting for a market share of more than 45%. It was followed by APAC and the Americas respectively. The market share of EMEA is anticipated to decrease slightly during the forecast period. However, the market share of APAC and the Americas is expected to increase to some extent during this period.

 

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200www.technavio.com

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