Japan Elevator & Escalator Market is expected to grow at a 3.16% CAGR.
The
market is expected to grow in the coming years, driven by factors such as the
aging population, increasing urbanization, and government investment in
infrastructure.
According
to TechSci Research report, “Japan
Elevator & Escalator Market – By
Region, Competition, Forecast and Opportunities, 2018-2028, Competition, Forecast and Opportunities, 2018-2028”, Aging
population: Japan has one of the oldest populations in the world, with over 28%
of the population aged 65 and above. This aging population is driving the
demand for elevators and escalators, as they make it easier for older people to
move around.
Increasing
urbanization: Japan is a highly urbanized country, with over 90% of the
population living in urban areas. Urbanization is leading to the construction
of more high-rise buildings, which in turn is increasing the demand for
elevators and escalators.
Growing
demand for high-rise buildings: Japan is home to some of the tallest buildings
in the world, and the demand for high-rise buildings is expected to continue to
grow in the coming years. This is due to factors such as the limited land
availability in Japan and the need for efficient use of space.
Government
investment in infrastructure projects: The Japanese government is investing
heavily in infrastructure projects, such as the development of new smart cities
and the construction of new transportation systems. This investment is expected
to create further demand for elevators and escalators. Rising demand for
energy-efficient and eco-friendly elevators and escalators: The Japanese
government is promoting the use of energy-efficient and eco-friendly products
and technologies. This is driving the demand for energy-efficient and
eco-friendly elevators and escalators.
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The
aging population in Japan is a major driver of the elevator and escalator
market. As people age, they become less mobile and more likely to have
difficulty using stairs. Elevators and escalators make it easier for older
people to move around, which helps them to maintain their independence and
quality of life. Urbanization is another major driver of the elevator and
escalator market. As more people move to cities, there is a growing demand for
high-rise buildings and other multi-story structures. Elevators and escalators
are essential for these types of buildings, as they provide a safe and
efficient way for people to move between floors.
The
demand for high-rise buildings is growing in Japan for a number of reasons.
First, Japan is a densely populated country, and land is scarce. This means
that high-rise buildings are the most efficient way to use space. Second, Japan
is a major economic center, and there is a high demand for office space in
major cities like Tokyo. High-rise buildings provide the best solution for this
demand.
The
Japanese government is investing heavily in infrastructure projects, such as
the development of new smart cities and the construction of new transportation
systems. This investment is expected to create further demand for elevators and
escalators. For example, the Japanese government is developing a new smart city
called Tsukuba Science City. This city is expected to have over 100,000
residents and will require a significant number of elevators and escalators.
The
Japanese government is promoting the use of energy-efficient and eco-friendly
products and technologies. This is driving the demand for energy-efficient and
eco-friendly elevators and escalators. For example, the Japanese government has
introduced a subsidy program for the purchase of energy-efficient elevators.
Overall,
the Japan Elevator & Escalator Market is expected to grow steadily in the
coming years, driven by a number of factors, including the aging population,
increasing urbanization, growing demand for high-rise buildings, government
investment in infrastructure projects, and rising demand for energy-efficient
and eco-friendly elevators and escalators.
Key
market players in the Japan Elevator & Escalator Market are: -
- KONE Corporation
- Hitachi Group
- Otis Elevator
Company (UTC)
- Mitsubishi
Electric Corporation
- Schindler
Holding Ltd.
- Fujitec Company
Limited
- thyssenkrupp AG
- Toshiba Elevator
and Building Systems Corporation
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”Mitsubishi
Electric has developed a new AI-powered elevator system that can predict demand
and adjust elevator operations accordingly. This system is expected to reduce
elevator waiting times and improve energy efficiency.
Hitachi
has developed a new preventive maintenance system that uses sensors to monitor
the condition of elevator and escalator components. This system can identify
potential problems early on, which can help to prevent breakdowns. Fujitec has
developed a new eco-friendly elevator that uses regenerative braking to recover
energy when the elevator descends. This elevator is expected to reduce energy
consumption by up to 20%. These are just a few examples of the trends that are
shaping the future of the Japan Elevator & Escalator Market. As new
technologies emerge and new customer needs are identified, we can expect to see
even more innovative products and services in the years to come” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Japan
Elevator & Escalator Market Segmented By Type (Elevator, Escalator &
Moving Walkways), By Service (Maintenance & Repair, New Installation and
Modernization), By End User Industry (Residential, Commercial, Institutional,
Infrastructural & Others), By Elevator Technology (Traction, Hydraulic
& Machine room-Less traction), By Elevator Door Type (Automatic and
Manual), By Region, and By Competition, 2018-2028,” has evaluated the future growth
potential of Japan Elevator & Escalator Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Telehealth Market.
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