South Korea Elevator and Escalator Market to be Valued USD 2.82 Billion by 2025
Increasing construction of high rise buildings and
introduction of latest technology are some major factors driving the growth of South
Korea elevator & escalator market.
According to TechSci Research report, “South
Korea Elevator & Escalator Market By Type (Elevator,
Escalator and Moving Walkways), By Service (Maintenance & Repair, New
Installation and Modernization), By Elevator Technology (Traction, Hydraulic
and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual),
By End User (Residential, Commercial, Institutional, Infrastructural and
Others), By Region, Forecast & Opportunities, 2015- 2025”, South
Korea elevator & escalator market was valued USD 2.25 Billion in 2019 and is
anticipated to be valued USD 2.82 Billion by 2025. Key factors driving the
growth of South Korea elevator & escalator market are increasing
infrastructure spending by the government, rise in number of high rise
commercial buildings as well as
residential complexes and increasing capital inflow into the real-estate
sector. Moreover, increasing aging population and stringent regulations imposed
by the government to ensure public safety are pushing elevator & escalator
manufacturers to ensure high safety in their products. With introduction of
latest technology and construction of high-rise technology powered buildings in
the country, South Korea elevator & escalator market is expected to undergo
significant growth in coming years.
Furthermore, government of South Korea is investing on modernization and
maintenance of old commercial as well as residential buildings around the
country which is positively impacting the growth of elevator & escalator
market. In addition to this, growing urbanization and construction of high-rise
technology powered buildings in the country are also augmenting the South Korea
elevator & escalator market growth.
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South Korea elevator & escalator market is segmented based on type, service,
elevator technology, elevator door, end user and region. Based on service, the
market can be split into maintenance & repair, new installation and
modernization. Among them, the modernization and maintenance & repair segment
together accounted for 69% market share in 2019. The segment is further
expected to maintain its dominance during the forecast period and account for
69.38% market share by 2025. The reasons behind the rise in demand for modernization
and maintenance & repair services can be attributed to presence of high
number of old buildings in the country which are in dire need of renovation.
Based on end user, South Korea elevator & escalator market can be
split into residential, commercial, institutional, infrastructural and others.
Among them, the residential sector is expected to dominate the market and is
likely to be valued USD 2.82 billion by 2025 as the South Korean government is
gradually focusing on the construction of new residential buildings in order to
accommodate the growing population of the country.
Leading market players in South Korea elevator & escalator market
are KONE Corporation, Hyundai Elevator, Otis Elevator Company (UTC), Schindler
Holding Ltd., Fujitec Company Limited and thyssenkrupp AG. Companies are now
gradually focusing on manufacturing MRL
elevators as they are more economical and eliminate the need for additional
space for lift operator. Moreover, key growth strategies being adopted by
market players are product innovation, mergers & acquisitions, partnerships
and collaborations.
“South Korea is a technologically advanced country in Asia, and this
plays an important role in boosting the growth of elevator & escalator
market of the country. Improving after sales services, proactive maintenance
& modernization of equipment and use of UltraRope elevator technology for
high-rise buildings are some major trends showcased by this market in recent
years. Moreover, the manufacturers are now trying to cut the manufacturing cost
and improve quality of their products in order to increase their share in South
Korea elevator & escalator market.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
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“South
Korea Elevator & Escalator Market By Type (Elevator, Escalator and Moving
Walkways), By Service (Maintenance & Repair, New Installation and
Modernization), By Elevator Technology (Traction, Hydraulic and Machine
Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User
(Residential, Commercial, Institutional, Infrastructural and Others), By
Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of South
Korea elevator & escalator market, and provides information and statistics
on market structure, size and trends. The report is designed to provide the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. The report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by South Korea elevator
& escalator market.
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