Japan Elevator and Escalator Market is Expected to be Valued USD 3.19 Billion by 2025
Boom in construction industry on the back of upcoming
Olympics and Paralympics games is a major factor driving the growth of Japan elevator
& escalator market.
According to TechSci Research report, “Japan 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”, Japan
elevator & escalator market was valued USD 2.54 Billion in 2019 and is expected
to be valued USD 3.19 Billion by 2025 on account of increasing development of
high-rise commercial and residential buildings as well as rise in capital
inflow into the real-estate sector of the country. Moreover, the upcoming 2020
Summer Olympics and 2020 Summer Paralympics games which are to be held in 2021
have led to boom in construction industry of Japan and the country is witnessing
increasing installation of elevators as well as escalators in various
commercial and public places. Along with that, modernization and maintenance of
old buildings in the country are also leading to rise in sale of elevators and
escalators.
Additionally, Japan government is investing heavily on renovation and construction
of new public facilities which is another key factor supporting the growing
demand for elevators and escalators in the country. Increasing urbanization,
construction of high-rise technology powered buildings and growing adoption of
technologically advanced elevators are some other prominent factors augmenting
the growth of Japan elevator & escalator market. In recent years, the
country has witnessed growing popularity of energy-efficient or green elevators
and escalators which are likely to further propel the market growth in coming
years.
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Japan elevator & escalator market is segmented based on type,
service, elevator technology, elevator door, end user and region. Based on
type, the market is segmented into elevators, escalators and moving walkways. Among
them, elevators accounted for more than 88% market share in 2019 and are
further expected to dominate the Japan elevator & escalator market during
the forecast period. The reasons can be attributed to high installation of
elevators in old as well as new residential and commercial buildings in the
country, keeping in mind the convenience of increasing aging population.
Based on service, Japan elevator & escalator market can be split
into maintenance & repair, new installation and modernization. Among them,
the maintenance & repair and modernization segment together accounted for
67.10% market share in 2019 as the government invested heavily on improving and
developing public infrastructure of the country. The segment is further
expected to maintain its dominance during the forecast period and is likely to
value USD 3.19 billion by 2025.
Leading market players in Japan elevator & escalator market are KONE
Corporation, Hitachi Group, Otis Elevator Company (UTC), Mitsubishi Electric
Corporation, Schindler Holding Ltd., Fujitec Company Limited, thyssenkrupp AG
and Toshiba Elevator and Building Systems Corporation. Manufacturers are
investing heavily on innovation and are introducing new technology and designs
for their products. Moreover, they are also undergoing both organic and
inorganic growth strategies such as mergers & acquisitions, partnerships,
collaborations and new product launches in order to increase their market share
in Japan elevator & escalator market.
“Japan is amongst one of the most technologically advanced countries in
the world and the stabilized financial scenario of the country is leading to
huge investment in infrastructural sector. Increasing number of office spaces,
malls & shopping complexes and condominium & apartment complexes are
creating high demand for elevator & escalators in the country. Moreover,
manufacturers are required to abide by safety rules issued by regulating
authority while launching any new product into the market,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“Japan
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 Japan 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 Japan elevator &
escalator market.
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