China Elevator & Escalator Market to Rise at 6.78% CAGR Through 2028
Increasing commercial/residential infrastructure and technological
advancements are the major factors driving the China elevator &
escalator market during the forecast period.
According to the TechSci Research report,
titled ‘China Elevator & Escalator
Market - By Region, Competition Forecast & Opportunities, 2028,” the elevator
& escalator market in China is expected to register a rise at a 6.78% CAGR
during the forecast period. Rapid urbanization,
advancing infrastructure, and construction projects, and the rising capital
influx into the real estate industry are the main drivers of the expansion of
the Chinese lift and escalator market. Additionally, the construction of tall
business and residential structures is driving up demand for lifts and escalators
in China.
In accordance
with the law on the Safety of Special Equipment, which went into force on
January 1, 2014, the Chinese government has implemented new restrictions. Considering
the country's long history of horrifying accidents, involving the failure of lifts
and escalators in implementing adequate safety measures, this law holds
property managers accountable for monitoring and resolving lift issues. This
further encourages makers of escalators and lifts to maintain high product safety.
Another important element boosting the market growth is the increasing usage of
technologically superior lifts in China's escalator and lift sector.
Over the past few years,
the use of high-speed lifts has become more widespread due to the development of
skyscrapers and high-height structures. These lifts have more efficient control
systems that, as they often operate on variable voltage, require less energy.
The need for smart lifts is driven by technological improvements and a growing consumer
preference for luxury design. Elevators with advanced security features, such
as RFID, biometrics, touch sensors, and a voice-activated command system, are
referred to as smart elevators, green elevators, or energy-efficient elevators.
Browse over 41 market data
Figures spread through 116
Pages and an in-depth TOC on the "China Elevator & Escalator Market”
The China elevator & escalator
market can be segmented by type, service, elevator technology, elevator door,
end user, and region. Based on type, the market is divided
into elevators, escalators, and moving walkways. Based on elevator technology,
the market is segmented into traction & machine room-less traction, and
hydraulic. Based on elevator door type, the market is divided into automatic
and manual. Based on service, the market is divided
into modernization, maintenance & repair, and new installation. Based on end user, the market is divided into residential, commercial,
institutional, infrastructural, and others. Based on region, the market is divided into East, North, Northeast, South Central, Southwest,
and Northwest.
Based on type, the escalator
segment is reporting the fastest growth due to increasing demand from evolving infrastructure,
the increased demand for elevators and escalators in commercial
infrastructures, such as shopping centers, business parks, and others, is
responsible for this. Additionally, the need for escalators and moving walkways
is increasing as a result of the expanding aircraft infrastructure development.
Furthermore, due to their widespread market penetration, the need for elevators
is anticipated to expand steadily.
Based on technology, the
market is dominated by the traction and MRL traction segment. A quicker form of
vertical transit is needed due to the rising number of high-rise residential
structures and new commercial centers being built. Comparatively speaking,
traction lifts offer a lot more speed than hydraulic lifts. In addition to
using less energy, machine room-less (MRL) traction lifts require less upkeep
than hydraulic lifts and take up less space. In addition, traction lifts offer
a smoother, more energy-efficient, and more comfortable ride than other
varieties of lift technology.
Based on end user, the
commercial segment is expected to dominate the market during the forecast
period due to elevators and escalators often being used in commercial buildings
including shopping malls, office buildings, and co-working spaces. The
commercial sector is being driven by the rising trend toward eco-efficiency,
flexible design, and safety. Additionally, over the last few years, the demand
for numerous co-working spaces has increased due to the rise in
self-employment. Therefore, changing investments in office space are
furthermore anticipated to support market expansion.
Major companies operating in the China elevator
& escalator market are:
- KONE Elevators Co., Ltd.,
- Schindler China Elevator
Co. Ltd.
- Otis Elevator China Co.
Ltd.
- Shanghai Mitsubishi
Elevator Co., Ltd
- Toshiba Elevator China
Co Ltd.
- Hitachi Elevator (China)
Co., Ltd.
- Disheng Elevator (China)
Co., Ltd
- Xizi United Holdings
Limited
- CANNY Elevator Co., Ltd
- General Elevator Co.,
Ltd.
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“The China
elevator & escalator market is expected to continue on its upward
trajectory in the coming years on the back of fast-growing urban rail transit
and increasing installation of elevators in old buildings. Due to the increasing construction of
high-rise commercial and residential buildings and the increased inflow of
capital into the real estate sector, the demand for elevators and escalators is
rising significantly. The market is also being driven by new government
infrastructure development initiatives and the surge in skyscraper construction
projects in the country,” said Mr. Karan Chechi, Research Director at TechSci
Research, a research-based global management consulting firm.
China Elevator & Escalator Market By Type (Elevator, Escalator, and Moving Walkways), By Elevator
Technology (Traction, Hydraulic, and Machine Room-Less Traction), By Elevator
Door Type (Automatic, Manual), By Service (Maintenance & Repair, New
Installation, and Modernization), By End User (Residential, Commercial,
Institutional, Infrastructural, and Others), By Region, Competition, Forecast, & Opportunities,
2028 has evaluated the future growth potential of China 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 the China elevator
& escalator market.
Contact
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