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, 2025

South Korea elevator & escalator market is poised to undergo a significant growth and is likely to be valued USD 2.82 Billion by 2025. Increasing investment by government on modernization and maintenance of old commercial as well as residential buildings, growing urbanization and rising number of commercial buildings such as office spaces, shopping malls, etc. are the key factors propelling the growth of South Korea elevator & escalator market. Moreover, South Korea is a technologically advanced country, and this is leading to construction of high-rise technology powered buildings which in turn is fueling the demand for elevator & escalators.

Additionally, increasing capital inflow into the real-estate sector, improving after sales services and use of UltraRope elevator technology for high-rise buildings are some other prominent factors positively influencing the growth of elevator & escalator market. With booming infrastructure and construction sector of the country, South Korea elevator & escalator market is poised to grow substantially during the forecast period.

South Korea elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on type, the market can be split into elevators, escalators and moving walkways. Among them, the elevators accounted for 88.82% market share until 2019 owing to their increasing installation at public, commercial as well as residential places. Moreover, the segment is further expected to maintain its dominance through 2025.

Major companies operating in South Korea elevator & escalator market include KONE Corporation, Hyundai Elevator, Otis Elevator Company (UTC), Schindler Holding Ltd., Fujitec Company Limited and thyssenkrupp AG., among others. Manufacturers are trying to cut the manufacturing cost and improve quality of their products in order to increase their  market share. They are also undergoing other organic & inorganic growth strategies such as mergers & acquisitions, collaborations, partnerships and product innovation.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

• To analyse and forecast the market size of South Korea elevator & escalator market.
• To forecast South Korea elevator & escalator market based on type, service, elevator technology, elevator door, end user, company and regional distribution.
• To identify drivers and challenges for South Korea elevator & escalator market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc. in South Korea elevator & escalator market.
• To identify and analyse the profile of leading players operating in the South Korea elevator & escalator market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of elevator & escalator companies across South Korea. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the companies which could not be identified due to the limitations of secondary research.

TechSci Research calculated South Korea elevator & escalator market size using a bottom-up approach, where data for various end users and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also used by TechSci Research.

Key Target Audience:

• Elevator & escalator manufacturers/companies/partners
• Suppliers and distributers
• Government bodies such as regulating authorities and policy makers
• Organizations, industry associations, forums and alliances related to elevator & escalator market
• Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as escalator & elevator manufacturing companies and end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, South Korea elevator & escalator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• South Korea Elevator & Escalator Market, By Type:
• Elevator
• Escalator
• Moving Walkways
• South Korea Elevator & Escalator Market, By Service:
• New Installation
• Modernization and Maintenance & Repair
• South Korea Elevator & Escalator Market, By Elevator Technology:
• Hydraulic
• Traction & Machine Room-Less (MRL) Traction
• South Korea Elevator & Escalator Market, By Elevator Door Type:

o    Automatic

o    Manual

• South Korea Elevator & Escalator Market, By End User:
• Residential
• Commercial
• Institutional
• Infrastructural
• Others
• South Korea Elevator & Escalator Market, By Region:

• Central
• Northern
• Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea elevator & escalator market.

Available Customizations:

With the given market data, TechSci Research offers customizations according a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Profit Margin Analysis

Profit margin analysis in case of direct and indirect sales channel