Submitted by: Submitted by SmithJns
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Category: Business and Industry
Date Submitted: 11/03/2015 12:28 AM
Nov 03 2015 Mumbai, India: Bharatbook.com announces a report on “ World Elevators: Global demand to exceed billion in 2019 ”. Elevator demand in India will register robust advances of 16 percent annually, driven by strong growth in the country’s urban population and rising average incomes.
Global demand for elevator equipment and services is forecast to reach $121 billion in 2019, on advances of 5.9 percent per annum. The large Asia/Pacific market will account for more than 70 percent of the growth in demand.
China & India to be top national markets
Through 2019, the developing countries of the Asia/Pacific region will continue to exhibit the strongest demand growth. Although increases in the Chinese elevator market, the world’s largest, will decelerate substantially after a decade of explosive growth, elevator demand will grow nearly 10 percent per annum to $42 billion. Elevator demand in India will register robust advances of 16 percent annually, driven by strong growth in the country’s urban population and rising average incomes.
The developed markets of North America and Europe will exhibit slower growth in elevator demand. While demand for new units in these regions is expected to continue to recover from low 2009 levels, growth in demand for elevator parts and services is expected to be slower than the global average. This is because the market will remain concentrated in maintaining existing units and modernizing older units, not the installation of new equipment, in spite of the uptick in new unit demand.
MRL elevators will continue to gain market share
Through the forecast period, there will be an emphasis on new or improved technologies that conserve space or energy in new elevators, escalators, and moving walkways, driven by developers’ desires to make buildings more profitable by saving on energy spending and raising usable floor space. These include computerized destination dispatch systems, technologies that reduce the space...