The elevator and escalator market will witness an incremental growth of over 142 thousand units at almost 3percent CAGR during 2021-2025.
FREMONT, CA: One of the primary factors fueling the growth of the elevator and escalator industry, according to Technavio, is the increased desire for smart elevators. The enormous R&D efforts put into the design and development of energy-efficient elevators have resulted in smart elevators. These elevators not only save energy but also cut the amount of time it takes to travel between levels in a building.
It also improves passenger comfort by reducing lobbies' wait times and congestion. Many of these advantages have led to an explosion in the popularity of smart elevators, which is projected to fuel market expansion throughout the forecast period. The research on elevators and escalators assists firms in developing plans to capitalise on future growth prospects. APAC accounted for almost 8mm 5percent of the worldwide market share in 2020, and the region is likely to maintain its dominance during the forecast period.
