The Global Elevator, Escalator, and Moving walkways Market has experienced tremendous growth in recent years. Still the market witnessed a negative rate in 2020 of -1.6% reaching USD 77.8 billion due to the virus outbreak. The major factors driving the growth of the Elevator and Escalator market are increased construction and infrastructure activities, rising population levels, and industrialization.
The Global Elevator, Escalator, and Moving Walkways market is expected to cross USD 100 billion by registering a CAGR of more than 7.0% from 2021-2026.
Impact of Covid-19
The Global elevators, escalators, and moving walkways market has been negatively impacted due to lockdowns imposed across the world because of the COVID-19 pandemic outbreak. This led to the sudden shutdown of production facilities and created an unprecedented and complex health emergency around the world.
Further Key Findings
§  Increasing shift towards environment-friendly products to rising adoption of green labelled products: The leading elevator manufacturers are specializing in building sustainable merchandise to attract environmentally conscious consumers like Green elevators which have various features, consisting of LED lights, recycled substances, and water-soluble paints.
§  Increasing aging population: Due to an increase in life expectancy, along with a downturn in birth rates, health systems in developed and underdeveloped countries are in the process of adapting to population aging. The ageing population in countries such as Japan, the United States, Mexico, and China, among others, is a major driver of the smart elevators and escalators market.
§  Growing residential adoption in APAC: The APAC elevator market is a booming landscape, owing to the region’s robust construction sector. India, Japan, Indonesia, Malaysia, China, and Singapore are expected to make significant contributions to the overall demand for these products.
The report published by Makreo Research and Consulting Firm studies industry performance considering the past, present, and future trends with a detailed discussion of the macroeconomic factors. There is a regional level assessment of the market performance covering North America, Europe, Asia Pacific, and the Middle East and African markets.
Key Questions Answered
§  What is the current state of the escalator and elevator market worldwide?
§  How the elevator & escalator market is coping after the economic disruption?
§  What is the total escalator market size?
§  What factors drive elevator and escalator market revenue?
§  Who are the leading players in the global escalator market?
§  How has escalator market size expanded in the previous years?
§  What impact did COVID-19 left over the elevator and escalator market?
To know more, please refer to the link https://www.makreo.com/report/global-elevator-escalator-and-moving-walkways-market-performance-and-outlook-to-2027-covid-19-impact-assessment
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