Projected growth in construction market, upcoming new hotels & shopping malls coupled with growing government spending on infrastructural development projects and increasing inflow of FDI in the construction and retail sector are some of the key factors that have resulted in the overall growth of the elevator & escalator market in South East Asia.
According to 6Wresearch, South East Asia elevator & escalator market is expected to grow at a CAGR of 3% during 2016-22. In South East Asia's elevator & escalator market, the elevator segment accounted for majority of the market revenue owing to high installation of elevators in retail and residential verticals. However, escalator segment is projected to grow at a higher CAGR during 2016-2022, primarily due to growing airports, metros and railway development projects in South East Asia region. Amongst all verticals, commercial vertical acquired highest revenue share of the market pie in the region. Over the next six years, residential vertical is forecast to grow at relatively higher CAGR during 2016 to 2022.
In South East region, Malaysia held major market for elevator & escalator in terms of revenue, owing to increasing infrastructure development activities, especially in commercial and residential verticals. However, over the next six years, Vietnam elevator and escalator market is expected to witness higher growth in the South East Asia region.
The report thoroughly covers the market by elevator & escalator types, by verticals, by services and by regions. The report provides unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas, market drivers, which would help stakeholders to device and align market strategies according to current and future market dynamics.
Media Source: Open PR