Australia Elevator and Escalator Market size is projected to grow at a CAGR of 6.0% during 2023-2029

Eastern region in terms of region acquired highest revenue share in the Australia Elevator and Escalator Market – 6Wresearch

Eastern region with cities like Brisbane under Queensland state, Sydney and Canberra under New South Wales state and Melbourne under Victoria state are some of the major city centers with large commercial and institutional hubs and higher urbanization is further propelling their growth in coming years which would push the market for installation, maintenance and modernization of elevators and escalator in this region making it as the fastest growing followed by western region. With the growing investment in infrastructure projects, the demand for new installations of elevators and escalators across multiple industries including residential, commercial, industrial, and transportation is expected to rise in the upcoming years.

According to 6Wresearch, The Australia Elevator and Escalator Market size is projected to grow at a CAGR of 6.0% during 2023-2029. The Australia elevator and escalator market is expected to grow at a decent pace in the future on the back of rising government investment over road and rail transportation, rising urbanisation which would reach around 87.8% by 2030 and infrastructure plans which are in place set to tap the potential of the region in advance of the 2032 Olympic games. The sector is ready to grow more at a faster pace in the future owing to the rising demand of elevator and escalator in the country.

According to Ravi Bhandari, Research Head, 6Wresearch, The elevators will grow in the sector in the years to come. To accommodate and provide convenient options for easy movement of passengers and goods especially in growing low- and mid-rise buildings in developing urban settlements in Australia, a greater number of elevators would be required to cater ever growing urban population and commuters. Hence, elevator market would grow at the steepest pace in coming years.

“The Australia Elevator and Escalator Market (2023-2029)” report provides an in-depth analysis with 45 figures and 27 tables, covered in 107 pages. The report on Elevator and Escalator Market in Australia comprehensively covers the market by product types, service type, and regions. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are estimated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.