Posted On: 2021-07-19
Residential sector acquired the largest revenue share in the overall Elevator and Escalator market in 2019 – 6Wresearch
Multifarious malls and skyscrapers make elevators and escalators the must-haves in every building. Busy time schedules and increased number of ageing population necessitate the facility of escalators and elevators across the globe. Japan is one of the largest economies in the world. Therefore, Japan elevator and escalator market is expected to exhibit moderate growth during the forecast period. Although, the market got affected in 2020 owing to the ongoing pandemic of COVID-19. However, with the gradual recovery of the economic activities and relaxation in lockdown measures, the market could head on the path of growth during the forecast period.
According to 6Wresearch, Japan Elevator and Escalator Market size are projected to grow at a CAGR of 1.3% during 2020-2026F. The Japan elevator and escalator market is expecting a moderate rise in the coming years, where the expansion in the construction market, upcoming transportation and hospitality sector projects would complement the growth.
According to Mohit Bhatia, Research Associate, 6Wresearch, “By Types, Elevators accounted for more than 70 percent of market revenue and volume share in the overall elevator and escalator market for the year 2019 and is expected to dominate the market during the forecast period owing to reasons such as higher adoption of elevators in old as well as new residential and commercial buildings. Further, strengthening tourism industry and rising construction in the country would boost the demand for elevators during the forecast period.
The growth in construction market, upcoming train projects, such as expansions of the Shinkansen bullet train network, Maglev train, is being developed and tested, the expansion of Japan's Kansai International Airport, and other advancements would complement the growth for escalators industry in Japan”. Mohit further added
According to Kajal Saraswat, Research Associate, 6Wresearch, “By Applications, Residential sector acquired the highest share in overall elevator and escalator market for the year 2019 and would continue to dominate its position owing to the upcoming housing projects consisting of high-rise buildings in the country.
For instance, Japanese authorities are currently in the process of redeveloping major urban residential areas, especially Tokyo and greater Tokyo area which would increase the growth”. Kajal concluded
The Japan elevator and escalator market report provides in depth analysis with 26 figures and 15 tables, covered in 87 pages. The report estimates and forecast the Japan Elevator and Escalator market by types, product types, applications, and services. The report provides an unbiased and detailed analysis of the on-going market trends, opportunity areas, market drivers, which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics.