Increasing construction of high rise buildings and introduction of latest technology are some major factors driving the growth of South Korea elevator & escalator market.
According to TechSci Research report, “South Korea Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025”, South Korea elevator & escalator market was valued USD 2.25 Billion in 2019 and is anticipated to be valued USD 2.82 Billion by 2025. Key factors driving the growth of South Korea elevator & escalator market are increasing infrastructure spending by the government, rise in number of high rise commercial buildings as well as residential complexes and increasing capital inflow into the real-estate sector. Moreover, increasing aging population and stringent regulations imposed by the government to ensure public safety are pushing elevator & escalator manufacturers to ensure high safety in their products. With introduction of latest technology and construction of high-rise technology powered buildings in the country, South Korea elevator & escalator market is expected to undergo significant growth in coming years.
Furthermore, government of South Korea is investing on modernization and maintenance of old commercial as well as residential buildings around the country which is positively impacting the growth of elevator & escalator market. In addition to this, growing urbanization and construction of high-rise technology powered buildings in the country are also augmenting the South Korea elevator & escalator market growth.
Browse 77 market data Figures and Tables spread through 70 Pages and an in-depth TOC on “South Korea Elevator & Escalator Market”
South Korea elevator & escalator market is segmented based on type, service, elevator technology, elevator door, end user and region. Based on service, the market can be split into maintenance & repair, new installation and modernization. Among them, the modernization and maintenance & repair segment together accounted for 69% market share in 2019. The segment is further expected to maintain its dominance during the forecast period and account for 69.38% market share by 2025. The reasons behind the rise in demand for modernization and maintenance & repair services can be attributed to presence of high number of old buildings in the country which are in dire need of renovation.
Based on end user, South Korea elevator & escalator market can be split into residential, commercial, institutional, infrastructural and others. Among them, the residential sector is expected to dominate the market and is likely to be valued USD 2.82 billion by 2025 as the South Korean government is gradually focusing on the construction of new residential buildings in order to accommodate the growing population of the country.
Leading market players in South Korea elevator & escalator market are KONE Corporation, Hyundai Elevator, Otis Elevator Company (UTC), Schindler Holding Ltd., Fujitec Company Limited and thyssenkrupp AG. Companies are now gradually focusing on manufacturing MRL elevators as they are more economical and eliminate the need for additional space for lift operator. Moreover, key growth strategies being adopted by market players are product innovation, mergers & acquisitions, partnerships and collaborations.
“South Korea is a technologically advanced country in Asia, and this plays an important role in boosting the growth of elevator & escalator market of the country. Improving after sales services, proactive maintenance & modernization of equipment and use of UltraRope elevator technology for high-rise buildings are some major trends showcased by this market in recent years. Moreover, the manufacturers are now trying to cut the manufacturing cost and improve quality of their products in order to increase their share in South Korea elevator & escalator market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“South Korea Elevator & Escalator Market By Type (Elevator, Escalator and Moving Walkways), By Service (Maintenance & Repair, New Installation and Modernization), By Elevator Technology (Traction, Hydraulic and Machine Room-Less Traction), By Elevator Door Type (Automatic and Manual), By End User (Residential, Commercial, Institutional, Infrastructural and Others), By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of South Korea elevator & escalator market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by South Korea elevator & escalator market.
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