Elevator market in the world
The market size of the elevator, escalator equipment and services was 86 billion US Dollars in 2012.
Prediction growth of the market was almost six percent annually through 2017.
In comparison China market to other countries have, growth speed of elevator market in China is the fastest. Total elevator sales on a per unit basis were nearly 900.000 units. Nearly 30 percent of the world’s demand was made up by China. In 2012, %58 of the world’s new elevator units were established in China.
Moreover the market potential of elevator industry was huge with an increasing rate being observed in India. Central and South America is also expected to experience strong growth in this year, with the help of the growth capacity of Brazil. The rapid expansion of cities and urban areas in the Middle East especially in Turkey have affected wholly economic and infrastructural growth. As a result of this, elevator market has the potential to grow in this region.
In Turkey, thirty thousand new elevators or escalators were established per year. Elevator and escalator market size reached 500 million US Dollars in 2016. Turkey is the 3rd largest market country in the world, showing Turkey’s achievement in this field. Furthermore, other developing markets that will contribute to increasing of the elevator sector. However, increases of the market size in Western Europe and Japan was below the world average. Demand for elevator and escalator has grown fast during the last five decades, production and service speeds have become very important. Nevertheless, significant increases will be expected in these countries (Western Europe and Japan) in the 2017 to 2022 period. In west Europe, the modernization and repair service market of the elevators is enough big. On the contrary, new unit installations instead of modernization increase in the developing countries.
Our previous article Hydraulic Elevators