Research and Markets: The Global Elevator and Escalator Market to Grow At A CAGR Of 5.57 Percent over the Period 2011-2015

DUBLIN--(BUSINESS WIRE)-- Research and Markets ( has announced the addition of the "Global Elevator and Escalator Market 2011-2015" report to their offering.

One of the key factors contributing to this market growth is the increase in need for comfortable movement. The Global Elevator and Escalator market has also been witnessing the development of energy efficient elevators and escalators. However, the high costs of elevators and escalators that decrease the adoption rate could pose a challenge to the growth of this market.

Key vendors dominating this market space include Otis Elevator Co., Schindler Group, and ThyssenKrupp Elevator AG.

Other vendors mentioned in the report: Kone Corp., Fujitec Co. Ltd, Hyundai Elevators Co. Ltd, Hitachi Ltd, Mitsubishi Electric Corp, Toshiba Elevator and Building Systems Corp, Johnson Lifts Ltd, and Shanghai Yungtay Elevator Equipment Co.

Commenting on the report, an analyst from TechNavio's Engineering team said: ''In the last few years, there has been a rapid increase in the competition among elevator and escalator vendors in the market. This intensifying competition leads to a decrease in the overall price of elevators and escalators. Consequently, there is an increase in price wars among the players in the market. Moreover, with the advancement of technology, the cost of developing moderate-capacity elevators and escalators is decreasing. This is also due to the large variety of vendors and their varying pricing strategies aimed at capturing significant shares in the market. Furthermore, vendors are focusing on the development of economically priced products in an attempt to tap the price-driven market sector.''

According to the report, one of the main drivers is the increased need for comfortable movement. Elevators and escalators are deployed in buildings since they are easier to use and more efficient than staircases. Moreover, escalators and elevators enable efficient transport within buildings.

Further, the report discusses that the need for continuous support and maintenance acts as a barrier to the adoption of elevators and escalators.

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Source: Research and Markets