Rapid urbanization and extensive construction activities worldwide are serving as the prominent growth generators for the global elevators and escalators market. The assessment period of 2019-2029 will see a plethora of advancements coupled with the aforementioned factors, thus accelerating the growth rate of the elevators and escalators market.
The factors that will contribute greatly across the elevators and escalators market are as follows:
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Revamping of Public Infrastructure
The growing influence of urbanization around the world may act as expansive growth generators for the elevators and escalators market. Governments of various countries are in the process of ramping up public infrastructure across major countries through smart city projects. These projects will include subway stations and airports with modern facilities. Elevators and escalators form an important part of modern facilities. Hence, this aspect may invite great growth across the elevators and escalators market.
Increase in Number of Shopping Malls and Multiplexes
Shopping malls and multiplexes have gained immense popularity across metropolitan cities. Now, they are penetrating into Tier 2 and Tier 3 cities, thus laying a red carpet of growth for the elevators and escalators market. Though multiplexes and shopping malls were shut due to the coronavirus lockdowns, they are reopening with certain compulsory measures. This aspect will have a positive impact on the construction of new malls and multiplexes.
Escalating Rise in Geriatric Population
An exceptional rise in the geriatric population is expected in the coming years. One in every six people in the world will be above the age of 64 by the year 2050. Thus, the demand for elevators and escalators is also prognosticated to rise over the years. Taking into consideration the factor of the geriatric population, Asia Pacific will churn expansive growth for the elevators and escalator market. India and China have a dense geriatric population. Therefore, this aspect may add extra stars of growth to the elevators and escalators market.
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