Dublin, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The "Africa Elevator And Escalator Market (2021-2027): Market Forecast by Types, by Applications, by Service Type, by Countries and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Africa's Elevator and Escalator Market size is projected to grow at a CAGR of 8.1% during 2021-27.
The Africa elevators and escalators market outlook report provides an unbiased and detailed analysis of the on-going Africa elevators and escalators market trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Africa Elevator and Escalator Market Synopsis
Africa Elevator and Escalator Market is gaining traction in the region on account of growing demand from the commercial and residential sectors. In Africa, the expansion of infrastructure in the areas of retail, hospitality, commercial offices, healthcare, and residential apartments would continue to drive the demand for elevators and escalators in the region during the forecast period.
However, the elevator and escalator market witnessed a slowdown in 2020 owing to the ongoing pandemic of COVID-19 which resulted in the halt of construction projects, suspension of economic activities and lockdown across various countries. Although, with the gradual recovery of the economic activities and relaxation in lockdown measures, the market is expected to regain its
momentum during the forecast period.
The commercial and residential segments are expected to grow in the future due to an increase in FDI and urbanization across all major countries, which would boost the Africa elevators and escalators market revenues. Additionally, major hotel chains are expanding their presence across several countries, and large-scale government infrastructure development projects, such as airport expansions, metro expansions, and development of other social infrastructure, are also strengthening the construction sector in the region. These factors would translate into an increase in the demand for elevators and escalators in the African region in the near future.
Market Analysis by Applications
The new installation and modernization segment are the key revenue generators in the overall Africa elevators and escalators market in 2020 with a cumulative market share of around 60%. As urbanization and infrastructure development continue to play an important role in the region, Elevator and Escalator Market would witness sound revenue growth. South Africa and Egypt registered maximum number of new installation and accounts for majority of the market revenue and volume share.
Market Analysis by Geography
Among all the geographies, South Africa Elevators and Escalators Market acquired the largest market revenue share for the year 2020 owing to an increase in commercial, industrial, and residential projects across South Africa which is creating a surge in demand for elevators and escalators in the country. The market for countries such as Kenya and Egypt is predicted to show significant growth in the coming years on increasing public sector spending and public transportation infrastructure development.
Key Attractiveness of the Report:
- COVID-19 Impact on the Market
- 10 Years Market Numbers
- Historical Data Starting from 2017 to 2020
- Base Year: 2020
- Forecast Data until 2027
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Companies Mentioned
- Fujitech Co. Ltd.
- Hitachi Ltd.
- Hyundai Elevator Co. Ltd.
- Kleemann Hellas S.A
- KONE Corporation
- Mitsubishi Electric Corporation
- Omega Elevators
- Otis Elevator Co.
- Schindler Holding Ltd.
- Thyssenkrupp AG
The report provides a detailed analysis of the following market segments:
By Type:
- Elevator
- Passenger
- Home
- Cargo
- Escalator
- Moving Stairs
- Moving Walks
By Applications:
- Commercial
- Residential
- Industrial
By Services:
- New Installation
- Modernization
- Maintenance
By Countries:
- South Africa
- Egypt
- Nigeria Algeria
- Morocco
- Kenya Tanzania
- Ghana
- Ethiopia
For more information about this report visit https://www.researchandmarkets.com/r/mjoxkn
