Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Elevator and Escalator Market 2023-2029 Value, Size, Outlook, Industry, Analysis, Trends, Share, Revenue, Growth, Companies, COVID-19 Impact & Forecast: Market Forecast By Types, By Services, By End-User and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Nigeria Elevator and Escalator Market witnessed reasonable growth in the period before the pandemic. The growth could be attributed to numerous commercial and residential projects in Nigeria along with various government initiatives towards residential sectors to tackle the housing deficit in the country such as the Upgrading of Informal Settlements and the National Housing Program. However, the demand for elevators and escalators in Nigeria saw a sharp decline owing to the pandemic during the year 2020 as economic activities were suspended to curb the effect of the pandemic.
According to this research, the Nigeria Elevator and Escalator Market is projected to grow at a CAGR of 6.4% in terms of revenues during 2023-2029F. Investment in infrastructure by the Nigerian government with a budget allocation of N1.42 trillion in 2022-23 along with an increasing number of hotel chains in the pipeline in Nigeria coupled with the growing number of skyscrapers would aid the market of Elevators & escalators in coming years.
Moreover, the construction of a hotel around Lagos Murtala Muhammed International Airport which is planned to be completed by 2024 would be a major driver for the Nigeria Elevator and Escalator Market growth. The supply chain also got hampered thereby, further declining the demand and the revenues of elevators and escalators in Nigeria.
Market Segmentation by Types
The elevator and escalator market in Nigeria was dominated by elevator during the year 2022. The Elevator segment holds the maximum revenue and volume share in Nigeria, and it is expected that this trend would continue in the forecast period. The growth of elevators in Nigeria could be attributed to Nigerian government investment in housing and infrastructure projects worth N123.1 billion between the year 2022 and 2025 and this would further propel the market for elevators.
Market Segmentation by Applications
The commercial application is anticipated to garner the majority revenue share in Nigeria elevator and escalator market in the forecast period on the back of investment in infrastructure by the Nigerian government and owing to the rise in the market for passenger elevators.
Market Segmentation by Services
Nigeria's elevator and escalator market was dominated by the new installation segment during 2022 on account of ongoing construction projects such as the construction of Wachakal Airport, Abuja World Trade Center Hotel Tower and many others.
Key Attractiveness of the Report
- 11 Years of Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Nigeria Elevator & Escalator Market Overview
- Nigeria Elevator & Escalator Market Outlook
- Nigeria Elevator & Escalator Market Forecast
- Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Types, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Service Type, for the Period 2019-2029F
- Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Applications, for the Period 2019-2029F
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Impact Analysis of COVID-19
- Market Trends
- Africa Country-wise Elevator & Escalator Market Revenue Ranking, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
- Elevator
- Escalator
By Applications
- Commercial
- Residential
- Industrial
By Services
- New Installation
- Modernisation
- Maintenance
Companies Featured
- Otis Worldwide Corporation
- Schindler Holding Ltd.
- KONE Corporation
- Mitsubishi Electric Corporation
- TK Elevator GmbH
- Hyundai Elevator Co. Ltd
- FUJIHD Elevator Co.,Ltd.
- Hitachi Ltd
- Kleemann Hellas S.A.
- Akotex Elevator Company
For more information about this report visit https://www.researchandmarkets.com/r/9lr70t
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