Market outlook of the elevators and escalators market in Colombia
The market for elevators and escalators in Colombia is expected to show moderate growth during the forecast period and is positively influenced by the increased construction spending in the country. The increased spending on construction activities is expected to boost the number of residential and commercial projects across the country, which results in its slow but moderate CAGR of nearly 5% by 2019.
Technavio market research analysts estimate eminent factors, such as the rise in tourism, to drive market growth during the forecast period. The tourism industry in Colombia is rapidly growing and is expected to reach close to USD 6 billion by 2018. Consequently, the government is focusing on the development of infrastructure and hospitality services in order to provide tourists with comfortable services.
Segmentation by product and analysis of: elevators & escalators
In this market research report, analysts envisage the elevator segment to exhibit the highest market growth rate during the forecast period. In terms of unit installation, the elevators segment is expected to reach close to 2,150 units by 2019 and factors like the construction of buildings for commercial or residential purpose are expected to encourage growth in this segment during the forecast period.
The report offers an analysis of each of the following segments and discusses its impact on the overall market growth -
Competitive landscape and key vendors: KONE, Mitsubishi Electric, Schindler, and ThyssenKrupp
This market is dominated by large vendors like KONE and Schindler who account for approximately 81% of the total market during the forecast period. The smaller vendors and SMEs in this market are merely used for the purpose of service and maintenance.
Key vendors mentioned in this market study are -
Other prominent vendors analyzed in this industry research report are Ascensores Fujitec, Otis Elevators, and Sigma Elevator.
Growth drivers, challenges, and upcoming trends: Elevators and escalators
Upcoming trends such as the increase in machine room-less (MRL) elevators are rapidly gaining popularity as they are more economical and efficient than conventional elevators. A significant advantage of these elevators is that there is no need of an additional space and an operator to operate the lift. Moreover, since they are gearless, less mechanical parts are installed, which leads to lower power consumption and maintenance cost.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the elevators and escalators market in Colombia. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the elevators and escalators market in Colombia?
What are the key market trends impacting the growth of the elevators and escalators market in Colombia?
What are the challenges to market growth?
Who are the key vendors in the elevators and escalators market in Colombia?
What are the market opportunities and threats faced by the vendors in the elevators and escalators market in Colombia?
What are the key outcomes of the five forces analysis of the elevators and escalators market in Colombia?
Technavio also offers customization on reports based on specific client requirement.
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