Market outlook of the elevator and escalator market in South Korea
Elevators and escalators are extensively used in commercial buildings, residential buildings, mixed-used buildings, IT parks, hotels, restaurants, and retail outlets. In South Korea, the market for elevators and escalators is expected to post a slow growth rate. However, events like the upcoming Olympics of 2018 are expected to augment the business for escalators and elevators in this region, resulting in a modest market growth rate of around 1% by 2019.
While calculating the market growth rate and market size of the elevators and escalators market, Technavio’s market research analyst has accounted for factors such as the recent increase in residential construction in South Korea to boost market growth during the forecast period. The South Korean government is increasingly focusing on the construction of new residential buildings to accommodate the growing population. The construction of high-rise buildings and residential buildings during the forecast period is expected to bolster the prospects for growth in this market.
Competitive landscape and key vendor analysis
The market for elevators and escalators in South Korea is highly fragmented and contains numerous local and multinational vendors. In order to gain traction in this market, many vendors provide services like elevator and escalator installation, maintenance, and modernization services.
Key vendors in this market are –
- Fujitec Korea
- Hyundai Elevator
- Otis Elevator Korea
- Schindler Korea
- ThyssenKrupp Elevator Korea
Other prominent vendors are Handok Elevator, Joung il Industry, Mitsubishi Elevator Korea Co Ltd, Nara Elevators Co Ltd, TELC, and Sin Woo Elevator.
Market in South Korea by new installed units
In terms of units installed, analysts estimate the elevator market to account for a major portion of the total market share. The implementation of elevators in low-rise buildings and mega structures such as power plants is expected to account for its large market share during the forecast period. Additionally, as most people above the age of 60 prefer using an elevator for vertical transport, its demand is expected to increase substantially during the next five years.
Growth drivers, challenges, and upcoming trends: Elevators and escalators
In this market study report, analysts estimate upcoming trends like the introduction of machine room-less (MRL) elevators to foster market growth during the forecast period. The frequency of MRL elevator installation is expected to increase during the forecast period as it is more economical and energy-efficient when compared to conventional elevators.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the elevator and escalator market in South Korea. 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 elevator and escalator market in South Korea?
- What are the key market trends impacting the growth of the elevator and escalator market in South Korea?
- What are the challenges to market growth?
- Who are the key vendors in the elevator and escalator market in South Korea?
- What are the market opportunities and threats faced by the vendors in the elevator and escalator market in South Korea?
- What are the key outcomes of the five forces analysis of the elevator and escalator market in South Korea?
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
- Research methodology
- Economic indicators
PART 04: Introduction
- Key market highlights
- Elevators and escalators overview
- Life cycle of elevators and escalators
- Supply chain for elevators and escalators
- Key investment opportunities in elevator and escalator market in South Korea
PART 05: Market landscape
- Elevator and escalator market in South Korea by new installed units 2014-2019
- Five forces analysis
PART 06: Elevator and escalator market in South Korea
- Elevator market size and forecast in South Korea by new installed units 2014-2019
- Escalator market size and forecast in South Korea by new installed units 2014-2019
PART 07: Market drivers
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Market trends
PART 11: Vendor landscape
- Competitive scenario
- Other prominent vendors
PART 12: Key vendor analysis
- Fujitec Korea
- Hyundai Elevator
- Otis Elevator Korea
- Schindler Korea
- ThyssenKrupp Elevator Korea
PART 13: Appendix
PART 14: Explore Technavio
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape