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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.
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 –
Other prominent vendors are Handok Elevator, Joung il Industry, Mitsubishi Elevator Korea Co Ltd, Nara Elevators Co Ltd, TELC, and Sin Woo Elevator.
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.
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Elevator and escalator market in South Korea
PART 07: Market drivers
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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