“A research report on Australia Escalators & Elevators Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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Australia escalators & elevators market stood at $ 295.5 million in 2018 and is projected to reach $ 410.7 million by 2024, exhibiting a CAGR of around 6%. The growth is backed by increasing adoption of technologically advanced elevators, growing urbanization and rising FDI investments in construction & retail sectors in the country. Additionally, the demand for cost-effective elevators is increasing which is compelling manufacturers to introduce advanced products in the market, thereby further propelling growth in the market. However, high cost related to the compliance and stringent regulations can act as challenge for the growth of the market.
Australia escalators & elevators market can be segmented based on type, service, elevator technology, type of elevator door, end user and regional analysis. On the basis of type, the market is segmented into Elevators, Escalators and Moving Walkways. Elevators account for the major share in the market on account of increasing number of high-rise buildings and growth in commercial and residential sectors in the country. On the basis of service, the market can be segmented into new installation, modernization and maintenance & repair. Of all, maintenance & repair segment dominates the market and it is expected to continue its dominance during the forecast period as well on account of growing installed base of elevators & escalators in the country as they require periodic maintenance and repair of existing structures. On the basis of elevator technology, the market can be segregated into traction, hydraulic and machine room-less traction.
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