Elevator services to outpace dominant products sector in China

Author: Bharat Book Bureau

Author: Bharat Book Bureau

Elevators in China to 2013

Demand in China to expand 10.9% yearly through 2013

The market in China for elevator and escalator products and services is forecast to reach 111 billion yuan in 2013, rising at an annual rate of 10.9 percent from 2008. New construction and ongoing urbanization will support market gains. An increasing installed base of elevators and escalators will provide opportunities for maintenance and repair services, as the surge in product penetration of recent years is expected to continue through the forecast period. ( http://www.bharatbook.com/detail.asp?id=129747&rt=Elevators-in-China.html )

Elevator services to outpace dominant products sector

Products will continue to record the majority of industry sales, accounting for 71 percent of the total elevator and escalator market in 2013. This reflects the developing nature of the Chinese market. In the mature US market, by contrast, product demand accounts for only about one-third of total sales. The brisk pace of new construction activity in China -- itself fundamentally an outcome of the countrys rapid industrialization -- has made product sales the key driver of industry revenues. However, revenues generated from the provision of elevatorand escalator-related services will witness better growth prospects through 2013. Market gains will be fostered by an expanding base of installed systems (which will offer favorable opportunities for maintenance and repair business) and strong growth in new system sales (requiring installation services). A larger installed base of elevators and escalators will also contribute to rapid acceleration of sales of associated products, the majority of which are purchased in the aftermarket.

Nonresidential buildings to be fastest growing market

The nonresidential building sector is forecast to outpace growth in other markets, and will account for 65 percent of total demand in 2013. Each of the major nonresidential building types -- offices, retail establishments, government and institutional facilities, industrial facilities, lodging and other commercial buildings, and transportation facilities (airports, train and bus terminals) -- offers considerable opportunities for elevator and escalator products and services. The well developed Central-East region will remain the top geographic elevator and escalator market, accounting for 42 percent of total industry sales in 2013. The Central-North region, however, will experience the most robust growth, supported by surging investment in elevator-intensive office buildings and retail establishments. Market advances in the Central-East and the Northwest regions will outperform the national average, benefiting from improving business conditions in the Central-East and low base numbers of existing elevators and escalators in the Northwest.

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