DUBLIN–(BUSINESS WIRE)–The “Philippines Elevator and Escalator – Market Size and Growth Forecast 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
Increasing demand for high-rise structures and the government’s focus on infrastructure in key economic cities have propelled the Philippines’s escalator and elevator business to new heights.
The Philippines elevator market by the installed base is expected to reach 37.9 thousand units by 2028. The industry has strong expectations as tourism demand will lead to hotel construction, several logistics centers, and an increased commercial market in the Philippines. The expansion of the building sector in the Philippines is directly related to the increase in home elevators. Many households need to install these machines due to the development of private homes, particularly the significant increase in two- and three-story buildings.
The Philippines escalator market by the installed base is expected to reach 13,763 units by 2028, growing at a CAGR of 4.24%. Further, the parallel escalators accounted for the largest market share of around 33.7% in 2021 because of the high preference of people in the commercial sector. The Philippines has ongoing railway projects, the North-South Commuter Railway project (NSCR) and Malolos-Clark Railway Project (MCRP); therefore, many escalators must be installed to reduce congestion among travelers.
Key Highlights
Market Trends and Drivers
Rising Growth Rate Of Digitalization And Increasing Developments In Public Transport
Market Segmentation
Machine Type
Carriage Type
Capacity
End-User
Product Type
End-User
Key Vendors
Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/q3u8yl
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