Nigeria Elevator and Escalator Market Report 2024, with Key Player Analysis for Otis, KONE, Mitsubishi Electric, TK Elevator, Hyundai Elevator, FUJIHD Elevator, Hitachi, Kleemann and Akotex Elevator
Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Nigeria Elevator and Escalator Market 2023-2029 Value, Size, Outlook, Industry, Analysis, Trends, Share, Revenue, Growth, Companies, COVID-19 Impact & Forecast: Market Forecast By Types, By Services, By End-User and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Nigeria Elevator and Escalator Market witnessed reasonable growth in the period before the pandemic. The growth could be attributed to numerous commercial and residential projects in Nigeria along with various government initiatives towards residential sectors to tackle the housing deficit in the country such as the Upgrading of Informal Settlements and the National Housing Program. However, the demand for elevators and escalators in Nigeria saw a sharp decline owing to the pandemic during the year 2020 as economic activities were suspended to curb the effect of the pandemic.
According to this research, the Nigeria Elevator and Escalator Market is projected to grow at a CAGR of 6.4% in terms of revenues during 2023-2029F. Investment in infrastructure by the Nigerian government with a budget allocation of N1.42 trillion in 2022-23 along with an increasing number of hotel chains in the pipeline in Nigeria coupled with the growing number of skyscrapers would aid the market of Elevators & escalators in coming years.
Moreover, the construction of a hotel around Lagos Murtala Muhammed International Airport which is planned to be completed by 2024 would be a major driver for the Nigeria Elevator and Escalator Market growth. The supply chain also got hampered thereby, further declining the demand and the revenues of elevators and escalators in Nigeria.
Market Segmentation by Types
The elevator and escalator market in Nigeria was dominated by elevator during the year 2022. The Elevator segment holds the maximum revenue and volume share in Nigeria, and it is expected that this trend would continue in the forecast period. The growth of elevators in Nigeria could be attributed to Nigerian government investment in housing and infrastructure projects worth N123.1 billion between the year 2022 and 2025 and this would further propel the market for elevators.
Market Segmentation by Applications
The commercial application is anticipated to garner the majority revenue share in Nigeria elevator and escalator market in the forecast period on the back of investment in infrastructure by the Nigerian government and owing to the rise in the market for passenger elevators.
Market Segmentation by Services
Nigeria's elevator and escalator market was dominated by the new installation segment during 2022 on account of ongoing construction projects such as the construction of Wachakal Airport, Abuja World Trade Center Hotel Tower and many others.
Key Attractiveness of the Report
11 Years of Market Numbers.
Historical Data Starting from 2019 to 2022.
Base Year: 2022
Forecast Data until 2029.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.
Key Highlights of the Report
Nigeria Elevator & Escalator Market Overview
Nigeria Elevator & Escalator Market Outlook
Nigeria Elevator & Escalator Market Forecast
Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues for the Period 2019-2029F
Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Types, for the Period 2019-2029F
Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Service Type, for the Period 2019-2029F
Historical Data and Forecast of Nigeria Elevator & Escalator Market Revenues, By Applications, for the Period 2019-2029F
Market Drivers and Restraints
Industry Life Cycle
Porter's Five Force Analysis
Impact Analysis of COVID-19
Market Trends
Africa Country-wise Elevator & Escalator Market Revenue Ranking, By Companies
Competitive Benchmarking
Company Profiles
Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
Elevator
Escalator
By Applications
Commercial
Residential
Industrial
By Services
New Installation
Modernisation
Maintenance
Companies Featured
Otis Worldwide Corporation
Schindler Holding Ltd.
KONE Corporation
Mitsubishi Electric Corporation
TK Elevator GmbH
Hyundai Elevator Co. Ltd
FUJIHD Elevator Co.,Ltd.
Hitachi Ltd
Kleemann Hellas S.A.
Akotex Elevator Company
For more information about this report visit https://www.researchandmarkets.com/r/9lr70t
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