South Korea Escalators Market Outlook

the south korea escalator market is set for immense growth opportunities over the forecast period of 2018-2032. it is estimated that the total installed base of escalators and moving walks in the country is growing at a steady rate and is expected to exceed 70,000 by the end of 2018. increasing urbanization throughout the country has led to increased demand for efficient transportation systems, such as escalators, resulting in increased installation of escalator and moving walks. moreover, with the expansion of existing lines and the addition of new rail lines, the number of escalators and moving walkways is expected to increase. the non-residential sector is expected to remain the major consumer of escalators in the region. the sector includes commercial buildings, airports, shopping malls, hotels, and entertainment venues. demand for escalators in both the commercial and public transport sectors is expected to continue rising due to continuous infrastructure expansion. the ministry of land, infrastructure and transport (molit) of south korea is actively promoting escalators, especially in public transport systems, in order to improve social access to public transport facilities and reducing energy consumption. moreover, its '7th basic plan for inclusive society' strategy is expected to create more demand for escalators and moving walks in the country. various korean manufacturers are competing in the escalator market. escalator competition is intensifying among the major players – kone, daewoo elevator, otis and hyundai elevator, who are making strong efforts to stay ahead in the competitive market. also, the government is encouraging the use of escalators and improving safety standards, which is expected to be reflected in the market over the forecast period. in conclusion, the south korea escalator market is highly competitive but offers numerous opportunities. with escalating urbanization and an increase in public transportation, demand for escalators is expected to remain robust. the government policies, along with growth in end-user industries, are expected to drive the market in the coming years.