Shopping Mall Moving Walkway Market Analysis and Latest Trends
A shopping mall moving walkway, also known as a horizontal escalator or travelator, is a conveyor transport device that moves people across a horizontal or inclined plane over a short to medium distance. These moving walkways are commonly found in shopping malls to provide easy and convenient transportation for shoppers between different levels or sections of the mall.
The Shopping Mall Moving Walkway Market is expected to experience significant growth in the coming years, with a projected CAGR of 11.4% during the forecast period. The increasing number of shopping malls being built globally, coupled with the growing demand for convenient and efficient transportation options within these malls, is driving the growth of the market. Additionally, advancements in technology have led to the development of more reliable and energy-efficient moving walkways, further contributing to the market's growth.
One of the latest trends in the Shopping Mall Moving Walkway Market is the focus on sustainability and energy efficiency. Manufacturers are introducing eco-friendly moving walkways that consume less energy and have lower carbon footprints. This trend aligns with the increasing emphasis on environmental sustainability across industries and is expected to drive the adoption of such energy-efficient solutions in shopping malls worldwide.
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Shopping Mall Moving Walkway Major Market Players
The shopping mall moving walkway market is highly competitive with key players such as KONE Corporation, Otis Elevator Company, Schindler, Mitsubishi Electric Corp., and Fujitec dominating the market. KONE Corporation is a leading player in the market known for its innovative solutions and excellent customer service. The company has a strong global presence and offers a wide range of moving walkway solutions for shopping malls and commercial buildings.
Otis Elevator Company is another major player in the market with a focus on technology and sustainability. The company has a strong market presence in North America and Europe and is known for its high-quality products and reliable service.
Schindler is a global player in the shopping mall moving walkway market, offering a wide range of products and solutions for urban mobility. The company has a strong focus on innovation and sustainability, making it a preferred choice for many shopping mall developers.
With the increasing urbanization and growing demand for efficient transportation solutions in shopping malls, the market is expected to witness significant growth in the coming years. The market size is projected to reach a value of over $1 billion by 2025, driven by the increasing number of shopping malls and commercial buildings across the globe.
In terms of sales revenue, KONE Corporation reported a revenue of $10.5 billion in 2020, while Otis Elevator Company reported a revenue of $12.3 billion. Schindler reported a revenue of $10.1 billion, Mitsubishi Electric Corp. reported a revenue of $40.9 billion, and Fujitec reported a revenue of $1.3 billion.
Overall, the shopping mall moving walkway market is highly competitive with key players vying for market share through innovation, technology, and excellent customer service. The market is expected to witness significant growth in the coming years driven by the increasing demand for efficient transportation solutions in shopping malls and commercial buildings.
What Are The Key Opportunities For Shopping Mall Moving Walkway Manufacturers?
The Shopping Mall Moving Walkway market is experiencing steady growth due to the increasing preference for convenience and efficiency in shopping experiences. The market is expected to witness a significant rise in demand for moving walkways in shopping malls owing to their ability to transport shoppers effortlessly from one end of the mall to another. Advancements in technology, such as energy-efficient systems and improved safety features, are expected to further drive market growth. With the growing trend towards sustainable and smart infrastructure, the future outlook for the Shopping Mall Moving Walkway market looks promising.
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Market Segmentation
The Shopping Mall Moving Walkway Market Analysis by types is segmented into: