Slumping Chinese Elevator Market
However, all of that may be changing. China`s rapid construction phase may have reached it`s peak. Indeed, industry experts predict that the Chinese elevator market will decline, after which it may stabilize.
According to Bloomberg Intelligence analysts, Johnson Imode and Mustafa Okur, major elevator manufacturers will have to grapple with the slumping Chinese market. Consequently, elevator manufacturers in the country will need to consolidate in order to accommodate the lessened demand. Also, they may be looking to other markets or advancing technology to compensate for reduced revenue.
Bloomberg`s 2015 article titled The World`s Largest Elevator Market Is Falling and May Never Recover by Chris Cooper has the story.
Adam Taylor of the Washington Post agrees, saying, [China`s vast elevator market is slowing. As it slows, elevator companies are becoming more cutthroat – at every level.”
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