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This is owing to the stagnant growth of the construction industry in these regions post the recent economic depression of 2008.50 bn in 2015 to US330. Of these, the segment of conventional elevators dominated the global elevator market in terms of both revenue and volume in 2015. In terms of volume, the market is projected to expand at a healthy 6.The elevators market in the Rest of the World (RoW) is expected to gain significant traction from 2016-2023. However, new installations are projected to rise in the next few years owing to initiatives taken by the African government to improve infrastructure, which is presently one of the biggest obstacle to the region’s economic growth. For instance, in the twelfth five-year plan (2012–2017), the government of India plans to invest more than 7% of its total budget for industrial infrastructure development and construction. Including regions such as Middle East, Africa and Latin America according to the scope of the report, the market for elevators in the RoW sector is driven by the rising number of construction activities in the Middle East.

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