India Elevators Market Forecast and Opportunities, 2020
Increasing number of residential projects coupled with rising population density in metros and major cities in India, have been driving the country’s elevators market over the last five years. The need to provide accommodation to the continuously growing urban population has led to an in an increase in the number of high rise building in the country, thereby resulting in rising skyline of cities. Also, rising foreign investments in the country have stimulated the demand for office spaces over the last decade. In consonance with these developments, the demand for elevators from residential and industrial units has been increasing to facilitate vertical commute of people and transportation of freight. Moreover, with rapid development of infrastructure in urban regions, the number of commercial complexes and office buildings in India has also been increasing. These commercial buildings have also been contributing to the surge in demand for sophisticated vertical transportation systems in the country.
According to “India Elevators Market Forecast & Opportunities, 2020”, elevators market in India is projected to exhibit significant growth over the next five years, with the market forecast to surpass US$ 1.6 billion in 2020. Growth in the market is anticipated on account of growing infrastructure development projects in the country, which require elevators for vertical transportation. Metro projects across various major cities are also expected to fuel demand for new equipment installation, along with maintenance and modernization of already installed elevators. In 2014, residential sector was the largest end-user of elevators, followed by commercial, industrial and government sectors. Major players operating in India elevators market include KONE, Otis, Schindler, Johnson, and ThyssenKrupp. “India Elevators Market Forecast & Opportunities, 2020” report discusses the following aspects of elevators market in India:
To gain an in-depth understanding of elevators market in India
To identify the on-going trends and anticipated growth in the next five years
To help industry consultants, elevator manufacturers and other stakeholders to align their market-centric strategies
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To gain competitive knowledge of leading players
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The information contained in this report is based upon both primary and secondary sources. Primary research included interviews with vertical transportation system providers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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1. KONE Elevator India Pvt. Ltd. 2. Otis Elevator Company (India) Ltd. 3. Schindler India Pvt. Ltd. 4. Johnson Lifts Pvt. Ltd. 5. ThyssenKrupp Elevator India Pvt. Ltd. 6. Mitsubishi Elevator India Pvt Ltd. 7. Fujitec India Pvt. Ltd. 8. Hitachi Lift India Pvt. Ltd. 9. Blue Star Elevators India Ltd. 10. Omega Elevators Pvt. Ltd.