Elevators Market in India to Grow at 8% until 2021
Increasing urbanization, growing demand for
high rise buildings and rising government initiatives such as smart cities and
AMRUT cites to drive elevators and escalators market in India
According to TechSci Research
report, “India Elevators and Escalators Market By Type of
Carriage, By Elevator Door Type, By End Use Sector, Competition Forecast &
Opportunities, 2011 - 2021’’, elevators market in India is projected to grow at a CAGR
of over 8% during 2016 - 2021, due to increasing urbanization, rising
construction of high rise buildings, growing real estate sector coupled with
rising investments on improvement of public infrastructure across various major
cities in the country. Increasing
government focus towards building high class infrastructure coupled with rising
government initiatives such as ‘Smart City’ and AMRUT is also expected to driving
demand for elevators in the country. Further, Government of India is also
focusing towards modernization of airports and railway stations, and this is
also projected to drive elevators and escalators market in the country during
forecast period.
India Phase Wise Total Number of Cities under ‘Housing for All by 2022’
Scheme
Phase
|
Total
Cities
|
Time
Duration
|
Phase 1
|
100
|
April 2015 -
March 2017
|
Phase 2
|
200
|
April 2017 - March 2019
|
Phase 3
|
-
|
April 2019 -
March 2022
|
Source: Ministry
of Housing & Urban Poverty Alleviation
By 2015, passenger elevator segment dominated India
elevators market, followed by freight elevators. Increasing number of high rise buildings is
driving demand for passenger elevators across different end user segment
including residential, commercial, industrial and government institutions. Major companies operating
in India elevators market include Kone India,
Otis, Schindler India, Johnson Lifts, ThyssenKrupp, etc. South region dominated
India elevators market on account of increasing infrastructure projects in the
region and growing focus on real estate construction. Cities like Mumbai,
Delhi, Noida, Gurgaon, Bangalore, Hyderabad and Chennai are the major demand
generators for elevators and escalators in the country.
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“Growing number of high rise buildings is driving demand for
high speed and energy efficient elevators. This is in turn boosting demand for traction
machine elevators over hydraulic machine elevators. Further, changing lifestyles
and government policies, and growing need to reduce accidents associated with
manual door elevators is propelling demand for auto-door enabled elevators. In addition, companies involved in
manufacturing elevators are increasingly focusing on smart and energy efficient
elevators in order to attract consumer attention across various end use
segments.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India
Elevators and Escalators Market By Type of Carriage, By Elevator Door Type, By
End Use Sector, Competition Forecast & Opportunities, 2011 - 2021” has evaluated the future
growth potential of India elevator and escalators market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India elevators and escalators market.
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