India Elevator & Escalator Market is projected to grow at a CAGR of 8.1% during 2017-23 - 6Wresearch
Elevator & Escalator market in India has registered growth in the last few years on the back increase in a number of high rise buildings, expansion and construction of airports and metros, construction of malls, and hotels across the country especially in tier 1 & 2 cities, and increasing acceptance in the residential sector.
According to 6Wresearch, India Elevator & Escalator Market is projected to grow at a CAGR of 8.1% during 2017-23. In the year 2016, the market declined and a similar trend is expected in 2017 due to a decline in the construction industry and demonetization of the Indian currency. Demonetization is likely to impact the spending, which would further affect the purchasing decisions of the end-users; however, the market is expected to recover in 2018.
The major market of elevator & escalator is driven by new installations, but the maintenance segment is also recording growth due to an increasing number of the installed bases across the country. Western region dominates the market followed by the Southern region. In the coming years, the eastern region is expected to witness key growth as a result of new development projects.
According to Shefali Goel, Research Analyst, Research and Consulting, 6Wresearch, "government investments for the development of new airports and metros in different cities have given the major boost to the market demand for elevators and escalators."
"Further, the government of India projects such as Smart City and AMRUT would create an additional market for elevators and escalators across the country," Shefali further added.
According to Aditi Sharma, Research Associate, Research and Consulting, 6Wresearch, "the usage of destination dispatch technology is anticipated to improve the efficiency of the elevators. The usage of this technology becomes more critical in high rise buildings. In the forecast period, the adoption of this technology would surge owing to an increase in the number of high rise buildings in the country."
"Along with the dispatch technology, the market is exhibited to witness demand for high-speed elevators to improve the overall performance and efficiency of elevators," Aditi concluded.
Key players in India's elevator & escalator market include- Kone, Schindler, ThyssenKrupp, Otis, Mitsubishi, Toshiba, Hitachi, Fujitec, Kinetic Hyundai, and Johnson Lifts.
"India Elevator & Escalator Market (2017-2023)" provides an in-depth analysis of India Elevator & Escalator Market covered in more than 110 pages. The report estimates and forecasts the overall India elevator & escalator market by revenue, volume, segments such as new installation, maintenance and modernization, regions, and applications such as residential, commercial, and industrial sectors. The report also gives insights on market share by companies, companies benchmarking, company profiles, market drivers, and restraints.
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