Elevator & Escalator market in India has registered growth in last few years on the back increase in 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 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 decline in 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, market is expected to recover in 2018.
Major market of elevator & escalator is driven by new installations, but maintenance segment is also recording growth due to increasing number of installed base across the country. Western region dominates the market followed by Southern region. In the coming years, 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 has given the major boost to the market demand for elevators and escalators."
"Further, government of India projects such as Smart City and AMRUT would create 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 increase in 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 includes- Kone, Schindler, ThyssenKrupp, Otis, Mitsubishi, Toshiba, Hitachi, Fujitec, Kinetic Hyundai, and Johnson Lifts.
"India Elevator & Escalator Market (2017-2023)" provides in-depth analysis of India Elevator & Escalator Market covered in more than 110 pages. The report estimates and forecast 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 the insights on market share by companies, companies benchmarking, company profiles, market drivers and restraints.