Rising Urbanization to Drive India Elevators and Escalators Market Beyond $ 2 Billion by 2023
Growing construction of high-rise buildings in metro
cities coupled with rising urbanization and increasing investments in infrastructure
development to fuel India elevators and escalators market through 2023
According to TechSci Research report, “India
Elevators and Escalators Market By Type of Carriage, By Type of Machinery,
By Type of Door, By Weight, By End User, Competition Forecast &
Opportunities, 2013 – 2023’’, elevators and
escalators market in India is projected to cross $ 2 billion by 2023. Key
factors expected to drive the market include rising urbanization, growing investments
in development of infrastructure such as metros, airports and bus terminals,
and increasing number of government initiatives such as Pradhan Mantri Awas
Yojana (Urban), Smart Cities Mission, etc. Increasing construction of high-rise
buildings and implementation of Real Estate (Regulation and Development) Act,
2016 (RERA) is further expected to boost demand for elevators and escalators in
the country over the next five years.
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In India elevators market, passenger elevators account
for the largest market share, owing to rising adoption of passenger elevators
in residential and commercial end user segments coupled with RERA mandating
elevators in buildings that are over 15 meters across the country. Residential
segment dominates India elevators market, backed by growing number of high-rise
residential buildings and builder floors in more than 15 meter high buildings
in India. KONE Elevator India Pvt. Ltd.,
Johnson Lifts Pvt. Ltd., Schindler India Pvt. Ltd., and OTIS Elevator Company
(India) Ltd. are the major companies operating in India elevators and escalators
market.
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“Increasing popularity of elevators with aesthetic
appeal, rising adoption of Elevator Automatic Rescue Device, surging investments
in elevator manufacturing facilities and growing focus towards safe, modern and environment friendly
elevators are expected to
boost demand for elevators and escalators in India. Moreover, growing
urbanization and development of Tier-II & Tier-III cities with increasing
investments in the development and modernization of infrastructure would result
in growth opportunities for companies
operating in India elevators and escalators market during the forecast period.,”
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 Type of Machinery, By Type of Door, By Weight, By End User,
Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of elevators
and escalators market and provides statistics and information on market size,
structure and future market growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decision. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities present in the India
elevators and escalators market.
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