India Elevators Market to Surpass US$ 1.6 billion in 2020

 Infrastructure development, along with growing demand in residential and commercial units to drive elevators market in India during the next five years

According to recently released TechSci Research report “India Elevators Market Forecast and Opportunities, 2020”, elevators market in India is projected to surpass US$ 1.6 billion by 2020. The report reveals that increasing public-private investments in infrastructure development and construction sector, along with increasing number of residential complexes, are expected to drive sales of elevators during the forecast period. Ongoing government housing projects and metro expansion across various cities in the country, are also propelling the demand for new installations across the country.

Along with new installations, India is an equally lucrative market for maintenance and modernization of existing elevators. Smart elevators, which are equipped with advanced security solutions such as biometrics and access control, are becoming increasingly popular in the industrial sector, thereby creating opportunities for system upgradations in this sector. Elevators market in India is highly consolidated, with major players like KONE, Otis, Schindler, Johnson, and ThyssenKrupp, holding more than 80% share in the market. 

“Residential sector is the clear leader in India elevators market, accounting for more than 60% volume share in the market in 2014. Rapid urbanization, increasing population density and growing need for accommodation, are driving the demand for high rise buildings in India. Constant increase in the number of high rise buildings is anticipated to be the key factor fueling growth of residential elevators in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.

“India Elevators Market Forecast and Opportunities, 2020” has evaluated the future growth potential of elevators in India, and provides statistics and information on market structure, size, and industry behavior. The report includes elevators market projections and demand forecasting. The report is intended 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 market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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