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India elevators market to grow 12%

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Staff writer ▼ | July 7, 2014
According to a TechSci Research report "India Elevators Market Forecast & Opportunities, 2019", the elevators market in India is forecast to grow at a CAGR of around 12% during 2014-2019.
India skyscraper
India skyscraperAccording to a TechSci Research report "India Elevators Market Forecast & Opportunities, 2019", the elevators market in India is forecast to grow at a CAGR of around 12% during 2014-2019.


Presently, residential real estate is the highest revenue generating segment for the country's elevators market. Elevators continue to witness growing penetration in mid-rise and high-rise buildings in the residential sector.

In terms of regional share, the Western and Northern regions of the country are the largest revenue contributors for the elevators market. Increasein infrastructure investment coupled with rising demand for new commercial and residential complexes has been significantly driving the demand for elevators in these two regions.

Further, with continuing technological advancements and the consequent launch of new energy-efficient and high-speed elevators, the adoption of elevators in the commercial real estate segment is also increasing significantly.

Otis, Kone, Schindler, Johnson Lifts, Mitsubishi and Hitachi are some of the key elevator companies operating in India. To capitalize on increasing domestic demand, various manufactures such as Kone and Otis have already set up their manufacturing units in India.

"High-speed,high-efficiency elevators are witnessing increasing adoption in the India's elevators market, particularly in high-rise buildings. As a result, high-speed elevators designed for high-rise buildings in metropolitan cities are expected to gain significant market share during the forecast period," said Mr. Rajat Kharbanda, Consultant with TechSci Research.


 

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