BURNABY, British Columbia, September 17, 2015 /PRNewswire/ --
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 & 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.
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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 & 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 global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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