India Elevators Market to Witness 12% CAGR Till 2019 Concludes TechSci Research Study
Burnaby, Canada, July 05, 2014 --(PR.com
)-- According to a recently published 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 2014-19. 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. Increase in 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. Moreover, multinational companies operating in the Indian elevators market have realized the need to customize their products to address specific consumer requirements and expand their business in India,” said Mr. Rajat Kharbanda, Consultant with TechSci Research, a research based global management consulting firm.
“India Elevators Market Forecast & Opportunities, 2019” has evaluated the future growth potential of elevators market in India and provides statistics and information on market structure, market trends, market size, etc. The report includes elevators market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India’s elevators market.