Burnaby, British Columbia,, Canada, September 26, 2015 --(PR.com
)-- 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.
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.