The Demand for Elevators and Escalators in India
Increased establishment of mall culture, airports, modernization of railways, proposed metro projects across the country to stimulate demand for elevators and escalators in India
India has surfaced amongst the most potential markets for elevators in the entire Asian region. Triggered by the fast economic growth and urbanization, the Indian elevator market has been on a growing trajectory over the past several years.
India elevator and escalator industry is presently the second largest in the world. In FY’2013, India accounted for about 6.8% of the total elevator and escalator installations in the world, as compared to China which ranked first commanding around 65% of the global market share with a total of 440,000 units installed during the period. The elevator and escalator market in India has showcased the healthy growth at a CAGR of 10.3% in terms of new equipments installed relative to the global market CAGR of 5.2% from FY’2007-FY’2013. The market for vertical transit in the country has been massively dominated by the elevator segment contributing nearly 95% of the overall market. Although, escalator contribution has been lower the same has been gaining traction owing to the increased establishment of mall culture, airports, modernization of railways, proposed metro projects across the country and others.
Robust economic growth coupled with the continual migration of people from rural to urban areas has acted as a catalyst towards accelerating the demand for housing and commercial space in the metro areas over the years. This strong demand has in turn led to the shortage of land base in major metropolitan cities of the country such as Delhi, Mumbai, Bangalore, and others, leading to an increase in the price of land in these cities. In order to settle this space restriction, the vertical construction of the buildings in these cities has become imperative to accommodate more people This has in turn provided an impetus to the growth of multi-storied
India has surfaced amongst the most potential markets for elevators in the entire Asian region. Triggered by the fast economic growth and urbanization, the Indian elevator market has been on a growing trajectory over the past several years.
India elevator and escalator industry is presently the second largest in the world. In FY’2013, India accounted for about 6.8% of the total elevator and escalator installations in the world, as compared to China which ranked first commanding around 65% of the global market share with a total of 440,000 units installed during the period. The elevator and escalator market in India has showcased the healthy growth at a CAGR of 10.3% in terms of new equipments installed relative to the global market CAGR of 5.2% from FY’2007-FY’2013. The market for vertical transit in the country has been massively dominated by the elevator segment contributing nearly 95% of the overall market. Although, escalator contribution has been lower the same has been gaining traction owing to the increased establishment of mall culture, airports, modernization of railways, proposed metro projects across the country and others.
Robust economic growth coupled with the continual migration of people from rural to urban areas has acted as a catalyst towards accelerating the demand for housing and commercial space in the metro areas over the years. This strong demand has in turn led to the shortage of land base in major metropolitan cities of the country such as Delhi, Mumbai, Bangalore, and others, leading to an increase in the price of land in these cities. In order to settle this space restriction, the vertical construction of the buildings in these cities has become imperative to accommodate more people This has in turn provided an impetus to the growth of multi-storied