Elevator Market in India Propelled by Urbanization, Real Estate Reforms, High-rise and Smart Building Projects
Business Wire IndiaElevator demand is set to cross 75,000 units by 2020 with India retaining second place in the global market. Urbanization, real estate reforms, affordable housing, infrastructure projects and high-rise buildings are the key growth triggers. To tap this lucrative market, elevator manufacturers must introduce country-specific affordable models to meet the demand of price-sensitive segments. This is achievable by setting up local manufacturing units to source raw materials and labor at competitive prices.
Frost & Sullivan’s “India Elevators Market, 2017” provides an overview of recent elevator developments from global and regional perspectives. It focuses on trends, drivers, restraints, opportunities, challenges, and Mega Trends that are expected to impact the market.
To access more information on this analysis, please click here. A macro-micro overview highlighting insights relative to global trends across industries is available for the South Asian (India) and Middle Eastern & North African (MENA) markets.
“High-speed elevators are witnessing high demand due to boom in the construction of mid to high-rise buildings to prevent the urban sprawl. However, energy consumption also increases proportionately with speed,” said Nideshna Naidu, Consultant, Energy & Environment Practice, Frost & Sullivan. “Manufacturers are capitalizing on this need by developing newer elevators utilizing energy-saving regenerative drives that supply power back to the building.”
Further findings driving growth in India’s elevator market include:
- High demand for smart, safe, and reliable equipment;
- Adoption of global trends that include energy efficiency, destination control systems, and product customization;
- OEMs strengthening their aftersales services to provide mobility solutions for the full lifecycle of the building; and
- Development of country-specific models to cater to local market dynamics
“Manufacturers should invest in Internet of Things (IoT) and training solutions to provide data-driven maintenance services that would result in proactive maintenance schedules and check points to ensure reliability and low downtime,” noted Naidu. “They should also explore aftersales services such as maintenance-as-a-service models of other elevator brands to capitalize on the installed base.”