NEW YORK, Jan. 19, 2022 /PRNewswire/ -- The latest elevator and escalator market research report in India by Technavio infers that the growth in the global industrial machinery market is driving this market's growth.
Resulting in market growth of USD 522.84 million from 2020 to 2025, read additional information about the elevator and escalator market in India. Get FREE sample report.
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different growth strategies such as offering innovative elevator designs that are not only cost-effective but also energy-efficient compared with conventional elevators to compete in the market.
ESCON Elevators Pvt Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp. among others are some of the few key vendors competing to maintain their market position in the market.
Various players in the market are engaging in strategies of launching differentiated products to up their game in the elevator and escalator industry. For instance, most of the well-established vendors in the market are focusing on differentiating themselves from the other regional vendors by providing solutions such as new technologies-based smart elevators. Moreover, these vendors are targeting new customers through innovative solutions of elevators that are equipped with AI-based platforms.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
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Regional Market Outlook
The increasing demand for multifamily rental buildings drives the growth of the traction elevator market in India. The increasing costs of material, land, and labor have pushed developers to maximize the number of floors to increase the population density. In addition, retailers are pushing developers to create multi-use buildings due to rapid urbanization and high demand.
The rising population of India has increased the number of vertical houses in the country. This development is also a consequence of rapid urbanization that has increased the population density in many cities in India. These vertical houses, also known as high-rise buildings, require elevators to help people move from one floor to another.
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Latest Trends, Driving the Elevator and Escalator Market in India
Growing industrial output leading to capacity additions in process and discrete industries. The global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages continues to grow because of the rapid economic expansion of developing countries. Similarly, pulp and paper product manufacturers are focused on increasing production capacity for packaging paper to cater to growing demand from online commerce and industrial packaging sectors.
Since the past few years, India has been witnessing a rapid increase in investments both by government and private entities on large-scale metro projects, especially in tier-1 and tier-2 cities, to provide an effective transport system to consumers. With a rapid rise in urbanization, more people have shifted to urban areas in search of better livelihood and job opportunities; this has resulted in the scarcity of efficient transport systems. The continuous growth in the construction of new metro stations has not only equipped the economy with advanced infrastructure but also increased the demand for elevators and escalators.
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Elevator and Escalator Market Scope in India
Growth momentum & CAGR
Accelerate at a CAGR of 9%
Market growth 2021-2025
$ 522.84 million
YoY growth (%)
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
ESCON Elevators Pvt Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp AG, and Toshiba Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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