The new elevator and escalators market research in India from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Elevator and Escalator Market in India 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growing number of high-speed metro projects," says a senior analyst for Industrials at Technavio.
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. The continuous growth in the construction of new metro stations has increased the demand for elevators and escalators. Over time, new metro rail lines were added in areas near Delhi. Similarly, other Indian cities, such as Bengaluru, Hyderabad, and Chennai, have started metro rail transportation and have planned to increase connectivity in the future. Real estate investments in the vicinity of these metro rail stations will also create demand for elevators and escalators during the forecast period, contributing to elevator and escalator market growth in India.
As the markets recover Technavio expects the elevator and escalators market size in India to grow by USD 659.2 million during the period 2020-2024.
Elevator and Escalators Market in India Segment Highlights for 2020
The elevator and escalators market in India is expected to post a year-over-year growth rate of 7.68%.
The steady rise in the number of high-rise buildings in the commercial sector, the increasing demand for residential lifts from the urban and suburban regions in India, the high demand for urbanization in the country, and the growing government investments are augmenting the installation of elevators. As a result, the elevator and escalator market in India has been recording significant growth.
The growth of the elevator and escalator market share in India by the elevator segment will be slower than the growth of the market by the escalator segment.
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The elevator and escalators market size in India is expected to accelerate at a CAGR of over 9% during the forecast period.
The elevator and escalators market in India is segmented Product (elevator and escalators) and End-user (residential and non-residential).
The market is concentrated due to the presence of few established vendors holding significant market share.
The research report offers information on several market vendors, including ESCON Elevators Pvt. Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp., and United Technologies Corp.
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