A new Technavio report offers elevator and escalator market segmentation by new installed units and includes segments like elevators and escalators. The market report also provides detailed analysis of the key trends, drivers, and challenges that influence market growth during the forecast period.
Technavio has released updated information on the elevator and escalator market, with the publication of its new report, elevator and escalator market in India. The market for elevators and escalators in India is estimated to grow at an impressive rate during the forecast period and is envisaged to post a healthy CAGR of more than 15% during the period of 2014 and 2019. The steady growth of the construction industry in this region is a significant factor that is expected to incite growth in this market during the forecast period.
“Thanks to the recent change in consumers’ preference towards energy efficiency, the market for elevators and escalators in India is envisaged to have a very positive outlook. This change in the consumers’ preference is expected to result in the introduction of smart elevators. These elevators are highly energy efficient and offer features like high operational speed, transit management, and access control,” says Navin Rajendra, Lead Analyst, Engineering and Equipment, Technavio research.
An interesting trend in this market is the advent of smart elevators. These elevators are extensively used in smart buildings to bring down the total cost of operation and offer advantages like traffic management within a single piece or several pieces of equipment. Also, these elevators can be used for the purpose of data analytics within a building, so as to collect data pertaining to passenger movement, which can then be used to regulate the flow of traffic within such buildings. An example of such a technology is the Shindler’s PORT technology, which is one of the major smart elevator technologies available in the elevator and escalator market in India.
This market is extremely competitive and is primarily dominated by large vendors that provide elevator and escalator installation and maintenance services. These vendors also provide modern solutions for large-scale public infrastructure, residential, and commercial construction projects. The leading vendors in this market are Johnson Lifts, Kone India, Mitsubishi Elevator India, Otis India, Schindler Elevators India, and ThyssenKrupp Elevators India.
A more detailed analysis is available in the Technavio report, Elevator and Escalator Market in India 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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