Elevators market in India to grow at eight per cent
TechSci Research report said that the market for elevators in India is projected to grow at a compounded annual growth rate of over eight per cent between 2016 and 2021 with the size of the market forecast to cross $1.6 billion in 2020.
Increasing urbanization, growing demand for high rise buildings and government initiatives such as 100 Smart Cities and AMRUT cites were cited as the major growth drivers for the segment in the report titled India Elevators and Escalators Market By Type of Carriage, By Elevator Door Type, By End Use Sector, Competition Forecast & Opportunities, 2011 – 2021, released this month.
The research agency had projected the growth to cross $1.6 billion in 2020 in a separate report titled India Elevators Market Forecast and Opportunities, 2020 in September last year. “Companies involved in manufacturing elevators are increasingly focusing on smart and energy efficient elevators in order to attract consumer attention across various end use segments,” said Karan Chechi, Research Director, TechSci Research.