India Elevator Market: Industry Analysis And Forecast (2020-2026)

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India Elevator Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at 7.21% through 2020 to 2026, reaching nearly US$ XX Mn.

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The India Elevator Market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The India Elevator Market report also provides trends by market segments, technology, and investment with a competitive landscape.
India Elevator Market Overview:

The Indian elevators market is expected at 50,000-55,000 units yearly & an installed base of a quarter of a million. It is valued at about Rs 10,000 crore. KONE India, Johnsons Lifts & Schindler India together have a collective market share of near to 60 %, with a third with KONE India.

In the year 2015-16, the top 5 players produced about Rs 6,000 crore in revenues & a combined net profit of Rs 550 crore as per their individual filings with the Registrar of Businesses. By the year 2021-22, the Indian market is anticipated ...
... to raise 35-40 % crossing 70,000 elevators per annum mark. But the rising market is also propelling up new challenges like emphasis on energy-efficient products & gearless elevators. Key manufactures are building high-speed elevators in Bengaluru & (working on) other localization programmes keeping in mind the demand. According to industry estimates, the spilt between residential & commercial market for elevators is about 70-80 % vs. 20-30 %.
India is the 2nd largest market for elevators & escalators after China. KONE, Schindler, Johnson, OTIS, these organized companies that account for a lion’s share in the Rs 10,000-crore elevators in India are all propelling in a projected Rs 700-800 crore to increase their respective manufacturing abilities.

KONE India has just ordered the construction of its 2nd manufacturing plant at Oragadam, Chennai range over eighteen acres. Currently, the company is able to make 200-250 elevators a day in this capability, KONE India, the Indian-arm of Finland-based global elevator engineering & Service Company & the current market the leader with a little over 20 % market share. Another Chennai-based elevator manufacturer Johnson Lifts, the 2nd largest competitor after KONE India, also newly announced a heavy-duty escalator manufacturing facility at Oragadam, Chennai with an early investment of Rs 100 crore. The firm already has 2 manufacturing facilities in Nagpur & Chennai.

Schindler India is investing Rs 170 crore to increase its manufacturing services by setting up India’s 1st escalator manufacturing line near Chakan, Pune. India’s oldest lift manufacturer OTIS newly expanded its engineering line in Bengaluru with an investment of about Rs 100 crore. More investments are in the duct. This means, the excess in the residential, & to some degree, the commercial real estate market will go away soon.
The Necessity for Regulations:

With increasing demand, comes the need for guidelines. However, almost two-thirds of the nation is still not enclosed with any rule leading to the installation and maintenance of lifts. The industry players say a uniform Lift Act could not only assistance in cultivating product safety by using innovative technologies but also funding in optimizing development, manufacturing & installation costs. Even after 7 decades, approximately 11 states in this nation have understood the significance (of rule in the segment) & passed legislations covering the installation & maintenance (of lifts) within their respective authority.

These dissimilar acts are administered by different establishments in some states, by lift inspectorates, & in some others, over the electrical chief engineers. Thus, the necessity of the hour is a suitable legislation in all the states so there is an active mechanism to control the installation of this safety-critical equipment.

Lack of expert manpower & opposing applicability of security codes through India is the 2 biggest challenges now faced by the industry. While there are ethics issued by the Bureau of India Standards, these serve as rules & are only mandatory if endorsed by the state legislation. “Industry bodies like the Bureau of Indian Standards are trying to change this by driving required safety standards for the elevator industry & looking for co-operation from the states.
Great Potential:

Central government’s drive to cheap housing coupled with the time-bound distribution of residential & commercial schemes, especially through realty hotspots like Mumbai, Pune, Hyderabad, Bengaluru, Chennai, Kolkata and Ahmedabad will drive the demand for elevators. The ongoing metro developments through Delhi, Nagpur, Chennai, Bengaluru, Lucknow, Hyderabad, and few more cities will also drive the demand for elevators as both are part of the new day metro station infrastructure. The demand for high-speed elevators is growing. Inventions in look & feel are also big differentiators. And then, the repairing & maintenance is a vital factor for consumers. Together, manufactures are gearing up to supply a big surge in the demand for elevators.

The objective of the report is to present a comprehensive analysis of the India Elevator Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the India Elevator Market dynamics, structure by analyzing the market segments and project the India Elevator Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the India Elevator Market make the report investor’s guide.

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India Elevator Market Scope: Inquire before buying

India Elevator Market, by Region

• North India
• South India
• East India
• West India
India Elevator Market Key Players

• Bidyut Elevators
• Bharat Bijlee Limited
• Bengal Lift Maintenance Co
• Beacon Elevator Company Private Ltd
• Axis Elevator
• Mitsubishi electric.
• Schindler elevator.
• Otis elevator.
• Hitachi.
• Kinetic Hyundai.
• ESCON elevators.
• Expedite automation LLP.
• ThyssenKrupp elevator India.
• Fujitec India
• Omega Elevators
• Express lifts Ltd.

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