Elevator Industry In India

Elevators In India - An Overview

The overall documented international market figures for elevators was approximately 7,50,000 to 8,00,000 units. China easily tops this list with approx. 4,87,500 units, followed by India with 52,600 units and rest belonging to smaller markets.

The Indian elevator industry according to industry experts is projected at exceeding 1,00,000 units by the year 2018. The nation's top city markets for elevators are Mumbai and National Capital Region (NCR) followed by Pune, Chennai, Bangalore, Ahmedabad, Kolkata, Hyderabad and Surat. The industry's growth rate since 2001 is a healthy 13.5% per annum and likely to exceed 20% per annum by the year 2018.

India's top 30 cities account for over 70% of the elevator market in India. But that scenario is likely to change given the following parameters.

# By 2030, near 50% of the nation's population is expected to live in the urban areas, as against the current 31%.
# The number of high-rise buildings is rapidly growing in India irrespective of the class of cities, whether Tier II / Tier III etc.
# Over the last decade, approx. 2,700 new cities have been added to the urban areas list, taking the total number of cities in India to over 7,900.

Passenger elevators form around 85% of the total elevator market in India. But that figure too is likely to under some change. An increase in wealth, changing lifestyles and an increasing demand for premium villas and apartments is likely to jack up demand for residential elevators and home lifts. In the next five years, elevators could become a standard fixture for every apartment.

Elevator companies in India are poised to face the jump in demand for elevators.