India elevators market to surpass $1.6 billion
Techsci Research’s ‘India Elevators Market Forecast and Opportunities, 2020’ report foresees the elevators market in India surpassing $1.6 billion by 2020. Increasing public-private investments in its infrastructure development and construction sectors along with consistently rising number of residential complexes will drive sales of elevators during the forecast period. In 2014, its residential sector led the elevator market, accounting for more than 60% volume market share. Ongoing government housing projects and metro expansion across its various cities are also propelling the demand for new installations across India. Along with new installations, India is an equally lucrative market for maintenance and modernization of existing elevators. Smart elevators equipped with biometrics and access control are becoming increasingly popular in the industrial sector, creating opportunities for system upgradations.