DUBLIN, November 16, 2017 /PRNewswire/ --

The "India Elevators Market, 2017" report has been added to Research and Markets' offering.

There is shortage of nearly 20 million homes in India. Demand in < INR 1.5 Mn is 1.98 mn units by 2020; Demand in INR 1.5-7.0 Mn price category is 1.5 mn units and accounts for 63% of the total housing supply. Expect many developers to launch affordable homes in addition to targeting middle income and affluent population in India. Coupled with the infrastructure status and interest subvention, housing for all is no longer a pipe dream.

This augurs well for elevator manufacturers as these measures are expected to spur the demand for g+4/5 buildings in the low cost segment. Elevator manufacturers have to introduce low-cost models to meet the price sensitive segment's demand. This can only be achieved by setting up local manufacturing units in order to source raw materials and manpower at competitive prices. It also fulfills the other intended objective of Make-in-India".

Market Outlook: India

• 75% of total building stock expected in 2030 is yet to be built: commercial & residential real estate sector to be a strong demand driver for elevators
• Smart elevators with features such as energy efficiency and destination control to present niche opportunities for market players
• Growth in affordable housing & premium high-rise apartments to drive demand for low- & high-speed elevators; home elevators in luxury villas have good potential
• Although large, Residential segment is marked by high degree of competition and low demand for high performance elevators vs. offices and other segments
• MRL elevators to outpace MR elevators in low- and medium-rise buildings: benefits owners by optimal utilization of space and speedier implementation
• Increasing verticalization through construction of mid- & high-rise buildings & FSI* amendments to open up opportunities for elevators with speeds > 1.5 mps1
• Manual elevators are declining due to lack of safety features such as infrared door protection, automatic rescue devices and fire rated doors
• Passenger elevators to dominate market; however, growth in industrial, logistics, and retail will influence higher penetration of service elevators
• Realty check beyond metros - Understanding customer requirements and developing value proposition that resonates with the developers in smaller towns and cities is crucial
• Delhi, Mumbai, and Bengaluru witness high-rise construction in both residential and office segments leading to growing demand for speeds > 2 mps
• Services provide stable and recurring revenues: OEMs are investing in training academies to strengthen technician quality and improve service efficiency
• Competition is dominated by global companies, who are operating in all customer segments by providing fit-for-purpose products and services
• OEMs are setting up local manufacturing units to further augment market share and gain competitive edge
• Shift from global models to India-specific models, and focus on high-speed as well as economy segments is high on the agenda of every major OEM
• OEMs Initiatives - Strengthening after sales service, making India an export hub for elevators, local manufacturing with India's demand reaching critical mass, & IOT
• Imperative for OEMs to identify value-add features based on adequate and comprehensive research to provide unique ride experience to customers
• Vertical transportation consultants - Crucial role in vendor selection in big ticket projects: Benefits of smart elevators, interoperability with other BMS* must be expounded through consultative selling
• OEMs to work closely with developers to plan, deliver, & install elevators customized to building needs. Dedicated PMs ensure timely project execution with highest safety standards

For more information about this report visit https://www.researchandmarkets.com/research/dsjkr3/india_elevators

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