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Elevators and Escalators Market Poised for Strong Growth Over the Next Decade Finds Frost & Sullivan - Owing to India's economic growth, increased spending in infrastructure and strong growth in the residential and commercial real estate sector
Elevators and Escalators Market Poised for Strong Growth Over the Next Decade Finds Frost & Sullivan


NewswireToday - /newswire/ - Mumbai, India, 2013/07/16 - Owing to India's economic growth, increased spending in infrastructure and strong growth in the residential and commercial real estate sector.

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India has continued to register economic growth of 5-6 percent in the last 2-3 years, despite the global recession. Owing to this growth, the real estate market in India is expanding at a fast pace. Real estate projects in India that touched USD 100 Billion in 2010 is expected to touch USD 265 Billion in 2020. It will continue to grow on the back of strong drivers such as high disposable incomes, young workforce, and large base of middle-class households.

New analysis from Frost & Sullivan finds that the major drivers for the growth of elevators and escalators market are increase in commercial space such as office, retail, and hospitality, demand from new housing units and infrastructure development.

One of the key Mega Trends unfolding in India is Urbanization. Under this, the four main trends are: development of Mega Cities, Mega Regions, Mega Corridors and Mega Slums, which is anticipated to give a strong impetus to the elevators and escalators market. Frost & Sullivan estimates that this trend will have a sustained impact and set the stage for visionary innovation, transformation of societies, markets and cultures.

India is expected to have 25 Mega Cities with a population of 8 million or more and a GDP of USD 250 million. When cities combine with suburbs or other nearby cities, Mega Regions are created. India is expected to witness the creation of four Mega Regions by 2025, each with a population of over 15 million. Few notable Mega Regions would be:

• New Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad with a combined population of 28.5 Million
• Mumbai and nearby towns of Bhiwandi, Kalyan, Thane, Ulhasnagar together with a population of 34.4 Million

Mega Corridors connect two major cities or Mega Regions. For example, the Delhi-Mumbai Industrial Corridor, one of the biggest man-made corridors expected to be completed by 2020 at a cost of USD 90 billion. Likewise, plans are also afoot to construct eastern corridor between Punjab and West Bengal and Chennai-Bangalore industrial corridor. These emerging Mega Trends are expected to have a profound impact on the elevators and escalators market.

Currently the elevators market in India is clocking sales of about 40,000-45,000 units per year, compared to 14,000-15,000 units 10 years ago. The strong growth witnessed in the residential real estate segment is boosting this market. "The residential real estate segment contributes to more than 50 percent of elevator sales in India. With several cities and state governments pursuing reforms to relax norms for environmental clearances, higher multi-storeyed buildings on smaller roads and lanes will soon become a reality. High-rise apartments are being touted as a panacea for rapidly overcrowding cities and the elevators market is expected to grow at 15-17 percent in the next 5-7 years", said Frost & Sullivan's research analyst.

On the contrary, the escalators market in India is limited and was pegged at about 1,500-1,600 units in 2012. Shopping malls, airports, and metro rail infrastructure segments are seen as the potential demand generators for escalators in India.

The commercial segment, particularly office space and mall space, has remained flat and shown signs of slowdown in the recent past. However, new office space, malls, hospitals, hotels, and residential projects will be back on track once the credit rates and inflation soften. In major cities, horizontal growth is limited and municipal corporations are finding favor with construction of high-rises, augmenting elevators and escalators market.

Adding to growth of the real estate market, the Government's push to improve infrastructure in the 12th Five Year Plan (FYP) has also been a major boost to the elevators and escalators market. The Government of India has approved the 12th FYP that aims to achieve an annual average GDP growth of 8.2 percent between 2012 and 2017. Although this GDP growth has been downgraded in the recent past to 6 percent, around INR 56,316.92 billion has been allocated in this 12th FYP for infrastructure growth and development. Even though the percentage of investment in transport infrastructure (that is, roads, ports, airports, and railways) is same as in the 11th FYP, but the value of funding allocated for the same has more than doubled in the 12th FYP. Development of monorail, light rail, metro rail, and modernization of existing airports and railway stations, and construction of new airports is expected to gain pace in the 12th FYP. This also heralds good news for the elevators and escalators market, which would have widespread applications in these projects.

It is essential to evaluate the "macro" to "micro" implications of Mega Trends and to translate the opportunities to everyday business. "Elevator manufacturers must devise a long-term business strategy in India given the changing market scenario. Understanding the brand equity of the customers and gathering information on their existing and emerging needs, preferences, and behaviour that affect purchase decision and satisfaction should be high on their agenda. It will help in identifying areas of disconnect with the customers and create best practices by adjusting internal processes to comply with the manufacturing company's value proposition, at the same time, the company's vision and mission needs to be aligned with the future Mega Trends. Partner identification needs to be made into a scientific process, which must evaluate performance across the current product or service portfolio and business operations, and identify capabilities or resources that deliver a unique, sustainable value to the acquirer", stated the analyst.

The Indian elevators and escalators market has enough space for all major manufacturers in this sector to grow and succeed. In this scenario the best practice would be to undertake a comprehensive market due diligence investigation covering industry analysis, customer analysis, and competitor analysis before embarking on a long-term strategic roadmap.

If you are interested to know more on this topic, please send an email to Ravinder Kaur / Priya George, Corporate Communications, at ravinder.kaur[.] / priyag[.], with your full name, company name, title, telephone number, company email address, company website, city, state and country.

Elevators and Escalators Market is part of the Building Management Technologies Growth Partnership Service program. Frost & Sullivan's related research services include: Select HVAC Products Market in India, Integrated Building Management Systems Market in India, Indian Fire & Safety Products Market and, Indian Facility Management Services (FMS) Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion | Join Us: Join our community | Subscribe: Newsletter on "the next big thing" | Register: Gain access to visionary innovation

Media Contact:
Nimisha Iyer - Corporate Communications South Asia, Middle East & North Africa
M: +91 98200 50519, P: +91 22 6607 2004 - E: niyer[.]

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