Tenders: Housing-Metro-Bullet Train
The India elevator & escalator market is projected to grow at a CAGR of 4.5% during 2019-2025, based on the strategic focus of government in revving the construction sector with projects such as Smart Cities Mission.
Ambitious plans such as housing for all, upcoming metro rail projects and development of bullet trains would remain the major driver for the growth of the industry, added a report “India Elevator and Escalator Market (2019-2025)” released on 8 Apr 2020 by ResearchAndMarkets.
However, the growth would be primarily fuelled by development in the tier-2 and 3 cities as the construction boom has already reached the saturation point in major metro cities.
These changes would significantly propel the demand for maintenance and modernisation in the industry, said the report.
Participants in the Indian industry are Fujitec India Private Limited,
Hitachi Lift India Pvt Ltd, Johnson Lifts Pvt Ltd, Kinetic Hyundai Elevator & Movement Technologies Ltd, Kone Elevator India Private Limited, Mitsubishi Electric Corporation, Otis Elevator Company (India) Limited, Schindler India Pvt Ltd, Thyssenkrupp India Private Limited and Toshiba India Private Limited. fiinews.com
