India Elevators Market, 2017

Market transforming from vertical transportation to mobility solutions

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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"

Table of Contents

India Elevators Market, 2017Frost & Sullivan AdvisoryThe Global Story—Internet of Things (IoT) set to define the future of elevatorsUrbanization to propel the elevator market growth in IndiaDecision Maker’s Spotlight—Customer-centric solutions, smarter project management, and service excellence are a few value drivers in the Indian marketScope & LimitationsResearch Scope and LimitationsGlobal and India BriefModernization demand is a strong driver in North American and European markets unlike new equipment sales in developing countriesIndia the second largest elevator market in the world is set to attract investments in elevator manufacturing, training, R&D, and new customer-centric solutions Innovations galore: Green & smart elevators and Internet of Things to transform the market from commoditization to digitalizationIncreasing urbanization, high-rise office buildings and apartments, as well as reforms in the real estate sector to propel the growth of elevators in IndiaMarket Outlook: India75% of total building stock expected in 2030 is yet to be built: commercial & residential real estate sector to be a strong demand driver for elevatorsSmart elevators with features such as energy efficiency and destination control to present niche opportunities for market playersGrowth in affordable housing & premium high-rise apartments to drive demand for low- & high-speed elevators; home elevators in luxury villas have good potentialAlthough large, Residential segment is marked by high degree of competition and low demand for high performance elevators vs. offices and other segmentsMRL elevators to outpace MR elevators in low- and medium-rise buildings: benefits owners by optimal utilization of space and speedier implementationIncreasing verticalization through construction of mid- & high-rise buildings & FSI* amendments to open up opportunities for elevators with speeds > 1.5 mps1Manual elevators are declining due to lack of safety features such as infrared door protection, automatic rescue devices and fire rated doorsPassenger 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 crucialDelhi, Mumbai, and Bengaluru witness high-rise construction in both residential and office segments leading to growing demand for speeds > 2 mpsServices provide stable and recurring revenues: OEMs are investing in training academies to strengthen technician quality and improve service efficiencyCompetition is dominated by global companies, who are operating in all customer segments by providing fit-for-purpose products and servicesOEMs are setting up local manufacturing units to further augment market share and gain competitive edgeShift 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 OEMOEMs Initiatives—Strengthening after sales service, making India an export hub for elevators, local manufacturing with India’s demand reaching critical mass, & IOTImperative for OEMs to identify value-add features based on adequate and comprehensive research to provide unique ride experience to customersVertical transportation consultants—Crucial role in vendor selection in big ticket projects: Benefits of smart elevators, interoperability with other BMS* must be expounded through consultative sellingOEMs to work closely with developers to plan, deliver, & install elevators customized to building needs. Dedicated PMs ensure timely project execution with highest safety standardsMega Trends and their ImpactMega Trends & their impactThe Industry going ForwardEvolving building designs and growing need for efficiency coupled with convergence of technology resulting in industry transformationIncreased investments in R&D and inclusion of IT aimed at improving customer experienceUsers/owners giving greater preference to space utilization and energy savings, while technologies related to destination control are used in high traffic areasAnnexure: Our ServicesMaximize opportunities from existing products and markets; systematically explore new products, markets, including inorganic OpportunitesGrowth Consulting – Service OfferingsLegal Disclaimer




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