Assessment of Middle East, Africa & India Elevator Market 2016
OREANDA-NEWS. The global elevator and escalator market was valued at USD 86 billion in 2012 and is expected to grow steadily spurred by robust demand from Asia. The Asian countries are investing in their infrastructure, particularly public transportation and airports, and this has lead to a rise in demand for new elevator and escalator installations. China is the world’s largest elevator producer and consumer. In 2013, the country had the largest share of new elevator and escalator installations, contributing 67% to global installations. Demand from the region is expected is expected to grow strongly through 2017.
It is expected that the MENA region will witness installation of close to 700,000 new elevator units by2018. High growthin the elevator market is expected from new construction in Middle East with sustained elevator demand in Dubai and Abu Dhabi new demand emerging from Jeddah. The elevator market in the region, which is dependent primarily on the construction sector, has recently been under pressure due to falling oil prices and the weakening economy.
Even though Africa does not have many skyscrapers currently, and demand is primarily for elevator repair and maintenance, with the government acutely aware that poor infrastructure is the biggest obstacle to growth, elevator demand is expected to rise.Kenya is emerging as a key market for elevators due to rapid urbanisation and population growth coupled with expansion of the middle class.
In India with the government's drive for infrastructure, rising urbanization and the increasing number of high rise building, the elevator industry is headed for robust growth. Over the next decade, 100 smart cities, several new airports and metro rail routes are expected to be commissioned in India. The elevator market size in India was approximately 52,600 units in 2013 and is projected to grow to more than 100,000 by 2020.The highest demand in the country is currently from the Western Region followed by North & South.India is a price sensitive market and players have introduced products across price categories and segments. Players such as Otis have manufacturing facilities in India to keep costs low. Kone is setting up a factory at Pillaipakkam, near Chennai, which is expected to double its capacity.
The report ‘Assessment of the MENA & India Elevator Market 2016’ highlights key drivers of and trends emerging in the MENA & Indian elevator market. The Initiatives and performance of key players including Otis Elevator Company, Schindler Group, KONE, ThyssenKrupp AG, Mitsubishi Electric Corp., Hyundai Elevator Co. Ltd and Toshiba Elevator and Building Systems Corp. has been presented. The current market scenario and future prospects of the sector has also been examined. The report contains latest industry leaders verbatim.