Published on : Sep 06, 2016
ALBANY, New York, September 06, 2016: ResearchMoz.us has announced the addition of a new report to its repository. The report, titled “Assessment of the Middle East, Africa & India Elevator Market 2016,” examines the market’s historical growth trajectory, current market scenario, and future growth prospects. The report also provides details about the prevailing trends in the market and the factors driving and restraining the elevator market in India, Africa and Middle East. The report is available for sale on the company website.
With Asian countries increasing their investment in infrastructural development and rise in construction activities, the demand for quality elevators has taken a surge over the last couple of years. According to the study, China is the prime producer as well as consumer of elevators in Asia. It contributed 67% to the installations of new elevators and escalators globally in 2013. The elevators market in India is also likely to grow until 2020 owing to the increasing number of skyscrapers in the country. The number of elevators installed in the country is likely to be around 1,00,000 units by 2020 from 52,600 units in 2013. The western region in India is the prime region in terms of elevator installation, closely followed by the North and South region. To reduce manufacturing cost and enhance production capacity, companies such as Kone and Otis are setting up manufacturing units in India.
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The reports states that the Middle East and North Africa region is expected to witness the installation of around 7,00,000 units of new elevators by 2018. Owing to the new constructions in Middle East and persistent demand for high quality elevator in Abu Dhabi and Dubai, the elevators market in the Middle East is expected to grow at a steady rate until 2020. Elevator manufacturers are likely to gain lucrative growth opportunities from the emerging market for elevators in Jeddah in Middle East.
Due to the lack of proper infrastructure and skyscrapers, the elevator market in Africa is still nascent as the demand in the region is mainly for elevator maintenance and repair. However, the rising initiatives by governments of African nations regarding infrastructural development are anticipated to aid the growth of the elevator market in the region. Owing to a rise in population and swift urbanization, Kenya is expected to emerge as the key country in Africa in terms of elevator installation by 2020.
The report also highlights the strategies, production capacity, and market share of leading players operating in the elevator market in Middle East, Africa, and India. The key players are Schindler Group, Otis Elevator Company, ThyssenKrupp AG, Kone, Hyundai Elevator Co., Toshiba Elevator and Building Systems Corp., and Mitsubishi Electric Corp.
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