India Smart Elevators Market Key-Players, Revenue, Emerging-Trends, Business-Strategy Till 2025

India smart elevators market is estimated to grow modestly at a CAGR of 14.8% during the forecast period. India is one of the key emerging economies in the Asia-Pacific region in the smart elevators market, owing to tremendous growth in the infrastructure and cohesive government policies. To accelerate buildings construction in the country, the Indian government has chosen to come up with a single-window clearance facility to allow speedy approval of construction projects. In the World Bank's Logistics Performance Index (LPI) 2018, India was ranked 44th out of 167 countries in 2018. This, in turn, encourages the development of infrastructure activities coupled with the increasing urbanization in the country.

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The companies which are contributing to the growth of the India smart elevators market include ThyssenKrupp Elevator AG, Schindler Holding AG, KONE Corp., Hyundai Elevator Co. Ltd., and OTIS Elevator Corp.

Increasing urbanization in India is supporting to drive the demand for taller buildings in which many families can reside. This leads to the development of high-rise buildings and skyscrapers in the country. This will push the investment for the installation of smart elevators in these buildings to move people easily and quickly. The government schemes such as 'Housing for All' and 'Smart Cities Mission', will further drive the development of these buildings and thereby will likely drive the market growth in the country. Indian government FDI approvals for construction of townships, housing, built-up infrastructure, and other development projects are further strengthening the high-rise and luxury apartment projects in the country.

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For instance, as per the Council on Tall Buildings and Urban Habitat (CTBUH), there are over 42 architecturally topped out, under construction, and structurally topped out skyscraper projects undergoing in the country, which in turn, is offering significant scope for the installations of smart elevators in the country. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

Smart Elevators Market by Type

o Passenger
o Freight

Smart Elevators Market by Application

o Residential
o Commercial
o Industrial
o Others

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