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India has surfaced amongst the most potential markets for elevators in the entire Asian region. Triggered by the fast economic growth and urbanization, the Indian elevator market has been on a growing trajectory over the past several years.
India elevator and escalator industry is presently the second largest in the world. In FY’2013, India accounted for about 6.8% of the total elevator and escalator installations in the world, as compared to China which ranked first commanding around 65% of the global market share with a total of 440,000 units installed during the period. The elevator and escalator market in India has showcased the healthy growth at a CAGR of 10.3% in terms of new equipments installed relative to the global market CAGR of 5.2% from FY’2007-FY’2013. The market for vertical transit in the country has been massively dominated by the elevator segment contributing nearly 95% of the overall market. Although, escalator contribution has been lower the same has been gaining traction owing to the increased establishment of mall culture, airports, modernization of railways, proposed metro projects across the country and others.