Over the last decade, India has thus emerged as one of the most promising markets for elevators. Owing to space constraints in the bigger cities, high-rise buildings have become the need of the hour. Vertical growth of most cities has put the elevator market in India on a high growth trajectory. In 2013, the elevator market in India was estimated at around 52,600 units and is forecast to cross 100,000 units by 2018. Noticeable trends in the elevator industry are the increasing share of high speed as well as MRL elevators, shift to gearless drives and the increasing emphasis on enhanced safety features and reduction in energy consumption.
The Indian elevator industry has witnessed rapid growth of 13.5% per annum since 2001. High-rise trend is the key influencing driver of the elevator market in the country. Vertical development in the residential and commercial building sector is a recent development that is gathering momentum across several cities in India. While factors such as rapid urbanization, access to livable space and escalating land costs are the key drivers of the high-rise trend, a key enabling factor is the revision and relaxation of the building norms by some of the state governments. By 2030, near 50% of the country's population is expected to live in the urban areas, a sharp.
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