Elevators today have become an inherent part of infrastructure. They have now progressed from being a necessity for commute to an aesthetic attribute of buildings. As a result, we are seeing them evolve both in terms of functions and design. By implementing new technologies, manufacturers are making smart elevators which are equipped with sensors and other devices to reduce manual intervention.
At the same time, new designs are being used to give an aesthetic appeal to elevators. The global elevator market is expected to grow at a CAGR of around 3 per cent from 2021 to 2027. Proliferation in high-rise buildings and structures across the world is expected to increase the market share for the global vertical transportation sector.
In India, the elevator and escalator market is expected to witness steady growth over the coming years, due to the strategic focus of government in revving the construction sector with projects such as Smart Cities Mission. Additionally, ambitious plans such as housing for all, upcoming metro rail projects and development of bullet trains would remain the major driver for the growth of the industry.
The construction of new metro stations in cities is leading to an increase in the demand for elevators and escalators. Driving the growth further is the rising need for maintenance and modernization of elevators. Elevators are maintained under full-service contract agreements due to high labour costs and short service cycle. The servicing creates a new dimension to the segment by making manufacturers accountable for their products.
After studying this industry segment in-depth, we have come up with the list of Top 10 Elevator Manufacturers who have excelled in this field with their innovative approach. Having proven their dedication to quality and delivery in order to meet the customer expectations in an end-to-end manner, these companies have stood out from the crowd.
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