Asia Pacific Elevator Market has emerged as one of the major hotbeds for the lift manufacturers worldwide.

Sellbyville, DE -- (SBWire) -- 02/13/2019 --Asia Pacific Elevator Market has emerged as one of the major hotbeds for the lift manufacturers worldwide. Touted as the world's top two elevator markets, China and India currently lead the way in this business sphere.

The rapid urbanization and surging adoption of new technologies have been generating numerous business opportunities for the leading OEMs across this region. In addition, the implementation of new regulatory policies for increasing occupant safety has been encouraging giants to develop technologically advanced elevators. IoT assisted elevators for instance have been making inroads in elevator market, given that they help minimize the maintenance time.

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In July this year, Kone India, as a part of its strategy to address the growing mid-range markets announced the launch of its new range of elevators dubbed U MiniSpace and U MonoSpace. The new products allegedly have 26 cars and are claimed to be highly placed in terms of aesthetics and energy efficiency. The U MonoSpace elevators are said to carry 35 percent higher energy efficiency than the firm's earlier elevators. The company also detailed its plan to commission a new facility at Chennai in early 2019.

The company, earlier this year unveiled its foray into the connected space with the announce of its 24*7 connected elevator services in India in 2019. The services are reported to use IBM Watson and an IoT platform and are anticipated to be highly efficient with lesser equipment failures and system faults. Reportedly, the IOT elevator services by the company is operable in 11 countries.

In 2016, a leading media source claimed that the requirement of elevators and escalators had decreased over 5% in India pertaining to the implementation of demonetization and revision of taxes, however, the product demand has been increasing remarkably since the onset of 2018. The year's budget allotment for railway and housing infrastructure development has also been immense, further impacting India elevator market trends.

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Focusing on the ever-growing business opportunities across APAC, Otis, the U.S. based escalator manufacturer is looking forward to consolidating its place in APAC elevator market, in accordance with which it has taken a step forward to establish a manufacturing facility across India. As per reliable estimates procured in 2017, India elevator market witnesses an annual demand of 49,000 units.

In 2017, Otis unveiled its plan to extend its regional reach across India, pertaining to the growing product requirement for the modernization of railway stations. In line with its decision, it is looking forward to modernizing tier II and tier III cities and railway stations in India by the end of 2020. Reportedly, in the development of escalators, Otis would use 60% indigenous components and 40% global products.

Schindler is counted among the renowned companies that have been massively investing in smart and connected devices. With the advent of smart elevators, the company plans to tap the growing business opportunities in APAC elevator market, owing to the increasing popularity of cloud computing and AI-based connected equipment.

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Recently, Schindler India revealed its plan to invest INR 100 crore to build an escalator manufacturing plant in Pune, Maharashtra. The company is also focusing on the use of air-conditioners in the elevators mainly for commercial and residential buildings. The new facility is anticipated to be operational by the middle of 2019, and is endowed with a manufacturing capacity of 1,100 escalators a year.

The increasing investments in infrastructural development projects comprising shopping malls, railway stations, and metros across APAC are expected to attract numerous players to the region, prompting them to establish their facility centers across the continent. Powered by the increasing requirement of elevators across apartments and high rise buildings, global elevator market will surpass a revenue collection of USD 130 billion by the end of 2025.