With today's issue, we begin to look at a new region - Asia. This issue will focus on South Asian countries particularly. Which countries belong to this region? Who is the leader? And what is the current situation in the field of elevators and escalators industry?
South Asia region consists 8 countries
South Asia or Southern Asia is the southern region of Asia, which is defined in both geographical and ethno-cultural terms. The region consists of Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka.
Increasing number of foreign tourists have driven the construction of new hotels, shopping malls et cetera.
Projected growth in the construction market, increasing number of foreign tourists have driven the construction of new hotels, shopping malls coupled with increasing government spending on infrastructural development projects and increasing inflow of FDI in the construction and retail sectors are some of the key factors driving the elevator & escalator market of the South region.
India held a major market for elevator & escalator systems in terms of revenue.
In the South Asia region, India held a major market for elevator & escalator systems in terms of revenue, owing to increasing infrastructure development activities especially in the commercial and residential verticals. However, over the next six years, Sri Lanka and Bangladesh elevator and escalator markets are expected to witness higher growth in the region. Afghanistan is still poorly furnished with vertical lift, but recently, the country has started to receive more and more investments that are aimed at improving infrastructure, and accordingly, at building high-rise buildings, hotels and shopping malls. Nepal also has become a booming market for elevators and escalators.
As a result, the real estate market is flourishing.
Increasing high-rise construction is due to an increase in population and, in some areas, higher allowable floor space index (FSI). FSI is the ratio of built-up space on a plot of land relative to the size of that plot of land. People are buying apartments at high-rise buildings as second homes. Due to ample available land and increases in FSI, high-rise buildings are increasingly being designed, opening up greater opportunity for the elevator industry. South Asia residents are becoming very accustomed to elevators, and there are many elevator manufacturers and assembly companies to cater to their needs.
Elevator market is growing fast as the governments push to increase the supply of apartments for the rising middle class. To capture the robust demand in the world's one of the most popular regions, domestic and foreign elevator companies are scrambling to broaden their lineups. Amongst all the verticals, the commercial vertical acquired the highest revenue share of the market pie in the region. Over the next six years, residential vertical is forecast to grow at a relatively higher CAGR during 2017-2023, primarily due to growing airports, metros, and railway development projects in the South Asia region.
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