With the elevators and escalators industry in India expected to see a double-digit growth in the next three to five years, Kone Corporation is eyeing a similar growth in its market share over the period.
At present, the Indian elevator and escalator market stands at around 50,000 units per year, which is anticipated to see a double-digit growth mainly on the back of improved sentiment in the real estate sector, company's President and CEO Henrik Ehrnrooth told PTI here.
"India, which is currently the second largest elevator and escalator market after China, is a very important country for us given the various initiatives taken by the government to boost housing and infrastructure," he said.
Kone enjoys a 20 per cent market share in India and envisages it to grow in line with the growth of the industry, Ehrnrooth said.
"Our growth driver is the rapid urbanisation in the country. With the initiatives announced by the government like 'Housing for all' by 2022, we expect a number of residential projects to come on board in the next 3-5 years. This gives a huge scope for our business," he said.
Ehrnrooth further said the company expects India to be one of the top countries contributing to its revenues in the next three to five years.
"India's share in our global sales is around 5 per cent. But considering the scope of growth in the country where we are present for the past 25 years, we expect India to be one of the top five contributers to our sales," he said.
To meet the growing demand, the company is also planning to double its manufacturing capacity in Chennai and also significantly invest in R&D and creating trained manpower for providing operation and maintenance services.
Currently, the company employees 3,800 people.
