Mitsubishi eyes market share of over 20% in India’s elevator segment

  • The company seeks to enhance growth in non-metro Tier II and III cities with factors like uninterrupted power supply
  • India witnessed a demand of more than 50,000 units in 2018 and year-on-year growth between 5-6%

Mitsubishi is seeking to capture more than 20 percent market share in India’s elevator sector over the coming few years, a top company official revealed. Reportedly, the company also seeks to enhance growth of this segment in non-metro tier II and III cities, owing to the factors like uninterrupted power supply.

Pravin Rao, Deputy Managing Director for Mitsubishi Elevator India, was quoted saying that the target of the company is to achieve over 20 percent of the market share in its targeted sector in the coming 3 to 4 years.

Rao mentioned that the demand for elevators in India, in FY 2018, was more than 50,000 units and the sector is having a year-on-year growth in between 5 and 6 percent. The firm did not disclose its present market share in India.

Notable companies operating in this space are Fujitec, Toshiba, Hitachi and Mitsubishi from Japan, and Thyssenkrupp, Kone, Schindler, Otis from the US and Europe.

Rao further said that as a part of its strategy, Mitsubishi Elevator would be focused on differentiation with high quality for gaining bigger share of the elevator market.

Currently, the company has a facility in India for producing its NEXIEZ LITE MR range of elevators. Mitsubishi Elevator imports components such as control system, traction machine from its overseas factory in Thailand and Japan, and the appearance and mechanical components are being produced at its Indian factory.

Mitsubishi Elevator also seeks to launch its NEXIEZ LITE MRL (Machine Room less) elevators in the country. The company believes that the NEXIEZ LITE MR as well as NEXIEZ LITE MRL elevators would be exceeding the expectation of the market with regard to reliability, higher quality and safety across tier I, tier II and tier III cities across India, Rao added.