Russia Elevators Market Outlook

russia currently stands as one of the largest manufacturers and consumers of elevators in the world – representing almost a third of the global market. the industry is also forecasted to more than double in size by 2032 according to research from the centre for systems analysis based in moscow. russia’s elevator market is primarily driven by consistent growth in the construction industry. the country is currently facing a strong demand for residential buildings, which has prompted an upsurge in the investments in the elevators market in russia. russia’s government has been actively engaging in initiatives to encourage the development of the elevator market as part of the greater investment in urban infrastructure. this includes direct subsidies to elevator manufacturers, as well as the introduction of technical standards to regulate safety and quality. in terms of technology, the russian elevator market is becoming more and more diverse with the introduction of advanced solutions such as destination dispatch systems and energy-efficient options. likewise, developments in internet four technology are expected to drastically change the architecture of the industry as well. in terms of competitive landscape, there are two major players in the russian elevators market – schindler and otis elevators – who together account for roughly sixty percent of the total market. furthermore, other notable companies in the industry include kone, thyssenkrupp, hitachi, mitsubishi electric and guangri group. looking ahead, the demand for elevators in russia is likely to be driven by investments in modernizing existing buildings and residential structures. moreover, due to the increasing demand for safety and convenience, it is likely that more and more commercial buildings and skyscrapers will opt for more advanced elevator systems.