Economy, Business And Markets

Iran’s Elevator Market Exceeds $7b p.a.

Iran’s Elevator Market Exceeds $7b p.a.Iran’s Elevator Market Exceeds $7b p.a.

Iran’s elevator market value stands at 250 trillion rials ($7.2 billion at market exchange rate) per year, said the chairman of Iranian Syndicate for Elevator and Escalator Industries. Mohammad Reza Zohrevandi added that between 50,000 and 60,000 people are directly employed in the industry every year, while its downstream sectors annually generate 200,000 jobs. The average rate of 70,000 elevators installed in the country in recent years dropped to 45,000 in the last fiscal year (March 2015-16) due to recession in the construction sector, IRNA reported. Still, according to Zohrevand, even last year’s figure stands on par with the annual average number of elevators installed across Europe.