Economy, Domestic Economy

Iran Elevator Industry Turnover at $1.25b p.a.

Iran Elevator Industry Turnover at $1.25b p.a.Iran Elevator Industry Turnover at $1.25b p.a.

The annual turnover of elevator industry in Iran stands at around 50 trillion rials ($1.25 billion), while it has the potential to rise to 200 trillion rials ($5 billion), the president of the Iranian Syndicate for Elevator and Escalator Industries said.

Noting that an average of 45,000 elevators and 1,500 escalators have been installed in Iran annually over the past few years, Mohammad Reza Zohrevandi also said, “From the engineering and technical viewpoint, Iran’s elevator industry is the best in the Middle East but Turkey is the top manufacturer and exporter of elevators in the region.”

He noted that nearly 75,000 new elevators were installed in the fiscal 2014-15—the heydays of Mehr Housing Project—to make Iran number three in the world after China and the United States.

“The following year, elevator sales dropped to 45,000, as government officials began to slow down the controversial project,” he was quoted as saying by the Persian monthly Ayandeh-Negar.   

Mehr Housing Project is a large-scale construction program initiated in 2007 by the former administration to provide two million low-income people with housing units through free land and cheap credits. The scheme hit a rough patch later due to shortage of funding.

At present, China is the world’s largest elevator market in terms of production and consumption.

Elevator industry in Iran dates back to 70 years, when the first oil refinery was built in the southern city of Abadan.

The first elevator manufacturing company in Iran was Diba Elevator Company, a subsidiary of Switzerland’s Schindler.

Escalators in Iran are mostly imported and there is only one manufacturer of escalators in the county.


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