The sprouting of mass housing projects and rapid urbanisation have given rise to numerous parties trading in low-cost, high-risk elevators.

According to industry insiders, over 100 companies are in elevator business, of which only half a dozen comply with security and safety measures. The rest fall far below the standards.

“There is neither a system to monitor the activities of such scrupulous traders nor any standard set by the government regarding the sale and use of elevators,” said Ashok Kumar Kundu, deputy general manager of Aziz and Co, a premier elevator supplier in the country.

“Many suppliers do not follow international safety codes for the sale and maintenance of elevators,” said Habibur Rahman, chairman of Maan Bangladesh Ltd, now dominates the market.

The elevator business is directly related to real estate. The trends and moves of the construction industry will have an impact on the sale of elevators. The sale of elevators would rise if the construction industry performs well.

Elevator sales plummeted in the first half of 2007 because of a change in the political scenario. Industry insiders said the market revived in the second half of 2007 and later flourished in 2008.

Around 1,000 elevators, valued at over Tk 200 crore, were sold in Bangladesh in 2008 alone.

To exploit market potential, laymen have started this business without sufficient engineers and technicians, thus playing havoc with people's lives.

Some companies import a motor and speed controller from China and build the remaining parts here. Some other companies build a complete elevator in Bangladesh, without standard quality parts and neglecting international safety codes.

“It is risky to use those elevators,” Habibur Rahman said.

Kundu, who has been in the industry for two decades, said accidents take place frequently but those were never reported.

Globally, four western companies -- OEMs, Otis, Schindler, Thyssen and Kone, dominates the market for elevators. Next come the Asian giants -- Mitsubishi, Hitachi, Toshiba and Fujitech. Local companies tie up with these global manufacturers to market the product in Bangladesh.

The major market rollers for elevator sales and services are: Maan Bangladesh Private Limited (Otis), Aziz and Co, Creative (Schindler), Rahman and Co and Laboni.

Of the total sales in 2008, Maan dominated the scene with at least 60 percent of sales, according to market data. But the company's chairman claimed they alone sold at least 80 percent of the total sales.

Aziz and Co and Creative sold 125 and 95 sets respectively in 2008, officials of the companies said.

Owing to massive urbanisation, the sale of elevators has rocketed, with the demand concentrating on residential complexes rather than commercial projects.

“Residential houses consume 60 percent of the total market demand for elevators and the remaining 40 percent goes to commercial buildings,” said the Maan Bangladesh top official.

Habibur Rahman forecasts the market for elevators to grow further in the coming years, as several big housing projects are to be implemented in and around the capital.

Besides the capital, the demand for elevators is rising in other big cities, like Chittagong, Sylhet, Khulna and Bogra.

“So far, we sold 300 units of elevators to buyers from Chittagong,” the Maan Bangladesh chief said.