Japanese conglomerate Mitsubishi is aiming at around 20 per cent market share in elevator segment in next 3-4 years, said a top company official.

Mitsubishi Elevator India, a subsidiary of Mitsubishi Electric Corporation, is targeting the opportunities emerging from premium building space like IT offices, luxury hotels and residential segment, among others.

"Our target is to achieve more than 20 per cent of the market share in our target segment in the next 3 to 4 years," Mitsubishi Elevator India Deputy Managing Director Pravin Rao told PTI.

In FY 2018, the demand for elevators in India was over 50,000 units and the segment is having a year-on-year growth of around 5 to 6 per cent, he added.

The company did not disclose the present market share in India.

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

Besides, the company also expects that non-metro tier II & III cities could enhance the growth of the segment helped by factors like uninterrupted power supply.

Mitsubishi Elevator, as per of its strategy, will focus on "differentiation with high quality" to gain market share in the elevator segment, Rao added.

Its presently has a plant in India, where it manufactures its range of NEXIEZ LITE MR elevators.

The company imports components like traction machine, control system from its overseas factory in Japan and Thailand, and the mechanical and appearance components are being manufactured at its Indian factory.

The company is also launching NEXIEZ LITE MRL (Machine Room less) elevators in India.

"We are confident that both NEXIEZ LITE MR and NEXIEZ LITE MRL will exceed the expectations of the market in terms of Safety, High Quality and Reliability across tier I, tier II and tier III cities Pan India," Rao said.