The India Elevator and Escalator Market will reach US$ 7.20 billion by 2032, up from US$ 3.54 billion in 2023, with a CAGR of 8.20% between 2024 and 2032. India's escalator and elevator industry is expanding due to urbanization, quick infrastructural development, and rising residential and commercial building construction. The need for vertical transportation solutions is increased by government initiatives supporting smart cities. The demand for effective urban mobility is further increased by growing income levels and population, which raises the adoption rates of escalators and elevators.
Rapid infrastructural development and urbanization in India are driving the market for elevators and escalators as more high-rise structures and commercial space are being built. Government programs like smart city initiatives raise the need for effective vertical mobility. Growing urban populations and disposable incomes both fuel market expansion as more individuals seek out contemporary amenities. Furthermore, the industry is seeing an increase in investments and adoption rates due to technological breakthroughs and energy-efficient solutions.
February 2022- Leading lift and escalator manufacturer Johnson Lifts, with its headquarters in Chennai, has entered into a significant lift and escalator lease agreement on a public-private partnership basis with the Delhi Metro Railways Corporation (DMRC).
2. Escalators
3. Moving Walkway
2. Traction
3. Machine Room-Less Traction
4. Others
2. Commercial
3. Industrial
2. North India
3. West India
4. East India
India Elevator and Escalator Industry Outlooks
In buildings and other large structures, elevators and escalators refer to a range of goods and services intended for both vertical and horizontal movement. Elevators are electric lifts that move people and things up and down levels, whereas escalators are moving staircases that are frequently seen in commercial settings. To guarantee convenience, effectiveness, and safety, both varieties have intricate mechanical and electrical systems installed. While escalators traverse a continuous sequence of steps using a constant-speed motor, elevators usually work with electric motors and counterweight systems. Modern architecture would not be the same without these solutions, which improve functionality and accessibility in commercial, residential, and industrial settings.Rapid infrastructural development and urbanization in India are driving the market for elevators and escalators as more high-rise structures and commercial space are being built. Government programs like smart city initiatives raise the need for effective vertical mobility. Growing urban populations and disposable incomes both fuel market expansion as more individuals seek out contemporary amenities. Furthermore, the industry is seeing an increase in investments and adoption rates due to technological breakthroughs and energy-efficient solutions.
Driving Forces of India Elevator and Escalator Market
Urbanization and infrastructure development
The elevator and escalator industry in India is primarily driven by urbanization and the development of infrastructure. Effective vertical transit systems are required as cities grow and population increases, leading to a noticeable rise in high-height buildings and commercial complexes. This need is increased even further by government programs like enhanced public transportation systems and smart city initiatives. Elevators and escalators are necessary for these developments to comply with accessibility and safety criteria in addition to being convenient. Modern elevator and escalator systems are being included into more construction projects as a result of urbanization's promotion of investment in residential and commercial real estate. The sector expands quickly as a result of the need for innovative and practical mobility solutions in heavily populated metropolitan areas. In December 2022, For the next five years, the Airport Authority of India (AAI) and other Airport Developers have set a target capital outlay for the airport sector of about INR 98,000 crore (USD 11.8 billion). Among other development initiatives, this money will be used to enhance runways, build new terminals, and enlarge and alter existing terminals.Rising disposable income
An important development factor for the elevator and escalator sector in India is rising disposable income. Growing income levels are driving up the number of individuals and families investing in contemporary housing, especially in cities where luxury homes and high-rise flats are becoming the norm. This change raises standards of living while also raising expectations for luxuries, such as cutting-edge vertical transit systems. As more and more purchasers look for comfort and convenience, developers are include escalators and elevators in their new construction. Furthermore, the expansion of companies in industries such as retail and hospitality has increased the demand for effective mobility solutions in commercial environments. As a result, India's elevator and escalator markets are expanding significantly due to a combination of rising disposable incomes and the need for new infrastructure.North India Elevator and Escalator Market
The market for elevators and escalators in North India is expanding rapidly due to the country's fast infrastructure development and urbanization. High-rise structures and commercial complexes are proliferating in cities like Delhi, Gurgaon, and Noida, which is driving up need for effective vertical transportation solutions. Market opportunities are further enhanced by government programs that support smart cities. Furthermore, when disposable incomes rise, more money is invested in upscale residential and commercial projects, which increases the region's adoption of contemporary escalators and elevators.Delhi Elevator and Escalator Industry
The market for elevators and escalators in Delhi is expanding quickly due to urbanization and the development in high-rise construction. Government initiatives and smart city projects are driving the demand for effective vertical transportation solutions. Developers are concentrating on adding sophisticated, energy-efficient elevators and escalators to improve accessibility and comfort as disposable incomes rise. Sustainability will be given more attention in the future, with eco-friendly materials and energy-efficient designs becoming more prevalent in new installations. Smart technology will also be integrated, such as Internet of Things-enabled devices for real-time monitoring and maintenance.Haryana Elevator and Escalator Industry
Rapid urbanization and rising residential and commercial property construction are driving the industry for elevators and escalators in Haryana. There is an increasing need for effective vertical transportation solutions because to the surge in high-rise buildings in cities like Gurugram and Faridabad. Adoption of smart elevators with Internet of Things (IoT) capabilities for improved monitoring and preventive maintenance is one trend for the future. Furthermore, energy-efficient designs and sustainability are becoming more and more important. Developers are looking for eco-friendly materials and energy-saving devices that will complement local green construction programs.India Elevator and Escalator Company Analysis
The key players in India elevator and escalator industry are KONE Elevator India Private Limited, Johnson Lifts India Private Limited, Schindler India Pvt. Ltd., OTIS Elevator Company (India) Ltd., ThyssenKrupp Elevator (India) Pvt. Ltd., Mitsubishi Elevator India Pvt. Ltd., Fujitec India Pvt. Ltd., Hitachi Lift India Pvt. Ltd. and Blue Star Elevator Pvt. Ltd.India Elevator and Escalator Company News
August 2023- For an impending smart city project in Pune, Schindler India signed a contract to install 120 elevators and escalators.February 2022- Leading lift and escalator manufacturer Johnson Lifts, with its headquarters in Chennai, has entered into a significant lift and escalator lease agreement on a public-private partnership basis with the Delhi Metro Railways Corporation (DMRC).
Product - Market breakup in 3 viewpoints:
1. Elevators2. Escalators
3. Moving Walkway
Type - Market breakup in 4 viewpoints:
1. Hydraulic2. Traction
3. Machine Room-Less Traction
4. Others
End Use - Market breakup in 3 viewpoints:
1. Residential2. Commercial
3. Industrial
Region - Market breakup in 4 viewpoints:
1. South India2. North India
3. West India
4. East India
Key players have been covered from 4 Viewpoints:
- Business Overview
- Key Persons
- Recent Development & Strategies
- Financial Insights
Key Players Analysis:
- KONE Elevator India Private Limited
- Johnson Lifts India Private Limited
- Schindler India Pvt. Ltd.
- OTIS Elevator Company (India) Ltd.
- ThyssenKrupp Elevator (India) Pvt. Ltd.
- Mitsubishi Elevator India Pvt. Ltd.
- Fujitec India Pvt. Ltd.
- Hitachi Lift India Pvt. Ltd.
- Blue Star Elevator Pvt. Ltd.
Table of Contents
1 Introduction2 Research Methodology3 Executive Summary5 India Elevator and Escalator Market
4 Market Dynamics
6 Market Share Analysis
7 Product
8 Type
9 End Use
10 Region
11 Porter’s Five Forces Analysis
12 SWOT Analysis
13 Key Players Analysis
Companies Mentioned
- KONE Elevator India Private Limited
- Johnson Lifts India Private Limited
- Schindler India Pvt. Ltd.
- OTIS Elevator Company (India) Ltd.
- ThyssenKrupp Elevator (India) Pvt. Ltd.
- Mitsubishi Elevator India Pvt. Ltd.
- Fujitec India Pvt. Ltd.
- Hitachi Lift India Pvt. Ltd.
- Blue Star Elevator Pvt. Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 3.54 Billion |
| Forecasted Market Value ( USD | $ 7.2 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | India |
| No. of Companies Mentioned | 9 |
