India Elevator and Escalator Market by Product and End-user - Forecast and Analysis 2024-2028

India Elevator and Escalator Market Size 2024-2028

The India elevator and escalator market size is forecast to increase by USD 784.24 million, at a CAGR of 9.45% between 2023 and 2028. The growth of the market is driven by various factors, including the proliferation of high-speed metro projects, indicative of the country's increasing urbanization and demand for efficient vertical transportation solutions. Additionally, rising disposable income and robust economic growth contribute to heightened investment in infrastructure development, driving the need for elevators and escalators in commercial and residential complexes. Moreover, the expanding number of office spaces and commercial establishments further fuels market expansion, as businesses prioritize accessibility and convenience for employees and customers alike. With these key drivers in play, the market is poised for sustained growth, catering to India's evolving urban landscape and facilitating seamless mobility in both public and private settings.

What will be the size of the Market During the Forecast Period?

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Customer Landscape

The report includes the adoption lifecycle of the market research and growth, spanning from the innovator’s stage to the laggard’s stage. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.  

Customer Landscape

Market Dynamics 

The market is experiencing rapid expansion, fueled by the surge in high-rise construction and the demand for efficient vertical transportation systems in sustainable urban spaces. With a focus on multi-story residential buildings and commercial buildings, the market caters to diverse infrastructure development needs, serving building owners and undertaking retrofitting projects to meet evolving building codes. As the country embraces modernization and retrofitting initiatives, elevator and escalator solutions integrate IoT and AI technologies to enhance efficiency and safety. These advancements play a pivotal role in supporting smart city initiatives and ensuring the safety of the residential industry and commercial industry. However, concerns persist regarding injuries, fatalities, and unsafe practices, highlighting the importance of adhering to regulations and implementing vertical transportation solutions that prioritize safety and compliance, thus preventing accidents caused by faulty design or non-compliant products. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.   

Key Market Driver

One of the key factors driving growth in the market is the growing number of high-speed metro projects. Since the past few years, India has been witnessing a rapid increase in investments both by government and private entities on large-scale metro projects, especially in tier-1 and tier-2 cities, to provide an effective transport system to consumers. With a rapid rise in urbanization, more people have shifted to urban areas in search of better livelihood and job opportunities; this has resulted in the scarcity of efficient transport systems.

Moreover, the continuous growth in the construction of new metro stations has not only equipped the economy with advanced infrastructure but also increased the demand for elevators and escalators. Real estate investments in the vicinity of these metro rail stations will also create demand during the forecast period.

Significant Market Trends

The rising demand for customized elevators is another factor supporting the market growth. Different end-users are demanding customized elevators based on their requirements. These customized elevators can vary in terms of size, design, structure, and others. Moreover, customers have the freedom to customize cabin walls, lighting, floors, and other things. For instance, hospital elevators are designed in a way that can easily be used for the transportation of a patient from one floor to another. These usually require large-capacity motors for speed and comfort.

Moreover, these highly efficient motors emit a very low level of movement noise and are quiet. Hence, based on the requirements of the end-users, there has been an increase in the demand for the customization of elevators.  Additionally, nowadays, with an increase in the household income of consumers, there is a rise in the demand for elevators as part of home décor. Consumers are demanding, that are not only user-friendly but also visually appealing. Such factors will increase the market growth during the forecast period.

Major Market Challenge

The high cost of repair and maintenance will be a major challenge for the market during the forecast period. Although new installations of elevators and escalators have an average shelf life of 20-30 years, there are many operational challenges that require the continuous maintenance and monitoring of elevators and escalators. Some of the major problems associated with elevators and escalators are the machines getting stuck, the call box not working, odd noises, and jumpy or bumpy rides.

However, these issues require continuous maintenance and monitoring of elevators and escalators and often require several component replacements. Hence, due to high repair, replacement, and maintenance costs, most property owners may be reluctant to modernize their lifts and escalators, which can limit the growth of the market during the forecast period.

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Beacon Elevator Co. Pvt. Ltd.: The company offers elevator and escalator solutions such as Dam Elevators. Also, this segment focuses on producing vertical motion elevator technology.
• Blue Star Elevators India Ltd.: The company offers elevator and escalator solutions such as BSE8000. Also, this segment focuses on providing solutions for the vertical transportation needs.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

• City lift India Ltd.
• Easa Elevators Pvt. Ltd.
• ESCON Elevators Pvt. Ltd.
• Express Lifts Ltd.
• Fujitec Co. Ltd.
• Grj Elevator Pvt. Ltd.
• Hitachi Ltd.
• Johnson Lifts Pvt. Ltd.
• Kinetic Hyundai Elevator and Movement Technologies Ltd.
• KONE Corp.
• Mitsubishi Electric Corp.
• Otis Worldwide Corp.
• RP Bidyut Elevator
• Schindler Holding Ltd.

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Market Segmentation by Product, and End-user.

Product Segment Analysis: 

The elevator segment will account for a major share of the market's growth during the forecast period. Traditionally, in India, a standard set of elevators could be installed in the commercial sector. However, due to increasing technological advances in the elevator segment, several vendors, such as KONE Corp. (KONE), thyssenkrupp AG (thyssenkrupp), and Schindler Holding Ltd. (Schindler), have begun offering innovative elevator designs that are not only cost-effective but also energy-efficient compared with conventional elevators.

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The elevator segment was valued at USD 967.60 million in 2018. India's growing population has increased the number of vertical housing in the country. This development is also a result of rapid urbanization, with increasing population densities in many Indian cities. Also known as skyscrapers, these vertical houses require elevators to help people move between floors. In buildings with four or more floors, it is difficult for people to use stairs to move between floors. The use of elevators in such structures facilitates the movement of goods and people. Such factors will accelerate the market growth during the forecast period.

End-User Segment Analysis:

Based on end-user, the market has been segmented into residential and non-residential. The residential segment will account for the largest share of the end-user segment. Factors such as the growing aging population in the country will directly contribute to the demand for elevators and escalators in the residential sector. Moreover, the transition from a small one-storied house to multi-storied high-rise buildings has further increased the need for and use in the residential segment. Such construction activities are expected to drive the demand for elevators and escalators in the residential segment of the market during the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments

• Product Outlook  
  • Elevator
  • Escalator

• End-user Outlook
  • Residential
  • Non-residential

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Market Analyst Overview

The market is witnessing significant growth, driven by the increasing adoption of smart systems and the demand for energy savings in smaller cities. With advancements like destination control systems and predictive maintenance, the market caters to diverse needs, offering cloud-based monitoring and personalized systems for commercial complexes and public spaces. As India embraces sustainability goals and green technologies, elevator and escalator solutions integrate eco-friendly materials and IoT connectivity to enhance aesthetics and efficiency. From office buildings to shopping centers, these systems support building automation and urban mobility, ensuring seamless vertical transport in industrial hubs and tech companies alike. With a focus on safety, security, and sustainability, the market continues to innovate, providing advanced solutions for retrofitting older buildings and contributing to India's vision of 'Housing for all' through energy-efficient elevator solutions in residential apartments and affordable housing projects.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across India
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of market companies

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