India Elevator and Escalator Market Report Forecast By Product, Type, End Use, Region and Company Analysis

India Elevator and Escalator Market Analysis

The India Elevator and Escalator Market will reach US$ 7,204.65 million by 2032, up from US$ 3,544.60 million in 2023, with a CAGR of 8.21% 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.

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. Elevators

2. Escalators

3. Moving Walkway

Type- Market breakup in 4 viewpoints:

1. Hydraulic

2. Traction

3. Machine Room-Less Traction

4. Others

End Use- Market breakup in 3 viewpoints:

1. Residential

2. Commercial

3. Industrial

Region- Market breakup in 4 viewpoints:

1. South India

2. North India

3. West India

4. East India

All the 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.

FAQs

1. What is the current size of the India elevator and escalator industry?

2. What is the projected growth rate of the India elevator and escalator industry?

3. What are the key factors driving the growth of the India elevator and escalator industry?

4. What is the expected market size by 2032?

5. Who are the key players in the India elevator and escalator sector?

6. Which country holds the largest market share in the India elevator and escalator industry?