NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global elevator and escalator market in India size is estimated to grow by USD 913.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Growing number of high-speed metro projects is driving market growth, with a trend towards rising demand for customization in elevators. However, high cost of repair and maintenance poses a challenge. Key market players include Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators India Ltd., 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., SEPL India Ltd., thyssenkrupp AG, Toshiba Corp., and TRIO Elevators Co. India Pvt. Ltd..
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Elevator and Escalator), End-user |
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Region Covered |
India |
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Key companies profiled |
Beacon Elevator Co. Pvt. Ltd., Blue Star Elevators |
Key Market Trends Fueling Growth
The Indian elevator and escalator market is witnessing a significant trend towards customization. End-users are demanding tailor-made elevators based on their specifications, which can differ in size, design, and structure. Customization extends to cabin walls, lighting, and floors. For instance, hospital elevators prioritize large-capacity motors for speed and comfort, while maintaining low noise levels. As household income rises, consumers seek visually appealing elevators for home decor. Vendors cater to this demand by offering customized elevators in materials like glass, stainless steel, and wood. The customization trend is driving market growth in India.
The Elevator and Escalator market in India is experiencing significant growth, driven by trends such as predictive maintenance and cloud-based monitoring. Customized systems catering to IT hubs, industrial hubs, tech companies, office spaces, commercial complexes, public spaces, transportation hubs, and residential areas are in high demand. IoT connectivity and AI are integral to modernization and retrofitting of existing buildings, including industrial settings, green building projects, educational institutions, healthcare facilities, and retrofitting older buildings. Affordable housing and the tourism industry also contribute to the market’s growth. High-speed and high-capacity elevators, touchless controls, automation, and conveyor belts are essential for urban mobility and passenger segment. Security features, sustainability goals, and eco-friendly materials are key considerations. Category-wise insights include commercial spaces, office buildings, shopping centers, and retail outlets. Smart cities and construction activities are also major factors fueling the market’s expansion.
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Market Challenges
- The elevator and escalator market in India faces significant challenges due to the high operational costs. New installations of elevators and escalators have a lifespan of 20-30 years, but their continuous maintenance is essential due to common issues like getting stuck, non-functioning call boxes, odd noises, and bumpy rides. Elevator components, such as door hardware, landing entrance doors, pistons, traveling cables, cab operating panels, cab wiring, motors, lift lighting, and fans, often require frequent repairs. Replacement costs vary from USD100 to USD3,000 for low-end elevators and escalators, while modernization can cost more than USD200 for fixtures and over USD7,000 for control systems. Installing a new piston or motor costs over USD10,000. High repair, replacement, and maintenance costs may discourage property owners from modernizing their lifts and escalators, potentially limiting market growth.
- The Indian elevator and escalator market is witnessing significant growth, driven by infrastructure development in sectors like hospitality, airports, train stations, and bus terminals, especially in urban areas. However, challenges persist, including safety concerns due to injuries and fatalities from accidents caused by unsafe practices and faulty designs. To address these issues, there is a growing demand for smart elevators and escalators that prioritize energy efficiency, vertical transport, and sustainable urban spaces. Building height and high-rise construction are key factors driving the market, with a focus on “Housing for all,” new installation in offices, malls, residential apartments, hotels, retail establishments, leisure parks, and more. Retrofitting projects are also gaining traction, as building owners look to upgrade existing systems to meet modern building codes and improve elevator traffic flow. In smaller cities, smart systems are being adopted to enhance energy savings and ensure safety in vertical transportation systems.
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Segment Overview
This elevator and escalator market in India report extensively covers market segmentation by
- Product
- 1.1 Elevator
- 1.2 Escalator
- 2.1 Residential
- 2.2 Non-residential
1.1 Elevator- In India, the elevator market is witnessing growth due to the increasing construction of high-rise buildings and the preference for energy-efficient solutions. Traditional elevator technologies, such as hydraulic, machine-room-less (MRL), and traction, are used in various building structures. Hydraulic elevators are commonly used in low-rise buildings due to their lower maintenance costs. Traction elevators, which are more performance-oriented, are preferred in mid- and high-rise buildings. KONE, thyssenkrupp, and Schindler are leading vendors offering innovative, cost-effective, and energy-efficient elevator solutions. The demand for multifamily rental buildings and commercial spaces is driving the growth of the traction elevator market. The use of elevators in high-rise buildings is essential for easy movement of people and goods. Energy-efficient elevators are increasingly preferred due to their long-term economic benefits. The shortage of land availability in India has led to an increase in the number of skyscrapers and high-rise residential buildings, further boosting the demand for elevators.
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Research Analysis
The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Sustainable urban spaces are a priority, leading to the demand for vertical conveyance systems in commercial and residential buildings. Infrastructure development and building codes are driving the adoption of safe and efficient vertical transportation solutions. Online shopping and smart cities are also contributing to the market growth. However, concerns over injuries, fatalities, and accidents due to unsafe practices, faulty design, and non-compliant products persist. The market is expected to embrace IoT and AI technologies for improved safety, maintenance, and energy efficiency. Construction activities in the residential and commercial industries are expected to continue fueling the demand for elevators and escalators in India.
Market Research Overview
The Elevator and Escalator Market in India is witnessing significant growth due to the increasing construction of high-rise buildings in urban areas. Vertical transportation systems are becoming essential infrastructure in India’s sustainable urban spaces, with high-rise buildings, multi-story residential complexes, commercial buildings, and IT hubs leading the way. Infrastructure development and modernization of older buildings through retrofitting projects are also driving market growth. Building codes and regulations are being updated to ensure safety and energy savings through the use of smart systems, such as destination control systems, predictive maintenance, cloud-based monitoring, and customized systems. The market is not limited to large cities but is expanding to smaller cities as well. The use of IoT, AI, and eco-friendly materials in vertical conveyance systems is a growing trend in green building projects. The passenger segment, including the hospitality sector, airports, train stations, and bus terminals, is a significant market for high-speed and high-capacity elevators. The market also caters to various industries, including educational institutions, healthcare facilities, and affordable housing, among others. Safety features, urban mobility, and touchless controls are becoming increasingly important in the market. The market is expected to continue growing as India strives to meet its smart cities goals and provide housing for all.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Elevator
- Escalator
- End-user
- Residential
- Non-residential
- Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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