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The elevator and escalator market in India is estimated to grow at a CAGR of 8.9% between 2022 and 2027, and the size of the market is forecast to increase by USD 784.24 million. The growth of the market depends on several factors, the growing number of high-speed metro projects, the rising disposable income and economic growth, and the growing number of office spaces and commercial establishments.
This report extensively covers market segmentation by product (elevator and escalator) and end-user (residential and non-residential). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, 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 growth strategies.
Global Elevator and Escalator Market in India Customer Landscape
Our researchers analyzed the data with 2022 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.
One of the key factors driving growth in the India elevator and escalator 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 for elevators and escalators in India during the forecast period.
The rising demand for customized elevators is another factor supporting the India elevator and escalator 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 elevators 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 requirement 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 elevators that are not only user-friendly but also visually appealing. Such factors will increase the market growth during the forecast period.
The high cost of repair and maintenance will be a major challenge for the India elevator and escalator 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.
Vendors 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 vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data 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 895.52 million in 2017 and continued to grow until 2021. 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.
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 of elevators in the residential segment. Such construction activities are expected to drive the demand for elevators and escalators in the residential segment of the elevator and escalator market in India during the forecast period.
The elevator and escalator market in India report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Elevator and Escalator Market Scope in India |
|
Report Coverage |
Details |
Page number |
129 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.9% |
Market growth 2023-2027 |
USD 784.24 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.46 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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