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Elevator and Escalator Market in India by Product and End-user - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR41568
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The elevator and escalator market share in India is expected to increase by USD 522.84 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9%.

This elevator and escalator market in India research report extensively covers elevator and escalator market segmentation in India by product (elevator and escalator) and end-user (residential and non-residential). The elevator and escalator market report in India also offers information on several market vendors, including ESCON Elevators Pvt Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp AG, and Toshiba Corp. among others.

What will the Elevator and Escalator Market Size in India be During the Forecast Period?

Download the Free Report Sample to Unlock the Elevator and Escalator Market Size in India for the Forecast Period and Other Important Statistics

 

Elevator and Escalator Market in India: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing number of high-speed metro projects is notably driving the elevator and escalator market growth in India, although factors such as the high cost of repair and maintenance may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the elevator and escalator industry in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Elevator and Escalator Market Driver in India

One of the key factors driving growth in the elevator and escalator market in India 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. 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

Key Elevator and Escalator Market Trend in India

The rising demand for customized elevators is another factor supporting the elevator and escalator market share growth in India. Different end-users are demanding customized elevators on the basis of their requirements. These customized elevators can vary in terms of size, design, structure, and others. Moreover, customers have the freedom to customize cabin walls, lightings, floors, and others. 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. 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.

Key Elevator and Escalator Market Challenge in India

The high cost of repair and maintenance will be a major challenge for the elevator and escalator market in India 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. These issues call for the 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

This elevator and escalator market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the elevator and escalator market in India as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the elevator and escalator market in India during the forecast period.

Who are the Major Elevator and Escalator Market Vendors in India?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ESCON Elevators Pvt Ltd.
  • Fujitec Co. Ltd.
  • Hitachi Ltd.
  • Johnson Lifts Pvt. Ltd.
  • KONE Corp.
  • Mitsubishi Electric Corp.
  • Otis Worldwide Corp.
  • Schindler Holding Ltd.
  • thyssenkrupp AG
  • Toshiba Corp.

 

This statistical study of the elevator and escalator market in India encompasses successful business strategies deployed by the key vendors. The elevator and escalator market in India is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • ESCON Elevators Pvt Ltd - The company offers mobility and parking solutions from manufacturing, installing to servicing and modernizing elevators, escalators, and moving walks.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The elevator and escalator market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Elevator and Escalator Market in India Value Chain Analysis

Our report provides extensive information on the value chain analysis for the elevator and escalator market in India, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the industrial machinery market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftermarket and service
  • Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

What are the Revenue-generating Product Segments in the Elevator and Escalator Market in India?

To gain further insights on the market contribution of various segments Request for a FREE sample

The elevator and escalator market share growth in India by the elevator segment will be significant 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.

This report provides an accurate prediction of the contribution of all the segments to the growth of the elevator and escalator market size in India and actionable market insights on post COVID-19 impact on each segment.

 

Elevator and Escalator Market Scope in India

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 9%

Market growth 2021-2025

$ 522.84 million

Market structure

Fragmented

YoY growth (%)

8.10

Regional analysis

India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ESCON Elevators Pvt Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp AG, and Toshiba Corp.

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 the 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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What are the Key Data Covered in this Elevator and Escalator Market Report in India?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive elevator and escalator market growth in India during the next five years
  • Precise estimation of the elevator and escalator market size in India and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the elevator and escalator industry in India 
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of elevator and escalator market vendors in India

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Elevator - Market size and forecast 2020-2025
    • Escalator - Market size and forecast 2020-2025
    • Market opportunity by Product

    Market Segmentation by End-user

    • Market segments
    • Comparison by End user
    • Residential - Market size and forecast 2020-2025
    • Non-residential - Market size and forecast 2020-2025
    • Market opportunity by End user

    Customer Landscape

    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Overview
    • Vendor landscape
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • ESCON Elevators Pvt Ltd.
    • Fujitec Co. Ltd.
    • Hitachi Ltd.
    • Johnson Lifts Pvt. Ltd.
    • KONE Corp.
    • Mitsubishi Electric Corp.
    • Otis Worldwide Corp.
    • Schindler Holding Ltd.
    • thyssenkrupp AG
    • Toshiba Corp.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
    Technavio

    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
    Technavio

    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
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    The elevator and escalator market in india market growth will increase by $$ 522.84 mn during 2022-2025.
    The elevator and escalator market in india market is expected to grow at a CAGR of 9% during 2022-2025.
    Technavio has segmented the elevator and escalator market in india market by product (Elevator and Escalator) and end-user (Residential, Non-residential, MEA, South America, and Armenia).
    ESCON Elevators Pvt Ltd., Fujitec Co. Ltd., Hitachi Ltd., Johnson Lifts Pvt. Ltd., KONE Corp., Mitsubishi Electric Corp., Otis Worldwide Corp., Schindler Holding Ltd., thyssenkrupp AG, Toshiba Corp. are a few of the key vendors in the elevator and escalator market in india market.
    India will register the highest growth rate of 100% among the other regions. Therefore, the elevator and escalator market in india market in India is expected to garner significant business opportunities for the vendors during the forecast period.
    The key factors driving the elevator and escalator market in india market growth are:
    • growing number of high-speed metro projects
    • Growing number of office spaces and commercial establishments
    The elevator and escalator market in india market vendors should focus on grabbing business opportunities from the elevator segment as it accounted for the largest market share in the base year.
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