India Elevator Market Research Report, 2029

The India Elevator Market stands at a pivotal juncture, reflecting a dynamic landscape characterized by substantial growth, driven by various factors and recent key developments by industry players. The market is witnessing remarkable expansion, largely attributable to India's rapid urbanization, population growth, and burgeoning middle class. The construction of high-rise buildings, commercial spaces, and smart infrastructure projects in major metropolitan regions like Delhi-NCR, Mumbai, and Bangalore has led to a surge in the demand for elevators and escalators, both in the residential and commercial sectors. Government initiatives such as the 'Smart Cities Mission' have accelerated infrastructure development, focusing on energy-efficient and sustainable building solutions, further contributing to the market's growth. Recent developments include innovations such as the integration of smart technologies and IoT into elevators, offering real-time monitoring, predictive maintenance, and enhanced user experiences. For instance, IoT sensors are enabling elevators to detect and address issues before they cause downtime, ensuring smoother operations and lower maintenance costs. Retrofit and modernization services for existing elevator stocks are gaining prominence, offering energy-efficient upgrades and enhanced safety features. The industry is also aligned with sustainability goals, offering eco-friendly solutions that adhere to green building certifications and environmental regulations. This burgeoning market is highly competitive, with key players like KONE, Otis, ThyssenKrupp, and Schindler continuously striving to innovate and offer advanced solutions that cater to the evolving needs of the Indian market. Strict safety and compliance regulations drive the need for modernization and upgrades in the existing elevator stock. Companies like Otis provide retrofit solutions to ensure older elevators meet current safety standards. India's aging population has led to an increased need for accessibility solutions in public and private buildings. Elevator manufacturers are responding with designs that cater to the elderly and differently-abled individuals. According to the research report "India Elevator Market Research Report, 2029," published by Actual Market Research, the India elevator market is anticipated to grow at more than 6.59% CAGR from 2024 to 2029. The rising popularity of green building certifications, such as LEED and GRIHA, encourages the installation of eco-friendly elevators. Elevator manufacturers are aligning their products with these sustainability standards to meet market demands. Infrastructure projects like metro rail systems and railway stations integrate elevators and escalators for easy access and improved passenger flow. An example is the Delhi Metro network, which extensively employs these vertical transportation systems in its stations to enhance the commuter experience. Changing demographics in India, marked by an increasing urban population, rising middle-class aspirations, and a shift towards high-rise living, serve as a significant driver for the elevator market. The growing trend of nuclear families, coupled with an aging population, amplifies the demand for residential complexes and commercial spaces equipped with elevators. As urbanization accelerates, the need for vertical mobility solutions becomes paramount, influencing developers and builders to integrate modern elevators to meet the evolving lifestyle expectations of the populace. This demographic shift underscores the crucial role elevators play in enhancing convenience, accessibility, and living standards, making them an indispensable component of contemporary urban infrastructure in India. As environmental concerns rise, there is a shift towards energy-efficient elevators that comply with green building standards, integrating features like regenerative drives and LED lighting. There is a growing demand for customized elevators that meet specific design and functional requirements, reflecting a trend towards personalization in residential and commercial spaces.

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Hydraulic elevators are primarily used in low-rise buildings, such as residential complexes and small commercial structures. They operate using a hydraulic piston mechanism, where an electric pump pushes hydraulic fluid into a cylinder to lift the elevator car. This type is favored for its simplicity, space efficiency, and lower installation costs. However, their popularity is declining due to slower speeds and higher energy consumption compared to traction elevators. They are still common in older buildings and areas where retrofitting is necessary, particularly in cities like Mumbai and Delhi, where space constraints are prevalent. Traction elevators are increasingly used in high-rise buildings and commercial spaces due to their speed and efficiency. They operate using a system of ropes and pulleys, making them suitable for taller structures. This type is preferred in urban areas experiencing rapid development, such as Bengaluru and Hyderabad, where there is a demand for high-capacity, energy-efficient elevators. Traction elevators provide smoother rides and are more energy-efficient, making them ideal for high-traffic environments like office towers and shopping malls. Machine room-less (MRL) traction elevators are gaining traction in India, especially in new constructions. They eliminate the need for a separate machine room, allowing for more flexible building designs and saving space. MRL elevators are particularly suitable for mid-rise buildings, including residential and commercial properties, where maximizing usable space is crucial. Their compact design and energy efficiency make them an attractive option for developers aiming to optimize building layouts in metropolitan areas. Other elevator types include capsule lifts, which are often used in luxury buildings and hotels for aesthetic appeal, and goods lifts, which are essential in warehouses and industrial settings for transporting heavy items. These specialized elevators cater to specific needs, such as transporting goods in retail environments or providing unique design elements in high-end residential buildings. The new equipment segment is primarily driven by rapid urbanization and the increasing demand for high-rise buildings in urban areas. This segment is particularly strong in metropolitan regions like Mumbai, Delhi, and Bengaluru, where the construction of residential complexes and commercial skyscrapers is booming. Compared to other countries, India’s new equipment market benefits from a growing middle class and government initiatives promoting affordable housing, which significantly boosts the installation of elevators in new constructions. The demand for energy-efficient and smart elevators is also rising, reflecting a shift towards modern technology in vertical transportation. The maintenance segment is crucial for ensuring the longevity and safety of existing elevators. In India, this segment is gaining prominence due to the increasing number of high-rise buildings and the aging infrastructure of older elevators. Regions with a high concentration of commercial and residential buildings, such as urban centers, see a substantial demand for maintenance services. Compared to other countries, India’s maintenance market is characterized by a focus on preventive maintenance and modernization, as building owners seek to minimize downtime and enhance safety features. The integration of IoT technologies in maintenance services is also emerging, improving efficiency and reliability. Others category encompasses various services related to modernization and upgrades of existing elevator systems. In India, there is a growing trend towards retrofitting older elevators with advanced technologies to improve energy efficiency and user experience. This segment is particularly relevant in older urban areas where buildings may not originally have been designed for modern elevator systems. Compared to other countries, India’s approach to modernization is often influenced by local regulations and the need for compliance with safety standards, which can vary significantly from global practices. In India, residential elevators are increasingly popular due to the rise of multi-story apartments and luxury homes. These elevators are typically smaller and designed for low to mid-rise buildings. The most commonly used types include hydraulic and machine room-less (MRL) elevators, which are favored for their space-saving designs and ease of installation. Residential elevators enhance accessibility for elderly and disabled individuals, making them a crucial feature in modern homes. The demand is particularly high in urban areas like Mumbai and Bangalore, where high-rise living is prevalent. The commercial segment dominates the Indian elevator market, driven by rapid urbanization and the growth of office complexes, shopping malls, and hotels. Traction elevators are the most widely used in this sector, known for their efficiency and ability to handle high traffic volumes. These elevators are designed to accommodate the needs of busy commercial environments, offering features such as destination dispatch systems to optimize passenger flow. Major cities like Delhi, Hyderabad, and Pune are seeing a surge in new commercial developments, further fueling the demand for advanced elevator solutions. Industrial elevators are utilized primarily in warehouses, manufacturing facilities, and logistics centers. These elevators are designed to handle heavy loads and are often customized for specific industrial applications. Freight elevators are the most common type in this segment, equipped with robust safety features and high weight capacities. The industrial sector is concentrated in regions with significant manufacturing activities, such as Gujarat and Maharashtra, where the need for efficient material handling solutions drives the demand for industrial elevators.

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Nikita Jabrela

Business Development Manager

COVID-19 impacts: The elevator and escalator business has been significantly damaged in recent years as a result of lockdowns implemented in India due to the COVID-19 pandemic outbreak in December 2019. The COVID-19 epidemic has hindered the construction industry's expansion in recent years, generating delays that can be ascribed to various damaged supply chains. The elevator and escalator manufacturers, as well as the overall construction industry, are expected to face a number of challenges as most commercial projects are likely to be left incomplete or delayed due to supply chain disruptions, cash flow constraints, workforce unavailability, and production shutdowns. The demand for elevators and escalators is expected to rise in the coming years as various governments of India prepare to gradually lift the lockdowns. As the lockdowns progressively cease, the construction sector is expected to increase. As commercial developments resume throughout the world, demand for elevators and escalators is expected to rise in the upcoming years. Considered in this report • Geography: India • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • India Elevator & Escalator Market with its value and forecast along with its segments • Application wise tire industry distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By Type: • Hydraulic • Traction • Machine Room-Less Traction • Others By Business: • New Equipment • Maintenance • Others (Modernization) By Application: • Residential • Commercial • Industrial The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to elevator & escalator industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.