Latest News- Elevator And Escalator Market in India: Elevator is expected to lead the Product segment during 2025-2029

The Elevator And Escalator Market in India is being driven by Growing number of high-speed metro projects

The Elevator And Escalator Market in India is expected to grow at a CAGR of 10.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 955.2 million. In the Indian elevator and escalator market, customization is a significant trend, catering to diverse end-user needs. Customized elevators encompass size, design, and structural variations, allowing clients the flexibility to personalize cabin walls, lighting, and floors. For instance, hospital elevators prioritize large-capacity motors for swiftness and comfort, ensuring quiet operation with minimal movement noise. This customization trend is driven by the increasing demand for tailored solutions that meet specific user requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Elevator
  • Escalator
• End-user
  • Residential
  • Non-residential
• Geography
  • India

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing number of high-speed metro projects
• Rising disposable income and economic growth
• Growing number of office spaces and commercial establishments

However, the market also witnesses some limitations, which are as follows:

• High cost of repair and maintenance
• Volatility in raw material prices
• Slowdown in growth of real estate sector

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Market Scope in Elevator And Escalator Market in India Research Report

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Research Analysis Overview

In India, the market for Elevator and Escalator systems is thriving due to the increasing construction of high-rise buildings, particularly in urban areas for sustainable urban spaces and infrastructure development. Commercial buildings, including malls and offices, are major consumers, with a focus on vertical transportation solutions that cater to online shopping and smart cities. Building owners are prioritizing retrofitting projects to ensure compliance with building codes and safety standards, addressing concerns over injuries, fatalities, and accidents caused by unsafe practices and faulty designs. The integration of IoT and AI in vertical conveyance systems is revolutionizing the industry, with the residential and commercial sectors adopting these advanced technologies for efficient and smart vertical transportation solutions.

Market Research Overview

The Elevator and Escalator market in India is witnessing significant growth due to the increasing construction of high-rise buildings and infrastructure development in sustainable urban spaces. Building owners in multi-story residential and commercial buildings are investing in advanced vertical transportation systems to cater to the rising demand for efficient and smart solutions. Retrofitting projects in smaller cities are also gaining traction, driven by the need to adhere to evolving building codes and energy savings. The global Industrial Machinery and Supplies and Components market, which includes manufacturers of elevators and escalators, is projected to grow due to increasing industrial output and capacity additions in process and discrete industries in developing countries. This demand is driven by the expanding economies of these regions and the subsequent growth in sectors such as energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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