Elevator And Escalator Market in India Size to grow by USD 913.2 million between 2024-2028
According to a research report “ Elevator And Escalator Market in India” by Product (Elevator, Escalator) End-user (Residential, Non-residential) Geography (APAC)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 913.2 million, at a CAGR of 9.45% during the forecast period. In India, the metro rail sector has experienced significant growth due to increased investments from both public and private entities in large-scale metro projects in tier-1 and tier-2 cities. This trend is driven by urbanization and the resulting demand for efficient transport systems, as more people migrate to urban areas in search of better opportunities. The construction of new metro stations has led to a surge in demand for elevators and escalators, making them essential components of modern infrastructure. In Delhi, the metro rail system is a prominent transportation solution, underscoring the market potential for elevator and escalator providers in India.
Browse market data tables, figures, and in-depth TOC on “Elevator And Escalator Market in India” by Product (Elevator, Escalator) End-user (Residential, Non-residential) Geography (APAC) Global Forecast to 2028. Download Free Sample
By Product, the Elevator segment is projected to dominate the market size in 2024
The Real Estate (Regulation and Development) Act (RERA), enacted in India in 2016 and implemented in May 2017, has instigated favorable regulatory conditions for the real estate sector. Each state and union territory is mandated to establish a regulatory body for the sector, which will issue rules to ensure transparency, fair practices, and dispute resolution mechanisms. This regulatory framework is bolstering investor confidence in the sector, consequently fueling the demand for modern infrastructure such as elevators and escalators, primarily in the residential segment.
By End-user, Residential segment is expected to hold the largest market size for the year 2024
In the Indian commercial sector, traditional elevator installations are being superseded by technologically advanced offerings from leading vendors such as KONE Corp., thyssenkrupp AG, and Schindler Holding Ltd. These companies are introducing innovative elevator designs that not only provide cost savings but also boast enhanced energy efficiency. In response to the COVID-19 pandemic, KONE has introduced the KONE Elevator AirPurifier in India, a health-promoting solution that forms part of a comprehensive suite of KONE offerings. Furthermore, KONE has launched the world's first digitally connected elevators, the KONE DX Class, in India during the forecast period. These advancements underscore the industry's commitment to delivering sustainable and health-conscious solutions for the Indian market.
APAC is forecasted to hold the largest market size by region in 2024
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The Elevator And Escalator Market in India growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The elevator and escalator market in India is witnessing significant growth due to the increasing demand for vertical transportation solutions in urban areas, particularly in commercial and high-rise buildings. However, the market is also facing challenges such as the use of non-compliant products, faulty designs, and unsafe practices leading to accidents, fatalities, and injuries. The commercial industry and residential sector are major consumers of vertical conveyance systems, with a focus on infrastructure development and sustainable urban spaces. The construction activities for smart cities and high-rise buildings are driving the demand for modern vertical transportation solutions, including AI and IoT technologies. Building codes and retrofitting projects are essential to ensure the safety and compliance of existing elevator and escalator systems. Building owners and infrastructure developers must prioritize safety measures and invest in regular maintenance and upgrades to prevent accidents and ensure the safe and efficient operation of these systems. Online shopping and the rise of e-commerce have also increased the demand for vertical transportation solutions in warehouses and logistics centers. The Indian market for elevator and escalator systems is expected to continue growing, with a focus on safety, sustainability, and technological innovation.
Market Research Overview
The Elevator and Escalator market in India is witnessing significant growth due to the increasing construction of high-rise structures in urban areas. The market includes various segments such as Elevator traffic flow, Energy efficiency, Leisure parks, Retail establishments, Hotels, Residential apartments, Malls, Offices, and Industrial settings. The New installation segment is expected to dominate the market, driven by the "Housing for all" initiative and the construction of high-rise buildings. Elevators and Escalators are essential components of Vertical transport in buildings, ensuring Urban mobility and accessibility. Smart elevators with Security features, Touchless controls, AI, and IoT connectivity are becoming increasingly popular. However, accidents due to Faulty design, Unsafe practices, and Fatalities remain a concern. The market caters to various sectors, including the Hospitality sector, Passenger segment, and Urban mobility. High capacity and High-speed elevators are in demand in commercial spaces like Malls, Office buildings, and Tech companies. The Tourism industry, Affordable housing, and Retrofitting older buildings are emerging areas of growth. The market also focuses on sustainability goals, with eco-friendly materials, Green technologies, and Building automation systems gaining popularity. Modernization and retrofitting of existing buildings, Retrofitting projects, and Infrastructure development are key areas of focus for Building owners. The market also includes Conveyor belts, Automation, and Access control systems. The Indian Elevator and Escalator market is expected to grow further due to the increasing demand for Vertical conveyance systems in Online shopping, Construction activities, and Public spaces. The market is also expected to see growth in smaller cities and in retrofitting projects to comply with Building codes.
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