India Elevator & Escalator Market Overview, 2027

"High-rise structures have been built and city infrastructure has expanded as a result of India's quick urbanisation. Due to the increased need for vertical transit caused by this, lifts and escalators are now a necessary component of modern construction projects. The lift and escalator market in India has been significantly influenced by the residential sector. Elevators and escalators are in greater demand due to the rising trend of high-rise apartment complexes and gated communities, particularly in urban areas. The commercial and institutional sectors, including office buildings, shopping malls, hotels, hospitals, and educational institutions, have also contributed significantly to the market growth. These sectors require efficient vertical transportation systems to ensure smooth and convenient movement of people. The Indian government has implemented various initiatives and policies to promote infrastructure development and urbanization. Initiatives like ""Smart Cities Mission"" and ""Housing for All"" have created opportunities for elevator and escalator manufacturers to cater to the growing demand. The elevator and escalator industry in India has witnessed technological advancements, including the adoption of energy-efficient and eco-friendly systems. Manufacturers are focusing on developing smart elevators and escalators with features such as destination control systems, touchless controls, and predictive maintenance, enhancing user experience and improving efficiency. The Indian elevator and escalator market is highly competitive, with both domestic and international players operating in the country. Some of the major players in the market include Otis Elevator Company, Schindler India, KONE Elevator India, Mitsubishi Electric India, and Thyssenkrupp Elevator India. According to the report titled ""India Elevator and Escalator market overview 2027"" published by Bonafide Research, the market size of India Elevator and Escalator market is increasing enormously in the forecasted period from 2022 to 2027. India is one of the largest markets for elevators and escalators globally, primarily due to the growing population, urban migration, and the need for efficient vertical transportation in high-rise buildings. The increasing urbanization in India has led to the construction of tall buildings and skyscrapers, particularly in metropolitan cities. This trend has created a significant demand for elevators and escalators to provide smooth vertical transportation solutions. The Indian government has implemented various initiatives to promote infrastructure development and urbanization, which have positively impacted the elevator and escalator market. Initiatives such as ""Smart Cities Mission"" and ""Housing for All"" have boosted the demand for vertical transportation systems. Elevators and escalators are used in various sectors in India, including residential buildings, commercial complexes, hotels, hospitals, shopping malls, airports, and railway stations. The market caters to a wide range of applications and requirements. The elevator and escalator industry in India has witnessed technological advancements, with a focus on energy efficiency, smart features, and improved safety. Manufacturers are developing advanced systems with features like destination control, touchless controls, and predictive maintenance. The market is highly competitive, with both domestic and international players competing for market share. Major global manufacturers, as well as local players, are actively participating in the Indian market. Effective after-sales service and maintenance are crucial for elevator and escalator systems. Manufacturers and service providers in India are focusing on providing prompt and reliable service to ensure smooth and safe operation of the installed equipment. The COVID-19 pandemic has temporarily affected the elevator and escalator market in India due to project delays and supply chain disruptions. However, the market is expected to recover as construction activities resume and the economy rebounds. There is an increasing emphasis on sustainable and eco-friendly elevator and escalator solutions in India. Energy-efficient systems, use of regenerative drives, and green building certifications are gaining importance in the market.

Elevator and escalator manufacturers are focused on enhancing aftermarket services for clients, which is projected to drive the growth of the India elevator and escalator maintenance and repair market. During the projection period, the India elevator and escalator maintenance and repair service market would benefit from the development of smart cities and technical developments in new elevators, such as the integration of circuit boards and new controllers. Elevator and escalator modernization can boost performance, making them more efficient and dependable. It also helps to reduce maintenance costs because all of the old parts are replaced with new, modern parts that will keep the elevator and escalator running well for a long time. One of the most essential reasons for elevator and escalator modernization is to improve safety to meet current requirements. The cost of elevator and escalator modernization will be worth it in the end since it will be able to strengthen the safety requirements. The elevator and escalator modernization market is expected to develop significantly during the forecast period, owing to an increase in elevator and escalator safety concerns in high-rise buildings and the introduction of new technologies into the India industry. The Internet of Things (IoT) is a technology that has the potential to transform commercial real estate. 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: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

Make this report your own

Have queries/questions regarding a report?

Take advantage of intelligence tailored to your business objective

Ask an Expert

Manmayi Raval

Research Consultant

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 Based on By Types: • Elevator • Escalators • Moving Walkways Based on By Services: • New installation • Maintenance and repair • Modernization

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now

Based on by End use types: • Residential • Commercial • Others 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. Please get in touch with our sales team to find out more. "