India elevator and Escalator Market Overview, 2029

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 research report "India Elevators and Escalators Market Overview, 2029," published by Bonafide Research, the India elevators and escalators market is anticipated to grow at more than 7.16% CAGR from 2024 to 2029. 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.

Passenger elevators are the most common type, contributing a significant market share. These elevators are designed to transport people between floors efficiently. Freight elevators, although less common, are gaining traction due to the country's increasing industrialization. These elevators are used to move goods and materials within buildings. Single-deck elevators are the most widely used, while double-deck elevators are becoming more popular in high-traffic areas, as they can transport more people simultaneously. Elevator manufacturers are also focusing on developing energy-efficient and customizable solutions to meet the specific requirements of customers. Escalators are another important component of the vertical transportation market in India. These moving staircases are commonly found in shopping malls, metro stations, and other high-traffic areas. Escalator manufacturers are introducing innovative designs and technologies to improve safety and efficiency. Moving walkways, a type of escalator, are gaining popularity in airports and other transportation hubs, as they provide a convenient way for passengers to move between terminals. To stay competitive in the rapidly evolving market, elevator and escalator manufacturers are investing in research and development to create new products and technologies. Some of the recent developments include the integration of IoT (Internet of Things) and AI (Artificial Intelligence) to enhance user experience and improve maintenance efficiency. Manufacturers are also focusing on developing eco-friendly solutions, such as regenerative braking systems and LED lighting, to reduce energy consumption and carbon footprint. As the Indian economy continues to grow and urbanization accelerates, the demand for efficient and reliable vertical transportation solutions is expected to increase.

The services includes, new installation is the process of setting up a new elevator or escalator system in a building. This service is crucial for the growing real estate sector in India, particularly in urban areas where high-rise buildings and infrastructure projects are on the rise. Building owners and developers often opt for customized solutions that cater to their specific requirements, such as size, design, and capacity. Manufacturers are increasingly offering user-friendly online platforms that enable customers to purchase elevators and escalators seamlessly, providing live quotes, customization options, and easy booking. Regular maintenance and prompt repair services are essential for ensuring the smooth and safe operation of elevators and escalators. Neglected maintenance can lead to small problems escalating into costly repairs and lengthy downtimes, which can be disruptive to building operations. Manufacturers like TK Elevator offer comprehensive maintenance services that include regular cleaning, lubrication of moving parts, and thorough testing of all components. In the event of a breakdown, their technicians are well-equipped to handle repairs efficiently and minimize downtime. As elevator and escalator systems age, building owners may opt for modernization services to upgrade their equipment and enhance performance. Modernization can involve replacing outdated components with newer, more efficient technologies, improving safety features, and enhancing the overall user experience. With the growing demand for smart and connected buildings, modernization services are becoming increasingly popular, as they enable building owners to incorporate cutting-edge digital technologies and meet the evolving expectations of tenants.

In the residential sector, the demand for elevators is surging, particularly in urban areas where high-rise buildings are becoming the norm. As more people transition from single-story homes to multi-story apartments, the need for efficient vertical transportation has increased significantly. This trend is further fueled by rising disposable incomes, which allow homeowners to invest in elevators not only for functionality but also as a part of home décor. Customization options, such as aesthetic designs and advanced technology features, are increasingly sought after, reflecting a growing consumer preference for stylish and user-friendly solutions. The commercial sector is another major contributor to the elevator and escalator market, driven by the expansion of office spaces, shopping malls, and public infrastructure. The growth of high-speed metro projects and the development of commercial complexes have heightened the need for effective vertical transportation systems. Businesses prioritize accessibility and convenience, leading to increased installations of elevators and escalators in commercial buildings. Moreover, the push for modern amenities and digital upgrades in commercial spaces is influencing the demand for advanced elevator systems that integrate seamlessly with building management technologies. The industrial and infrastructure sectors, elevators and escalators are essential for efficient operations in manufacturing facilities, warehouses, and transportation hubs. The industrial sector's growth, fueled by India's economic development and urbanization, has led to a rising demand for freight elevators capable of handling heavy loads. Additionally, infrastructure projects, including metro rail systems and airports, require robust escalator solutions to facilitate passenger movement and enhance overall operational efficiency.




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

Based on By Types:
• Elevator
• Escalators
• Moving Walkways

Based on By Services:
• New installation
• Maintenance and repair
• Modernization

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.