India Elevators Market: Unravelling Competition, Size, and Industry Growth Prospects up to 2028 - An Insightful Analysis by TechSci Research

Written by Kumar Satyam  »  Updated on: March 21st, 2024

India Elevators Market: Unravelling Competition, Size, and Industry Growth Prospects up to 2028 - An Insightful Analysis by TechSci Research


According to the TechSci Research report, "India Elevators Market – By Region, Competition Forecast and Opportunities, FY2028," the India elevators market was valued at USD 1466 million in FY2022 and is predicted to grow at a CAGR of 5.82% through FY2028, reaching USD 2083 million by FY2028. Rising development of high-rise commercial and residential buildings, coupled with increasing capital inflow into the real estate sector, are expected to drive the India Elevator Market during the forecast period.

This comprehensive analysis delves into the key drivers fueling the market's growth, the competitive landscape, and the potential benefits that this burgeoning industry holds for stakeholders.

Drivers of Growth

Urbanization and Infrastructure Development

Growing urbanization and increasing infrastructure development are expected to drive the India elevators market during the forecast period. India is expected to become the world's third-largest construction market by 2022, according to industry reports. The Government of India is taking numerous initiatives for infrastructure development, such as allocating USD 1.89 billion to the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) in the Union Budget 2021 to support initiatives like 'Housing for All' and 'Smart Cities.'

Browse over 62 market data Figures spread through 156 Pages and an in-depth TOC on "India Elevators Market" -

Demand for High-Rise Buildings

Increasing population is accelerating the demand for high-rise commercial and residential buildings, which is augmenting the installation of elevators across India. Short-term expansion of India's building activities will be driven by a combination of fiscal support and government policies supporting the housing market in the country. Long-term growth will be primarily driven by the country's massive population, which requires continued investments into residential building construction, creating a market opportunity for elevator manufacturers in India.

Government Housing Schemes

The Government of India has launched several housing schemes, including Pradhan Mantri Awas Yojana (PMAY), Haryana Housing Board Housing Scheme, Kerala Housing Board Housing Scheme, and Delhi Development Authority (DDA) Housing Scheme, among others. These initiatives are likely to augment the demand for elevators in the residential sector, further fueling market growth.

Market Segmentation

The India elevators market is segmented based on type of carriage, type of machinery, type of elevator door, weight, end-user, region, and company, providing valuable insights for stakeholders.

By Type of Carriage: This segment categorizes elevators based on the passenger compartment or platform.

• Passenger Elevators: These are the most common type, used for transporting people in residential and commercial buildings.

• Freight Elevators: These heavy-duty elevators are designed to transport goods and materials.

• Service Elevators: These smaller elevators are used for maintenance purposes in buildings.

By Type of Machinery

In terms of machinery, the traction segment dominated the market with a 94.67% share in FY2022. Traction elevators are commonly used in commercial and residential buildings, and they now use flat steel belts instead of conventional steel ropes. These flat steel belts are lightweight due to their carbon fiber core and high-friction coating, and they can function without oil or lubricant. Hence, owing to these aspects, the traction elevator segment is likely to grow faster.

• Traction Elevators: These elevators utilize a traction drive system with steel ropes or flat belts to move the car. They are the most common type due to their versatility and energy efficiency.

• Hydraulic Elevators: These elevators use a hydraulic piston system to raise and lower the car. They are typically used for low-rise buildings or applications with limited weight capacity.

By Type of Elevator Door: This segment categorizes elevators based on the type of door they use.

• Automatic Doors: These doors open and close automatically, improving passenger convenience and safety.

• Manual Doors: These doors require manual operation and are less common in modern buildings.

By Weight Capacity: This segment categorizes elevators based on the maximum weight they can carry.

• Low-Rise Elevators: These elevators are typically used for low-rise buildings and have a lower weight capacity.

• Mid-Rise Elevators: These elevators are used for buildings of moderate height and have a higher weight capacity than low-rise elevators.

• High-Rise Elevators: These elevators are designed for skyscrapers and have the highest weight capacity.

By End-User: This segment categorizes the market based on the sectors where elevators are installed.

• Residential: This is a growing segment due to the increasing number of high-rise apartment buildings.

• Commercial: This segment includes elevators installed in office buildings, shopping malls, hotels, and other commercial establishments.

• Hospitality: Hotels and resorts require elevators to ensure efficient movement of guests and their luggage.

• Healthcare: Hospitals and other healthcare facilities use elevators for transporting patients, staff, and equipment.

Regional Analysis

South India emerged as the dominant region, holding a 32.95% market share in the India Elevator Market in FY2022. This dominance is attributed to the new installations of elevators in South India, driven by rising industrial activities and infrastructural development projects such as high-speed rail, metro, malls, and others. Additionally, the availability of low-cost labor and other resources has led elevator manufacturing companies to set up their manufacturing and R&D centers in the region. Moreover, the increasing number of skyscraper projects in the region is also driving the India Elevator Market.

Competitive Analysis

The India elevators market is highly competitive, with numerous players vying for market share. These companies employ various strategies, such as product innovations, strategic partnerships, and geographical expansions, to strengthen their market positions. Some of the major companies operating in this market include:

• KONE Elevator India Private Limited

• Johnson Lifts India Private Limited

• Schindler India Pvt. Ltd.

• OTIS Elevator Company (India) Ltd.

• TK Elevator India Private Limited

• Mitsubishi Elevator India Pvt. Ltd.

• Fujitec India Pvt. Ltd.

• Escon Pvt Ltd.

• Hitachi Lift India Pvt. Ltd.

• Blue Star Elevator Pvt. Ltd.

• Express Lift Ltd.

• Omega Elevators

• Eros Elevators Pvt. Ltd.

• Orbis Elevators Co Ltd.

• Supreme Elevators & Company

These companies are constantly investing in research and development to introduce new and improved elevator solutions that cater to the evolving demands of the Indian market. Additionally, they focus on expanding their production capacities and distribution networks to enhance their reach and market penetration within India.

Benefits of the Research Report

The TechSci Research report on the India Elevators Market provides valuable insights and benefits for stakeholders, including:

• Comprehensive Market Analysis: The report offers an in-depth analysis of the market, covering its size, share, trends, and growth prospects, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.

• Competitive Insights: The study provides a detailed competitive analysis, highlighting the strengths and weaknesses of key players, their market strategies, and their impact on the overall industry landscape.

• Segmentation Analysis: By segmenting the market based on type of carriage, type of machinery, type of elevator door, weight, end-user, and region, the report allows stakeholders to identify lucrative niche markets and tailor their strategies accordingly.

• Industry Trends and Drivers: The report identifies and analyzes the key drivers and trends shaping the India Elevators Market, enabling stakeholders to anticipate and adapt to market changes.

• Regional Analysis: The regional analysis provided in the report offers insights into the market dynamics and growth potential across different regions within India, facilitating informed decision-making for expansion and investment strategies.

• Future Outlook: The report provides forecasts and projections for the market's growth, enabling stakeholders to plan and align their business strategies with the anticipated market developments.

The TechSci Research report on the India Elevators Market serves as a comprehensive and invaluable resource for industry players, investors, and other stakeholders seeking to gain a competitive edge and capitalize on the opportunities presented by this promising market.

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“South Region is estimated to be the largest region in the India Elevators Market with a share of 32.95% in FY2022 owing to the increasing investment in the construction sector and increasing urbanisation in the region. Moreover, rising urbanization and increasing infrastructure development are expected to drive the market in the region. South India has continued to maintain its momentum in real estate, strengthening and building itself as one of the most sought-after destinations in the country for homebuyers and NRIs. Additionally, cities like Bangalore, Chennai and Hyderabad are now part of the global real estate map.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Elevators Market By Type of Carriage (Passenger, Freight & Others), By Type of Machinery (Traction & Hydraulic), By Type of Elevator Door (Automatic & Manual), By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg), By End User (Residential, Commercial, Industrial & Government Institution), By Value, By End User (Residential, Commercial, Industrial & Government Institution), By Region, Competition Forecast and Opportunities, FY2028”, has evaluated the future growth potential of India Elevators Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Elevators Market.

Table Of Content:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

4.1. Brand Awareness

4.2. Duration of Usage

4.3. Factors Influencing Purchase Decision

4.4. User Satisfaction

4.5. Elevator Usage Challenges

4.6. Annual Maintenance Contract (AMC) Expectation

4.7. Annual Maintenance Contract (AMC) Challenges

5. Global Elevators Market Overview

6. India Elevators Market Landscape

7. India Elevators Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.1.2. By Volume

7.1.3. By New Installation

7.1.4. By Maintenance Service

7.2. Market Share & Forecast

7.2.1. By Type of Carriage (Passenger, Freight & Others)

7.2.2. By Type of Machinery (Traction & Hydraulic)

7.2.3. By Type of Elevator Door (Automatic & Manual)

7.2.4. By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg)

7.2.5. By End User (Residential, Commercial, Industrial & Government Institution), By Value

7.2.6. By End User (Residential, Commercial, Industrial & Government Institution), By Volume

7.2.7. By Region

7.2.8. By Cities

7.2.9. By Cities

7.3. Product Market Map

7.4. Import-Export Analysis


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