India Elevator Market by Type (Passenger elevator, Freight elevator and Others), by Technology (Traction and Hydraulic), by Service (New Installation, Maintenance and Modernization), by Capacity (Less than 1500 kg, 1500 to 2500 kg, 2501 to 4000 kg and More than 4000 kg) by Speed (Less than 1 M/S, Between 1 to 4 M/S and More than 5 M/S), by Deck type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual) and by Application (Residential, Commercial and Industrial) - Opportunity Analysis and Industry Forecast, 2024 –2030
Industry: Construction & Manufacturing | Publish Date: 30-Mar-2024 | No of Pages: 129 | No. of Tables: 95 | No. of Figures: 60 | Format: PDF | Report Code : N/A
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Market Definition
India Elevator Market size was valued at USD 6.18 billion in 2023, and is predicted to reach USD 19.53 billion by 2030, at a CAGR of 16.3 % from 2024 to 2030. The elevator market embodies a vibrant sector that encompasses the conception, production, installation, and upkeep of elevator systems. Ranging from traditional traction elevators to state-of-the-art smart solutions, this market presents a diverse range of vertical transportation options tailored to meet the unique needs of various buildings and infrastructure projects. Key players within the elevator market include manufacturers, suppliers, contractors, architects, building proprietors, and facility managers.
Manufacturers persistently innovate to elevate elevator performance, safety standards, and sustainability practices, while suppliers furnish essential components and materials essential for system assembly. Moreover, sustainability considerations, such as energy efficiency and material recyclability, are increasingly integrated into elevator design and operation, aligning with broader environmental goals and sustainable building principles. Consequently, the elevator market stands as a pivotal pillar of vertical mobility, enhancing functionality, accessibility, and sustainability across buildings and urban environments worldwide
Presence of Key Companies in the Region Drives the Growth of the Market
The presence of leading elevator companies such as KONE elevator India and Fujitec India underscores the substantial investments and advancements within the Indian elevator market. These companies have introduced innovative elevator solutions and expanded production capacities to meet the soaring demand.
For instance, KONE elevator India unveiled the world's largest passenger elevator, weighing 16 tons and covering a floor area of 25.78 square meters, at the Jio World Centre in India in May 2022. Similarly, Fujitec India inaugurated a new elevator plant in August 2023 to enhance unit production from 2,000 to 3,000 units annually by 2023. These initiatives reflect the commitment of elevator manufacturers to cater to India's evolving market needs and sustain its growth momentum. Industry innovation and investment emerge as pivotal drivers propelling the expansion of the Indian elevator market.
Rapid Urbanization is Fuelling the Growth of the Market
India is experiencing a remarkable demographic shift, with its population projected to reach 1.64 billion by 2047, according to the United Nations. With approximately 51% of this population expected to reside in urban areas, the demand for efficient vertical transportation solutions is escalating.
As the second-largest elevator market in the region, valued at USD 6.2 billion in 2023, India faces the pressing need to accommodate its urban population's mobility requirements. The rapid urbanization trend propels the demand for elevators, creating a significant driver for growth in the Indian elevator market.
High Initial Costs Obstruct Market Growth Within the Region
The significant costs linked to installing, maintaining, and improving elevators create obstacles to expanding the market. From the initial installation expenses to the ongoing maintenance fees and the necessity for upgrades to comply with safety standards and improve energy efficiency, building owners face substantial financial hurdles. These challenges are especially daunting for owners located in economically disadvantaged areas or within older buildings. Consequently, the increased expenses associated with elevators hinder market expansion across different regions.
The Incorporation of Artificial Intelligence (AI) Into elevators is Anticipated to Generate Future Prospects for the Market
The integration of AI-driven predictive maintenance into the elevator sector presents a compelling prospect, revolutionizing maintenance and operational procedures through AI advancements. By analysing data gleaned from elevator sensors, AI algorithms can predict maintenance requirements in advance, minimizing downtime and maximizing elevator uptime. This proactive strategy not only prolongs the lifespan of elevator components but also improves safety by anticipating unforeseen breakdowns and optimizing resource distribution, leading to substantial cost reductions for elevator companies. Additionally, well-maintained elevators heighten user satisfaction, thereby elevating the overall experience for building occupants and visitors. Approval AI-driven predictive maintenance empowers elevator firms to stay competitive and uphold service excellence in an ever-changing market landscape.
Competitive Landscape
The India elevator market comprises various market players, such as Schindler, Otis Elevator Company, TK Elevator (TKE), Kone Corporation, Hitachi Ltd., Fujitec Co., Ltd, Hyundai elevator Co., Ltd, Mitsubishi Electric Corporation, Toshiba elevator and Building Systems Corporation, Winone elevator Company Limited and others.
India Elevator Market Key Segments
By Type
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Passenger elevator
-
Freight elevator
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Others
By Technology
-
Traction
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Machine Room [MR] Traction
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Machine Roomless [MRL] Traction
-
-
Hydraulic
By Service
-
New Installation
-
Maintenance
-
Modernization
By Capacity
-
Less than 1500 kg
-
1500 to 2500 kg
-
2501 to 4000 kg
-
More than 4000 kg
By Speed
-
Less than 1 M/S
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Between 1 to 4 M/S
-
More than 5 M/S
By Deck Type
-
Single Deck
-
Double Deck
By Designation Control
-
Smart
-
Conventional
By Door Type
-
Automatic
-
Manual
By Application
-
Residential
-
Commercial
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 6.18 Billion |
|
Revenue Forecast in 2030 |
USD 19.53 Billion |
|
Growth Rate |
CAGR of 16.3 % from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Schindler
-
Otis Elevator Company
-
TK Elevator (TKE)
-
Kone Corporation
-
Hitachi Ltd.
-
Fujitec Co., Ltd
-
Hyundai Elevator Co., Ltd
-
Mitsubishi Electric Corporation
-
Toshiba Elevator and Building Systems Corporation
-
Winone Elevator Company Limited
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