India Elevator Market is Expected to Reach USD 4.84 Billion by 2030

Increasing urbanization along with the rise in real estate development and government initiatives in infrastructure development drives the elevator market growth in India.

According to the Next Move Strategy Consulting, the India Elevator Market was valued at USD 2.95 billion in 2024 and is predicted to reach USD 4.84 billion by 2030, registering a CAGR of 7.8% from 2025 to 2030. 

Rising urbanization in India boosts the elevator market growth as it leads to the development and construction of tall buildings and business complexes that creates aa need for faster vertical mobility. The National Institute of Urban Affairs published a report stating that the urbanization in India in 2021 reached 34.5 percent of the population living in urban areas which is expected to rise to 37.9 percent by 2031 and even reach 39.6 percent by 2036. 

It is this consistent shift towards urban living that finds a direct correlation to the rise in demand for elevators in residential and commercial set-ups-to improve mobility. As cities expand and develop, efficient vertical transportation systems are essential to support increasing populations and improve urban infrastructure.

Additionally, real estate industry in India is also projected to steer the demand for effective vertical transport. The growing residential, commercial, and industrial projects in urban areas further accelerates the installation of elevators to serve the ascending population and horizontal mobility for tall buildings. 

The Minister of Commerce and Industry predicted that the real estate market would expand to USD 1 trillion by 2030 while raising India's gross domestic product to about 13% by 2025. This development, paired with growing infrastructure for public use and urbanization, goes a long way to firmly entrench elevators into modern urban living, thereby, fuelling the India elevator market growth.

Furthermore, rising government initiatives in infrastructure development and smart cities are significantly boosting the demand for elevators in new constructions. These initiatives drive the growth of modern residential and commercial buildings, increasing the need for efficient vertical transportation solutions. 

According to the Ministry of Commerce and Industry, total funding for the smart city mission surpassed USD 86.43 billion as of February 2024, highlighting the governments strong commitment to enhance urban infrastructure. This substantial investment is expected to accelerate elevator market expansion, as ongoing projects further amplify the demand for advanced mobility solutions in newly developed urban spaces.

However, elevator market faces significant challenges due to complex regulations and compliance requirements. These stringent guidelines often delay project approvals and implementation, affecting the timely installation of elevators and slowing market growth. 

For example, mandatory inspections every six months can further delay installation schedules. Additionally, manufacturers must comply with accessibility regulations, requiring design adjustments that may disrupt production timelines and increase costs. These regulatory hurdles impact efficiency and pose constraints on India elevator market demand.

On the contrary, adoption of smart technologies such as Internet of Things and artificial intelligence presents a future opportunity for the elevator market improving efficiency, safety, and user experience. These advancements enable the development of predictive maintenance systems, energy-efficient solutions, and seamless integration with building management systems, revolutionizing elevator operations. 

For example, in July 2024, Nibav Lifts introduced its advanced Nibav Series 4 home lifts in Mumbai. These AI-enabled lifts feature LIDAR 2.0 for precise navigation and offer spacious cabins with a luxurious design, blending style and functionality. Such innovations highlight the potential of smart technologies to enhance service delivery and operational efficiency, driving substantial growth in the elevator market.

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The leading players in the India elevator industry include Kone Oyj, Otis Worldwide Corporation, Mitsubishi Electric Corporation, TK Elevator (India) Private Limited, Schindler Group, Hyundai Elevators, Fujitec Co., Ltd., Cibes lift india private limited, Hitachi Ltd. (Hitachi Lift India Pvt. Ltd), Johnson Lifts Private Limited, Epic Elevators Pvt. Ltd., Omega Elevators, City Lift India Ltd., Escon Elevators Pvt. Ltd., Nibav Lifts Private Limited, Elite Elevators, Graandprix, Cooper Elevators India Pvt Ltd., ECE Elevators, Stiltz Home Lifts, Sigma Elevators and others.

These market players are adopting strategies such as business expansion and product launches, across various regions to maintain their dominance in the India elevator market. 

For instance, in August 2024, Otis India expanded its manufacturing facility in Bengaluru to boost elevator production capacity. This expansion is aimed at meeting the increasing demand for elevators, driven by India's growing urban infrastructure and the rise in high-rise developments.

Also, in July 2024, Otis India launched a modular elevator series with customizable features to improve vertical transportation in buildings. This innovative series offers tailored configurations, streamlining installation and minimizing downtime, making it ideal for residential and commercial use.

Furthermore, in June 2024, KONE India inaugurated a new office in Maharashtra that focuses to improve customer service and address the demand for elevators and escalators. This expansion keeps an eye on sales, installation, and maintenance, highlighting the company's dedication to innovation and sustainable urban development.

Additionally, in May 2024, Mitsubishi Electric Building Solutions Corporation introduced the NEXIEZ-Fit elevator for low-rise residential buildings to address the growing housing demand in urban areas. This model improves cost efficiency and construction processes while providing advanced safety features through its BRIDGE remote maintenance service.

Moreover, in April 2024, KONE India expanded its operations as they open a new office in Bengaluru. This initiative is focused on improving customer engagement and meeting the increasing demand for its products and services in the region.

Key Insights from the India elevator Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the India elevator market is provided in the report.

• The value chain analysis in the India elevator market study provides a clear picture of the role of each stakeholder.

• The report provides an analysis of the India elevator market share and competitive landscape of key players in the industry.