The presence of key companies within the region is driving the demand for the India elevator market during the forecast period.

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, according to new research by Next Move Strategy Consulting. The elevator market is growing due to significant investments and advancements led by leading companies such as KONE Elevator India and Fujitec India in India. These companies have introduced innovative elevator solutions and expanded their production capacities to meet the escalating demand.

For instance, in May 2022, KONE Elevator India unveiled the world's largest passenger elevator at the Jio World Centre in India, weighing 16 tons and covering a floor area of 25.78 square meters. Similarly, in August 2023, Fujitec India inaugurated a new elevator plant aimed at enhancing unit production from 2,000 to 3,000 units annually by 2023. These initiatives underscore elevator manufacturers' dedication to addressing India's evolving market needs and sustaining its growth momentum. Industry innovation and investment emerge as crucial drivers propelling the expansion of the Indian elevator market.

Additionally, the elevator market in India is propelled by the country's notable demographic shift, with its population forecasted to reach 1.64 billion by 2047, according to estimates by the United Nations. With approximately 51% of this populace expected to reside in urban areas, there is a growing demand for efficient vertical transportation solutions. As the second-largest elevator market in the region, valued at USD 6.2 billion in 2023, India faces the urgent need to accommodate the mobility requirements of its urban population. The rapid urbanization trend drives the demand for elevators, serving as a significant growth driver in the Indian elevator market.

Nonetheless, the costs linked to installing, maintaining, and enhancing elevators pose substantial obstacles to market expansion. The initial capital needed for implementing elevator systems, particularly in structures not initially designed for such infrastructure, can place a significant financial strain on building owners and developers. Moreover, ongoing expenses associated with maintenance agreements, which involve routine inspections and repairs, add to the overall ownership expenditure.

On the other hand, the combination of AI-driven predictive maintenance in elevators is positioned to foster future growth within the industry. Leveraging AI technology, data from elevator sensors is rapidly analyzed to promptly identify maintenance needs. This helps in minimizing elevator downtime and ensuring uninterrupted operation.

Furthermore, it plays a vital role in preventing unexpected breakdowns, thereby bolstering elevator safety. Moreover, AI facilitates more efficient resource allocation for companies, resulting in cost savings. Elevators that are consistently maintained contribute to heightened user satisfaction by operating smoothly, thereby enhancing the overall building experience. Embracing AI-driven maintenance enables elevator firms to stay competitive and provide exceptional service amidst market fluctuations.

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Several market players operating in the India elevator market include 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.

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 market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the India elevator market is provided in the report along with their competitive analysis.