India Elevator Market by Type (Passenger Elevator, and Others), by Technology (Traction and Hydraulic), by Services (New Installation, and others), by Capacity (Less than 1500 KG, and others), by Speed (Less than 1 M/S, and others), by Deck Type (Single Deck and Double Deck), by Designation Control (Smart and Conventional), by Door Type (Automatic and Manual), by Operation (Low-Rise, and others), and by Application – Global Opportunity Analysis and Industry Forecast, 2025–2030
Industry: Construction & Manufacturing | Publish Date: 27-Feb-2025 | No of Pages: 333 | No. of Tables: 270 | No. of Figures: 195 | Format: PDF | Report Code : CM1652
India Elevator Market Overview
India Elevator Market size 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.
The factors such as the rising urbanization, and government initiatives drives the market growth. However, the regulatory challenges, marked by intricate guidelines and stringent compliance standards pose significant challenges to India elevator market expansion. On the contrary, integration of smart technologies, such as IoT and AI, offers promising future opportunities to improve efficiency, safety, and user experience.
Moreover, the leading companies Kone Oyj, Otis Worldwide Corporation together with others maintain their market expansion through initiatives of business expansion, product launches, and partnership agreements. These initiatives are expected to offer innovation and sustainability in urban development. With AI and IoT integration, the elevator industry in India is rising by creating opportunities for enhanced service delivery and operational efficiency.
Rising Urbanization Drives the Growth of Market in India
The growth in the urbanization increases the demand for the establishment of multi-story buildings and business complexes, which in turn boost the market growth. Recently, the National Institute of Urban Affairs published a report stating that urbanization in India was 34.5% in the year 2021 and is expected that this figure would go up to 37.9% by 2031. This ongoing shift towards urbanization accelerates the demand for elevators in both residential and commercial spaces, indicating a dynamic growth for the elevator market in India. As cities expand and evolve, the integration of efficient vertical transportation systems is crucial to accommodate growing populations and enhance the overall urban infrastructure.
Rising Government Initiatives in Infrastructure Development Drives the Elevator Market in India
The growing government investment aimed at promoting infrastructure development, smart cities, significantly enhance the India elevator market demand in new constructions, as these policies facilitate the growth of modern residential and commercial buildings that require efficient vertical transportation solutions. The Ministry of Commerce and Industry reported in February 2024 that the total funding for the Smart City Mission exceeded USD 86.43 billion.
The government demonstrates strong dedication toward better urban infrastructure through their sizeable funding which fuels India elevator market growth. As these projects progress, the necessity for elevators continues to rise, reflecting the integral role they play in enhancing accessibility and mobility within newly developed urban spaces.
Regulatory Challenges Restrain the Elevator Market Growth in India
Regulatory challenges, characterized by complex regulations and compliance requirements, pose significant constraints on the elevator market. These intricate guidelines delay project approvals and implementation, adversely impacting the timely installation of elevators. Consequently, such delays hinder market growth and reduce the overall efficiency of development projects. For instance, the requirement for lifts to undergo inspections every six months can create delays in installation timelines. Additionally, lift manufacturers must navigate accessibility regulations, which demand design modifications that can impact production schedules and increase costs.
Integration of AI and Internet of Things (IoT) in Elevator System Presents Lucrative Opportunity for Market Expansion
The integration of smart technologies, such as IoT and AI, offers substantial future opportunities for the elevator market by enhancing efficiency, safety, and user experience. These innovations will facilitate the development of predictive maintenance systems, energy-efficient solutions, and seamless integration with building management systems, fundamentally transforming elevator operations and management. For instance, in July 2024, Nibav Lifts, India’s leading home elevator brand, launched its advanced Nibav Series 4 home lifts in Mumbai, featuring AI-enabled technology and a luxurious design.
These innovative lifts included LIDAR 2.0 for precise navigation and offered a spacious cabin, emphasizing both style and functionality. Overall, the adoption of these advanced technologies is set to drive significant growth in the elevator market, creating opportunities for enhanced service delivery and operational efficiency.
By Type, Passenger Elevator Holds the Dominant Share in India Elevator Market
Passenger elevator holds approximately 45% of India elevator industry. The passenger elevator represents a critical kind of vertical mobility solution designed to raise convenience, security, and the efficiency of transporting passengers across multiple floors in residential buildings, commercial entities, and the public sector. These elevators are equipped with advanced features that include energy-saving motors, control of ride motion, and added safety mechanisms so as to remain reliable and comfort-giving to users.
By Application, Industrial Segment Holds the Highest CAGR of 15%
The industrial elevator application segment in the market is experiencing significant growth due to the increasing need for efficient vertical transportation across various sectors. These elevators are designed to handle heavy loads and facilitate the seamless movement of materials, equipment, and goods across different levels. By improving operational efficiency and reducing manual labor, industrial elevators play a crucial role in supporting industries to meet high production demands and streamline workflows.
Competitive Landscape
The top key players operating in 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, 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 companies are engaged in various business expansion, product launch and partnership across various regions to maintain their dominance in India elevator market.
|
Date |
Company |
Recent Developments |
|
August 2024 |
Otis Worldwide Corporation |
Otis India expanded its manufacturing facility in Bengaluru to increase production capacity. This move aims to meet the growing demand for elevators in India's urban infrastructure. |
|
July 2024 |
Otis Worldwide Corporation |
Otis India launched customizable modular elevator series designed to enhance vertical transportation in buildings. This innovative series allows for tailored configurations, simplifying installation and reducing downtime, making it suitable for both residential and commercial applications. |
|
June 2024 |
Kone Oyj |
Kone India inaugurated a new office in Kalyan, Maharashtra, to enhance customer service and meet the rising demand for elevators and escalators. This strategic expansion focuses on sales, installation, and maintenance, reinforcing its commitment to innovation and sustainability in urban development. |
|
May 2024 |
Mitsubishi Electric Corporation |
Mitsubishi Electric Building Solutions Corporation launched the NEXIEZ-Fit elevator, for low-rise residential buildings, to meet the rising housing demand in urban areas. This model enhances cost performance and construction efficiency while offering advanced safety features through its connection to the BRIDGE remote maintenance service. |
|
April 2024 |
Kone Oyj |
KONE India expanded its operations by opening a new office in Bengaluru. This move aims to enhance customer engagement and support the growing demand for its products and services in the region. |
|
February 2024 |
TK Elevator India Private Limited |
TK Elevators launched enta villa, a new home elevator concept designed for India's luxury residential market. This innovative product addresses the growing demand for high-end lifestyle solutions among the expanding middle class in India, particularly in multi-floor houses and villas. |
|
December 2023
|
Kone Oyj
|
Kone Elevator India inaugurated a new office in Telangana marking a significant milestone for the company. This new facility is part of Kone's strategic expansion plans and aims to enhance its service capabilities in the region. |
|
December 2023 |
Mitsubishi Electric Corporation |
Mitsubishi Electric launched its new manufacturing facility in Talegaon, Maharashtra, aimed at producing advanced factory automation systems. This expansion is significant as it aligns with the growing demand in various sectors, including the elevator market, where automation and energy-efficient solutions are increasingly essential for modern infrastructure development. |
|
November 2023 |
TK Elevator India Private Limited |
TK Elevators partnered with Infosys to modernize its digital landscape and enhancing operational efficiency. This collaboration streamlines TK Elevator's business applications and create a unified technology framework across its global operations. |
Source: Primary Research, Secondary Research, NMSC Analysis
India Elevator Market Key Segments
By Type
-
Passenger Elevator
-
Freight Elevator
-
Other Elevator
By Technology
-
Traction
-
Machine Room (MR) Traction
-
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
-
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 Operation
-
Low-Rise
-
Mid-Rise
-
High-Rise
By Application
-
Residential
-
Commercial
-
Industrial
By State
-
Maharashtra
-
Delhi
-
Tamil Nadu
-
Gujarat
-
Andhra Pradesh
-
Karnataka
-
Kerela
-
Madhya Pradesh
-
Uttar Pradesh
-
West Bengal
-
Remaining States
India Elevator Market Key Players
-
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
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2024 |
USD 2.95 Billion |
|
Revenue Forecast in 2030 |
USD 4.84 Billion |
|
Growth Rate |
CAGR of 7.8% from 2025 to 2030 |
|
Analysis Period |
2024–2030 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
20 |
|
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. |
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Blogs
Brush Strokes to Pixels: Exploring Emerging Trends in Graphic Design
Introduction Embark on an intriguing journey through the...
Why Market Research Is the Key to Business Success
Market research is a crucial component and has a vital role to play when it come...
Top 10 Global Market Research Publishers
Market research is the process of collecting and evaluating information about consumers, competitors, and target markets. The orde...
