Press Release

Elevators Market in India to Grow at 8% until 2021

Increasing urbanization, growing demand for high rise buildings and rising government initiatives such as smart cities and AMRUT cites to drive elevators and escalators market in India

According to TechSci Research report, India Elevators and Escalators Market By Type of Carriage, By Elevator Door Type, By End Use Sector, Competition Forecast & Opportunities, 2011 - 2021’’, elevators market in India is projected to grow at a CAGR of over 8% during 2016 - 2021, due to increasing urbanization, rising construction of high rise buildings, growing real estate sector coupled with rising investments on improvement of public infrastructure across various major cities in the country. Increasing government focus towards building high class infrastructure coupled with rising government initiatives such as ‘Smart City’ and AMRUT is also expected to driving demand for elevators in the country. Further, Government of India is also focusing towards modernization of airports and railway stations, and this is also projected to drive elevators and escalators market in the country during forecast period.

India Phase Wise Total Number of Cities under ‘Housing for All by 2022’ Scheme

Phase

Total Cities

Time Duration

Phase 1

100

April 2015 - March 2017

Phase 2

200

April 2017 - March 2019

Phase 3

-

April 2019 - March 2022

                                                           Source: Ministry of Housing & Urban Poverty Alleviation

By 2015, passenger elevator segment dominated India elevators market, followed by freight elevators.  Increasing number of high rise buildings is driving demand for passenger elevators across different end user segment including residential, commercial, industrial and government institutions. Major companies operating in India elevators market include Kone India, Otis, Schindler India, Johnson Lifts, ThyssenKrupp, etc. South region dominated India elevators market on account of increasing infrastructure projects in the region and growing focus on real estate construction. Cities like Mumbai, Delhi, Noida, Gurgaon, Bangalore, Hyderabad and Chennai are the major demand generators for elevators and escalators in the country.


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“Growing number of high rise buildings is driving demand for high speed and energy efficient elevators. This is in turn boosting demand for traction machine elevators over hydraulic machine elevators. Further, changing lifestyles and government policies, and growing need to reduce accidents associated with manual door elevators is propelling demand for auto-door enabled elevators.  In addition, companies involved in manufacturing elevators are increasingly focusing on smart and energy efficient elevators in order to attract consumer attention across various end use segments.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Elevators and Escalators Market By Type of Carriage, By Elevator Door Type, By End Use Sector, Competition Forecast & Opportunities, 2011 - 2021” has evaluated the future growth potential of India elevator and escalators market and provides statistics and 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 evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India elevators and escalators market. 

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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