India Elevators and Escalators Market is expected to grow at a robust CAGR
India
Elevators and Escalators Market is expected to grow owing to advanced features
like destination control systems, predictive maintenance, and IoT (Internet of
Things) connectivity throughout the forecast period.
According
to TechSci Research report, “India
Elevators and Escalators Market –
By Region, Competition, Forecast and Opportunities, 2019-2029”, the India
Elevators and Escalators Market is expected to register robust
growth during the forecast period. The
Indian government has implemented stricter regulations and safety standards
concerning elevators and escalators. These regulations emphasize the importance
of safety features, accessibility for differently-abled individuals, and
regular maintenance. Compliance with these standards has become a driving force
for the installation and modernization of these systems.
The
increasing demand for smart and energy-efficient elevator and escalator systems
presents a substantial opportunity. Smart technologies, such as IoT
integration, destination control, and predictive maintenance, are in demand.
Manufacturers can develop and market solutions that reduce energy consumption,
enhance user experience, and contribute to sustainability. This includes
regenerative drives, LED lighting, and eco-friendly materials.
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Based
on service, the
Modernization and Maintenance & Repair segment is expected to dominate the
market during the forecast period. Evolving safety and accessibility
regulations have pushed building owners and property developers to invest in
modernization to meet compliance requirements. The government's stringent
safety standards and the emphasis on making buildings accessible to all have
created a sense of urgency for retrofits. In addition to safety and performance
improvements, the aesthetic appeal of elevator and escalator systems plays a
crucial role in modernization. Building owners are choosing modernization
options that match the overall interior and architectural design of their
properties. This has led to the introduction of customized and visually
appealing modernization solutions. In addition to routine maintenance, the
segment also includes emergency repair services. Elevator and escalator
breakdowns can cause inconvenience and safety hazards, necessitating swift
repairs. Building owners and managers rely on service providers to address
these issues promptly. Building owners and facility managers often establish
long-term partnerships with maintenance and repair providers. Customer loyalty
is a vital factor in this segment, with reliable and responsive service
providers enjoying repeat business and referrals. The maintenance and repair
segment is characterized by its consistent demand, driven by safety
regulations, the diverse installed base, and the need for reliable service
providers. As technology advances, service providers will increasingly
incorporate predictive maintenance and IoT solutions to enhance their offerings,
providing customers with more efficient and cost-effective solutions. This
segment will remain a critical component of the Indian Elevators and Escalators
market for years to come.
Based
on end user, the Commercial segment is projected to dominate the market
throughout the forecast period. Accessibility features, such as braille
buttons, voice announcements, and barrier-free access, are crucial in
commercial buildings to ensure compliance with government regulations and cater
to a diverse clientele, including differently-abled individuals. Safety
measures, including emergency communication systems and collision avoidance
technologies, are also critical to protect users and minimize downtime. The
commercial segment is witnessing increased adoption of IoT (Internet of Things)
technology to enhance the efficiency and convenience of elevator and escalator
systems. Smart solutions include destination dispatching, predictive
maintenance, real-time monitoring, and access control. These technologies help
optimize traffic flow, reduce energy consumption, and improve user experience.
Compliance with government regulations is a key driver in the commercial
segment. The Indian government has strict safety and accessibility standards
for elevators and escalators in commercial spaces. Building owners and
developers must adhere to these regulations to avoid penalties and legal
issues. The commercial segment often involves long-term service and maintenance
contracts to ensure the uninterrupted operation of elevators and escalators.
Building owners and facility managers establish partnerships with service
providers who offer responsive emergency repairs and preventive maintenance
services to minimize downtime. The commercial segment is highly competitive,
with multiple international and domestic players vying for market share.
Competition has driven innovation, leading to the introduction of customized
solutions, comprehensive maintenance services, and value-added offerings such
as real-time performance analytics.
Key
market players in the India Elevators and Escalators Market are:
- Otis
Elevator Company
- KONE
India
- Schindler
India
- Mitsubishi
Electric India
- Johnson
Lifts
- ThyssenKrupp
Elevator India
- Bharat
Bijlee
- Stannah
- Hyundai
Elevator India
- Fujitec
India
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“The
India Elevators and Escalators Market in South India is poised to be the
dominant force in the industry. South India is witnessing substantial
urbanization, with a growing population moving to cities in search of better
employment and lifestyle. This demographic shift has resulted in the
construction of high-rise residential complexes and commercial buildings,
thereby increasing the demand for vertical transportation systems.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India
Elevators and Escalators Market Segmented By Type (Elevator, Escalator and
Moving Walkways), By Elevator Door Type (Automatic and Manual), By Elevator
Technology (Traction, Machine Room-Less Traction and Hydraulic), By Service
(Modernization and Maintenance & Repair, New Installation), By End User
(Residential, Commercial, Infrastructural, Institutional, and Others), By
Region, and By Competition, 2019-2029,” has evaluated the future growth
potential of India Elevators and Escalators Market and provides
statistics & 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 decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Elevators and Escalators Market.
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