Press Release

India Elevators and Escalators Market is expected to grow at a CAGR of 5.79% through 2029

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, 2019-2029F”, 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. Many older buildings and structures in India have outdated elevator and escalator systems that do not comply with modern safety and accessibility standards. The need to retrofit these systems to ensure compliance and enhance performance has driven the modernization segment. Building owners and facility managers are investing in upgrades to prolong the lifespan of their equipment. The adoption of smart technologies and energy-efficient components has become a significant driver in modernization efforts. Elevator and escalator manufacturers are offering advanced control systems, LED lighting, regenerative drives, and cloud-based monitoring for retrofit projects. These technologies contribute to enhanced efficiency and user experience. Routine maintenance is essential to prevent breakdowns and ensure the smooth functioning of elevator and escalator systems. This includes inspections, lubrication, cleaning, and the replacement of worn components. Building owners and facility managers prioritize preventive maintenance to extend the lifespan of their equipment. 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.


Key market players in the India Elevators and Escalators Market are:

  • KONE Elevator India Private Limited
  • Johnson Lifts India Private Limited
  • Schindler India Pvt. Ltd.
  • OTIS Elevator Company (India) Ltd.
  • ThyssenKrupp Elevator (India) Pvt. Ltd.
  • Mitsubishi Elevator India Pvt. Ltd.
  • Fujitec India Pvt. Ltd.
  • Escon Pvt Ltd.
  • Hitachi Lift India Pvt. Ltd.
  • Blue Star Elevator Pvt. Ltd.


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“The India Elevators and Escalators Market in South India is poised to be the dominant region 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 of 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, 2019-2029F,” 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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