Press Release

Rising Urbanization to Drive India Elevators and Escalators Market Beyond $ 2 Billion by 2023

Growing construction of high-rise buildings in metro cities coupled with rising urbanization and increasing investments in infrastructure development to fuel India elevators and escalators market through 2023

According to TechSci Research report, India Elevators and Escalators Market By Type of Carriage, By Type of Machinery, By Type of Door, By Weight, By End User, Competition Forecast & Opportunities, 2013 – 2023’’, elevators and escalators market in India is projected to cross $ 2 billion by 2023. Key factors expected to drive the market include rising urbanization, growing investments in development of infrastructure such as metros, airports and bus terminals, and increasing number of government initiatives such as Pradhan Mantri Awas Yojana (Urban), Smart Cities Mission, etc. Increasing construction of high-rise buildings and implementation of Real Estate (Regulation and Development) Act, 2016 (RERA) is further expected to boost demand for elevators and escalators in the country over the next five years.


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In India elevators market, passenger elevators account for the largest market share, owing to rising adoption of passenger elevators in residential and commercial end user segments coupled with RERA mandating elevators in buildings that are over 15 meters across the country. Residential segment dominates India elevators market, backed by growing number of high-rise residential buildings and builder floors in more than 15 meter high buildings in India. KONE Elevator India Pvt. Ltd., Johnson Lifts Pvt. Ltd., Schindler India Pvt. Ltd., and OTIS Elevator Company (India) Ltd. are the major companies operating in India elevators and escalators market.  

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“Increasing popularity of elevators with aesthetic appeal, rising adoption of Elevator Automatic Rescue Device, surging investments in elevator manufacturing facilities and growing focus towards safe, modern and environment friendly elevators are expected to boost demand for elevators and escalators in India. Moreover, growing urbanization and development of Tier-II & Tier-III cities with increasing investments in the development and modernization of infrastructure would result in growth opportunities for companies operating in India elevators and escalators market during the forecast period.,” 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 Type of Machinery, By Type of Door, By Weight, By End User, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of elevators and escalators market and provides statistics and information on market size, structure and future market growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India elevators and escalators market.

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India Elevators and Escalators Market By Type of Carriage (Passenger, Freight & Others), By Type of Machinery (Traction & Hydraulic), By Type of Door (Automatic & Manual), By Weight, By End User, Competition Forecast & Opportunities, 2013 – 2023

Infrastructure | Oct, 2018

Growing construction of high-rise buildings in metro cities coupled with rising urbanization and increasing investments in infrastructure development to fuel India elevators and escalators market through 2023

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