India Elevators Market is expected to grow at a CAGR of 9.47% Through 2030
Rising infrastructure
development and an increasing number of commercial & residential buildings
are driving the growth of the India elevators Market in India during the forecast
period.
According to
TechSci Research report, “India Elevators Market –-
By Region, Competition Forecast and Opportunities, 2030” India elevators market was
valued at USD 4.1 Billion in 2024 and is predicted to grow at CAGR of 9.47%
through 2030. Rising development of
high-rise commercial and residential buildings coupled with increasing capital
inflow into the real-estate sector are expected to drive the India Elevator
Market during the forecast period.
Increasing population is
accelerating the demand for high-rise commercial and residential buildings,
which is augmenting the installation of elevators all over India. Short-term
expansion of India’s building activities will be driven by a mixture of fiscal
support and government policies supporting the housing market in the country.
Long-term growth will mainly be driven by country's massive population, which
requires continued investments into residential building construction sector,
which in turn is creating a market opportunity for elevator manufacturers in
India.
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Elevators Market"
Based on type of carriage, Freight segment dominates the market in the forecast period, In the India elevators market, the freight segment is emerging as a dominant force, driven by the country's expanding industrial and logistics sectors. Unlike passenger elevators primarily designed for human transportation within buildings, freight elevators are specially engineered to handle the movement of goods, heavy equipment, and materials across various industrial and commercial settings.
One of the primary drivers of the freight elevator segment is the rapid growth of e-commerce and logistics industries. With the surge in online shopping and doorstep deliveries, there has been an unprecedented demand for efficient warehouse and distribution center operations. Freight elevators play a crucial role in these facilities by facilitating the movement of goods vertically, optimizing storage space, and improving operational efficiency. They enable quick and safe transport of heavy loads, pallets, and machinery, enhancing the overall logistics infrastructure.
India's expanding manufacturing sector further propels the demand for freight elevators. Industrial facilities such as factories, production plants, and automotive workshops require robust vertical transportation solutions to streamline production processes and logistics. Freight elevators ensure seamless movement of raw materials, finished products, and equipment within these industrial environments, supporting manufacturing operations and enhancing productivity.
Infrastructure development projects also contribute significantly to the freight elevator market. Construction of airports, metro stations, shopping malls, and large-scale commercial complexes necessitates the installation of freight elevators to handle the transportation of construction materials, machinery, and supplies. These elevators are designed to withstand heavy-duty use and harsh operational conditions, making them indispensable in construction and infrastructure projects across the country.
In addition to industrial and commercial applications, the healthcare sector is another key area driving demand for freight elevators in India. Hospitals and medical facilities require specialized elevators to transport medical equipment, hospital beds, and supplies between floors. Freight elevators in healthcare settings adhere to strict safety standards and ergonomic designs to ensure efficient and hygienic vertical transport, contributing to enhanced patient care and operational efficiency.
The customization and technological advancements in freight elevator systems further bolster their appeal in the market. Manufacturers are continuously innovating to offer customized solutions that meet specific industry requirements, such as high load capacities, variable speeds, and advanced safety features. Modern freight elevators are equipped with state-of-the-art technologies like remote monitoring, predictive maintenance capabilities, and energy-efficient drives, optimizing performance and reliability while reducing operational costs.
Overall, the freight segment of the India elevators market is poised for significant growth, driven by the expanding industrial base, infrastructure development projects, rising demand from e-commerce and logistics sectors, and technological advancements in elevator systems. As the economy continues to evolve and urbanize, the role of freight elevators in supporting efficient vertical transportation across diverse sectors will remain pivotal, shaping the future of the elevator industry in India.
Major
market players operating in the India elevators market are:
- KONE Elevator India Private Limited
- Johnson Lifts India Private Limited
- Schindler India Pvt. Ltd.
- OTIS Elevator Company (India) Ltd.
- TK Elevator India Private Limited
- 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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“West Region is estimated to be the largest region in the India Elevators Market owing to the increasing investment in the
construction sector and increasing urbanisation in the region. Moreover, rising
urbanization and increasing infrastructure development are expected to drive
the market in the region. West India has continued to maintain its momentum in
real estate, strengthening and building itself as one of the most sought-after
destinations in the country for homebuyers and NRIs. Additionally, cities like Mumbai, Pune are now part of the global real estate map.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Elevators Market By Type of Carriage
(Passenger, Freight & Others), By Type of Machinery (Traction &
Hydraulic), By Type of Elevator Door (Automatic & Manual), By Weight (Up to
350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg), By End
User (Residential, Commercial, Industrial & Government Institution), By
Value, By End User (Residential, Commercial, Industrial & Government
Institution), By Region, Competition Forecast and Opportunities, 2030”,
has evaluated the future growth potential of India Elevators 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 Market.
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