|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD
1.68 billion
|
|
CAGR
(2024-2029)
|
5.79%
|
|
Fastest
Growing Segment
|
Automatic
|
|
Largest
Market
|
South
India
|
Market Overview
India Elevators and Escalators Market has valued at
USD 1.68 billion in 2023 and is anticipated to project robust growth in the
forecast period with a CAGR of 5.79% through 2029. The Indian government has
initiated several projects aimed at promoting infrastructure development and
urbanization. The "Smart Cities Mission" is a prime example of this,
focusing on creating sustainable and efficient urban spaces. These government-driven
initiatives create opportunities for elevator and escalator manufacturers and
service providers to equip these smart cities with advanced vertical transportation
systems.
Key Market Drivers
Urbanization
and High-Rise Construction Boom
One of the primary drivers of the Elevators and
Escalators market in India is the rapid urbanization and the subsequent
high-rise construction boom. As India's cities continue to expand and grow, the
demand for vertical transportation solutions has surged significantly. This is
primarily due to the limited availability of land in densely populated urban
areas, which has led to a vertical expansion of cities. To accommodate the
increasing population and businesses, multi-story residential and commercial
buildings have become the norm.
The proliferation of high-rise buildings has
created a substantial need for elevators and escalators. These vertical
transportation systems are essential not only for convenience but also for
ensuring compliance with safety standards and regulations. Developers and
building owners are increasingly recognizing the importance of modern and
efficient elevator and escalator systems to attract tenants, customers, and
employees. This trend is likely to continue, with India's urban population
projected to increase in the coming years.
Another factor contributing to the high demand for
elevators and escalators in India is the government's focus on smart cities and
infrastructure development. The government has initiated several projects aimed
at creating sustainable and efficient urban spaces, which further drives the
adoption of modern vertical transportation solutions in these cities. These
projects are crucial in promoting economic growth and ensuring a better quality
of life for residents.
As India's urbanization trend continues, it is
expected that the Elevators and Escalators market will thrive, providing
opportunities for both domestic and international elevator manufacturers and
service providers. To capitalize on this driver, industry players need to adapt
to the evolving market dynamics and provide innovative, energy-efficient, and
cost-effective elevator and escalator solutions that meet the specific needs of
India's growing urban centers.
Increased
Focus on Accessibility and Safety Regulations
The Elevators and Escalators market in India is
also being driven by an increased focus on accessibility and safety
regulations. As urbanization progresses and awareness about the rights of
differently-abled individuals grows, there is a growing demand for elevators
and escalators that are designed to be more accessible and safer.
Government regulations and building codes have
become stricter regarding the installation and maintenance of elevators and
escalators. These regulations are aimed at ensuring the safety and
accessibility of these systems for all users. Accessibility features include
provisions for wheelchair users, the elderly, and individuals with limited
mobility, while safety measures focus on reducing accidents and breakdowns.
As a result, elevator and escalator manufacturers
are developing products that meet these new requirements. They are integrating
advanced safety features, such as sensors to detect obstructions, emergency
communication systems, and redundant power supplies. These advancements not
only enhance user safety but also reduce the risk of accidents and unexpected
downtime.
Furthermore, public awareness of accessibility and
safety issues has prompted building owners, businesses, and homeowners to
invest in elevators and escalators that comply with these regulations. In
commercial and public buildings, it's seen as a way to meet legal requirements
and enhance the user experience, which, in turn, can attract more customers and
tenants. Residential buildings are also increasingly incorporating elevators to
enhance the convenience and accessibility of multi-story homes.
This driver is expected to continue shaping the
Indian Elevators and Escalators market, as the government remains committed to
improving accessibility and safety standards. Manufacturers who can provide
compliant, efficient, and technologically advanced systems will have a
competitive edge in this growing market.
Infrastructure
Development and Retrofitting Projects
The development of infrastructure and the
increasing number of retrofitting projects are significant drivers of the
Elevators and Escalators market in India. Infrastructure development includes
not only new construction but also the modernization and expansion of existing
infrastructure, such as airports, railway stations, hospitals, and shopping
malls. As the country strives to enhance its transportation and healthcare
facilities, the demand for efficient vertical transportation solutions is
growing.
For existing structures, retrofitting is often
necessary to ensure compliance with safety standards and to meet the
requirements of differently-abled individuals. Older buildings and facilities
are upgrading their elevator and escalator systems to improve accessibility,
energy efficiency, and performance. This has opened up a new market segment for
elevator and escalator manufacturers and service providers specializing in
modernization and retrofitting.
Government initiatives, such as the "Smart
Cities Mission," are driving infrastructure development across the
country. Under this mission, cities are actively working on urban renewal
projects that involve the installation of modern and energy-efficient elevator
and escalator systems in various public spaces. These projects are not limited
to major metropolitan areas but also extend to smaller cities, creating
opportunities for market growth across India.
Moreover, India's growing middle-class population
is increasingly demanding enhanced facilities and services in residential
complexes. Real estate developers are incorporating high-quality elevators and
escalators into their projects to attract potential buyers and residents. This
trend has been instrumental in driving the market for these systems.
In conclusion, the Elevators and Escalators market
in India is being positively influenced by the focus on infrastructure
development and retrofitting, with government initiatives and urbanization
playing a pivotal role. As the country continues to modernize its
infrastructure and as older buildings are renovated, the demand for elevator
and escalator systems is expected to remain robust, creating opportunities for
innovation and growth in the industry.
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Key Market Challenges
Price
Sensitivity and Cost Constraints
One of the significant challenges facing the
Elevators and Escalators market in India is the price sensitivity of consumers
and businesses. In a price-conscious market like India, cost constraints often
dictate purchasing decisions, and this can be a barrier to the adoption of
high-quality elevator and escalator systems.
While there is a growing demand for these systems
due to urbanization and infrastructure development, there is also a strong
emphasis on keeping construction and operational costs low. As a result,
buyers, especially in the residential sector, may opt for budget or economy
solutions that might not meet the highest safety or energy-efficiency
standards.
Elevator and escalator manufacturers often find it
challenging to balance offering cost-effective solutions with maintaining
product quality and safety standards. The competitive nature of the market can
lead to price wars and a race to the bottom, where manufacturers cut corners to
reduce costs, potentially compromising product integrity.
To address this challenge, manufacturers and
service providers need to focus on innovation that reduces operating costs,
offers energy-efficient solutions, and explores financing models that make
premium systems more accessible to a broader range of customers. Educating the
market about the long-term benefits of investing in quality elevator and
escalator systems can also help change the mindset from a cost-driven approach
to a value-driven one.
Regulatory
Compliance and Safety Standards
Another significant challenge for the Elevators and
Escalators market in India is the evolving regulatory landscape and safety
standards. While regulations are essential for ensuring public safety and the
proper functioning of these systems, keeping up with changing compliance
requirements can be a complex and costly process for manufacturers and building
owners.
The Indian government and relevant authorities are
continually updating safety and accessibility standards for elevators and
escalators. These standards encompass aspects such as design, installation,
maintenance, and inspection, making it imperative for industry players to stay
updated and adapt to new guidelines.
One of the key challenges associated with
regulatory compliance is that it often involves retrofitting older systems to
meet new standards. Retrofitting can be expensive, and it's sometimes
logistically challenging, especially in densely populated urban areas where
elevators and escalators are in constant use. Building owners and managers need
to allocate resources and plan for these retrofits, which can disrupt
operations and result in financial constraints.
Manufacturers, on the other hand, must invest in
research and development to ensure that their products align with the latest
standards, and they need to facilitate training and education for installation
and maintenance personnel to meet the new requirements.
This challenge can be addressed through proactive
collaboration between industry stakeholders and government bodies to ensure
that the regulatory changes are reasonable, practical, and phased in gradually,
allowing time for adaptation. Manufacturers can also focus on creating flexible
and modular systems that can be upgraded more easily to meet new standards.
Limited
Infrastructure in Smaller Cities and Towns
While the major metropolitan areas in India are
witnessing significant growth in the Elevators and Escalators market, smaller
cities and towns face a different set of challenges. Limited infrastructure and
lower population densities in these areas can hinder market growth.
In many smaller towns, infrastructure development
and urbanization are lagging behind the major cities. As a result, the demand
for elevators and escalators in these areas is considerably lower. The high
initial investment and maintenance costs associated with these systems can be a
deterrent for property developers and building owners, especially when there is
uncertainty about the return on investment.
Moreover, the lack of skilled personnel and service
providers in these regions can be a hindrance. Proper installation,
maintenance, and repair of elevators and escalators require specialized
knowledge and expertise. The absence of trained technicians can lead to delays
in addressing issues and result in inefficient operations.
To address this challenge, industry players can
consider offering scalable solutions that are cost-effective and tailored to
the needs of smaller towns. Additionally, efforts to promote skill development
and training in these areas can help create a pool of qualified professionals
to support the installation and maintenance of elevator and escalator systems.
Collaborative efforts between the government, manufacturers, and local
businesses are essential in ensuring the expansion of these systems to smaller
markets.
In conclusion, the Elevators and Escalators market
in India faces several challenges, including price sensitivity, regulatory
compliance, and limitations in smaller cities and towns. Overcoming these
challenges requires a combination of innovative solutions, collaboration, and a
customer-focused approach to provide safe, efficient, and cost-effective
systems to a diverse and growing market.
Key Market Trends
Smart and
Energy-Efficient Elevators and Escalators
One prominent trend in the India Elevators and
Escalators market is the increasing demand for smart and energy-efficient
systems. As technology continues to advance, building owners and developers are
looking for elevators and escalators that not only transport people vertically
but also provide added value in terms of energy savings, convenience, and
safety.
Smart elevator and escalator systems are equipped
with cutting-edge technology, including destination control systems, predictive
maintenance, and cloud-based monitoring. Destination control systems optimize
the movement of elevators by grouping passengers traveling to similar floors,
reducing wait times and energy consumption. Predictive maintenance uses data
analytics and sensors to predict and prevent maintenance issues, minimizing
downtime and service costs. Cloud-based monitoring allows real-time tracking
and remote management, further enhancing efficiency.
Energy efficiency is a critical aspect of these
systems. With the increasing emphasis on sustainability and environmental
responsibility, there is a growing demand for elevators and escalators that
consume less energy and produce fewer greenhouse gas emissions. Manufacturers
are developing energy-efficient models that use regenerative drives, LED
lighting, and standby mode features to conserve power. Additionally, more
attention is being given to materials and design to ensure that these systems
are eco-friendly and sustainable.
These trends are being driven by both environmental
concerns and the desire to reduce operational costs. Building owners and
managers understand that investing in smart and energy-efficient elevators and
escalators can lead to long-term savings, making these systems an attractive
choice for both new constructions and retrofits. In the coming years, we can
expect to see a continued focus on technology integration and energy efficiency
in the Indian market, with manufacturers striving to meet the demand for intelligent
and eco-friendly vertical transportation solutions.
Personalization
and Customization of Vertical Transportation
Another noteworthy trend in the India Elevators and
Escalators market is the increasing demand for personalized and customized
systems. As buildings become more than just functional spaces and aim to offer
unique experiences to occupants, elevators and escalators are also evolving to
align with this trend.
Personalization in elevator and escalator systems
involves tailoring the user experience to individual preferences and needs. For
example, in residential buildings, users may want personalized settings for
their elevator, such as preferred floor destinations, lighting, and music. In
commercial spaces like shopping malls or office complexes, elevators can be
customized to display branding and messaging, enhancing the overall
environment.
This trend is also related to aesthetics. Building
owners and designers are placing a strong emphasis on the visual appeal of
elevators and escalators. Customization options for materials, colors, and
finishes are becoming more prevalent, allowing these systems to seamlessly
blend with the architectural and interior design of the building. Glass
elevators with scenic views, bespoke handrails, and artistic wall coverings are
examples of the customization choices that cater to modern architectural and
design preferences.
In addition to aesthetics and personalization,
security is also a key driver for customization. Access control systems
integrated into elevators and escalators are increasingly sought after for
enhanced security. These systems can restrict access to certain floors or
areas, making them valuable in residential and commercial properties.
The trend of personalization and customization is
expected to continue in the India Elevators and Escalators market as buildings
strive to stand out and offer a unique experience. Manufacturers are responding
to this trend by offering a wider range of design options, enhanced
technological features, and security solutions, ensuring that elevators and
escalators can be tailored to meet the specific needs and desires of each
customer.
Segmental Insights
Service Insights
The Modernization and
Maintenance & Repair segment emerged as the dominating segment in 2023.
The modernization segment of the India Elevators and Escalators market has been
witnessing significant growth and is expected to continue its upward trajectory
in the coming years. Modernization involves upgrading and enhancing existing
elevator and escalator systems to meet current safety, energy efficiency, and
accessibility standards while improving performance and aesthetics.
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.
Strict government regulations mandate regular
safety inspections and certifications for elevators and escalators.
Non-compliance can result in penalties and legal issues. This drives the demand
for maintenance services to ensure compliance with safety standards.
The installed base of elevators and escalators in
India is extensive and varied, ranging from older, manually operated systems to
modern, high-tech ones. This diversity requires service providers to offer a
wide range of maintenance and repair services to cater to different system
types.
End User Insights
The Commercial segment is projected to experience
rapid growth during the forecast period. The commercial segment within the
India Elevators and Escalators market is a dynamic and vital sector that
encompasses a wide range of vertical transportation needs in commercial
buildings, including office complexes, shopping malls, hotels, and other public
spaces.
The commercial segment is one of the most
significant contributors to the Elevators and Escalators market in India. The
growth in the commercial real estate sector, driven by urbanization and the
expansion of businesses, has resulted in increased demand for elevator and
escalator installations. India's burgeoning corporate landscape, which includes
IT parks, business centers, and shopping complexes, has fueled this growth.
Commercial buildings in India emphasize
modernization and aesthetics. Building owners and developers seek to create
impressive and technologically advanced spaces to attract businesses and
consumers. Elevators and escalators in this segment are expected to be not only
efficient but also visually appealing and technologically advanced.
Glass-walled elevators and scenic escalators have become popular choices to
enhance the overall appeal of commercial spaces.
Sustainability and energy efficiency are
increasingly important considerations in commercial buildings. Building owners
are looking for elevator and escalator solutions that reduce energy consumption
and environmental impact. Modern systems are designed with regenerative drives,
LED lighting, and energy-efficient components to meet these demands.
Manufacturers in India are focusing on green technology and environmentally
friendly materials to align with these requirements.
In conclusion, the commercial segment of the India
Elevators and Escalators market is marked by robust growth, driven by the
emphasis on modernization, aesthetics, energy efficiency, sustainability, and
compliance with accessibility and safety standards. The segment is competitive,
with manufacturers and service providers continually innovating to meet the
evolving demands of commercial building owners and developers. The integration
of IoT technology and smart solutions will likely play a pivotal role in shaping
the future of this segment.
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Regional Insights
South India is expected to be the dominating region
during the forecast period. South India encompasses several major cities,
including Bangalore, Chennai, Hyderabad, Kochi, and Coimbatore. These cities
are known for their robust economic activities, increasing urbanization, and
the development of high-rise buildings. These factors create a substantial
demand for elevators and escalators in the region.
Cities like Bangalore and Hyderabad are prominent
IT and industrial hubs, housing numerous tech companies and businesses. The
demand for modern office spaces and commercial complexes in these cities has
driven the need for advanced elevators and escalators to serve the employees
and visitors.
The government's "Smart Cities Mission"
and infrastructure development projects extend to South India. As a result,
these cities are witnessing investments in public spaces, transportation hubs,
and commercial centers, all of which require efficient vertical transportation
systems.
The residents and businesses in South India often
prioritize quality, safety, and technology. They seek elevators and escalators
with advanced features, including destination control systems, energy
efficiency, IoT connectivity, and customization to enhance user experience and
aesthetics.
South India, like the rest of the country, is
increasingly environmentally conscious. This has led to a demand for
energy-efficient elevator and escalator systems that align with sustainability
goals. Manufacturers can capitalize on this by offering green technologies and
eco-friendly materials.
In summary, South India is a vibrant market for the
Elevators and Escalators industry, with a burgeoning urban population, economic
growth, and a focus on technology and sustainability. Manufacturers and service
providers should leverage these opportunities while addressing price
sensitivity and navigating a competitive environment to thrive in this dynamic
market.
Recent Developments
- In August 2023, Schindler India signed a contract
to supply and install 120 elevators and escalators for the upcoming Smart City
project in Pune.
Key Market Players
- Otis Elevator Company
- KONE
India
- Schindler
India
- Mitsubishi
Electric India
- Johnson Lifts
- ThyssenKrupp
Elevator India
- Bharat
Bijlee
- Stannah
- Hyundai
Elevator India
- Fujitec
India
|
By Type
|
By Elevator Door Type
|
By Elevator Technology
|
By Service
|
By End User
|
By Region
|
- Elevator
- Escalator
- Moving
Walkways
|
|
- Traction
- Machine Room-Less Traction
- Hydraulic
|
- Modernization and Maintenance & Repair
- New Installation
|
- Residential
- Commercial
- Infrastructural
- Institutional
- Others
|
- North India
- South India
- West India
- East India
|
Report Scope:
In this report, the India Elevators
and Escalators Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- India Elevators and Escalators Market, By Type:
o Elevator
o Escalator
o Moving Walkways
- India Elevators and Escalators Market, By
Elevator Door Type:
o Automatic
o Manual
- India Elevators and Escalators Market, By
Elevator Technology:
o Traction
o Machine Room-Less Traction
o Hydraulic
- India Elevators and Escalators Market, By
Service:
o Modernization and Maintenance & Repair
o New Installation
- India Elevators and Escalators Market, By End User:
o Residential
o Commercial
o Infrastructural
o Institutional
o Others
- India Elevators and Escalators Market, By
Region:
o North India
o South India
o West India
o East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India
Elevators and Escalators Market.
Available Customizations:
India Elevators and Escalators Market report
with the given market data, Tech Sci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
India Elevators and Escalators Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]