Report Description

Forecast Period


Market Size (2023)

USD 4.1 Billion

Market Size (2029)

USD 7.12 Billion

CAGR (2024-2029)


Fastest Growing Segment


Largest Market

West India

Market Overview

India Elevators Market was valued at USD 4.1 Billion in 2024 and is anticipated to project robust growth in the forecast period with a CAGR of 9.47% through 2030. The India elevators market is driven by rapid urbanization, increasing construction of high-rise buildings, and growing demand for residential and commercial spaces. Government initiatives like Smart Cities Mission and affordable housing projects boost market growth. Rising disposable incomes and improving living standards lead to higher adoption of elevators. Technological advancements, such as energy-efficient and smart elevators, attract consumers seeking convenience and sustainability. Additionally, the expanding real estate sector, infrastructural developments, and a growing aging population needing mobility solutions contribute to the market's expansion. Increasing focus on safety standards and modernization of existing infrastructure further propel the market forward.

Key Market Drivers

The India elevators market is propelled by several key drivers, making it one of the most dynamic sectors in the construction and infrastructure industry. A primary driver is the rapid urbanization occurring across the country. With an increasing number of people migrating to urban areas for better employment opportunities and improved living standards, there is a significant rise in the construction of high-rise buildings, both residential and commercial. This urban shift necessitates the installation of elevators to accommodate the vertical growth of cities, thereby directly boosting the demand for elevators. Additionally, government initiatives such as the Smart Cities Mission and Pradhan Mantri Awas Yojana (PMAY) are pivotal in stimulating market growth. These programs aim to develop urban infrastructure and provide affordable housing, respectively, leading to an increase in construction activities that require elevator installations.

Another significant driver is the rising disposable income and improving living standards of the Indian population. As more people move into the middle and upper-middle-income brackets, there is a growing preference for modern amenities, including elevators, in residential complexes. This trend is not only limited to metropolitan areas but is also spreading to smaller cities and towns, further expanding the market. Technological advancements in the elevator industry are also playing a crucial role in market growth. Innovations such as energy-efficient elevators, smart elevators with advanced safety features, and elevators equipped with IoT (Internet of Things) technology are attracting consumers. These advanced systems offer benefits like lower energy consumption, reduced operational costs, enhanced safety, and improved user experience, making them a preferred choice for new installations and modernization projects.

The real estate sector, which is a major consumer of elevator products, continues to grow, driven by the increasing demand for residential, commercial, and industrial spaces. The burgeoning real estate market necessitates the incorporation of elevators to meet the needs of multi-story building designs, thereby fueling the elevator market. Furthermore, infrastructural developments such as the construction of new airports, shopping malls, hospitals, and metro stations contribute to the demand for elevators. The need for efficient vertical transportation systems in these public spaces is critical, making elevators an indispensable component of modern infrastructure projects.

The aging population in India also presents a unique opportunity for the elevators market. As the number of elderly people increases, there is a heightened need for mobility solutions that can provide ease of movement within residential buildings and public facilities. Elevators serve as a crucial element in ensuring accessibility and convenience for the elderly, thereby driving their demand. Additionally, the focus on safety standards and regulations has become more stringent in recent years, pushing for the modernization of existing elevator infrastructure. Compliance with these safety standards requires the upgrading and replacement of older systems, thereby generating additional demand for new elevator installations.

The growing awareness and emphasis on sustainability and green building practices are influencing the elevator market positively. Developers and builders are increasingly opting for environmentally friendly and energy-efficient elevator systems to align with global sustainability trends and reduce carbon footprints. These green initiatives not only appeal to environmentally conscious consumers but also help in reducing long-term operational costs, making them economically viable.

In summary, the India elevators market is driven by a combination of urbanization, government initiatives, rising incomes, technological advancements, real estate growth, infrastructural developments, an aging population, safety regulations, and sustainability trends. These factors collectively contribute to the robust growth and dynamic nature of the market, ensuring its continued expansion in the foreseeable future.

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Key Market Challenges

The India elevators market, while experiencing significant growth, faces several key challenges that impact its overall development and operational efficiency. One of the primary challenges is the high cost of installation and maintenance. Elevators require substantial initial investment, which includes the cost of the equipment, installation, and necessary civil work. Additionally, regular maintenance is essential to ensure safety and functionality, which adds to the ongoing expenses. This high cost can be a deterrent for smaller builders and developers, particularly in tier II and tier III cities, limiting the market's growth potential in these areas.

Another significant challenge is regulatory compliance. The elevator industry in India is subject to various safety standards and regulations, which can vary from state to state. Navigating these regulatory frameworks can be complex and time-consuming for manufacturers and service providers. Ensuring compliance with these standards often requires additional investment in safety features and regular inspections, which can be burdensome, especially for smaller companies. Moreover, any non-compliance can lead to legal issues, fines, and reputational damage, further complicating operations.

The shortage of skilled labor is another critical issue affecting the India elevators market. The installation, maintenance, and repair of elevators require specialized skills and technical knowledge. However, there is a dearth of adequately trained and experienced technicians in the country. This shortage can lead to delays in installation and maintenance services, negatively impacting customer satisfaction and market growth. Additionally, inadequate training can result in poor installation and maintenance practices, increasing the risk of accidents and equipment failures.

Intense competition within the market also poses a challenge. The India elevators market is highly fragmented, with numerous domestic and international players vying for market share. This intense competition can lead to price wars, reducing profit margins for companies. Smaller and newer entrants often find it challenging to compete with established players who have the advantage of brand recognition, extensive service networks, and economies of scale. The pressure to continuously innovate and offer competitive pricing can strain resources and affect long-term sustainability.

Supply chain and logistics issues are also significant challenges. The rapid urbanization and infrastructure development in India put a strain on existing supply chains. Ensuring the timely availability of components and materials is crucial for uninterrupted production and installation processes. However, logistical challenges, such as transportation delays, inadequate warehousing facilities, and regulatory hurdles, can disrupt the supply chain, leading to project delays and increased costs.

Safety concerns and the need for continuous technological adaptation further complicate the market landscape. As buildings become taller and more complex, the safety requirements for elevators become more stringent. Ensuring the highest safety standards necessitates continuous investment in new technologies and training. Additionally, the fast pace of technological advancements means that companies must constantly innovate to stay competitive. This requirement for ongoing research and development can be financially demanding, particularly for smaller companies.

Economic volatility and market uncertainties pose risks to the elevator market. Factors such as fluctuations in raw material prices, changes in government policies, and economic slowdowns can impact the market dynamics. For instance, an economic downturn can lead to reduced investments in real estate and infrastructure projects, directly affecting the demand for elevators. Companies must navigate these uncertainties carefully to maintain stability and growth.

In summary, while the India elevators market holds significant growth potential, it faces numerous challenges, including high costs, regulatory complexities, skilled labor shortages, intense competition, supply chain issues, safety concerns, technological demands, and economic volatility. Addressing these challenges requires strategic planning, continuous innovation, and collaborative efforts from industry stakeholders to ensure sustainable growth and development.

Key Market Trends

The India elevators market is witnessing several key trends that are shaping its growth trajectory and transforming the landscape of vertical transportation. One of the most prominent trends is the increasing adoption of smart elevator technologies. As urbanization accelerates and buildings become taller and more complex, there is a growing demand for advanced elevator systems that offer improved efficiency, safety, and user experience. Smart elevators equipped with Internet of Things (IoT) capabilities, artificial intelligence (AI), and advanced sensors are gaining traction. These technologies enable real-time monitoring, predictive maintenance, and energy optimization, enhancing the operational efficiency and lifespan of elevators. Additionally, smart elevators offer features like touchless controls, personalized experiences, and integration with building management systems, making them highly desirable in modern high-rise buildings and commercial complexes.

Another significant trend is the emphasis on energy efficiency and sustainability. With increasing awareness of environmental issues and stringent regulations on energy consumption, elevator manufacturers are focusing on developing eco-friendly solutions. Energy-efficient elevators that use regenerative drives, LED lighting, and energy-saving modes are becoming more popular. These systems not only reduce the environmental impact but also lower operating costs for building owners. Green building certifications, such as LEED (Leadership in Energy and Environmental Design), are driving the adoption of sustainable elevator solutions, as developers aim to achieve higher ratings by incorporating energy-efficient technologies.

The residential segment continues to dominate the India elevators market, driven by rapid urbanization and the growing demand for housing. High-rise residential buildings are increasingly common in urban areas, necessitating the installation of elevators to provide convenient and efficient vertical transportation. The trend towards luxury and high-end residential projects is also contributing to the demand for premium elevator solutions with advanced features and aesthetics. Moreover, the government’s initiatives to promote affordable housing through schemes like Pradhan Mantri Awas Yojana (PMAY) are further boosting the residential segment, as more housing projects are developed to meet the needs of the growing urban population.

Modernization and retrofitting of existing elevators is another key trend in the market. As many buildings in India age, there is a need to upgrade outdated elevator systems to enhance safety, efficiency, and performance. Modernization projects involve replacing old components with new technologies, improving energy efficiency, and complying with current safety standards. This trend is driven by the need to extend the lifespan of existing elevators and reduce maintenance costs, making it a cost-effective solution for building owners.

The growth of the real estate and infrastructure sectors is also a significant driver of the elevators market. The construction of new commercial spaces, shopping malls, airports, metro stations, and hospitals is creating substantial demand for elevators. In particular, the development of smart cities and urban infrastructure projects under government initiatives is providing a significant boost to the market. These projects require advanced elevator systems to support the high-density urban environments and ensure smooth and efficient vertical transportation.

Additionally, there is a growing focus on accessibility and inclusivity in building design. Elevators are being designed to accommodate the needs of people with disabilities, the elderly, and those with mobility challenges. Features such as braille buttons, voice announcements, wide doors, and spacious cabins are becoming standard to ensure that buildings are accessible to all individuals. This trend is in line with global movements towards creating inclusive and barrier-free environments.

The competitive landscape of the India elevators market is also evolving, with increasing collaboration and partnerships among key players. Elevator manufacturers are partnering with technology firms, real estate developers, and infrastructure companies to provide integrated solutions. These collaborations enable the development of customized elevator systems that meet the specific needs of various projects and enhance the overall value proposition.

The India elevators market is being shaped by trends such as the adoption of smart technologies, emphasis on energy efficiency, dominance of the residential segment, modernization of existing systems, growth in real estate and infrastructure, focus on accessibility, and evolving competitive dynamics. These trends are driving the market forward, offering new opportunities and challenges for industry stakeholders.

Segmental Insights

End User Insights

The Residential segment dominates the India Elevators market, The residential segment dominates the India elevators market, driven by rapid urbanization and the increasing demand for housing in urban centers. With the population migrating to cities in search of better opportunities, the construction of high-rise residential buildings has surged, necessitating efficient vertical transportation solutions. The government's initiatives, such as Pradhan Mantri Awas Yojana (PMAY) and the Smart Cities Mission, have further fueled this growth by promoting affordable housing and urban infrastructure development. These initiatives aim to address the housing shortage and improve urban living standards, leading to a proliferation of residential projects that incorporate modern elevators.

The rising disposable incomes and improving living standards of the Indian middle class have also contributed to the dominance of the residential segment. As people aspire for a higher quality of life, there is a growing preference for housing complexes equipped with modern amenities, including elevators. This trend is not limited to metropolitan areas but is spreading to smaller cities and towns, expanding the market's reach.

Luxury and high-end residential projects are particularly noteworthy, as they demand advanced elevator systems with features like smart controls, energy efficiency, and enhanced safety. These premium installations cater to the affluent population's desire for comfort and convenience. Furthermore, the aging population and the increasing number of nuclear families emphasize the need for elevators in residential buildings to ensure accessibility and ease of movement for the elderly and individuals with mobility challenges.

In summary, the residential segment's dominance in the India elevators market is driven by urbanization, government initiatives, rising incomes, and the demand for modern amenities and accessibility, making it a crucial component of the market's growth and development.

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Regional Insights

West India emerged as the dominating region in 2024, West India has emerged as the dominating region in the India elevators market, driven by robust economic growth, extensive urbanization, and significant infrastructure development. States like Maharashtra and Gujarat, home to major cities such as Mumbai, Pune, and Ahmedabad, are at the forefront of this growth. Mumbai, being the financial capital of India, has seen a substantial increase in high-rise residential and commercial buildings, necessitating the installation of advanced elevator systems to accommodate the vertical expansion.

The region's booming real estate sector plays a crucial role, with numerous high-end residential projects, commercial complexes, and mixed-use developments driving demand for modern elevators. The increasing population density in these urban centers has led to a surge in high-rise constructions, further boosting the need for efficient vertical transportation solutions. Additionally, West India's economic prosperity and rising disposable incomes have spurred the demand for luxury housing and premium office spaces, where advanced elevator systems are essential.

Government initiatives and investments in infrastructure also contribute significantly to the region's dominance. Projects like the Mumbai Metro, Smart Cities Mission, and numerous commercial and residential developments in the pipeline enhance the demand for elevators. The industrial growth in Gujarat, with its numerous manufacturing hubs and special economic zones, adds to the market's expansion, as these areas require elevators for efficient vertical logistics and operations.

West India's strategic location, with well-developed ports and trade routes, facilitates better logistics and supply chain management for elevator manufacturers and service providers. This logistical advantage, combined with the region's economic dynamism and urban growth, solidifies West India's position as the leading region in the India elevators market, reflecting a blend of economic, demographic, and infrastructural factors driving its market dominance.

Recent Developments

  • As of April 2024, KONE Elevators is seeking to expand its presence in India, which stands as the Finnish firm's second-largest market for new construction. Holding a 25% share in the elevator and escalator segment in India, the company is poised to further capitalize on the growing opportunities in the country.
  • As of February 2024, the latest development in the sector comes from Hybon Elevators, which has announced a 25 Crore INR investment in R&D to double its production capacity and achieve a revenue target of 200 Crore INR. This announcement is in response to a 20% surge in demand in the elevator market.

 Key Market Players

  • 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
  • By Type of Carriage
  • By Type of Machinery
  • By Type of Elevator Door
  • By Weight
  • By End User
  • By Region
  • Passenger
  • Freight
  • Others
  • Traction
  • Hydraulic
  • Automatic
  • Manual
  • Up to 350Kg
  • Up to 550Kg
  • Up to 750Kg
  • Up to 1150Kg
  • More than 1150Kg
  • Residential
  • Commercial
  • Industrial
  • Government Institution
  • North India
  • South India
  • West India
  • East India     

Report Scope:

In this report, the India Elevators Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Elevators Market, By Type of Carriage:
    • Passenger
    • Freight
    • Others        
  • India Elevators Market, By Type of Machinery:
    • Traction
    • Hydraulic    
  • India Elevators Market, By Type of Elevator Door:
    • Automatic
    • Manual  
  • India Elevators Market, By Type of Weight:
    • Up to 350Kg
    • Up to 550Kg
    • Up to 750Kg
    • Up to 1150Kg
    • More than 1150Kg
  • India Elevators Market, By Type of End User:
    • Residential
    • Commercial
    • Industrial
    • Government Institution
  • India Elevators Market, By Region:
    • South
    • West
    • North
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the India Elevators Market.

Available Customizations:

India Elevators 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 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]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on India Elevators Market

5.         Voice of Customer

6.         India Elevators Market Overview

7.         India Elevators Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value & Volume

7.2.    Market Share & Forecast

7.2.1.By Type of Carriage (Passenger, Freight & Others)

7.2.2.By Type of Machinery (Traction & Hydraulic)

7.2.3.By Type of Elevator Door (Automatic & Manual)

7.2.4.By Weight (Up to 350Kg, Up to 550Kg, Up to 750Kg, Up to 1150Kg & More than 1150Kg)

7.2.5.By End User (Residential, Commercial, Industrial & Government Institution)

7.2.6.By Region

7.3.    By Company (2024)

7.4.    Market Map

8.         India Residential Elevators Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value & Volume

8.2.    Market Share & Forecast

8.2.1.By Type of Carriage

8.2.2.By Type of Machinery

8.2.3.By Type of Elevator Door

8.2.4.By Weight

8.2.5.By Region

9.         India Commercial Elevators Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value & Volume

9.2.    Market Share & Forecast

9.2.1.By Type of Carriage

9.2.2.By Type of Machinery

9.2.3.By Type of Elevator Door

9.2.4.By Weight

9.2.5.By Region

10.      India Industrial Elevators Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value & Volume

10.2. Market Share & Forecast

10.2.1.     By Type of Carriage

10.2.2.     By Type of Machinery

10.2.3.     By Type of Elevator Door

10.2.4.     By Weight

10.2.5.     By Region

11.      India Government Institution Elevators Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value & Volume

11.2. Market Share & Forecast

11.2.1.     By Type of Carriage

11.2.2.     By Type of Machinery

11.2.3.     By Type of Elevator Door

11.2.4.     By Weight

11.2.5.     By Region

12.      Market Dynamics

12.1. Drivers

12.2. Challenges

13.      Market Trends and Developments

14.      Company Profiles

15.1.  KONE Elevator India Private Limited  

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials  

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Johnson Lifts India Private Limited  

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials  

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Schindler India Pvt. Ltd

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials  

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  OTIS Elevator Company (India) Ltd

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials  

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  TK Elevator India Private Limited  

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials  

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  Mitsubishi Elevator India Pvt. Ltd  

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials  

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  Fujitec India Pvt. Ltd  

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials  

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  Escon Pvt Ltd  

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials  

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.  Hitachi Lift India Pvt. Ltd

15.9.1.     Business Overview

15.9.2.     Key Revenue and Financials  

15.9.3.     Recent Developments

15.9.4.     Key Personnel/Key Contact Person

15.9.5.     Key Product/Services Offered

15.10.   Blue Star Elevator Pvt. Ltd  

15.10.1.   Business Overview

15.10.2.   Key Revenue and Financials  

15.10.3.   Recent Developments

15.10.4.   Key Personnel/Key Contact Person

15.10.5.   Key Product/Services Offered

16.      Strategic Recommendations

17.    About Us & Disclaimer

Figures and Tables

Frequently asked questions


India Elevators Market was valued at USD 4.1 Billion in 2024.


The residential segment dominates the India elevator market due to rapid urbanization, increasing high-rise apartment demand, and rising living standards. This growth is driven by expanding middle-class incomes and government initiatives promoting affordable housing and smart city developments.


The major challenges for the India elevators market include high installation and maintenance costs, regulatory compliance, skilled labor shortages, and intense competition. Additionally, rapid urbanization and infrastructure development strain existing supply chains and logistics, while safety standards and technological advancements demand continuous adaptation and investment.


Growth in the real-estate sector, increasing construction of skyscrapers, high pace of industrialization and growing urbanization in India are the major drivers for the India Elevators Market.


Srishti Verma

Business Consultant
Press Release

India Elevators Market is expected to grow at a CAGR of 9.47% Through 2030

Jul, 2024

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.