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, FY2028” India elevators market was valued at USD 1466 million in FY2022 and is predicted to grow at CAGR of 5.82% through FY2028 to reach USD 2083 million by FY2028. 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.
Growing urbanization and increasing infrastructure development are expected to drive the India elevators market during the forecast period. India is expected to become the world’s third largest construction market by 2022. The Government of India is taking many initiatives for infrastructure development. For instance, in Union Budget 2021, to support initiatives such as ‘Housing for All’ & ‘Smart Cities’ the government allocated USD1.89 billion to Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
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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India elevators market is segmented based on type of carriage, type of machinery, type of elevator door, weight, end user, region, and company. In terms of machinery, traction is the most dominating segment, with a market share of 94.67% in FY2022. The traction elevators are a commonly used type of elevator in commercial and residential buildings. Presently, the traction elevators use flat steel belts rather than conventional steel ropes. Flat steel belts are very lightweight because of their carbon fiber core and high-friction coating and can function without oil/lubricant. Hence, because of the mentioned aspects, the traction elevator is likely to grow faster.
The Government of India launched several housing schemes including Pradhan Mantri Awas Yojana (PMAY), Haryana Housing Board Housing Scheme, Kerala Housing Board Housing Scheme, Delhi Development Authority (DDA) Housing Scheme, etc. which is likely to augment the demand for elevators in the residential sector.
South India being the dominant region, held 32.95% of the market share in the India Elevator Market in FY2022, owing to the new installations of elevators in South India. The new installations are increasing due to the rising industrial activities and infrastructural development projects such as high-speed rail, metro, malls, etc. Due to the low-cost labor and availability of other resources, the elevator manufacturing companies are setting up their manufacturing and R&D centers in the region. Moreover, increasing number of projects for skyscrapers in the region are also driving the India Elevator Market.
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.
- Express Lift Ltd.
- Omega Elevators
- Eros Elevators Pvt. Ltd.
- Orbis Elevators Co Ltd.
- Supreme Elevators & Company
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“South Region is estimated to be the largest region in the India Elevators Market with a share of 32.95% in FY2022 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. South 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 Bangalore, Chennai and Hyderabad 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, FY2028”, 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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