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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
The India elevator market is growing steadily on the back of rapid urbanization and development in the country. Currently, there are about 600,000 buildings with elevators installed across India, a number likely to register high growth. Every year, 15,000 to 20,000 new buildings get constructed with elevators, thereby indicating huge demand for vertical transportation solutions. Elevators are becoming an obvious choice over traditional staircases not only in terms of convenience and efficiency but also in their critical role of providing accessibility to persons with mobility challenges. A total of 2.68 crores of people across India are classified as disabled, and therefore, inclusive design in elevators holds great significance in enhancing accessibility to multistory buildings for such people. Added to this is the aging population; with over 10% of its population being elderly, there is an added pressure to have elevators that ensure safe and comfortable mobility.
The growth of smart city initiatives is likely to drive the elevator market in India comprehensively with the induction of newer technologies that emphasize energy efficiency, advanced user interfaces, and seamless connectivity. For instance, the adoption of IoT-enabled elevators and smart control systems is likely to bring about a change in the industry with features such as predictive maintenance and real-time monitoring. The shift is further aided by the government's smart city mission to develop 100 smart cities across India, thereby integrating technology into urban infrastructure. Under these initiatives, smart elevators could turn out to be the essential part of any new development and could drive a market growth of around 12% annually in smart elevator technologies. This is further supported by the inclination towards modern high-rise living in urban areas. Nearly 70-80% of all construction projects that are currently in process include elevators. The increased number of high-rise buildings is also in line with India's cultural trend toward a more contemporary urban lifestyle, thus fueling demand for elevators. This will be further boosted by the government's emphasis on urban development and modernization, which is likely to keep driving the demand for sophisticated elevator systems.
Rapid urbanization and infrastructural developments change the outlook of India's elevator market. With the expansion of cities and greater use of high-rise buildings, volumes of demand for elevators have grown significantly. Government initiatives, in particular on smart city projects, are also fueling the same by promoting the incorporation of advanced energy-efficient elevator technologies into new developments. Elevators are important in their capacity to provide safe and convenient transportation inside buildings, given increased attention to the needs of an aging population and people with disabilities.
Some of the trends characterizing the current market include a drift toward smart elevators. This trend comes at a time when there is an increased usage of IoT technology in elevators to bring improvements in efficiency and user experience in line with the trend of "greening" buildings. However, there are certain risks to the market in case of stringent regulatory requirements that might make projects more expensive and complicated to approve. Changes in economic conditions and supply chain disruption such as construction activity or availability of materials are other factors that could affect the market. All these factors need to be carefully managed in order to ensure continuous growth and innovation in the elevator segment.
The biggest and most dynamic regions in the Indian elevator market are metropolitan areas such as Mumbai, Delhi, Bangalore, and Chennai. These regions are rapidly urbanizing and have big construction projects. Demand in urban centers is expected to grow further on the back of high population density and the rising trend of high-rise buildings. Market segments that have not yet been exploited include rural and semi-urban areas where the adoption of elevators is very small but sure to increase with infrastructure development. There are opportunities in mixed-use developments and smaller commercial properties in the country's secondary cities, which give scope for market expansion beyond major metropolitan regions.
| Sl No | Company | Product Description | Analyst View |
| 1. | KONE | KONE DX Class Elevators: IoT-enabled, energy-efficient, and customizable | The launch of the KONE DX Class Elevators reflects a trend towards smart, connected solutions that offer improved efficiency and adaptability. The focus on IoT integration suggests a response to increasing demand for energy-efficient and user-friendly elevator systems in modern buildings. |
| 2. | Schindler | Schindler 5500: Advanced features including improved safety, enhanced user experience, and energy efficiency | The Schindler 5500âs emphasis on safety and user experience highlights a growing market need for reliable and modern elevator solutions. The energy-efficient features cater to the rising demand for green building certifications and sustainable technologies. |
| 3. | Thyssenkrupp | Thyssenkrupp MULTI: The world's first ropeless elevator system, offering high-speed travel in multi-directional shafts | Thyssenkrupp's introduction of the MULTI system represents a significant innovation in elevator technology, aimed at addressing the challenges of space and speed in high-rise buildings. This launch targets the premium segment of the market seeking cutting-edge technology for high-density urban environments. |
| 4. | Otis | Otis Gen2 Prime: Enhanced with regenerative drive technology and smart controls for improved energy efficiency | The Gen2 Prime by Otis integrates regenerative drive technology and smart controls, aligning with the increasing focus on energy savings and operational efficiency. This product targets both new constructions and modernization projects aiming for sustainable and cost-effective solutions. |
| 5. | Mitsubishi | Mitsubishi Electric's Diamond Series: High-speed elevators designed for skyscrapers, featuring advanced noise reduction and safety systems. | The Diamond Series focuses on high-speed performance and noise reduction, addressing the needs of skyscrapers and high-traffic buildings. Mitsubishi's emphasis on advanced safety features reflects a response to the growing demand for reliable and high-performance elevator systems in tall buildings. |
A number of strategies are adopted by major players operating in the Indian elevator market, including KONE, Schindler, Thyssenkrupp, Otis, and Mitsubishi Electric. These companies are betting on advanced technologies whereas KONE and Schindler have been riding on smart and energy-efficient solutions. Thyssenkrupp has introduced the MULTI ropeless elevators, while Otis and Mitsubishi Electric have targeted high-performance and modernization segments. M&A is prevalent, with an eye toward enriching product lines and geographic reach. Pricing differs significantly, as high-tech products attract premium pricing based on advanced features and customization, and standard solutions and budget options give way to general market segments, reflecting a range of technological sophistication and market positioning.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Average B2B price |
| 8 | Regional Analysis and Trends |
| 9 | Impact of Urbanization on Elevator Demand |
| 10 | Technology trends in the Industry |
| 11 | Major key driver in the market |
| 12 | Recent product development in the market |
| 13 | Manufacturing footprint for major players |
| 14 | Recent orders in india elevator market |
| 15 | Market dynamics and strategic initiatives |
| 16 | Analysis of Smart City Initiatives on Market Growth |
| 17 | Impact of Sustainable Practices on Market Trends |
| 18 | Market Segmentation, Dynamics and Forecast by Type, 2024-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Technology, 2024-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by Capacity, 2024-2030 |
| 21 | Pricing Strategies and Market Positioning |
| 22 | Competitive Landscape |
| 23 | M&A in past 12 months |
| 24 | Growth strategy of leading players |
| 25 | Market share of vendors, 2023 |
| 26 | Company Profiles |
| 27 | Unmet needs and opportunity for new suppliers |
| 28 | Conclusion |
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