India Elevator and Escalator Market to Reach US$ 7.20 Billion by 2032, Reports Renub Research

Renub Research, a leading Market Research and Consulting Company with over 15 years of global expertise, has released its latest report on the India Elevator and Escalator Market. According to the findings, the market is poised to grow from US$ 3.54 billion in 2023 to US$ 7.20 billion by 2032, registering a CAGR of 8.20% during 2024–2032.

The Indian elevator and escalator market is undergoing rapid expansion, driven by urbanization, increasing infrastructure projects, the construction of residential and commercial buildings, and the push for smart cities. Rising disposable incomes, growing urban populations, and government initiatives to modernize infrastructure are contributing significantly to the increased adoption of vertical transportation solutions.

For detailed analysis, visit: India Elevator and Escalator Market Report

Market Overview

The elevator and escalator industry in India has witnessed unprecedented growth over the past decade, propelled by rapid urban development and infrastructural transformation. With the rise in high-rise residential complexes, commercial spaces, malls, airports, metro projects, and railway stations, the demand for efficient and reliable vertical mobility solutions is stronger than ever.

Renub Research highlights that smart elevators with AI-powered controls, energy-efficient systems, and IoT-based maintenance platforms are reshaping the industry. Additionally, escalators with advanced safety features and automation technologies are becoming increasingly popular in public and commercial infrastructure.

Key Market Drivers

1. Urbanization and Smart Cities

India's urban population is projected to reach 600 million by 2031. This surge is prompting the need for vertical transportation systems to manage urban mobility efficiently. Government initiatives like the Smart Cities Mission and large-scale urban infrastructure projects are fueling this demand.

2. Growth in Real Estate and Infrastructure

The boom in residential apartments, office complexes, shopping malls, airports, and metro stations is driving elevator and escalator installations. According to Renub Research, high-rise construction projects in Tier-1 and Tier-2 cities are major contributors to market expansion.

3. Technological Advancements

Smart elevators equipped with destination control systems, touchless operations, and energy-efficient motors are gaining popularity. IoT-enabled escalators that offer predictive maintenance and real-time monitoring are also on the rise.

4. Increased Focus on Safety Standards

Manufacturers are incorporating advanced safety features, including fire-rated doors, seismic sensors, and emergency communication systems, to comply with strict safety regulations and customer expectations.

Market Segmentation

Renub Research segments the India Elevator and Escalator Market as follows:

By Product Type: Elevators (passenger, freight, and service elevators) and escalators (moving walkways and moving stairs).
By End-User: Residential, commercial, industrial, and public infrastructure projects.
By Technology: Traction elevators, machine room-less (MRL) elevators, and hydraulic elevators.
By Region: North India, South India, East India, and West India.

Regional Insights

North India: Rapid development in cities like Delhi, Gurgaon, and Noida is boosting demand for vertical mobility solutions.
South India: Infrastructure expansion in Bengaluru, Hyderabad, and Chennai is driving escalator installations in metro stations and tech parks.
West India: Mumbai and Pune remain major markets due to high-rise residential and corporate construction.
East India: Kolkata and Bhubaneswar are witnessing steady growth due to urban infrastructure projects.

Emerging Trends

Green and Energy-Efficient Elevators
Manufacturers are increasingly adopting energy-saving technologies like regenerative drives and LED lighting.
Smart Elevators with IoT Integration
AI-powered elevators with real-time fault detection and predictive maintenance are reducing downtime and improving operational efficiency.
Touchless and Voice-Activated Controls
Post-pandemic hygiene concerns have accelerated the adoption of contactless elevator technologies.
Escalator Modernization
Older escalators in malls, airports, and metro stations are being upgraded with safety and energy-efficient components.

Competitive Landscape

Key players dominating the Indian market include:

KONE India
Otis Elevator Company (India) Ltd.
Schindler India
Mitsubishi Electric India Pvt. Ltd.
Hitachi Lift India
Thyssenkrupp Elevator (India)
Fujitec India Pvt. Ltd.

These companies are focusing on innovation, partnerships, and after-sales services to gain a competitive edge in the market.

Future Outlook

According to Renub Research, the India Elevator and Escalator Market is set to double by 2032, driven by sustained urbanization, real estate development, and smart technology adoption. As India's infrastructure evolves, the demand for eco-friendly, intelligent, and high-speed vertical transportation systems will continue to rise.

About Renub Research

Renub Research is a Market Research and Consulting Company with more than 15 years of experience, especially in international Business-to-Business Research, Surveys, and Consulting. We provide a wide range of business research solutions that help companies make better business decisions.

We partner with clients across all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele includes key players in Healthcare, Travel & Tourism, Food & Beverages, Power & Energy, Information Technology, Telecom & Internet, Chemicals, Logistics & Automotive, Consumer Goods & Retail, Building & Construction, and Agriculture.

Our core team comprises experienced professionals with graduate, postgraduate, and Ph.D. qualifications in Finance, Marketing, Human Resources, Bio-Technology, Medicine, Information Technology, Environmental Science, and more.

Media Contact

Company Name: Renub Research
Contact Person: Rajat Gupta, Marketing Manager
Phone No: +91-120-421-9822 (IND) | +1-478-202-3244 (USA)
Email: rajat@renub.com

Frequently Asked Questions (FAQs)

1. What is the projected size of the India Elevator and Escalator Market by 2032?
The market is expected to reach US$ 7.20 billion by 2032, up from US$ 3.54 billion in 2023.

2. What is the CAGR of the market?
The market will grow at a CAGR of 8.20% between 2024 and 2032.

3. What factors are driving the market?
Urbanization, infrastructure growth, smart city projects, and rising disposable incomes are key drivers.

4. Which technologies are popular in elevators?
Machine room-less (MRL) elevators, smart elevators, and IoT-enabled maintenance platforms are trending.

5. Which regions in India dominate this market?
North and West India are major markets, with significant demand from metro cities.

6. How are escalators evolving?
Escalators are incorporating automation, energy-saving systems, and enhanced safety mechanisms.

7. Who are the key players in this market?
Companies like KONE, Otis, Schindler, Mitsubishi, and Thyssenkrupp lead the market.

8. How is the smart city initiative impacting demand?
Smart city projects are boosting elevator and escalator installations in public infrastructure projects.

9. What trends will shape the future of the market?
Touchless controls, eco-friendly designs, and AI-powered predictive maintenance will dominate.

10. Where can I find the full market report?
You can access the complete report here: India Elevator and Escalator Market Report

New Publish Report:

Conclusion

The India Elevator and Escalator Market is poised for remarkable growth, reaching US$ 7.20 billion by 2032 with a robust CAGR of 8.20%. Urbanization, infrastructure expansion, and advanced technologies are transforming vertical transportation in India.

For comprehensive insights and detailed data, visit: India Elevator and Escalator Market Report

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